Compute · the Ledger · Loan against chips
IREN subsidiary raises ~$3.6B ($1.5B DDTL plus $2.1B of 5.96% senior notes) against its Microsoft GPU contract
Signed · announced 1 Jun 2026 · the week to 5 Jun 2026
- Size
- $3.6B
~$1.5B delayed draw term loan plus $2.1B of 5.96% senior notes due 2031-12-31.
The parties
- IRENcompany pageBorrower
- Goldman SachsLender
- JPMorgan ChaseLender
The source
IREN 8-K, 2026-06-01Regulatory filing
Borrower/issuer IE US Hardware 3; funds the GPU infrastructure for the 2025-11-02 Microsoft contract. Drawn in tranches until 2027-05-29. Arrangers Goldman Sachs and JPMorgan.
The same parties, other deals
- Hut 8 enters a senior secured revolving credit facility of up to $1.07B with JPMorgan Chase as agent$1.07B · 28 Sept 2026
- Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900M$900M · 18 Sept 2026
- Nscale's North Carolina borrower enters a $1.2B delayed-draw term loan to finance GPUs, arranged by Goldman Sachs and JPMorgan$1.2B · 18 Sept 2026
- Nscale's Ward County, Texas borrower enters a $1.85B delayed-draw term loan to finance GPUs, arranged by JPMorgan and Goldman Sachs$1.85B · 18 Sept 2026
- Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at Childress$3.4B · 7 May 2026
- Microsoft contracts IREN for Nvidia GB300 capacity at Childress, Texas: ~$9.7B over a five-year average term$9.7B · 3 Nov 2025