PANews reported on June 1st that IREN Limited has 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%. With customer upfront payments, the facility covers approximately 96% of the $5.81 billion GPU capital expenditure under the Microsoft contract at a combined financing cost of approximately 3.31%, secured by related GPUs and cash flow, to support IREN's plan to expand its AI Cloud capacity to 480MW by the end of 2026.