Cryptominer turned AI cloud company Iren plans to raise $2 billion across two convertible bond issues.

Earlier this month, Iren scored a five-year $9.7bn Microsoft cloud contract, with the hyperscaler providing 20 percent in prepayment. As part of that contract, Iren agreed to buy $5.8bn in GPUs and ancillary equipment from Dell.

Half of the $2bn is due in 2032, and the other half the year after. The 6.5-year tranche was marketed with a 0-0.25 percent coupon, while the 7.5 year issue has a 0.5-1 percent coupon, Bloomberg reports.

The convertible bonds come with a conversion premium of 25-30 percent.

The company is also conducting a private share offering, as well as looking to repurchase some of its existing convertible bonds.

Both the bonds and share sale are being led by Citigroup, Goldman Sachs, and JPMorgan Chase & Co.

Iren claims to operate 810MW of data center capacity, with 2.1GW under construction, and another 1GW 'in development.'