IREN closes $3.65 billion GPU financing to back Microsoft AI cloud contract
Key takeaways
- The company said the deal is the highest publicly rated investment-grade GPU financing and the first in the U.S. private placement market.
- Dan Roberts, co-founder and co-CEO of IREN, said the financing terms reflect the strength of the company’s customer contracts and its ownership of the data center infrastructure where the GPUs operate.
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IREN closes $3.65 billion GPU financing to back Microsoft AI cloud contract Blockspace Staff Mon, June 1, 2026 at 8:01 PM GMT+7 2 min read IREN MSFT IREN (NASDAQ: IREN) said Monday that it has closed a $3.65 billion investment-grade GPU financing facility to support delivery of its AI cloud contract with Microsoft. The company said the deal is the highest publicly rated investment-grade GPU financing and the first in the U.S. private placement market.
“The financing comprises a $2.10bn U.S. private placement at a fixed rate equivalent to SOFR+2.13%2 anda $1.55bn delayed draw term loan at a floating rate of SOFR+2.25%, for which IREN has entered intointerest rate hedges,” the press release states. “IREN achieved a blended cost of debt of 6.00% notwithstanding higher base rates since the initial DDTL underwriting commitment”
Dan Roberts, co-founder and co-CEO of IREN, said the financing terms reflect the strength of the company’s customer contracts and its ownership of the data center infrastructure where the GPUs operate.