Blue Owl Capital Inc. led a $2.4 billion financing package for IREN Limited to acquire air-cooled NVIDIA accelerated computing infrastructure, including Blackwell Ultra GPUs, for deployment at IREN’s Mackenzie data center campus in British Columbia, Canada.
The financing comprises a $1.2 billion senior secured term loan and a $1.2 billion senior secured notes issuance. Funds will be released in tranches aligned with equipment delivery and installation schedules, according to terms disclosed by the parties.
The transaction supports IREN’s expansion of its AI cloud infrastructure, which includes a global development pipeline exceeding 5 gigawatts. IREN operates a vertically integrated AI cloud platform offering data centers, computing, and software for AI training and inference across North America, Europe, and APAC.
Blue Owl, which manages $319 billion in assets as of June 30, 2026, invested across Credit, Real Assets, and GP Strategic Capital platforms. Kurt Tenenbaum, Senior Managing Director at Blue Owl, stated the financing reflects the firm’s experience in scaling data center infrastructure globally.
IREN Chief Financial Officer Anthony Lewis said customer demand for AI compute is accelerating, and the financing supports continued expansion of Mackenzie’s AI cloud capacity to meet growing workloads for training and inference.
