Blue Owl leads $2.4B IREN financing, targeting Nvidia Blackwell chips

Blue Owl Capital is leading a $2.4 billion financing package for AI cloud provider IREN Limited.

The deal is structured as a $1.2 billion senior secured term loan and $1.2 billion in senior secured notes.

IREN will use the proceeds to purchase NVIDIA Blackwell Ultra GPUs and advanced computing infrastructure.

The hardware will be installed at IREN’s data center campus in British Columbia, Canada.

This expansion supports growing customer demand for AI training and inference workloads.

Financing will be released in tranches to align with the delivery and installation of the hardware.

The deal supports IREN’s global data center development pipeline, which currently exceeds 5 gigawatts.