IREN, formerly known as Iris Energy, plans to raise $2 billion through convertible notes to fund its ambitious expansion into AI infrastructure and data centers. The capital will support the development of the Sweetwater 1 facility in Texas, which aims for a 1.4-gigawatt capacity and will house over 700,000 GPUs. The offering is divided into two tranches, each $1 billion, maturing in 2032 and 2033, with low coupon rates between 0% and 1%. The company has secured a $9.7 billion agreement with Microsoft for a 750-megawatt data center, ensuring a stable revenue stream. Additionally, IREN has approximately $400 million in annual contracts from its British Columbia site. This strategic pivot from Bitcoin mining to AI computing leverages IREN's renewable energy infrastructure, appealing to ESG-conscious clients. The convertible notes structure reflects confidence in future equity value, minimizing immediate shareholder dilution.