IREN secured a $2.4 billion financing package led by Blue Owl Capital. The financing consists of a $1.2 billion senior secured term loan and $1.2 billion in senior secured notes. Proceeds will fund the purchase of NVIDIA Blackwell Ultra GPUs for IREN’s data center campus in British Columbia, Canada.
The investment scales IREN’s AI Cloud platform to meet demand for training and inference workloads. The company recently announced that its 2026 capacity is largely sold out. Management is currently in late-stage discussions for 2027 and 2028 capacity.
Despite the expansion, IREN shares recently declined following a fourth-quarter revenue miss. Investors reacted to the financial results even as the company presented a positive long-term outlook.