IREN Closes $3.65B Facility for $9.7B Microsoft AI Deal

Bitcoin miner IREN has closed a $3.65 billion investment-grade GPU financing facility to fund hardware under a new $9.7 billion, five-year AI cloud contract with Microsoft. The move builds on the May 28 pivot announcement that included a $3.4 billion NVIDIA contract, a $1.6 billion Dell hardware deal, and a revised $4.4 billion revenue run-rate forecast tied to its 750 MW Texas site. The latest facility, split between a $2.1 billion private placement and $1.55 billion term loan, carries a 6% blended cost and A/A(low) ratings, covering 96% of the required $5.81 billion GPU spend. Shares rose 1.75% to $64.66 as the company targets 480 MW deployment by year-end.