IREN Limited has successfully completed a $3.65 billion financing round to support its AI Cloud contract with Microsoft. The funding includes a $2.1 billion US private placement and a $1.55 billion DDTL loan, with a weighted average cost of debt at 6.00%. This financing, combined with customer upfront payments, covers 96% of the $5.81 billion GPU capital expenditure required under the Microsoft contract. The funds will enable IREN to expand its AI Cloud capacity to 480MW by the end of 2026.