IREN and Wingspire Equipment Finance announced on 28 October that they had closed a US$363 million equipment-financing transaction for IREN’s AI compute business. The deal refinances recently acquired GPU servers and networking equipment already deployed and generating revenue.[1]
Wingspire arranged a six-lender group, with major commitments from Eldridge Capital Management and Silver Point Capital. The facility is secured principally by the equipment and supported by multi-year customer contracts.[1]
Refinancing returns capital after the machines have been bought and put to work. The parties say the liquidity can be redeployed for growth. Their announcement does not disclose the interest rate or maturity.[1]
An operating business behind the hardware
IREN’s annual results, issued on 27 August, show the AI business scaling within a company whose revenue was dominated by bitcoin mining. For the year ended 30 June 2026, AI Cloud Services generated US$128.8 million, up from US$16.4 million a year earlier.[2]
IREN’s revenue mix
| Revenue, US$m | FY2025 | FY2026 |
|---|---|---|
| AI Cloud Services | 16.4 | 128.8 |
| Bitcoin mining | 484.6 | 578.2 |
| Total | 501.0 | 707.0 |
That puts AI services at 18.2% of annual revenue, compared with 3.3% the previous year, calculated from the reported totals. The June 2026 quarter showed a further shift: AI revenue reached US$70.5 million, above US$66.7 million from bitcoin mining.[2]
Sources & further reading
- IREN and Wingspire Equipment Finance Complete $363 Million Financing for High-Density AI Compute Assets Wingspire Equipment Finance / Business Wire · 28 Oct 2026 · Accessed 28 Oct 2026
- IREN Reports FY26 Results IREN · 27 Aug 2026 · Accessed 28 Oct 2026