IREN Limited has finalized a $363 million equipment financing agreement with Wingspire Equipment Finance. The deal, which closed on October 28, 2026, uses existing high-density AI computing assets as collateral. The funds are intended to refinance current GPU servers and networking equipment rather than for new hardware purchases.
The financing syndicate includes six lenders, with Eldridge Capital Management and Silver Point Capital leading the group. The loan is secured by hardware supported by multi-year customer contracts, providing lenders with predictable cash flows. This structure allows IREN to unlock capital from its existing infrastructure to support further growth in its AI Cloud business.
This transaction follows a series of significant capital raises for IREN in 2026. In June, the company secured a $3.65 billion facility linked to a Microsoft contract, followed by a $2.4 billion facility in August led by Blue Owl. In total, IREN has raised over $6 billion in financing across three separate deals within approximately five months.
The involvement of Blue Owl is notable, as the firm backs Wingspire and also led the August financing facility. For IREN, this strategy improves liquidity without the need for share dilution. The deal reflects a growing trend in private credit markets, where lenders are increasingly comfortable treating deployed GPU fleets tied to long-term contracts as financeable assets.
