IREN Borrows $363 Million Against GPUs Already in Service, in an Equipment Financing Arranged by Wingspire
IREN and Wingspire Equipment Finance said on October 28 that they closed a $363 million equipment financing that refinances AI compute infrastructure IREN recently bought and already earns revenue from, including GPU servers and networking gear. A six-lender group led by Eldridge Capital Management and Silver Point Capital provided the money, secured principally by the equipment and supported by multi-year customer contracts. The release does not give the interest rate, term or the customers behind those contracts.
The notable part of IREN's latest financing is the collateral: GPUs that are already installed and earning money. IREN and Wingspire Equipment Finance said on Wednesday that they had closed a $363 million equipment financing that refinanced "recently acquired, revenue-generating AI compute infrastructure," including GPU-based servers and networking systems in high-density data centres. In other words, IREN is borrowing against hardware it has already paid for, rather than raising money to buy new machines.
The deal#
Wingspire completed the transaction with a six-lender group led by major commitments from Eldridge Capital Management and Silver Point Capital, according to the companies. The financing returned what the release calls a meaningful percentage of the equipment's original cost to IREN, which it can redeploy to support growth. The structure is secured principally by the financed equipment and supported by multi-year customer contracts.
"IREN was looking to unlock capital from deployed AI infrastructure while preserving flexibility around its customer relationships," said Dylan Potter, vice president of business development at Wingspire Equipment Finance. Harrison Smith, managing director at Eldridge, said the facility "will support IREN's sustained trajectory of expansion as it scales to meet future customer demand."
Wingspire Equipment Finance is the equipment financing arm of Wingspire Capital, a portfolio company of Blue Owl Capital Corporation, according to the release. IREN describes itself as a vertically integrated AI cloud provider with grid-connected land and power across North America, Europe and the Asia-Pacific region.
Limits#
- The release does not give the interest rate, term, the share of original cost returned, or which customers' contracts support the deal.
- The Information reported this month that Anthropic has an unannounced multiyear cloud deal with IREN, which neither company has confirmed; nothing in this release links that report to the financing.
- ABF Journal's report closely follows the release and is not an independent check of its terms.
Sources#
- Business Wire via FT Markets: IREN and Wingspire Equipment Finance Complete $363 Million Financing for High-Density AI Compute Assets (October 28, 2026)
- ABF Journal: IREN and Wingspire Equipment Finance Complete $363MM Financing for High-Density AI Compute Assets (October 28, 2026)
- Times of AI: Anthropic Has an Unannounced Multiyear Cloud Deal With IREN, The Information Reports (October 13, 2026)