Darren Aftahi

Joseph Vafi

Brett Knoblauch

Joseph Flynn

Lucas Pipes

Nick Giles

Paul Golding

Reginald Smith

Stephen Glagola

Benjamin Sommers

Charlie Pearce

Gregory Lewis

John Todaro

Joshua Siegler

Michael Colonnese

- IREN Limited priced an offering of **$875 million** aggregate principal amount of **0.00% convertible senior notes due 2031**.  **[1878848_0001140361-25-037753_ef20056800_ex99-1.htm:0]** **[1878848_0001140361-25-037753_ef20056800_8k.htm:1]** 
- The offering is scheduled to settle on **October 14, 2025**, with estimated net proceeds of approximately **$856.5 million**.  **[1878848_0001140361-25-037753_ef20056800_ex99-1.htm:0]** **[1878848_0001140361-25-037753_ef20056800_8k.htm:1]** 
- IREN intends to use approximately **$49.6 million** of the net proceeds to fund capped call transactions, with the remainder allocated for **general corporate purposes and working capital**.  **[1878848_0001140361-25-037753_ef20056800_ex99-1.htm:0]** **[1878848_0001140361-25-037753_ef20056800_8k.htm:1]** 
- The notes have an initial conversion price of approximately **$85.63 per ordinary share**, representing a **42.5% premium** over the last reported sale price of **$60.09 per share** on October 8, 2025.  **[1878848_0001140361-25-037753_ef20056800_ex99-1.htm:1]**

IREN Prices $875 Million Convertible Notes Offering

- IREN Limited announced a proposed private offering of **$875 million** aggregate principal amount of convertible senior notes due **2031**.  **[1878848_0001140361-25-037488_ef20056749_ex99-1.htm:0]** **[1878848_0001140361-25-037488_ef20056749_8k.htm:1]** 
- The company expects to grant initial purchasers an option to buy up to an additional **$125 million** principal amount of notes.  **[1878848_0001140361-25-037488_ef20056749_ex99-1.htm:0]** **[1878848_0001140361-25-037488_ef20056749_8k.htm:1]** 
- Proceeds from the offering will be used to fund capped call transactions and for **general corporate purposes and working capital**.  **[1878848_0001140361-25-037488_ef20056749_ex99-1.htm:0]** **[1878848_0001140361-25-037488_ef20056749_8k.htm:1]** 
- As of **September 30, 2025**, IREN's cash balance was approximately **$1.0 billion**.  **[1878848_0001140361-25-037488_ef20056749_8k.htm:1]**

IREN Announces Proposed Convertible Notes Offering

- IREN Limited has signed additional **multi-year cloud services contracts** with leading AI companies for NVIDIA Blackwell GPU deployments.  **[1878848_b98347c727db46b09f90234093979643_0]** 
- The company is on track to achieve **>$500 million** in annualized run-rate revenue (ARR) from **23,000 GPUs** currently operating and on order by the end of **Q1 2026**.  **[1878848_b98347c727db46b09f90234093979643_0]** 
- To date, customer contracts have been secured for **11,000** of the 23,000 GPUs, representing approximately **$225 million** in AI Cloud ARR, expected to be in operation by the end of **2025**.  **[1878848_b98347c727db46b09f90234093979643_0]** 
- New NVIDIA Blackwell GPUs are being contracted ahead of delivery on an average term of **2 years**, at pricing that supports a ~2-year revenue payback.  **[1878848_b98347c727db46b09f90234093979643_0]** 
- IREN's British Columbia campuses and Horizon 1 & 2 data centers provide capacity for more than **100,000 GPUs**, supported by a **2,910 MW** secured power and land portfolio.  **[1878848_b98347c727db46b09f90234093979643_0]**

IREN Secures New Multi-Year AI Cloud Contracts and Expands Capacity

IREN (IREN)