IREN pays its co-CEOs in moon math: $700M in locked stock, vesting until 2033 🚀

IREN has awarded its co-CEOs and co-founders Daniel and William Roberts 18.2 million restricted stock units valued at approximately $700 million, a grant equal to roughly 5% of the company that will not fully vest until fiscal 2033. The board approved 9,099,328 units for each brother on June 30, according to a company filing, with the units vesting over four years and each tranche subject to a two-year sale ban. The last shares come free only in fiscal 2033, and neither executive can receive another equity grant before fiscal 2031.

The timing of the award coincides with the expiration of IREN's dual-class share structure. The company was listed on Nasdaq in 2021, and the Roberts brothers each hold one Class B share that carries 15 votes per ordinary share, per the IPO prospectus. In August, each founder held 2.3% of the equity but 21.8% of the vote, according to IREN's proxy filing, giving them combined voting control of nearly 44%. That voting structure is set to expire around November 2033. Share count rose from approximately 272 million last August to 341 million by March, funding IREN's pivot toward AI compute.

Investors reacted by selling the stock. IREN shares fell about 10% to $38.82 on July 2, according to TradingView data. Short seller Jim Chanos criticized the size of the award, writing on X on July 3, 2026 that it amounted to roughly 17% of IREN's projected cumulative adjusted net income from fiscal 2027 through 2030 and noting that the shares vest on time served rather than performance. "Huh…?! If the stock drops 50% over the next four years they will still own shares worth $400 million. How is that pay for 'performance'…?!" Chanos wrote in a post tagged $IREN.

IREN's board said it considered performance-based and hybrid designs before approving the grant, describing it as the close of a multi-year pay plan. "The Equity Grants are designed to retain and incentivize the Co-CEOs to lead the Company through its next phase of growth and the execution of its long-term strategic plan," IREN said in its filing. The award reduces the brothers' voting grip as Class B rights near expiration while tying their compensation to the company's mining-to-AI transition through fiscal 2033.