Blue Owl Capital and PIMCO led a $2.4 billion debt financing for Iren Ltd. to purchase Nvidia Blackwell Ultra GPUs for its Mackenzie data center campus in British Columbia, Canada. The deal is evenly split between $1.2 billion in senior secured term loans and $1.2 billion in senior secured notes, both carrying a fixed 9% interest rate with a 2.5-year maturity. Formerly a Bitcoin mining operation, Iren is now targeting 480 megawatts of AI cloud capacity by the end of 2026, with a total development pipeline exceeding 5 gigawatts. The company’s share price fell roughly 13% on the announcement day, as markets questioned the feasibility of its expansion timeline, which includes up to $30 billion in capital expenditure projected for fiscal year 2027.
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