IREN approves $800M RSU grant to co-CEOs amid growth push

IREN Limited just gave its two co-CEOs a combined compensation package worth roughly $800 million. The board approved over 18.2 million restricted stock units on June 30, split evenly between co-CEOs William and Daniel Roberts, with each receiving 9,099,328 RSUs.

The market’s reaction was swift and unflattering. IREN shares dropped approximately 5% in premarket trading on July 2, after closing at $43.32 the previous session.

The numbers behind the grant

At prevailing share prices between $43 and $44, the total RSU package carries an estimated value between $687 million and $800 million.

The RSUs come with a six-year vesting and holding period that extends into fiscal year 2033.

The grant represents roughly 17% of IREN’s projected cumulative adjusted net income of $4.7 billion for fiscal years 2027 through 2030. So for every dollar the company expects to earn over the next four fiscal years, about 17 cents is effectively earmarked for two people.

Short-seller Jim Chanos was quick to point this out publicly, criticizing the sheer magnitude of the award relative to the company’s projected earnings.

The board’s decision followed what the company described as a comprehensive compensation review involving independent directors and an external consultant.

From Bitcoin mines to AI data centers

IREN’s corporate identity has been undergoing a significant transformation. The company, which built its business on Bitcoin mining, is pivoting hard toward artificial intelligence cloud services and high-performance computing infrastructure.

IREN has been backing this strategic shift with major customer contracts and site expansions. The RSU grants are explicitly tied to this long-term vision, with the six-year horizon extending to FY2033.

What this means for investors

The 17% figure is hard to ignore. If IREN hits its $4.7 billion cumulative net income target for FY2027 through FY2030, then roughly $800 million flowing to two executives is aggressive but arguably defensible if they built a company generating those returns.

Investors should watch two things closely. First, whether IREN’s AI and HPC revenue growth actually materializes at the pace implied by those $4.7 billion projections. Second, whether additional dilutive grants follow as the company scales.