IREN (NASDAQ:IREN) secured $2.4 billion in senior secured financing led by Blue Owl Capital to procure Graphics Processing Units (GPUs) for its AI cloud business. The financing package includes a term loan and senior secured notes, both carrying a 9% coupon rate. This news propelled IREN's stock up 4% to $43.51 in Friday afternoon trading, validating its transition from Bitcoin mining to an AI cloud business. Concurrently, Cipher Digital (NASDAQ:CIFR), another mining company transitioning to high-performance computing, saw its shares rise 2% to $17.68.