IREN Completes $363 Million Financing for AI Equipment Refinancing

Bitcoin mining company IREN has completed a $363 million financing arranged by Wingspire Equipment Finance, secured by operational artificial intelligence computing equipment, for the refinancing of purchased GPU servers and networking equipment. The financing is provided by six lending institutions, with Eldridge Capital Management and Silver Point Capital being the primary funders. The financing is backed by the related equipment and supported by long-term customer contracts, with specific interest rates and terms yet to be disclosed. This refinancing will help IREN recover some of the funds invested in operational infrastructure and further expand. IREN is transitioning from Bitcoin mining to AI cloud services, expecting AI cloud business revenue to reach $128.8 million for the fiscal year ending June 30, 2026, up from $16.4 million in the previous fiscal year; Bitcoin mining revenue is projected to be $578.2 million. The company reported a net loss of $702.6 million during the same period, which includes a $638.8 million non-cash asset impairment related to retired Bitcoin mining machines.

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