IREN Limited Closes $550 Million Convertible Notes Offering

Iris Energy ( (IREN) ) has provided an update.

On June 13, 2025, IREN Limited announced the closing of its $550 million offering of 3.50% convertible senior notes due 2029. The offering was oversubscribed, leading to an increase from the initial $450 million to $500 million, with an additional $50 million from the exercise of a greenshoe option. The net proceeds of approximately $534.9 million will be used for capped call transactions, a prepaid forward transaction, and general corporate purposes. This financial maneuver is expected to strengthen IREN’s market position by providing capital for expansion and hedging against potential dilution of its shares.

The most recent analyst rating on (IREN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Iris Energy stock, see the IREN Stock Forecast page.

Spark’s Take on IREN Stock

According to Spark, TipRanks’ AI Analyst, IREN is a Neutral.

Iris Energy’s strong revenue growth and technical momentum are the most significant factors, contributing to a moderate score. However, profitability challenges and an unattractive valuation weigh down the overall score. Positive earnings call sentiment offers some optimism for future performance.

To see Spark’s full report on IREN stock, click here.

More about Iris Energy

IREN Limited is a vertically integrated data center business that focuses on powering Bitcoin, AI, and other computing applications using 100% renewable energy. The company operates large-scale, grid-connected facilities strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada. IREN has secured 2,910MW of grid-connected power across more than 2,000 acres in these regions, with a development pipeline for additional multi-gigawatt capacity. The company currently operates 660MW of data centers, with plans to expand to 885MW by 2025.

Average Trading Volume: 14,931,646

Technical Sentiment Signal: Buy

Current Market Cap: $2.48B

See more insights into IREN stock on TipRanks’ Stock Analysis page.