Credit · Tracked as filed as of 2026-06-01

IREN

CCIR tracks 9 instruments issued by IREN (IREN): credit facility, bond, convertible, lease. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Fixed coupons at issue

Filed coupon, by issue date · hollow = convertible (the coupon is not the whole return) · window Dec 2024 – May 2026

Facility ratings

A Fitch 2026-06-01 Hardware 3 DDTL (Microsoft-contract financing)
A (low) DBRS 2026-06-01 Hardware 3 DDTL (Microsoft-contract financing)
A Fitch 2026-06-01 Hardware 3 5.96% Senior Notes due 2031
A (low) DBRS 2026-06-01 Hardware 3 5.96% Senior Notes due 2031

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
IE US Hardware 3 LLC	Hardware 3 DDTL (Microsoft-contract financing)	1,550	S+2.25%
	Hardware 3 5.96% Senior Notes due 2031	2,100	5.96%
IREN (parent level)	1.00% Convertible Senior Notes due Dec 2033	3,000	1%
	0.25% Convertible Senior Notes due 2032	1,150	0.25%
	1.00% Convertible Senior Notes due Jun 2033	1,150	1%
	0.00% Convertible Senior Notes due 2031	1,000	0%
	GPU finance leases (Aug 2025 36-mo; Nov 2025 24-mo Dell Financial)	274.3	9.7%
	3.50% Convertible Senior Notes due 2029	233.4	3.5%
	3.25% Convertible Senior Notes due 2030	212.3	3.25%

Instruments

Hardware 3 DDTL (Microsoft-contract financing)

Credit facility $1,550m S+2.25% Entered 2026-05-29

Borrower: IE US Hardware 3 LLC (borrower)
Seniority: Senior secured, subsidiary-level; limited parent guarantee
Maturity: 2031-12-31 — Or earlier on final Microsoft fee
Collateral: GPUs servicing the Microsoft contract, 100% Hardware 3 equity pledge, Microsoft contract cash flows
Lenders: Goldman Sachs Bank · JPMorgan Chase · CSC Delaware Trust (admin/collateral)
Pricing: Term SOFR + 2.25%; 0.40% undrawn; hedged with JPM + J. Aron/GS
Terms: ~$1.5B commitment; drawn balance undisclosed (draws through May 29, 2027). Q4 FY26 results 8-K (7/20/26): cash at 6/30/26 includes $1.7B restricted cash in connection with the GPU financing for the Microsoft contract at Horizon 1–4 RATED (added 2026-08-13 from IREN 6/1 close release): Fitch A / DBRS A (low) on the $3.65B package (USPP + DDTL, Microsoft offtake) — company claims highest publicly rated GPU financing and first GPU financing in the US private placement market; blended cost of debt 6.00%. Size updated 1500->1550 per the 2026-06-01 closing release ($1.55B DDTL + $2.10B USPP = $3.65B package).

Source: 8-K 6/1/26 · document

Hardware 3 5.96% Senior Notes due 2031

Bond $2,100m 5.96% Entered 2026-05-29

Borrower: IE US Hardware 3 LLC (issuer)
Seniority: Senior secured; pari passu with Hardware 3 DDTL under Common Terms Agreement
Maturity: 2031-12-31
Collateral: Same collateral as Hardware 3 DDTL (Microsoft-contract GPUs + contract cash flows)
Lenders: Institutional purchasers · CSC Delaware Trust (admin/collateral)
Terms: $2.1B commitment; drawn balance undisclosed RATED (added 2026-08-13 from IREN 6/1 close release): Fitch A / DBRS A (low) on the $3.65B package (USPP + DDTL, Microsoft offtake) — company claims highest publicly rated GPU financing and first GPU financing in the US private placement market; blended cost of debt 6.00%.

Source: 8-K 6/1/26 · document

1.00% Convertible Senior Notes due Dec 2033

Convertible $3,000m 1% Entered 2026-05-14

Seniority: Senior unsecured; structurally subordinated to subsidiary debt
Maturity: 2033-12-01
Lenders: 144A; U.S. Bank (trustee)
Pricing: Conversion $73.07; capped calls to $110.30 ($201.3M — Santander, BMO, Citi, CACIB, Mizuho, Scotia, UBS)

Source: 8-K 5/14/26 · document

0.25% Convertible Senior Notes due 2032

Convertible $1,150m 0.25% Entered 2025-12-08

Seniority: Senior unsecured
Maturity: 2032-06-01
Lenders: 144A; U.S. Bank (trustee)
Pricing: Effective 0.45%; conversion $51.40; capped call to $82.24

Source: 8-K 12/8/25 · document

1.00% Convertible Senior Notes due Jun 2033

Convertible $1,150m 1% Entered 2025-12-08

Seniority: Senior unsecured
Maturity: 2033-06-01
Lenders: 144A; U.S. Bank (trustee)
Pricing: Effective 1.18%; conversion $51.40

Source: 8-K 12/8/25; Q2 FY26 10-Q · document

0.00% Convertible Senior Notes due 2031

Convertible $1,000m 0% Entered 2025-10-14

Seniority: Senior unsecured
Maturity: 2031-07-01
Lenders: 144A; U.S. Bank Trust Co. (trustee)
Pricing: Effective 0.37%; conversion $85.63; capped call to $120.18

Source: 8-K 10/14/25 · document

GPU finance leases (Aug 2025 36-mo; Nov 2025 24-mo Dell Financial)

Lease $274.3m 9.7% Entered 2025-08-23

Seniority: Lease obligations; parent guarantee
Maturity: ~2027–2028
Collateral: Leased GPUs (Dell lease: Prince George BC, $1 purchase option)
Lenders: Dell Financial Services · Aug-2025 lessor unnamed
Pricing: Implicit; portfolio weighted average 9.7% per filings
Terms: $274.3M PV on balance sheet 3/31/26 ($101.8M B200/B300 + $199.8M Dell facility)

Source: FY25 10-K; Q2+Q3 FY26 10-Qs · document

3.50% Convertible Senior Notes due 2029

Convertible $233.4m 3.5% Entered 2025-06-13

Seniority: Senior unsecured
Maturity: 2029-12-15
Lenders: 144A QIBs
Pricing: Effective 4.22%; conversion $13.64; capped call to $20.98
Terms: $550M issued; $233.4M outstanding after Dec 2025 repurchases

Source: Q3 FY26 10-Q Note 16; FY25 10-K 8/28/25 · document

3.25% Convertible Senior Notes due 2030

Convertible $212.3m 3.25% Entered 2024-12-06

Seniority: Senior unsecured
Maturity: 2030-06-15
Lenders: 144A QIBs
Pricing: Effective 3.87%; conversion $16.81; capped call to $25.86
Terms: $440M issued; $212.3M outstanding after Dec 2025 repurchases

Source: Q3 FY26 10-Q Note 16; FY25 10-K 8/28/25 · document

Collateral classes on this page: gpu, out. The full ledger, with every issuer and the derived credit series, is on Compute Credit.