Blue Owl Leads $2.4 Billion IREN GPU Financing Tied to Hardware Delivery

Funds managed by Blue Owl Capital have committed $2.4 billion to IREN’s AI-cloud expansion at its Mackenzie campus. The headline sum is not an upfront payment: IREN will draw the facility as equipment is delivered and commissioned.

IREN plans to use the proceeds to buy air-cooled NVIDIA Accelerated Computing Infrastructure, including Blackwell Ultra GPUs, for the British Columbia campus. Its AI Cloud platform provides data-center capacity, compute and software for AI training and inference. IREN says the financing will support continued Mackenzie buildout and added capacity for a growing base of training and inference customers.

The facility has a defined draw period and funds hardware purchases in tranches. That means capital can be deployed when systems arrive and enter service, instead of requiring all $2.4 billion to be funded immediately. The disclosed terms identify the campus, equipment class and funding mechanism, but not the GPU count, added compute capacity or completion timetable for Mackenzie.

$1.2 billionSenior secured term loan

One half of the financing is a $1.2 billion senior secured term loan.

$1.2 billionSenior secured notes

The other half is $1.2 billion of senior secured notes.

NVIDIA characterized the transaction as evidence that GPUs and AI factories can become financeable infrastructure assets. Blue Owl said its digital-infrastructure operating and underwriting experience informed a structure built around hardware delivery and commissioning; the firm said its operating experience extends across more than 100 data centers worldwide.

IREN says its wider global development pipeline exceeds 5 gigawatts, a company-provided figure that extends beyond the Mackenzie project. For this facility, the practical measure is still unresolved: how much Blackwell Ultra equipment is commissioned under the staged draws, and when.