Blue Owl Capital led a $2.4 billion tranche within a broader $2.8 billion GPU financing package for cloud computing provider Iren Ltd., which will use the proceeds to acquire Nvidia GPUs for its Mackenzie, British Columbia, facility. The non-investment-grade financing carries a 9% fixed rate; the existing structure comprises a $1.2 billion senior-secured term loan and $1.2 billion of senior secured notes, each maturing two and a half years after funding. Pacific Investment Management Co. also backed the transaction. Iren separately closed a $3.65 billion investment-grade GPU financing package on June 1, 2026, supported by a Microsoft offtake contract and rated A/A(low) by Fitch and DBRS. Together, the GPU financings exceed $6.5 billion, while Iren has raised or secured approximately $19 billion in total capital over the past year for GPU acquisitions and North American data center expansion. The former Bitcoin miner is targeting 480 megawatts of AI cloud capacity by the end of 2026 and is developing campuses in British Columbia and Texas.