IREN Ltd (IREN) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: December 08, 2025

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 89.55% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
270M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

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

Outstanding Shares
Total Supply

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
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