IREN’s $3.65B Financing: The Customer Is the Collateral

**$IREN secured 96% of the $5.81bn GPU capex for its Microsoft contract at a low single-digit all-in financing cost. This was enabled by by the Microsoft lease itself and carries investment-grade credit rating.** [Add us on Google](https://www.google.com/preferences/source?q=https%3A%2F%2Fnews.bitcoin.com%2F) WRITTEN BY [Guest Author](https://news.bitcoin.com/author/guest-author/) SHARE