Blue Owl Capital leads $2.4B debt deal for Iren Ltd. to buy Nvidia Blackwell Ultra GPUs

Iren Ltd. just secured $2.4 billion to go shopping for some of the most powerful chips on the planet. Blue Owl Capital led the financing package, announced August 28, 2026, with Pacific Investment Management Co. (PIMCO) co-participating, to fund Iren’s purchase of Nvidia Blackwell Ultra GPUs for its Mackenzie data center campus in British Columbia, Canada. The deal is split down the middle: $1.2 billion in senior secured term loans and $1.2 billion in senior secured notes, both carrying a fixed 9% interest rate and maturing in 2.5 years. Draws are staged to align with hardware delivery, meaning the money flows as the chips arrive, not all at once. How you finance a data center without selling your soul (or much equity) Iren is using its incoming GPU hardware as collateralized infrastructure, essentially borrowing against the chips before they’re even plugged in. This is Iren’s second major debt raise in quick succession. On June 1, 2026, the Sydney-based company closed a $3.65 billion investment-grade GPU financing facility tied to a Microsoft offtake agreement. That deal was notable because it came with an investment-grade rating, a signal that traditional credit markets are incre...