Janux stock plunges after hours following mCRPC trial data
NEW YORK - IREN Limited (NASDAQ:IREN) announced today its intention to conduct a registered direct offering of ordinary shares alongside plans to offer $2 billion in convertible senior notes through a separate private placement. The AI cloud service provider, currently trading at $48.49 with a market capitalization of $13.55 billion, has seen its stock surge nearly 254% over the past year according to InvestingPro data.
The AI cloud service provider intends to offer $1 billion in convertible senior notes due 2032 and another $1 billion due 2033 to qualified institutional buyers, with options for purchasers to acquire up to an additional $300 million in notes.
Concurrently, IREN plans to use proceeds from the share offering to repurchase a portion of its outstanding convertible notes due 2029 and 2030, which have initial conversion prices of $13.64 and $16.81 per share, respectively.
The company stated that the aggregate gross proceeds from the share offering are expected to approximate the cash consideration for the note repurchases. The principal amount of debt under the existing convertible notes will be reduced accordingly and will no longer be convertible into ordinary shares.
IREN intends to use the net proceeds from both offerings to fund capped call transactions related to the new notes, repurchase existing convertible notes, and for general corporate purposes.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are acting as placement agents for the share offering.
The company noted that completion of the share offering is not contingent on the convertible notes offering or the repurchase, and the notes offering is not contingent on the share offering or repurchase.
IREN describes itself as a provider of large-scale GPU clusters for AI training and inference with operations across the U.S. and Canada.
The company cautioned in its press release statement that the offerings are subject to market conditions, with no assurance they will be completed or regarding their final terms.
In other recent news, IREN Limited announced its plan to offer $2 billion in convertible senior notes through a private placement. The offering will consist of $1 billion in notes due in 2032 and another $1 billion due in 2033, with options for initial purchasers to buy additional notes. Additionally, IREN Limited appointed KPMG LLP as its new independent registered public accounting firm, following a recommendation from its Audit and Risk Committee. This change comes after the dismissal of Raymond Chabot Grant Thornton LLP, which had served as the company’s auditor since May 2023.
In analyst coverage, Citizens initiated coverage on IREN Limited with a Market Outperform rating, citing the company’s strategic pivot to the high-performance computing segment of the AI market. Meanwhile, H.C. Wainwright raised its price target for IREN Limited to $56 from $45, despite maintaining a Sell rating. The revised target follows IREN’s fiscal first-quarter 2026 results, which the firm described as "underwhelming." Despite this, IREN Limited raised its AI Cloud revenue guidance for the calendar year 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.