IREN Debt, Lenders and Contracts
The public financings and compute contracts naming IREN, with lenders, pricing and sources.
IREN has raised $13.3B in 8 public debt and structured financings since 2024, from 4 named lenders. Leads include Blue Owl, Goldman Sachs, JPMorgan and 1 more.
It is the seller in 3 contracts in the Offtake Tracker, with Microsoft, NVIDIA and Prometheus, Perplexity, Together AI and others; GPU capacity contracts total $15.9B.
Profile
| Type | Miner turned AI host |
| Headquarters | Sydney, New South Wales |
| AI status | Own GPU cloud |
| Listing | NASDAQ: IREN (SEC EDGAR) |
| Market cap | $10B to $50B at Oct 9, 2026 (CompaniesMarketCap) |
| Website | iren.com |
Debt at Jun 30, 2026
$7.6B of debt and $5.9B of cash at Jun 30, 2026, from the 10-K filed Aug 27, 2026. Leases are not counted as debt.
| Facility | Principal | Rate | Maturity | Security | Rating |
|---|---|---|---|---|---|
| GPU financing: delayed draw term loan ($1,545M)DDTL | $413M | SOFR + 2.25% | Dec 2031 | Secured, non-recourse | Fitch A, DBRS A (low) |
| GPU financing: senior secured notes ($2,100M)Senior secured notes | $525M | 5.96% | Dec 2031 | Secured, non-recourse | Fitch A, DBRS A (low) |
| 2029 Convertible NotesConvertible notes | $233M | 3.50% | Dec 15, 2029 | Unsecured | - |
| 2030 Convertible NotesConvertible notes | $212M | 3.25% | Jun 15, 2030 | Unsecured | - |
| 2031 Convertible NotesConvertible notes | $1.0B | 0.00% | Jul 1, 2031 | Unsecured | - |
| 2032 Convertible NotesConvertible notes | $1.1B | 0.25% | Jun 1, 2032 | Unsecured | - |
| June 2033 Convertible NotesConvertible notes | $1.1B | 1.00% | Jun 1, 2033 | Unsecured | - |
| December 2033 Convertible NotesConvertible notes | $3.0B | 1.00% | Dec 1, 2033 | Unsecured | - |
| Other debtOther | $21.9M | Various | 2027-2029 | Not stated | - |
Financings (8)
| Date | Amount | Type | Lenders | Pricing | Source |
|---|---|---|---|---|---|
| Aug 25, 2026 | $2.4B | GPU-backed facility | Blue Owl, Pimco | 9.0% fixed | SEC |
| Jun 1, 2026 | $1.5B | DDTL | Goldman Sachs, JPMorgan | SOFR + 2.25% | SEC |
| Jun 1, 2026 | $2.1B | Senior notes | Not named | 5.96% fixed | SEC |
| May 14, 2026 | $3B | Convertible notes | Not named | 1.00% | SEC |
| Dec 8, 2025 | $2.3B | Convertible notes | Not named | 0.25% / 1.00% | SEC |
| Oct 14, 2025 | $1B | Convertible notes | Not named | 0.00% | SEC |
| Jun 13, 2025 | $550M | Convertible notes | Not named | - | SEC |
| Dec 6, 2024 | $440M | Convertible notes | Not named | - | SEC |
Other financings
| Date | Amount | Type | Lender | Detail | Source |
|---|---|---|---|---|---|
| Nov 2022 | $108M | Equipment loan | NYDIG | Expected default on $108M of limited-recourse loans backed by miners | Hashrate Index |
Compute contracts (3)
Sites
| Site | Location | MW | Status |
|---|---|---|---|
| ChildressMicrosoft GB300 deployment, four 50 MW (IT) halls | Childress, TX | - | Bitcoin and AI/HPC |
| SweetwaterBulk substation energization | Sweetwater, TX | - | Planned AI/HPC |
| MackenzieGPU expansion financed by Blue Owl and PIMCO | Mackenzie, BC, Canada | - | Bitcoin and AI/HPC |
MW as reported: some figures are gross power, some critical IT. Sources: SEC, IREN, Webull, CoinDesk, Hashrate Index.
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