IREN, a Bitcoin mining and AI cloud company, has closed a $3.65 billion financing to support its Microsoft AI cloud contract. The package includes $2.1 billion in U.S. private placement debt and $1.55 billion in delayed‑draw term loans at a blended rate of 6.00%.
The financing earned A and A(low) ratings from Fitch and DBRS, respectively, marking the highest-rated investment-grade GPU financing project publicly disclosed and the first GPU financing case in the U.S. private placement market. IREN noted that the facility is secured by GPU assets and associated contract cash flows, which helps optimize its capital structure and reduce overall funding costs.
As Bitcoin miners diversify their operations, GPU‑backed debt is becoming an important tool for expanding AI cloud services. IREN plans to scale its AI Cloud capacity to 480MW by the end of 2026, further strengthening its position in the AI infrastructure sector.