IREN Secures $3.65 Billion Financing to Accelerate Microsoft AI Infrastructure Expansion

IREN has secured a $3.65 billion financing package to support its large scale AI infrastructure project linked to a major cloud computing agreement with Microsoft. The funding marks a significant step in the company’s transition from bitcoin mining toward AI-focused data center operations.

IREN Obtains Investment-Grade Funding for AI Growth

The financing package received strong investment grade ratings, earning an A rating from Fitch and an A(low) rating from DBRS. According to the company, this represents one of the highest-rated GPU financing transactions announced in the market and the first GPU financing deal completed through the U.S. private placement market.

The facility includes a $2.1 billion private placement and a $1.55 billion delayed-draw loan. The favorable ratings helped IREN secure a blended borrowing cost of approximately 6%, lowering overall financing expenses.

Microsoft Contract Supports Capital Requirements

The new funding, combined with customer prepayments from Microsoft, is expected to cover roughly 96% of the $5.81 billion in GPU-related capital expenditures required under the cloud computing agreement.

IREN Co-Founder and Co-CEO Daniel Roberts said the financing reflects both the strength of the company’s customer contracts and its ownership of the data center infrastructure supporting the AI hardware deployment.

Bitcoin Miner Expands Presence in AI Data Centers

Over the past year, IREN has increasingly focused on AI infrastructure opportunities as demand for advanced computing capacity continues to rise.

The financing announcement follows IREN’s recent $3 billion convertible notes offering, further strengthening its funding position as it expands AI operations.

Investor Focus Remains on Funding Strategy

Despite the major funding milestone, IREN shares traded around $65.30 on Monday , down nearly 2% after recently reaching a six month high above $68.