Blue Owl leads $2.4 billion tranche in Iren’s $2.8 billion GPU financing

Blue Owl Capital led a $2.4 billion tranche within a broader $2.8 billion financing package for Iren’s purchase of Nvidia GPUs, according to Bloomberg.

The non-investment-grade equipment financing carries a 9% fixed interest rate and will fund air-cooled Nvidia GPU deployments at Iren’s facility in Mackenzie, British Columbia.

Iren separately closed a $3.65 billion investment-grade GPU financing package in June, backed by a Microsoft offtake agreement. Across the two transactions, the company has secured more than $6.5 billion in GPU-specific financing.

Iren began as a Bitcoin-mining company before shifting toward AI cloud infrastructure. It is developing data-center campuses in British Columbia and Texas and has said it aims to reach 480 megawatts of AI cloud capacity by the end of 2026.

The financing illustrates the growing role of private credit in funding AI infrastructure and equipment purchases.