Micron Launches $5.4B Tender Offer, Reports 196% Q2 Revenue Surge
Micron initiated cash offers to repurchase up to $5.4 billion of senior notes due 2031–2035, with tenders expiring March 31 and settlement slated for April 3. Shares climbed over 300% in one year, with Q2 revenue up 196% and Q3 gross margin guided at 81%, though margins may peak as the cycle normalizes.
1. Tender Offer Details
Micron has commenced cash tender offers to purchase any and all of its 5.300% senior notes due 2031, 5.650% due 2032, two series of 5.875% due 2033, 5.800% due 2035 and 6.050% due 2035, totaling $5.4 billion in principal. The offers expire at 5 p.m. on March 31, 2026 and settlement is expected on April 3, 2026, with holders receiving the purchase price plus accrued interest.
2. Financial Performance & Outlook
The stock has advanced over 300% in the past year as AI infrastructure demand drove fiscal Q2 revenue up 196% year-over-year. Management guided Q3 gross margin at 81%, but analysts caution that margins may peak and contract when semiconductor market fundamentals normalize.