IREN said it closed a $3.65 billion investment-grade GPU financing facility to support its multiyear AI cloud contract with Microsoft, calling it the first deal of its kind in the U.S. private placement market. The package includes a $2.10 billion private placement priced at a fixed rate equivalent to SOFR plus 2.13% and a $1.55 billion delayed-draw term loan at SOFR plus 2.25%, which IREN hedged to reach a 6.00% blended borrowing cost. Fitch rated the facility A and DBRS assigned A(low). According to IREN, the financing, together with Microsoft prepayments, covers about $5.59 billion, or roughly 96%, of its $5.81 billion GPU bill under a $9.7 billion five-year Microsoft AI cloud contract tied to four data centers in Childress, Texas, where the company plans to reach 480 megawatts of AI cloud capacity by the end of 2026.