{
  "schema_version": "1.0.0",
  "publisher": "AI Infra Credit",
  "reviewed_on": "2026-10-11",
  "disclosure_cutoff": "2026-08-27",
  "case_type": "historical_execution_reconstruction",
  "currency": "USD",
  "amount_unit": "millions",
  "sources": [
    {"id":"closing", "url":"https://iren.gcs-web.com/news-releases/news-release-details/iren-closes-365bn-investment-grade-gpu-financing", "published_on":"2026-06-01", "type":"issuer_announcement"},
    {"id":"annual", "url":"https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm", "published_on":"2026-08-27", "period_end":"2026-06-30", "location":"Note 23 and exhibit index", "type":"issuer_filing"},
    {"id":"acceptance", "url":"https://www.sec.gov/Archives/edgar/data/1878848/000114036126032638/ef20080141_ex99-1.htm", "published_on":"2026-08-13", "type":"issuer_announcement_filed_as_exhibit"},
    {"id":"remarketing", "url":"https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1038irenlimitedparentguar.htm", "published_on":"2026-08-27", "agreement_date":"2026-05-29", "document_body_title":"Limited Parent Guarantee (Remarketing Right)", "index_caption":"Limited Parent Guarantee (MSA)", "location":"Sections 1.2, 2.1 and 2.2", "type":"filed_agreement"},
    {"id":"services", "url":"https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1054irenlimitedparentguar.htm", "published_on":"2026-08-27", "agreement_date":"2026-05-29", "document_body_title":"Limited Parent Guarantee (Managed Services Agreement)", "index_caption":"Limited Parent Guarantee (Remarketing Right)", "location":"Sections 1.2, 2.1 and 2.2", "type":"filed_agreement"}
  ],
  "events": [
    {"id":"financing_close", "state":"facility_closed_as_announced", "exact_event_date":null, "event_no_later_than":"2026-06-01", "disclosed_on":"2026-06-01", "source_ids":["closing"], "headline_amount_usd_millions":3650, "headline_amount_approximate":true, "full_draw_established":false},
    {"id":"debt_at_period_end", "state":"reported_funded_loans_and_issued_notes", "as_of":"2026-06-30", "disclosed_on":"2026-08-27", "source_ids":["annual"], "borrower":"IE US Hardware 3 LLC", "ddtl_capacity":1545, "notes_capacity":2100, "ddtl_funded":413, "ddtl_unfunded_conditional":1132, "notes_issued":525, "notes_unfunded_conditional":1575, "combined_debt_principal":938, "notes_initially_funded_to_restricted_escrow":true, "notes_escrow_released_by_as_of":null, "unrestricted_cash_from_these_amounts":null},
    {"id":"horizon_1_acceptance", "state":"customer_acceptance_reported_by_issuer", "exact_event_date":null, "event_no_later_than":"2026-08-13", "disclosed_on":"2026-08-13", "source_ids":["acceptance"], "customer":"Microsoft Corporation", "deployment":"Horizon 1", "phase_capacity_mw_it":50, "phase_position_in_program":1, "planned_phases_in_announced_program":4, "all_four_phases_delivered_established_by_this_event":false}
  ],
  "support_transitions": [
    {"id":"remarketing_tranche_release", "evidence_level":"contract_rule", "source_ids":["remarketing"], "release_route":"Customer acceptance of the relevant Tranche in accordance with the Customer Contract", "release_scope":"That Tranche's defined guaranteed obligations", "automatic_without_notice":true, "payment_reversal_reinstatement_provision":true, "all_project_debt_guaranteed":false, "actual_horizon_1_legal_release_date":null, "actual_horizon_1_release_amount":null, "precise_legal_tranche_mapping_established":false},
    {"id":"services_guarantee", "evidence_level":"contract_rule", "source_ids":["services"], "scope":"Manager service performance", "single_customer_tranche_acceptance_is_automatic_termination_test":false, "actual_termination_date":null}
  ],
  "interpretation": {
    "evidence_level":"analysis_not_release_confirmation",
    "claim":"Reported acceptance is consistent with a contractual transition in specific parent support, not the end of all financing or service obligations.",
    "source_ids":["acceptance","remarketing","services"],
    "exact_acceptance_certificate_reviewed":false,
    "october_current_balances_claimed":false,
    "milestone_caused_specific_funding_cost_established":false
  },
  "reading_rules": [
    "Use disclosed_on for point-in-time availability; as_of is not a publication date.",
    "Null means not established in this case, never zero.",
    "Do not equate issued note principal with released escrow or unrestricted cash.",
    "Identify guarantees by document body title and clause; the annual-report index captions differ.",
    "Contract rules do not by themselves confirm a particular legal release or its amount."
  ]
}