IREN secures $3.65 billion（約5800億円） GPU financing facility to fund its Microsoft AI cloud contract and scale data center capacity to 480 MW by end of 2026.

What happened: IREN Limited announced on June 1 that it closed a $3.65 billion（約5800億円） investment-grade GPU financing facility. The facility covers approximately 96% of the GPU capital expenditure required for the company's AI cloud contract with Microsoft and is structured through a US private placement and a delayed draw term loan.

Why it matters: The financing strengthens IREN's capital structure as it expands AI infrastructure at lower blended financing costs. The deal is anchored by the Microsoft contract and reflects strong participation from global financial institutions, enabling the company to fund large-scale GPU capital expenditures tied to the expanding AI cloud buildout.

What to watch: IREN is targeting 480 MW of data center capacity by the end of 2026. The financing is secured against the underlying GPUs and contracted cash flows, linking repayment directly to the delivery of services under the Microsoft agreement.