IREN Ltd (IREN) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
IREN currently has 271M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 89.55% over the past 2 years, indicating aggressive capital raising.
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| Dec 08, 2025 |
8-K filing: IREN Limited issued $2.3 billion in convertible senior notes and sold 39,699,102 ordinary shares in a registered direct offering. ($1632.4M proceeds) |
270M | 0 |
| Nov 06, 2025 |
10-Q filing | 270.7M shares outstanding |
270M | 0 |
| Oct 07, 2025 |
8-K filing: The company issued 66,707,732 shares pursuant to its at-the-market offering under the registration statement on Form S-3 (File No. 333-284369) at varying prices generating an aggregate of approximately $1.0 billion. ($1000.0M proceeds) |
270M | 0 |
| Aug 28, 2025 |
POS AM filing: This is a Post-Effective Amendment to terminate the offering of Registered Securities pursuant to the Registration Statement with registration number 333-277119. |
190M | 0 |
| Aug 28, 2025 |
10-K filing | 272.0M shares outstanding |
270M | 2.1M |
| Jan 21, 2025 |
POS AM filing: Post-Effective Amendment No. 1 to Form F-3 filing to terminate the offering of registered securities. |
190M | 2.1M |
| Aug 29, 2024 |
POS AM filing: This is a post-effective amendment to terminate the offering of registered securities. |
190M | 2.1M |
| Aug 28, 2024 |
20-F filing | 187.9M shares outstanding |
190M | 2.1M |
| May 15, 2024 |
F-3 filing: Iris Energy Limited is filing an F-3 to offer and sell up to $500,000,000 of any combination of ordinary shares, debt securities, warrants, subscription rights, purchase contracts and units from time to time, in one or more offerings. |
67M | 2.1M |
| Feb 16, 2024 |
POS AM filing: This is a post-effective amendment to terminate the offering of securities under Registration No. 333-267568 and remove from registration any unsold securities. |
67M | 2.1M |
| Feb 15, 2024 |
F-3 filing: This F-3 filing registers up to 2,069,122 Ordinary Shares for resale by selling shareholders; the company will not receive proceeds from the sale, but may receive proceeds from repayment of loan agreements. |
97M | 2.1M |
| Feb 15, 2024 |
RW filing: The filing is a request to withdraw a registration statement on Form F-3 related to the registration of 25,000,000 ordinary shares that Iris Energy Limited may issue to B. Riley Principal Capital II, LLC, because the company and B. Riley have terminated the Purchase Agreement and the related registration rights agreement, and the public offering of securities contemplated thereby is completed. |
67M | 2.1M |
| Sep 13, 2023 |
F-3 filing: Iris Energy Limited may offer and sell from time to time, in one or more offerings, up to $500,000,000 of any combination of ordinary shares, debt securities, warrants, subscription rights, purchase contracts and units. |
55M | 0 |
| Sep 13, 2023 |
POS AM filing: This prospectus relates to the potential offer and sale from time to time by B. Riley Principal Capital II, LLC of up to 25,000,000 of our ordinary shares. |
67M | 0 |
| Sep 13, 2023 |
20-F filing | 66.7M shares outstanding |
67M | 0 |
| Feb 15, 2023 |
POS AM filing: This is a POS AM filing by Iris Energy Limited relating to the potential offer and sale of up to 25,000,000 of their ordinary shares by B. Riley Principal Capital II, LLC, with the company potentially receiving up to $100 million in aggregate gross proceeds. |
55M | 0 |
| Sep 23, 2022 |
F-1 filing: F-1 filing for potential offer and sale of up to 25,000,000 ordinary shares by B. Riley Principal Capital II, LLC, pursuant to an ordinary shares purchase agreement, establishing a committed equity facility, with Iris Energy Limited potentially receiving up to $100.0 million in aggregate gross proceeds. |
55M | 25M |
| Sep 13, 2022 |
20-F filing | 55.0M shares outstanding |
55M | 0 |
| Oct 25, 2021 |
F-1 filing: Iris Energy Limited is offering Ordinary shares in its initial public offering and intends to list them on the Nasdaq market under the symbol "IREN". |
N/A | 0 |