[IREN Completes $3.65 Billion Investment-Grade GPU Financing to Support Microsoft AI Cloud Contract] Golden Finance reports that Bitcoin mining company IREN has announced the completion of a $3.65 billion investment-grade GPU financing to support its AI cloud contract with Microsoft. The financing includes $2.1 billion in U.S. private placement bonds and $1.55 billion in delayed-draw term loans, with a blended debt cost of 6.00%. It is reported that this financing has received A ratings from Fitch and A (low) ratings from DBRS, making it the highest-rated investment-grade GPU financing project disclosed to date and the first GPU financing case in the U.S. private market. IREN stated that the financing is secured by GPU assets and related contract cash flows, which will help optimize its capital structure and support the company in expanding AI Cloud capacity to 480MW by the end of 2026.