Blue Owl leads $2.8B debt deal for Iren to acquire Nvidia GPUs

Iren Limited just locked down another massive pile of debt to buy Nvidia’s latest GPUs, and private credit heavyweight Blue Owl Capital is writing the biggest check. Blue Owl led a $2.4 billion tranche within a broader $2.8 billion GPU financing package that closed in August 2026. The non-investment-grade equipment financing carries a 9% fixed rate and will fund air-cooled Nvidia GPU deployments at Iren’s facility in Mackenzie, British Columbia. GPUs as collateral: the new asset class This deal is part of a staggering fundraising spree. Iren closed a separate $3.65 billion investment-grade GPU financing package on June 1, 2026, backed by a substantial Microsoft offtake contract. That earlier deal earned A/A(low) ratings from Fitch and DBRS, covering roughly 96% of $5.81 billion in GPU expenditure, primarily directed toward Iren’s Childress, Texas campus. Combined, Iren has secured over $6.5 billion in GPU-specific financing over just the last several months. The company has raised or secured approximately $19 billion in total capital over the past year to fuel GPU acquisitions and data center expansion across North America. From Bitcoin miner to AI powerhouse Iren’s trajectory is o...