We advised IREN on the offering

Davis Polk advised IREN Limited on its Rule 144A offering of $3 billion aggregate principal amount of its 1.00% convertible senior notes due 2033, which included $400 million aggregate principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. The convertible senior notes were issued on May 14, 2026. We also advised the company on the related capped call transactions.IREN intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions and the remainder of the net proceeds for general corporate purposes and working capital.

IREN is a vertically integrated AI cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

The Davis Polk capital markets team included partner Marcel Fausten, counsel Meaghan Kennedy and associate Cheridan Christnacht. The equity derivatives team included partner Mark J. DiFiore and associates Danielle Forni, Ji Hwan Kim and Chanique C. Vassell. Partner Lucy W. Farr and associates Benjamin Silver and Summer Elbardissy provided tax advice. All members of the Davis Polk team are based in the New York office.

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