Iren Raises $2.4B Debt for Nvidia GPU Purchase

This deal signals that capital markets are treating AI compute as a bankable asset class, with debt structured against hardware rather than cash flows. The scale suggests lenders see Nvidia GPUs as collateral with durable resale value, which could normalize similar financing for other AI infrastructure players. For the RWA sector, it raises the question of whether such physical assets will eventually be tokenized to broaden liquidity, though this transaction remains purely traditional. Watch whether this financing model spreads to smaller operators or if GPU depreciation risks temper future debt appetite.