Axon Announces $1.0 Billion Offering of Zero-Percent Convertible Senior Notes Due 2031
Axon Enterprise Inc., the parent company of Axon, has priced a $1.0 billion offering of zero-percent convertible senior notes due in 2031. The underwriters have also been granted an option to purchase up to an additional $150 million worth of Notes for over-allotment purposes if needed. The transaction is expected to settle on September 18, 2026, and will generate approximately $986 million in net proceeds (or about $1.13 billion including the full exercise of the over-allotment option). A portion of these funds—$99.9 million—will be used to pay for capped call transactions, while the remainder is intended for general corporate purposes such as supporting growth and potential acquisitions. The Notes are senior unsecured obligations with no regular interest payments or principal accretion. They can be converted into Axon's common stock at a rate of 1.5336 shares per $1,000 in principal (equivalent to approximately $652.06 per share). Holders may convert the Notes under certain conditions before June 15, 2031 and freely after that date.
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