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IREN co-chief executive Daniel Roberts says customer prepayments cover 45–55% of GPU costs on recent three-year contracts, while financing and prepayments together cover 96% of GPU spending tied to the Microsoft deal, according to Ad Hoc News.

Roberts also says IREN’s existing data centres were paid for in cash and the company had $7.6 billion in liquid funds at the end of June. Those figures offer a more specific account of how IREN plans to fund its AI infrastructure build-out, though paying for GPUs is not the same as funding every cost or delivering profitable capacity.

Discuss: Do customer-backed GPU costs meaningfully reduce IREN’s financing risk, or does execution still matter more than the funding mix?

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