IREN Limited (IREN) gave investors a lot to digest Monday evening, and they weren't particularly thrilled about it. The company announced not one but three separate financing moves: a registered direct offering of ordinary shares, plus a pair of private convertible note offerings totaling $2 billion.

What's Actually Happening Here: IREN is essentially refinancing part of its capital structure while raising fresh cash. The registered direct offering of ordinary shares will fund the repurchase of the company's existing 2029 and 2030 convertible notes, allowing IREN to clean up its debt stack.

At the same time, the company announced its intention to offer $1 billion in convertible senior notes due 2032 and another $1 billion in convertible senior notes due 2033 through separate private offerings. That's a significant amount of capital to bring in at once.

The original purchasers of these notes also get some flexibility. They have the option to purchase an additional $150 million of each convertible note offering, which could push the total convertible raise to $2.3 billion if fully exercised.

Market Reaction: Investors responded predictably to the dilution news. According to market data, IREN stock fell 6.37% to $45.40 in Monday's extended trading session.