Blue Owl Capital Inc. has arranged a $2.4 billion financing package to support IREN Limited’s expansion of its AI Cloud infrastructure, including a 5-gigawatt global development pipeline.
The facility consists of a $1.2 billion senior secured term loan and $1.2 billion in senior secured notes. Blue Owl, which manages $319 billion in assets across Credit, Real Assets, and GP Strategic Capital platforms, will fund the purchase of air-cooled NVIDIA Accelerated Computing Infrastructure at IREN’s Mackenzie Data Center Campus in British Columbia, Canada.
The financing structure is designed to align capital deployment with hardware delivery and commissioning, with funds drawn in tranches over a defined period. IREN operates a vertically integrated AI Cloud platform providing data centers, compute, and software across North America, Europe, and APAC.
IREN’s Chief Financial Officer, Anthony Lewis, said customer demand for AI compute is accelerating, requiring rapid scaling of infrastructure. The financing supports the expansion of IREN’s AI Cloud at Mackenzie, enabling capacity growth for AI training and inference workloads.
Blue Owl’s Senior Managing Director, Kurt Tenenbaum, described the transaction as equipment finance at AI scale, emphasizing the firm’s operating experience across more than 100 data centers worldwide. NVIDIA’s Blackwell Ultra GPUs will power the infrastructure, aligning with IREN’s vertically integrated AI Cloud strategy.
