AI Data Center Firm Iren Seeks $2 Billion in Convertibles (1)

Iren Ltd., a data center firm focused on artificial intelligence and high-performance computing, is seeking to raise $2 billion across two convertible bond issues.

The company is offering $1 billion of notes due 2032 and a further $1 billion due 2033, according to a statement Monday. The 6.5-year tranche is being marketed with a 0% to 0.25% coupon, while the 7.5 year issue has a 0.5% to 1% coupon, according to people familiar with the matter.

The Sydney-based firm is one of several so-called neoclouds, small infrastructure providers that aim to satisfy the seemingly bottomless demand for AI computing ...