The financing, the largest publicly rated investment-grade GPU facility, supports a $3.4 billion AI cloud contract with Microsoft.
IREN has finalized a $3.65 billion investment-grade GPU financing facility to fund its AI cloud contract with Microsoft. The deal marks the largest publicly rated investment-grade GPU financing and the first in the U.S. private placement market.
The facility backs a $3.4 billion managed services agreement, providing Microsoft access to NVIDIA GPUs over five years across four Texas data centers. IREN also entered a $1.6 billion purchase agreement with Dell for GPUs and related products, to be deployed at its Childress campus.
Company executives said the financing terms reflect strong customer contracts and ownership of data center infrastructure, broadening access to institutional capital and reducing capital costs.