The notes carry a 0% interest rate and are structured as senior, unsecured obligations that do not accrete in principal. Unless the securities are converted, redeemed, or repurchased earlier, they will reach maturity on September 15, 2031. To manage potential demand, Axon plans to grant underwriters an 11-day option to purchase an additional $150 million in notes to cover over-allotments.

Management intends to deploy the capital primarily toward general corporate expansion. This includes potential investments in new product lines, services, and technologies, as well as the acquisition of external businesses to bolster the company’s market position.