IREN secures $3.65 billion in GPU funding backed by a Microsoft AI contract.

CoinFeed reported on June 1st that, according to GlobeNewswire, IREN Limited announced the completion of a $3.65 billion investment-grade GPU financing round to fulfill its AI Cloud contract with Microsoft. The financing includes a $2.1 billion US private placement (fixed rate approximately SOFR + 2.13%) and a $1.55 billion DDTL loan (floating rate SOFR + 2.25%), with an overall weighted average cost of debt of 6.00%.