IREN's recent 3 billion yuan convertible bonds play quite smoothly, with a 1% coupon rate almost like free funding, and a 32.5% premium providing ample imagination space, locking in ammunition early in the AI computing power arms race.

IREN Limited announces the completion of a $3 billion total convertible preferred note issuance, due in 2033, with a 1% coupon rate, a 32.5% conversion premium, and capped bullish options hedging; if the stock price exceeds $110.3, additional dilution may still occur.
Net proceeds are approximately $2.96 billion, with $201 million used for hedging, and the remaining for general purposes and working capital, widely interpreted by the market as being used for AI data center and GPU computing power expansion.
This move demonstrates AI infrastructure companies locking in capital through large-scale debt and convertible bonds to meet computing power demands and construction cycles.