Iren Seeks $2 Billion in Convertible Financing for AI Infrastructure Push December 1, 2025 Iren Ltd., a data center company specializing in artificial intelligence and high-performance computing workloads, announced plans on Monday to raise $2 billion through a dual-tranche convertible bond offering. The move underscores the intense capital demands of the AI infrastructure sector as companies race to build capacity for next-generation computing. According to a company statement, Iren is offering $1 billion in notes due in 2032 and another $1 billion due in 2033. People familiar with the matter indicated the 6.5-year tranche is being marketed with a coupon between 0% and 0.25%, while the 7.5-year issue carries a coupon range of 0.5% to 1%. The substantial fundraising effort highlights the scale of investment required to develop and power the specialized facilities needed to train and run large AI models. The capital raise positions Iren to aggressively expand its footprint in a market characterized by soaring demand from cloud providers and AI firms. Convertible bonds offer a lower-cost financing alternative for growth-stage companies, allowing Iren to secure funds without immediate equity dilution while providing investors with potential upside through conversion features. For the broader data center industry, Iren's financing is a bellwether of continued robust investment into AI-ready digital infrastructure. The success of such a large offering would signal strong institutional confidence in the long-term growth trajectory of specialized AI data centers, potentially paving the way for similar capital raises by other operators in the space. Source: bloomberg
AI Data Center Firm Iren Launches $2 Billion Convertible Bond Offering to Fuel Expansion
