IREN Closes $3.65B Microsoft AI Financing as Shares Fall to $62.30

Bitcoin miner IREN has now closed its $3.65 billion GPU-backed financing package to expand AI data centers under a Microsoft supply agreement. The deal comprises a $2.1 billion U.S. private placement and a $1.55 billion delayed-draw term loan at a blended 6% cost, with investment-grade ratings from Fitch and DBRS. Combined with Microsoft prepayments, the package covers 96% of the $5.81 billion GPU budget, supporting IREN’s target of 480 MW AI cloud capacity by end-2026 alongside a prior $3.0 billion convertible note. Shares reacted with a 2% decline to $62.30 after recently peaking above $68.