Mining companies are pivoting to AI cloud, raising 36.5 billion yuan in financing to secure an A-level rating—this route is bold enough.

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.