IREN Climbs 4% on $2.4B Blue Owl-Led GPU Financing; Cipher Digital Gains 2%

IREN jumped 4% after securing $2.4 billion in GPU financing at a 9% coupon, validating its pivot from Bitcoin mining to AI cloud.

Cipher Mining's $810M bond priced at 6% versus IREN's 9% proves hyperscaler-backed data-center debt is far cheaper than equipment-level GPU financing.

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Cloud and AI infrastructure names are pushing higher midday Friday against a softer broad tape. The SPDR S&P 500 ETF Trust ( NYSEARCA:SPY ) is down 0.4% to $769.81, while the Invesco QQQ Trust ( NASDAQ:QQQ ) is down 0.1% to $717.34. Capital continues to flow into specific corners of the AI buildout.

IREN ( NASDAQ:IREN ) stock is up 4% to $43.51 in Friday afternoon trading after the Bitcoin (CRYPTO:BTC) miner turned AI cloud operator secured a $2.4 billion GPU financing package. Year to date (YTD), IREN shares are up 15%, a sharp recovery from a rough post-earnings stretch that had retail chatter turning bearish just a week ago.

Blue Owl Capital ( NYSE:OWL ) led the deal through its managed funds, extending the private credit manager's push into digital infrastructure financing. Meanwhile, Cipher Digital ( NASDAQ:CIFR ) sits in the same conversation as another miner pivoting toward high-performance computing (HPC) and data-center capacity, making the terms IREN just accepted a rough marker for what that peer group can expect to pay. Cipher Digital shares are up 2% to $17.68.

Catalyst: $2.4 Billion GPU Package at 9%

According to IREN, the company secured $2.4 billion of senior secured financing led by Blue Owl Capital, with proceeds directed at funding graphics processing unit purchases for its AI cloud business. The package is split evenly between a term loan and senior secured notes, both priced at a 9% coupon.

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