IREN Limited (formerly Iris Energy), a US Nasdaq-listed Bitcoin mining company, announced it has completed a $3.65 billion funding round to fulfill its AI cloud supply contract with Microsoft. This financing is structured with GPU assets and related cash flows as collateral, consisting of $2.1 billion in US private placement notes and $1.55 billion in term loans. IREN explained that it plans to invest these funds in expanding its AI data centers to increase its AI cloud capacity to 480MW by the end of 2026.
