A fund under Blue Owl Capital has led $2.4 billion in debt financing for cloud service provider Iren to purchase NVIDIA’s Blackwell Ultra GPU (graphics processing unit) for its data center campus in Canada. The package consists of a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, allowing Iren to procure equipment in phases over a specified period. Pacific Investment Management Company is among the guarantors. Financing documents set the interest rate at 9% and the term at two and a half years.