Blue Owl (OWL.US) has teamed up with PIMCO to customize a $2.4 billion GPU financing for IREN (IREN.US).

A $2.4 billion debt financing led by a fund under Blue Owl Capital Inc. (OWL.US) has been successfully secured. The funds will be directed to cloud computing service provider IREN Ltd. (IREN.US) for the purchase of NVIDIA Corporation's (NVDA.US) Blackwell Ultra GPUs to support the construction of a data center park in Canada. This financing includes $1.2 billion in senior secured term loans and an equal amount in senior secured notes, designed to allow IREN, headquartered in Sydney, to purchase equipment in installments over the agreed period. According to related documents, Pacific Investment Management Company (PIMCO) also participated in this financing, with both components of funding subject to a 9% interest rate over a period of two and a half years from the disbursement of funds. Kurt Tenenbaum, Senior Managing Director at Blue Owl, stated that this financing combines GPU equipment financing with direct loan underwriting for IREN and is provided through its credit division. He referred to this investment structure as unique and noted that it ranks among the largest of its kind. This debt will support IREN's compute capacity expansion at its Mackenzie data center park in British Columbia. As an asset management firm with a managed asset size of $319 billion, Blue Owl has been at the forefront of major AI projects, with representative projects including Meta Platforms Inc.'s (META.US) Hyperion project in Louisiana, as well as large developments in Abilene, Texas, in collaboration with Crusoe and Primary Digital Infrastructure. As new data centers come online, the demand for dedicated chips continues to rise, and the scale of chip financing is expected to increase significantly over the coming years. IREN also operates Bitcoin mining and data center businesses and projected that capital expenditures for fiscal year 2027 could reach up to $30 billion when it released its financial report on Thursday. Consequently, its stock price fell by nearly 13% on Friday. Earlier this year, this new AI cloud service provider also reached an agreement with the NBAs Golden State Warriors, with its logo set to appear on the team's jerseys. Blue Owl, through its HomeCourt Partners fund, holds minority stakes in several other teams in the league.