US AI Data Center Stocks Raise Up to $2.7 Billion Through Convertible Bonds Maturing in 2033

IREN Limited (NASDAQ: IREN) today announced a proposed private placement of $2.0 billion aggregate principal amount of senior unsecured convertible notes due December 1, 2033, with an initial purchasers’ option to increase the offering by up to an additional $300 million. The new notes will pay interest semi-annually, are convertible into ordinary shares or cash under specified conditions, and may be redeemed early if IREN’s share price meets predetermined thresholds after June 6, 2030. IREN intends to use a portion of the net proceeds to terminate its capped-call transactions related to its outstanding 2029 and 2030 convertible notes and to enter into new capped-call transactions, with the remainder reserved for general corporate purposes and working capital.

Upon news of the proposed convertible-notes offering on May 11, IREN’s shares fell approximately 6 percent on the Nasdaq. Earlier, on May 5, the company announced plans to acquire Mirantis, a cloud-infrastructure provider, for roughly $625 million (about KRW 850 billion), underscoring its commitment to expanding its AI infrastructure business.

Headquartered in Sydney, Australia, and listed on the Nasdaq, IREN operates large-scale, renewable-energy-powered data centers across North America, providing both Bitcoin-mining services and GPU infrastructure for AI cloud applications. With Bitcoin miners accelerating their transition to AI and high-performance computing (HPC) data centers, the industry has increasingly turned to convertible-note issuances to fund substantial capital investments.