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

Bitcoin mining company IREN announced the completion of $3.65 billion investment-grade GPU financing to support an AI cloud contract signed with Microsoft. The financing includes $2.1 billion in US private placement bonds and $1.55 billion in delayed-draw term loans, with a combined debt cost of 6.00%. Fitch and DBRS have assigned this financing an A and A(low) rating, respectively, making it the highest publicly disclosed investment-grade GPU financing project and the first GPU financing case in the US private placement market. IREN stated that the financing is secured by GPU assets and related contract cash flows, supporting the company's plan to expand AI Cloud capacity to 480MW by the end of 2026.