IREN Limited, a company formerly known for its involvement in Bitcoin mining, has secured $3.6 billion in financing to bolster its expansion into artificial intelligence cloud computing. The capital infusion, arranged through its subsidiary IE US Hardware 3 LLC, is earmarked for building out large-scale GPU-based data center capacity.
This significant financial move underscores IREN's aggressive repositioning from cryptocurrency operations to the high-demand AI infrastructure sector. The company has a major contract to supply GPU services to Microsoft at facilities in Childress, Texas.
The financing package, signed on May 29, 2026, comprises a $1.5 billion delayed draw term loan and $2.1 billion in senior notes with a fixed rate of 5.96%. Both components mature on December 31, 2031. This latest funding follows closely on the heels of IREN's closure of a $3 billion convertible notes offering, further solidifying its financial standing.
Read More: Norway AI Data Centres: GPU Ownership and Financing Questions
Analysts at Bernstein had previously noted the capital-intensive nature of IREN’s AI strategy. However, they also identified the company as well-positioned among former Bitcoin miners to capitalize on the burgeoning demand for AI infrastructure.
The company's shift away from Bitcoin mining has impacted its revenue. One report indicates a 23% dip in quarterly revenue to $184.7 million, attributed to reduced Bitcoin mining activities, even as AI cloud demand surges.
IREN has also announced plans to use a portion of this capital to retire older, highly dilutive debt, a move intended to mitigate future risks for shareholders. The company also partnered with Nvidia for a substantial AI compute buildout.
