Funds managed by Blue Owl Capital have led a $2.4 billion compute equipment financing for IREN to support the expansion of the company’s AI Cloud infrastructure using NVIDIA Blackwell Ultra GPUs.
The financing consists of a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes.
IREN will use the proceeds to purchase air-cooled NVIDIA Accelerated Computing Infrastructure, including Blackwell Ultra GPUs, for its Mackenzie data center campus in British Columbia.
The facility is structured to fund hardware purchases in tranches during a defined draw period.
That structure allows financing capital to be deployed as equipment is delivered and commissioned rather than requiring the entire $2.4 billion to be funded immediately.
The transaction supports continued buildout of IREN’s AI Cloud platform, which provides data center capacity, compute and software for AI training and inference.
IREN’s broader development pipeline exceeds 5 GW globally.
NVIDIA described the deal as another example of GPUs and AI factories becoming financeable infrastructure assets.
The financing illustrates how the extraordinary capital requirements associated with large-scale AI infrastructure are increasingly creating opportunities for private-credit and alternative asset managers to fund compute equipment directly.
Blue Owl said its experience operating and underwriting digital infrastructure helped it structure the facility around the way AI hardware is delivered and put into service.
The firm’s operating experience extends across more than 100 data centers worldwide.
Blue Owl managed approximately $319 billion in assets as of June 30, 2026 across its Credit, Real Assets and GP Strategic Capital platforms.
IREN operates a vertically integrated AI Cloud platform supported by land and grid-connected power assets across North America, Europe and the Asia-Pacific region.
KEY QUOTES:
“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.”
Anthony Lewis, Chief Financial Officer Of IREN
“Blue Owl’s $2.4 billion asset-backed GPU financing for IREN is another great proof point, and a repeatable model for financing AI infrastructure at scale.”
Nico Caprez, Vice President Of Global AI Infrastructure Growth At NVIDIA
“This is equipment finance at AI scale, and it demands the same discipline.”
Kurt Tenenbaum, Senior Managing Director At Blue Owl
