IREN Limited has successfully completed a $3 billion convertible senior notes offering to enhance its AI cloud infrastructure. The offering includes a $2.6 billion base and a $400 million overallotment option, fully exercised, with net proceeds of approximately $2.96 billion. The notes, due 2033, feature a 1.00% interest rate and a 32.5% conversion premium. To mitigate equity dilution, IREN has entered into capped call transactions with an initial cap price of $110.30 per share, costing about $201.3 million. The remaining funds will support general corporate purposes and working capital. IREN specializes in AI cloud services, operating large-scale data centers and GPU clusters across North America, Europe, and the Asia-Pacific region.