Iren Secures $2.8 Billion Debt Financing for Nvidia GPUs with Blue Owl Capital's Leadership

Iren Limited has successfully secured a substantial $2.8 billion debt financing package aimed at acquiring Nvidia's latest GPUs, with Blue Owl Capital leading the investment. This financing, which closed in August 2026, includes a $2.4 billion tranche specifically for the purchase of Nvidia Blackwell Ultra GPUs for Iren's facility in Mackenzie, British Columbia.

The financing consists of senior secured term loans and notes, each amounting to $1.2 billion, both carrying a fixed interest rate of 9% and maturing in 2.5 years. The structure of the deal allows for staged draws to coincide with the delivery of the hardware, ensuring that funds are released as needed.

This deal is part of Iren's broader strategy to pivot from its original Bitcoin mining operations to becoming a significant player in AI cloud infrastructure. The company has already raised over $6.5 billion in GPU-specific financing in recent months, including a previous $3.65 billion investment-grade package linked to a Microsoft offtake agreement.

Iren aims to develop data center campuses across British Columbia and Texas, targeting a total AI cloud capacity of 480 megawatts by the end of 2026. However, the recent financing lacks the same anchor tenant visibility that characterized the earlier Microsoft-linked deal, leading to a higher cost of capital.

Blue Owl Capital's involvement highlights a shift in how AI infrastructure is funded, as traditional banks have been hesitant to lend against rapidly depreciating technology assets. The participation of institutional investors like Blue Owl and PIMCO signals a growing acceptance of AI infrastructure as a viable asset class.