By Blockspace Staff
Publication Date: 2026-06-01 13:01:00
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 and
a $1.55bn delayed draw term loan at a floating rate of SOFR+2.25%, for which IREN has entered into
interest 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.
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