- The financing consists of a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, both priced at 9% and maturing 2.5 years after funding.
- IREN will deploy the proceeds in tranches to purchase and commission air-cooled NVIDIA infrastructure, including Blackwell Ultra GPUs, for AI training and inference workloads.
- The 9% cost is above the roughly 6% blended rate on IREN's separate $3.65 billion Microsoft-related financing, highlighting a higher funding cost for the Mackenzie buildout.
- IREN is targeting $25 billion to $30 billion of fiscal FY27 capital spending for GPU deployments and data-center construction extending into 2028.
Quotes
“Customer demand for AI compute is accelerating, and we are scaling rapidly to meet it”
“This financing supports the continued build-out of our AI Cloud infrastructure at Mackenzie, expanding our capacity to serve a growing customer base across both AI training and inference workloads.”