IREN lands $3.65 billion A-rated financing for Microsoft AI buildout

Bitcoin miner-turned-AI-infrastructure provider IREN secured $3.65 billion in financing backed by its cloud computing contract with Microsoft on Monday.

According to a release, the financing facility received investment-grade ratings of A from Fitch and A(low) for DBRS, which the company claims is "the highest publicly rated investment-grade GPU financing announced and the first GPU financing in the U.S. private placement market."

The high ratings helped IREN secure a blended borrowing cost of just 6%, and the financing itself consists of a $2.1 billion U.S. private placement and a $1.55 billion delayed-draw loan. 

That, along with customer prepayments from Microsoft, funds roughly 96% of the $5.81 billion in GPU capital tied to the contract, according to IREN.

"Securing investment-grade financing on these terms reflects both the quality of our customer contracts and the fact that we own the data center infrastructure these GPUs run in," co-founder and co-CEO Daniel Roberts said in a statement.

Bitcoin-to-AI pivot

Like many of its publicly traded bitcoin miner peers, IREN has spent the past year pursuing opportunities tied to the AI data center boom. 

The company signed its multibillion-dollar AI cloud agreement with Microsoft in late 2025 and later scored a partnership with Nvidia with plans for a large-scale AI compute buildout.

The new financing comes just weeks after IREN closed a $3 billion convertible notes offering.

It also addresses concerns recently raised by Bernstein analysts, who described IREN's AI expansion as "capital-intensive" and dependent on access to flexible financing. In a note last month, Bernstein analysts pointed to IREN as one of the best-positioned bitcoin miners to benefit from AI infrastructure demand, citing its expanding power footprint and AI compute contracts.

IREN shares were down nearly 2% to $62.30 in the first trading hour on Monday after reaching a more than six-month high above $68 last week.