Latham & Watkins Advises Blue Owl on US$2.4 Billion Financing for IREN GPU Infrastructure Deployment, One of the Largest AI Compute Financings of the Year and the Largest in Canada

Blue Owl Capital Inc. (NYSE: OWL) (Blue Owl), a leading alternative asset manager, has announced that funds managed by Blue Owl led a US$2.4 billion compute equipment financing for IREN Limited (Nasdaq: IREN) (IREN), a vertically integrated AI Cloud platform delivering data centers, compute, and software for AI training and inference.

The financing comprises a US$1.2 billion senior secured term loan and US$1.2 billion of senior secured notes, with proceeds to fund IREN's purchase of air‑cooled NVIDIA Accelerated Computing Infrastructure including NVIDIA Blackwell Ultra GPUs for IREN's Mackenzie data center campus in British Columbia, Canada. The facility is structured to fund equipment purchases in tranches over a defined draw period, allowing capital to be deployed alongside the delivery and commissioning of hardware. The transaction supports IREN's continued buildout of its AI Cloud infrastructure, which is underpinned by a more than 5 GW global data center development pipeline.

Latham & Watkins LLP advised Blue Owl in the transaction with a team led by partners Chirag Dedania and Haim Zaltzman, with associates Ian Drazen, Will Sedgwick, and Tristan Davis. Advice was also provided on tax matters by counsel William Kessler; on sanctions matters by partner Andrew Galdes, with associate Matthew Gregory; and on anti‑bribery, corruption, and anti‑money laundering matters by partner Joseph Bargnesi.