Iren Limited just locked down another massive pile of debt to buy Nvidia’s latest GPUs, and private credit heavyweight Blue Owl Capital is writing the biggest check.
Blue Owl led a $2.4 billion tranche within a broader $2.8 billion GPU financing package that closed in August 2026. The non-investment-grade equipment financing carries a 9% fixed rate and will fund air-cooled Nvidia GPU deployments at Iren’s facility in Mackenzie, British Columbia.
GPUs as collateral: the new asset class
This deal is part of a staggering fundraising spree. Iren closed a separate $3.65 billion investment-grade GPU financing package on June 1, 2026, backed by a substantial Microsoft offtake contract. That earlier deal earned A/A(low) ratings from Fitch and DBRS, covering roughly 96% of $5.81 billion in GPU expenditure, primarily directed toward Iren’s Childress, Texas campus.
Combined, Iren has secured over $6.5 billion in GPU-specific financing over just the last several months. The company has raised or secured approximately $19 billion in total capital over the past year to fuel GPU acquisitions and data center expansion across North America.
