Bitcoin mining company IREN completes $3.65 billion investment-grade GPU financing

Odaily Planet Daily News Bitcoin mining company IREN announced the completion of a total of $3.65 billion in investment-grade GPU financing to support its AI cloud contract signed with Microsoft. The financing includes $2.1 billion in US private placement bonds and $1.55 billion in delayed-draw term loans, with a comprehensive debt cost of 6.00%. It is reported that this financing has been assigned an A rating and A (low) rating by Fitch and DBRS, respectively, making it the highest-rated investment-grade GPU financing project publicly disclosed to date, and also the first GPU financing case in the US private placement market. IREN stated that the financing is secured by GPU assets and related contract cash flows, which helps optimize the capital structure and supports the company in expanding its AI Cloud capacity to 480MW by the end of 2026.