In early June 2026, IREN Limited closed a US$3.65 billion investment-grade GPU financing facility linked to its Microsoft AI cloud contract and advanced plans for an 800MW, transmission-ready data center campus in Bundey, South Australia, while also engaging BE Networks and NVIDIA DSX Air to test its upcoming Blackwell Ultra GPU deployment via a digital twin.
Taken together, these moves highlight how IREN is trying to reposition itself from a Bitcoin miner into a large-scale AI infrastructure provider backed by long-duration power access, customer prepayments, and secured GPU capacity.
We’ll now examine how this GPU-backed Microsoft financing and Bundey expansion could reshape IREN’s pre-existing AI data center investment narrative.
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IREN Investment Narrative Recap
To own IREN today, you really have to believe its pivot from Bitcoin mining to AI infrastructure can scale fast enough to justify heavy spending and recent volatility. The Microsoft backed GPU financing and Bundey campus plan directly reinforce the core near term catalyst, which is converting contracted power and GPUs into revenue producing AI cloud capacity, while also amplifying the key risk that leverage and capital commitments outgrow cash generation if AI demand or execution falters.
Among the latest announcements, the US$3.65 billion investment grade GPU financing tied to Microsoft stands out as most relevant. It largely funds the US$5.81 billion GPU build for that contract, at a blended financing cost the company reports at 3.31% after prepayments, and at an A / A(low) rated structure secured on GPUs and cash flows. This strengthens IREN’s ability to build out AI capacity quickly, but also raises the stakes if revenue from these deployments lags expectations.
But despite the appeal of AI backed contracts, investors should be aware that…
Read the full narrative on IREN (it’s free!)
IREN’s narrative projects $5.6 billion revenue and $183.6 million earnings by 2029. This requires 94.7% yearly revenue growth and a $206.1 million earnings decrease from $389.7 million today.
Uncover how IREN’s forecasts yield a $70.40 fair value, a 18% upside to its current price.
Exploring Other Perspectives 
IREN 1-Year Stock Price Chart
Some of the most optimistic analysts were already projecting revenue of about US$14.6 billion and earnings of roughly US$1.4 billion by 2029, which is far more bullish than the baseline narrative and assumes aggressive growth even as IREN carries significant capex and Bitcoin exposure risk, so it is worth asking how this new Microsoft financing and Bundey build might shift both that upside case and the concerns around heavy, long dated obligations.
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Reach Your Own Conclusion
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include IREN.
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