Iren, an Australian AI compute provider, said in a release it will use the money to expand its Mackenzie data-centre campus in B.C. Pacific Investment Management also backed the deal, which covers about 90 per cent of the funding it needs to build out the infrastructure at the site. (The Logic)

Talking point: Blue Owl’s data-centre financing has helped the firm recover after it became the face of private credit instability earlier this year. In February, Blue Owl halted redemptions at one of its funds amid concerns about private credit’s exposure to risky debt and—ironically—software stocks threatened by AI. Investors have rewarded Blue Owl’s growing returns from loans to data centres. The announcement comes less than two weeks after Iren told my colleague Murad that it has shifted its focus for data-centre expansions from B.C. to the U.S., Europe and Asia, where it faces fewer regulatory hurdles.

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