IREN Ltd

IRENpublicneocloud

Power-first data centers / GPU cloud

What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →

Off the balance sheet

$200M

Unrecorded purchase obligations at 2025-09-30, each fact counted once

how it is counted

what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so

Notes priced since 2024 · 0 →each tranche in the ledger as the company itself states it how it is counted principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded): —
Loans and credit facilities · 1 →as signed; the figure counts new facilities, the count amendments too how it is counted the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.: $1.5B
Debt due in 12 months →its own schedule, as of 2026-06-30 how it is counted the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions: $177M
Long-term debt on the balance sheet →on its balance sheet at 2026-06-30 how it is counted long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line: $7.6B
Cost of debt · 2026 Q2 →interest cover -25.36× · capex over operating cash flow 0.73× how it is counted 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it: 1.66%

When it comes due

Left, the company's own five-year schedule — not our arithmetic. Right, the notes (orange) and facilities (grey) since 2024 that we have placed by maturity year: notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. Both are in the tables of question 4.

Its own schedule, as of 2026-06-30

next 12 months$177M

year 2$270M

year 3$194M

year 4$573M

year 5$128M

after year 5$6.36B

Notes and facilities since 2024, by maturity year

None placed.

What has it committed to?

Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.

Obligations as stated

4 rows


Off the balance sheet	$200M	2026-06-30	Unrecorded purchase obligations at 2025-09-30
Unrecorded purchase obligations	$198M	2025-09-30	unconditional purchase obligations not recorded on the balance sheet
Long-term debt on the balance sheet	$7.6B	2026-06-30	long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
Lease liabilities on the balance sheet	$247M	2026-06-30	operating plus finance, discounted operating + finance lease liabilities

Obligations created, as announced

10 rows

The announcements that state an amount. Kind: the kind of commitment announced: a material definitive agreement entered into, or a direct financial obligation created. Instrument: the first financing phrase the announcement uses, if any.


2026-06-01	material definitive agreement	$3.6B	financing	IREN Limited, CSC Delaware Trust Company, Goldman Sachs Bank, JPMorgan Chase Bank, N.A., Microsoft Corporation, JPMorgan Chase Bank, N.A.
2026-06-01	direct financial obligation	$3.6B	financing	IREN Limited, CSC Delaware Trust Company, Goldman Sachs Bank, JPMorgan Chase Bank, N.A., Microsoft Corporation, JPMorgan Chase Bank, N.A.
2026-05-26	material definitive agreement	$3.4B	purchase agreement	IREN Limited, Dell Marketing L.P.
2026-05-14	material definitive agreement	$3.0B	senior notes	IREN Limited, U.S. Bank Trust Company, Banco Santander, S.A., Citibank, N.A., Investment Bank, Mizuho Markets Americas LLC
2026-05-14	direct financial obligation	$3.0B	senior notes	IREN Limited, U.S. Bank Trust Company, Banco Santander, S.A., Citibank, N.A., Investment Bank, Mizuho Markets Americas LLC
2025-12-08	material definitive agreement	$2.3B	senior notes	IREN Limited, U.S. Bank Trust Company, Citibank, N.A., J.P. Morgan Securities LLC, Investment Bank, Banco Santander, S.A.
2025-12-08	direct financial obligation	$2.3B	senior notes	IREN Limited, U.S. Bank Trust Company, Citibank, N.A., J.P. Morgan Securities LLC, Investment Bank, Banco Santander, S.A.
2025-11-03	material definitive agreement	$9.7B	purchase agreement	IREN Limited, Microsoft Corporation, Dell Marketing L.P.
2025-10-14	material definitive agreement	$1.0B	senior notes	IREN Limited, U.S. Bank Trust Company, Citibank, N.A., Banco Santander, S.A., Mizuho Markets Americas LLC, Wells Fargo Bank
2025-10-14	direct financial obligation	$1.0B	senior notes	IREN Limited, U.S. Bank Trust Company, Citibank, N.A., Banco Santander, S.A., Mizuho Markets Americas LLC, Wells Fargo Bank

What has it borrowed, and at what cost?

Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.

No note tranche since 2024. A convertible is not counted here; it is equity in a bond's clothing and sits under question 3.

Loans and credit facilities as signed

1 rows

the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn. new — a facility entered into; amendment — an increase, extension or repricing of an existing one, the amount being the new commitment as stated.


2026-06-01	delayed draw term loan “Following previous disclosure by IREN Limited (the “Parent”), IE US Hardware 3 LLC (“Hardware 3”), a wholly owned subsidiary of the Parent, has entered into certain financing agreements, each dated May 29, 2026 (collectively, the “Financing Agreements”), for an aggregate financing of approximately $3.6 billion, comprised of (i) an approximately $1.5 billion delayed draw term loan facility (the “DD”	$1.50B	—	SOFR + 2.25%	—	CSC Delaware Trust Company

Cost of debt, from its own statements

Latest quarter, 2026 Q2: cost of debt 1.66%, interest cover -25.36×, capex over operating cash flow 0.73×.

Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.

What equity has it sold?

Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.

Equity and hybrid raises

5 rows

one equity or hybrid raise as the company announced it; the earliest announcement is the date; later reports that mention it are added as sources, never as new raises. At the market: an at-the-market program: sizeUsdB is the ceiling authorised, never an amount sold; sizeShares when the programme is sized in shares.


2026-05-14	convertible “NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN”) today announced the closing of its offering of $3.0 billion aggregate principal amount of 1.00% convertible senior notes due 2033 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”	$3.00B	1%	2033
2026-03-04	atm “Ordinary shares having an aggregate offering price of up to $6,000,000,000.”	$6.00B	—	—
2025-12-04	convertible “On December 8, 2025 (the “Closing Date”), IREN Limited (the “Company”) issued $1.15 billion aggregate principal amount of its 0.25% convertible senior notes due 2032 (the “2032 Notes”) and $1.15 billion aggregate principal amount of its 1.00% convertible senior notes due 2033 (the “2033 Notes” and, together with the 2032 Notes, the “Notes,” and the offering of such Notes, the “Notes Offering”).”	$1.15B	0.25%	2032
2025-12-04	convertible “On December 8, 2025 (the “Closing Date”), IREN Limited (the “Company”) issued $1.15 billion aggregate principal amount of its 0.25% convertible senior notes due 2032 (the “2032 Notes”) and $1.15 billion aggregate principal amount of its 1.00% convertible senior notes due 2033 (the “2033 Notes” and, together with the 2032 Notes, the “Notes,” and the offering of such Notes, the “Notes Offering”).”	$1.15B	1%	2033
2025-10-14	convertible “NEW YORK, October 14, 2025 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN”) today announced the closing of its offering of $1.0 billion aggregate principal amount of 0.00% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities”	$1.00B	0%	2031

At the market, as the company states its own sales

3 stated period(s) across 0 quarter(s).

The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.

When does it come due, and who holds it?

The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.

Its own maturity schedule

1 rows

The company's own maturity schedule, as it states it. Not our arithmetic. $0M: a year it states as zero; a dash: a year with no figure.


2026-06-30	$177M	$270M	$194M	$573M	$128M	$6.36B	$7.7B

Not on this ladder: facilities with no maturity date

1 rows

1 facility(ies) are not on the ladder: their maturity is stated as a basis rather than a date. loans whose maturity is stated per draw or not at all — counted nowhere on the ladder, listed here.


2026-06-01	delayed draw term loan	$1.50B	—

No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.

How does it compare?

The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.

Twelve measures, beside the median

11 rows


Self-funding operating cash flow $2.1B ÷ capex $3.0B over 4 quarters to 2026Q2	0.7×	1.31× across 40 companies	2026Q2
Funding mix of $3.0B of capex over 4 quarters to 2026Q2: operations 70.0%, new debt 50.0% ($0.0B notes + $1.5B facilities), equity 210.1%	70%	—	2026Q2
Off balance sheet $0.2B off the balance sheet ÷ (that + $7.6B long-term debt); each figure as the filer last stated it (longTermDebt 2026-06-30, unrecordedPurchaseObligations 2025-09-30)	2.5%	41.9% across 23 companies	2026-06-30
Committed facilities $1.5B committed across 1 new facilities, 0.2× the $7.6B of long-term debt on the balance sheet	$1.5B	—	2026-06-30
Marginal cost of debt principal-weighted coupon of debt priced in the last twelve months	— nothing priced with a fixed coupon in the window	—	—
New-issue spread coupon − 10-year Treasury on the pricing date, USD tranches only	— no USD fixed-coupon tranche priced in the window	—	—
Floating-rate share $1.5B floating ($0.0B notes + $1.5B facilities off SOFR) ÷ $1.5B raised	100%	0% across 40 companies	—
Rate shock (+100 bp) $1.5B of floating debt × 100 bp = $0.01B more interest a year; interest cover would be -22.34× on the latest quarter annualised	$15M	—	—
Secured share of new facilities $0.0B secured ÷ $1.5B committed; $1.5B does not say	0%	0% across 24 companies	—
Refinancing burden $0.4B due within two years (the filer's own schedule as of 2026-06-30) ÷ $2.1B of operating cash flow over 4 quarters	0.21×	0.15× across 23 companies	2026-06-30
Liquidity runway ($5.9B cash and equivalents as tagged — short-term investments are not included — + $1.5B committed) ÷ $0.8B a quarter of capex and interest, as of 2026Q2	9.7	—	2026Q2

Does our ledger explain its balance sheet?

Across 2 of 4 quarter(s) its debt rose $6.6B and the notes we hold for those quarters total $0M — 0% explained.

the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.