IREN secures $3.65B A-rated financing for Microsoft AI…

IREN has landed $3.65 billion in A-rated financing to fund a major AI infrastructure buildout for Microsoft, marking one of the largest and highest-rated debt facilities secured by a digital infrastructure company in recent memory. The investment-grade rating on the facility signals that institutional lenders view the Microsoft anchor relationship as a durable, creditworthy revenue stream — not a speculative bet.

The scale of the deal puts IREN firmly in the tier of hyperscaler-adjacent infrastructure providers capable of raising sovereign-grade capital. For Microsoft, it represents another spoke in its aggressive AI compute expansion strategy, offloading capital expenditure to a rated third-party operator while locking in dedicated capacity.

For the broader market, an A-rated $3.65 billion facility in AI infrastructure is a benchmark: it tells competing data centre and compute operators what the ceiling looks like when a hyperscaler anchor is in the contract.