Bitcoin mining company IREN announces the completion of a $3.65 billion investment-grade GPU financing to support its AI Cloud contract with Microsoft. The financing received Fitch A and DBRS A(low) ratings, including $2.1 billion in U.S. private placement bonds and $1.55 billion in delayed draw term loans, which the company claims is currently the highest publicly disclosed rated investment-grade GPU financing project. The financing is collateralized by GPU assets and related contract cash flows, covering approximately 96% of Microsoft's project GPU capital expenditures.

IREN2.88%
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AvocadoYieldRate
· 9h ago
This is considered the highest recognition from traditional rating agencies for crypto mining companies, right?
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StopRaisingGasFees.
· 10h ago
From mining BTC to renting computing power to Microsoft behind OpenAI—the times really have changed.
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SaveABitOnGasFees
· 10h ago
IREN: I'm no longer mining; I've switched to collecting rent.
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LeverageWhisperer
· 10h ago
Investment-grade GPU financing, this category didn't exist before, now it has become a benchmark.
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TvlTeaTime
· 10h ago
DBRS A(low) is somewhat conservative, but Fitch giving an A indeed indicates that the cash flow quality is solid.
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SlippageSailor
· 10h ago
96% capital expenditure coverage, Microsoft's major client endorsement is too strong
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MorningLightInAGlassBottle
· 10h ago
2.1 billion private placement bonds + 1.55 billion delayed loans, leveraging heavily but still able to get an A rating
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GateUser-e130bc45
· 10h ago
$3.65 billion, Fitch A rating, IREN’s move this time is textbook-level asset reallocation
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ForkItAnyway
· 10h ago
Miners transitioning to AI cloud, I know this script well
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