IREN breaks down GPU financing: ~2-year paybacks, prepayments cover up to 96% of capex, 2026 sold out
firstadopter · x · 2026-10-19
IREN details how GPU deals get funded, echoing Nebius and CoreWeave: 2-year GPU paybacks on recent 3-year contracts, demand exceeding build capacity, 2026 largely sold out, and pricing more than double last year's. Customers sign multi-year take-or-pay contracts with prepayments of 45–55% of GPU capex; the rest is financed against the contracted GPUs — an A-rated 6% facility for the Microsoft deal covering 96% of capex, and 9% fixed for a non-investment-grade counterparty covering more than full cost. Data center financing is a separate track.
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