Used as a precursor in homogeneous catalysis, particularly in transfer hydrogenation and C–H activation reactions. It serves as a key intermediate in the synthesis of iridium-based catalysts for asymmetric hydrogenation, enabling the production of chiral molecules important in pharmaceuticals. Its cyclooctadiene ligand allows for easy substitution, making it highly reactive in catalytic cycles. Also employed in the development of luminescent materials and in some cases, in organic light-emitting diodes (OLEDs) due to iridium’s phosphorescent properties. Commonly used in research settings for designing new catalytic systems in organic synthesis.