IREN Closes $363 Million AI Equipment Refinancing With Wingspire
IREN has completed a $363 million financing arranged by Wingspire Equipment Finance against deployed artificial intelligence computing equipment, freeing capital for further expansion.
The transaction refinanced GPU servers and networking systems recently acquired and already generating revenue, according to a Wednesday announcement. A six-lender group provided the financing, with Eldridge Capital Management and Silver Point Capital making major commitments.
The facility is secured principally by the equipment and supported by multiyear customer contracts. The announcement did not disclose the interest rate, maturity, equipment location or percentage of the original purchase cost financed.
The refinancing allows IREN to recover part of its spending on operating infrastructure and redeploy the cash. Wingspire said the structure was designed to preserve flexibility around IREN’s customer relationships.
The company has been arranging equipment-backed funding as it shifts from bitcoin mining toward AI cloud services. In August, funds managed by Blue Owl Capital led a $2.4 billion financing for Nvidia equipment at IREN’s Mackenzie campus in British Columbia. That package comprised a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, with funding staged alongside equipment deliveries and commissioning.
IREN’s August results illustrate the scale of that transition. AI cloud revenue rose to $128.8 million in the fiscal year ended June 30 from $16.4 million a year earlier, while bitcoin mining still generated $578.2 million of its $707 million total revenue.
The company reported a $702.6 million annual net loss, including $638.8 million of noncash asset impairments, primarily associated with retiring bitcoin mining hardware as facilities are converted for AI workloads.
IREN also said in August that contracts covering its 2026 capacity represented $4 billion in annualized revenue, compared with $1 billion from operating capacity at that time. The larger figure depended on commissioning, testing and customer acceptance.
