$2.4B Debt Financing Secured for Nvidia GPU Purchase in Canadian Data Centers

Iren Ltd., a company that started as a Bitcoin miner, has secured $2.4 billion in debt financing to purchase Nvidia Blackwell Ultra GPUs for its data centers in British Columbia, Canada. The deal was led by Blue Owl Capital and co-participated by Pacific Investment Management Co. (PIMCO), with the financing split evenly between senior secured term loans and notes.

The $2.4 billion package comes with a 9% interest rate and matures in 2.5 years, with draws staged to align with hardware delivery. This means that Iren will receive funding as the GPUs arrive at its data centers, rather than all at once.

Iren is using its incoming GPU hardware as collateralized infrastructure, essentially borrowing against the chips before they're even plugged in. This marks the company's second major debt raise in quick succession, following a $3.65 billion investment-grade GPU financing facility tied to a Microsoft offtake agreement in June 2026.

Markets were not entirely convinced by the deal, with Iren's share price falling roughly 13% to $35.40 on the day of the announcement. The August financing is not tied to a named customer anchor like the earlier Microsoft-linked deal, but it signals that institutional credit markets are treating AI infrastructure as an asset class.