CoinWorld News, Bitcoin mining company iren announced the completion of a $3.65 billion investment-grade GPU financing to support an AI cloud contract signed with Microsoft. The financing includes $2.1 billion in U.S. private placement bonds and $1.55 billion in deferred draw term loans, with an overall debt cost of 6.00%. Fitch and DBRS respectively awarded the financing an A and A (low) rating, making it the highest publicly disclosed rated investment-grade GPU financing project, and also the first GPU financing case in the U.S. private market. iren stated that the financing is secured by GPU assets and related contract cash flows, supporting the company's goal to expand AI cloud capacity to 480MW by the end of 2026.

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GateUser-ecded933
· 1h ago
Mining machines turn into GPUs, collateral assets upgraded, lenders sleep soundly.
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TheCandlestickChartLooksLikeAn
· 4h ago
From mining to AI cloud, iren's transition speed is even faster than cryptocurrency price fluctuations.
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BorrowedHalo
· 5h ago
The first GPU financing case for a private equity firm in the United States; in the future, every mining company’s transition will follow this template and copy it.
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GateUser-af0ea0c9
· 5h ago
Fitch gives an A, DBRS gives an A-low. Rating agencies have more confidence in GPU collateral than in mining machines.
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GateUser-0b71fc11
· 5h ago
480MW until 2026, Microsoft's computing power appetite is really big
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RugpullTherapist
· 5h ago
2.1 billion in private placements + 1.55 billion in delayed extraction—this structure is pretty skillful; you’d only dare to borrow like this after locking in Microsoft’s order.
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GateUser-673fb6fa
· 5h ago
6% cost to achieve an A rating—the private debt market is really recognizing GPU cash flow.
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