On June 1, IREN Ltd declined 5.02% in regular trading, trading at $61.42/share, with trading volume of approximately $417 million. The pullback was triggered by the company's announcement of a completed $3.65 billion investment-grade GPU financing facility, which raised market concerns over elevated financial leverage.

IREN disclosed the closing of the large-scale debt facility to support delivery of its AI Cloud computing services. While the financing is designed to fund the previously announced $1.6 billion Blackwell system procurement from Dell and the $3.4 billion five-year cloud AI services contract, the sheer magnitude of the borrowing intensified investor worries about balance sheet strain. Additionally, IREN had rallied sharply in prior sessions on multiple catalysts — including the Dell hardware agreement, NVIDIA's up to $2.1 billion investment commitment, and institutional accumulation — creating significant short-term profit-taking pressure as gains were locked in.

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