Iren Ltd. secured $2.4 billion on August 28, 2026, to purchase Nvidia Blackwell Ultra GPUs for its Mackenzie data center campus in British Columbia, Canada. Blue Owl Capital led the package, with Pacific Investment Management Co. (PIMCO) participating. The financing comprises $1.2 billion of senior secured term loans and $1.2 billion of senior secured notes, both carrying fixed 9% interest and maturing in 2.5 years. Draws will be staged alongside hardware deliveries. The debt is secured by the incoming GPU infrastructure, allowing Iren to fund the expansion without relying primarily on equity. The raise follows a $3.65 billion investment-grade GPU financing facility closed on June 1, 2026, and linked to a Microsoft offtake agreement. Unlike that earlier facility, the August financing has no investment-grade designation and is not tied to a named customer anchor. Iren is targeting 480 megawatts of AI cloud capacity by the end of 2026 across Mackenzie, Prince George and Canal Flats in British Columbia, with additional Texas campuses planned. Its development pipeline exceeds 5 gigawatts, while projected fiscal 2027 capital expenditure is up to $30 billion. The company’s shares fell roughly 13% to $35.40 on the announcement day. Institutional participation indicates that credit markets are increasingly treating AI infrastructure as a financeable asset class, although the 2.5-year maturity places pressure on refinancing, monetization or GPU-generated revenue before 2029. Meeting the 480-megawatt target by the end of 2026 is Iren’s first major test of that timeline.