Blue Owl, PIMCO lend Iren $3.4b in ‘unique’ GPU financing deal

Blue Owl Capital led a $3.4B debt deal for Iren, including $1.2B term loan and $1.2B notes. Iren will use funds to buy Nvidia's Blackwell Ultra GPUs for a Canadian data center. The deal allows staged equipment purchases.

IREN (NASDAQ:IREN) shares fell 12.5% after reporting a net loss of $684m in Q4 2026, down from a profit of $95.55m in Q4 2025, as it transitions from crypto mining to AI data centers. Revenue declined 24% to $137.2m, though annual recurring revenue grew to $1b. The company highlights contracted AI cloud deals and capital-efficient GPU financing, but profitability concerns persist.

IREN Limited shares fell 7% after Q4 earnings, but analysts see a buying opportunity due to rapid growth in AI cloud services. Revenue declined 27% YoY to $137.23M, beating estimates, with AI cloud revenue up 907% YoY. Analysts maintain Buy ratings with price targets of $80 (97% upside) and $90 (122% upside), citing strong AI transition.

IREN Limited's shares fell 13.18% to $35.20 despite strong demand for its AI infrastructure and bullish analyst calls. Cantor Fitzgerald maintained an Overweight rating and $99 price target, implying 181% upside. The company reported $4B in contracted revenue for 2026 and significant growth in AI Cloud Services.

Blue Owl Capital (OWL) announced a $2.4B financing deal for IREN, including $1.2B in loans and $1.2B in notes. The funds are for compute equipment. According to Blue Owl, the financing will support IREN's growth initiatives. OWL is publicly traded on the NYSE.

Blue Owl Capital led a $2.4B financing for IREN Limited, including a $1.2B term loan and $1.2B in notes. Funds will support IREN's purchase of NVIDIA GPUs for a data center in Canada, part of its AI Cloud infrastructure expansion.