The capital will be deployed in tranches to align with the arrival and commissioning of hardware at the Canadian campus. This structured approach supports IREN’s broader ambition to scale its AI Cloud platform, which currently relies on a development pipeline exceeding 5 gigawatts of data center capacity worldwide.

NVIDIA executives framed the transaction as a validation of AI factories as a distinct, investable asset class. By utilizing the Compute Unified Device Architecture (CUDA), the infrastructure becomes fungible across various workloads, lowering long-term risk for capital providers. Kurt Tenenbaum, Senior Managing Director at Blue Owl, noted that the firm leveraged its experience across more than 100 global data centers to structure the facility, aiming to balance the specific operational requirements of hardware deployment with the need for competitive risk-adjusted returns for investors.