Blue Owl Capital has arranged a $2.4 billion financing package to support IREN Limited’s expansion of its AI cloud infrastructure, including a $1.2 billion senior secured term loan and $1.2 billion in senior secured notes.
The financing will fund IREN’s acquisition of air-cooled NVIDIA Accelerated Computing Infrastructure, including NVIDIA Blackwell Ultra GPUs, at the Mackenzie data center campus in British Columbia, Canada. The facility is structured to disburse in tranches aligned with hardware delivery and commissioning schedules, enabling capital deployment to match operational timelines.
IREN operates a vertically integrated AI cloud platform providing data centers, compute capacity, and software for AI training and inference workloads. The company’s global development pipeline exceeds 5 gigawatts, reflecting rapid scaling to meet surging demand for AI compute resources.
Blue Owl, which manages $319 billion in assets as of June 30, 2026, structured the transaction across its Credit, Real Assets, and GP Strategic Capital platforms. The lender cited its experience in equipment finance and data center operations as key to tailoring the facility to the deployment cycle of AI infrastructure.
IREN Chief Financial Officer Anthony Lewis said customer demand for AI compute is accelerating, and the financing supports the expansion of the Mackenzie facility to serve a growing customer base across training and inference workloads. Blue Owl Senior Managing Director Kurt Tenenbaum described the deal as equipment finance at AI scale, emphasizing the need for disciplined deployment aligned with actual infrastructure delivery timelines.
