Blue Owl Arranges $2.4bn Debt for Iren

Blue Owl Arranges $2.4bn Debt for Iren

Blue Owl Capital Inc. arranged a $2.4 billion debt financing package for Iren Ltd., a cloud‑computing and Bitcoin‑mining operator. The package is split evenly between a $1.2 billion senior‑secured term loan and $1.2 billion senior‑secured notes, each bearing a 9% interest rate and maturing two and a half years after funding. Pacific Investment Management Co. also participated as a backer of the transaction.

The proceeds are earmarked for the staged purchase of Nvidia Corp. Blackwell Ultra GPUs, which will be installed at Iren’s Mackenzie data‑center campus in British Columbia to expand computing capacity. Blue Owl provided the financing through its credit division, and Kurt Tenenbaum, senior managing director at Blue Owl, described the structure as a “unique” combination of equipment financing and direct lending, noting it as one of the largest of its kind.

Blue Owl, which manages $319 billion in assets, has previously financed other AI‑infrastructure projects, including Meta Platforms Inc.’s Hyperion facility in Louisiana and a Texas project developed with Crusoe and Primary Digital Infrastructure.

Iren projected up to $30 billion in capital expenditures for the FY2027 financial year in its earnings report released on Thursday. Following the announcement, Iren’s shares fell almost 13% to $35.40 on the New York Stock Exchange on Friday afternoon.

Published 28‑08‑2026 by Vlad Schepkov, Stock Market.