IREN completes 3.65 billion GPU financing to support Microsoft's AI cloud contract

Bitcoin mining company IREN announced the completion of $3.65 billion in investment grade GPU financing to support its AI cloud contract with Microsoft. The financing includes $2.1 billion in US private equity bonds and $1.55 billion in deferred term loans, with a comprehensive debt cost of 6.00%. Fitch and DBRS respectively awarded this financing with A and A (low) ratings, making it the highest publicly disclosed investment grade GPU financing project and the first GPU financing case in the US private equity market. IREN stated that the financing is secured by GPU assets and related contract cash flows, supporting the company's expansion of AI Cloud capacity to 480MW by the end of 2026.