Bitcoin mining company IREN completes $3.65 billion investment-grade GPU financing

Bitcoin mining company IREN announced the completion of an investment-grade GPU financing totaling $3.65 billion to support its AI cloud contract signed 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 combined debt cost of 6%.

It is reported that this financing received an A rating from Fitch and an A (low) rating from DBRS, making it the highest-rated investment-grade GPU financing project currently publicly disclosed, and also the first GPU financing case in the U.S. private placement market.

IREN stated that the financing is secured by GPU assets and related contract cash flows, which helps optimize the capital structure and supports the company in expanding AI Cloud capacity to 480MW by the end of 2026.