IREN has successfully completed a $3.6 billion refinancing plan, which includes a $1.6 billion private placement and a $2 billion convertible bond issuance. This strategic move aims to repurchase existing convertible bonds with a conversion price below $17, maturing in 2029 and 2030, thereby reducing dilution risk. The new bonds are set at a conversion price of $51.40 per share, enhancing the company's financial stability. The refinancing supports IREN's ambitious plan to expand its AI cloud infrastructure, valued at over $9 billion. This comes after JPMorgan's cautionary note regarding potential financial strain due to the expansion efforts.