IREN secures $3.65B investment-grade GPU loan tied to Microsoft AI cloud deal
IREN Limited said it finalized $3.65 billion of investment-grade debt on Monday to fund NVIDIA GPU hardware for its multiyear AI cloud contract with Microsoft. The facility combines a $2.10 billion private placement and a $1.55 billion delayed-draw term loan, resulting in a blended borrowing cost of 6.00%. The financing, alongside Microsoft prepayments, covers about 96% of IREN’s $5.81 billion GPU capital spend tied to the agreement.