IREN (NasdaqGS:IREN) has secured a US$363 million equipment financing facility backed by its AI compute infrastructure. The funding uses fully paid-off, revenue-generating GPU assets as collateral instead of issuing new equity or unsecured debt. Multiyear AI cloud contracts with leading AI labs are part of the collateral package, reflecting demand for IREN's neocloud services. This US$363 million asset-backed financing using AI compute infrastructure sits alongside the rest of our IREN thesis and risks. Our analysis turns up 4 warning signs (3 major) for IREN as well. You can also look across a broader set of AI infrastructure peers by exploring 54 AI infrastructure stocks.
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