Blue Owl Capital Inc. funds arranged $2.4 billion in debt financing for Iren Ltd., which plans to use the proceeds to purchase Nvidia Corp. Blackwell Ultra GPUs (graphics processing units) for its Mackenzie data center campus in British Columbia. The package consists of a $1.2 billion senior-secured term loan and $1.2 billion in senior secured notes, allowing Sydney-based Iren to acquire equipment in stages over a set timeframe. Pacific Investment Management Co. also backed the transaction. Both financing components carry a 9% interest rate and mature two and a half years after funding. The financing was provided through Blue Owl’s credit division and is intended to expand Iren’s computing capacity. Blue Owl manages $319 billion in assets and has participated in other AI infrastructure projects, including Meta Platforms Inc.’s Hyperion facility in Louisiana and a project in Abilene, Texas, developed with Crusoe and Primary Digital Infrastructure. Iren operates as a Bitcoin miner and data center operator and projected up to $30 billion in capital expenditures for fiscal 2027 during its earnings report on Thursday. Its shares fell almost 13% to $35.40 in New York on Friday afternoon.