IREN is buying air-cooled Blackwell Ultra hardware for its British Columbia campus with $2.4B in equipment financing led by funds managed by Blue Owl Capital. The package, announced August 28, splits into a $1.2B senior secured term loan and $1.2B of senior secured notes.
The company’s fiscal 2026 results, out a day earlier, put the facility at a 9.0 percent fixed rate and said it funds 90 percent of the associated GPU capital expenditure. IREN grouped the deal inside $2.8B of new GPU financings supporting customer deployments.
Chief financial officer Anthony Lewis tied the financing to customer demand, saying IREN is scaling quickly to meet accelerating appetite for AI compute across training and inference workloads at Mackenzie. Nvidia’s Nico Caprez, vice president of global AI infrastructure growth, called the structure proof that asset-backed GPU financing can work as a repeatable model at scale.
IREN has $4B in contracted annualized run-rate revenue for 2026 capacity and delivered its first 50MW liquid-cooled deployment to Microsoft at Childress, Texas this month. Blue Owl, with $319B in assets under management, said experience across more than 100 data centers shaped the deal.
