Iren completes $3.65B GPU-backed financing for AI data center expansion

U.S. Nasdaq-listed Bitcoin miner Iren Limited (formerly Iris Energy) announced it has completed a $3.65 billion financing round to fulfill an AI cloud supply agreement with Microsoft. The financing is structured as a securitization of the company's GPU assets and related cash flows, consisting of a $2.1 billion U.S. private placement and a $1.55 billion term loan. Iren added that it plans to use the capital to expand its AI data centers, aiming to increase its AI cloud capacity to 480 MW by the end of 2026.