Alternative asset manager Blue Owl Capital said the funds it manages are leading a $2.4 billion financing package for IREN to buy Nvidia AI compute infrastructure, including Blackwell Ultra GPUs, at IREN's Mackenzie data center campus in British Columbia, Canada.
The deal is split into a $1.2 billion senior secured term loan and $1.2 billion in senior secured notes, with money released in tranches as hardware is delivered and deployed. IREN says it has more than 5GW of global data center development capacity, and this cash will expand its AI Cloud infrastructure to meet demand for AI training and inference.
Nvidia's vice president of global AI infrastructure growth, Nico Caprez, said CUDA lets Nvidia's AI infrastructure serve different customers and workloads while gaining value over time — which makes it an investable infrastructure asset class. Blue Owl said the transaction further validates the model of backing large-scale AI infrastructure financing with GPU hardware as asset-based collateral.