v3.26.3
Debt
 3 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 19. Debt
The total debt obligations are as follows:
(in USD millions)MaturitiesEffective Interest RatesSeptember 30,
2026		June 30,
2026
Recourse debt
2030 Convertible NotesJune 15, 20303.87%$212 $212 
2029 Convertible NotesDecember 15, 20294.22%233 233 
2031 Convertible NotesJuly 1, 20310.37%1,000 1,000 
2032 Convertible NotesJune 1, 20320.45%1,150 1,150 
2033 (Jun) Convertible NotesJune 1, 20331.18%1,150 1,150 
2033 (Dec) Convertible NotesDecember 1, 20331.18%3,000 3,000 
GPU Financing 2.0May 31, 202910.70%947 — 
GPU Financing 3.0August 31, 202910.38%355 — 
Other debt2027 - 2029Various14 22 
Total recourse debt8,061 6,768 
Non-recourse debt
DDTL FacilityDecember 31, 20317.22%409 413 
USPP Senior NotesDecember 31, 20317.09%1,571 525 
Total non-recourse debt1,980 938 
Total principal of debt10,041 7,706 
Less: unamortized issuance costs(144)(113)
Total debt, net of unamortized issuance costs9,897 7,593 
Less: debt, current(950)(169)
Debt, non-current$8,947 $7,424 
As of September 30, 2026, the future principal payments for the Group's total debt were as follows:
(in USD millions)Total
Remainder of Financial Year 2027
$723 
Financial Year 2028
1,059 
Financial Year 2029
821 
Financial Year 2030
733 
Financial Year 2031
274 
Thereafter6,431 
Total$10,041 
The total interest expense for the Group’s debt obligations was as follows:
Three Months Ended September 30,
(in USD millions)20262025
Contractual interest expense
$48 $8 
Amortization of debt issuance costs
8 1 
Total$56 $10 
During the three months ended September 30, 2026, the Group entered into the following debt instruments:
(in USD millions)Issuance dateStated interest rate
Principal amount1
GPU Financing 2.0August 25, 20269.00%$2,447 
GPU Financing 3.0August 26, 20269.51%$363 
1 Amounts represent borrowing capacity for each facility.
As of September 30, 2026, the share price trigger under the conversion conditions for the Group’s 2030 Convertible Notes and 2029 Convertible Notes was met.
As of September 30, 2026, $413 million of the DDTL Facility and $1,575 million of the U.S. private placement senior notes (the “USPP Senior Notes”) had been funded, and $1,132 million and $525 million of unfunded commitment, respectively, remained available subject to the conditions precedent.
There were no changes to the terms of the Convertible Notes, or the DDTL Facility and USPP Senior Notes (collectively “GPU Financing 1.0”) during the three months ended September 30, 2026. Refer to Note 23. Debt in the Group’s Annual Report for the year ended June 30, 2026, for descriptions of those instruments.
Equipment financings
During the three months ended September 30, 2026, the Group entered into two secured equipment financings to fund and refinance the purchase of GPUs and related infrastructure: an equipment term loan and notes entered into by its wholly owned subsidiary IE Mackenzie Compute Ltd. (“Mackenzie Compute”) (“GPU Financing 2.0”) and a series of equipment loans entered into by its wholly owned subsidiary IE CA Leasing Ltd. (“CA Leasing”) (“GPU Financing 3.0”). Each is guaranteed by the Parent Entity to cover the payment obligations of Mackenzie Compute and CA Leasing and is therefore recourse to the Parent Entity; no liability is recognized for the guarantees. The financed equipment of each entity is pledged as collateral for the related facility, and the creditors of each entity have recourse to the Parent Entity under their respective guarantees.

GPU Financing 2.0
In August 2026, Mackenzie Compute entered into a master financing and security agreement and a note purchase agreement providing for up to $2.4 billion of senior secured term loans and notes, which are funded ratably on identical terms and presented as a single instrument. Amounts may be drawn through December 31, 2026, subject to satisfaction of customary conditions precedent. Each tranche bears interest at a fixed rate of 9.0% per annum and amortizes in accordance with the applicable amortization schedules over 30 months from its funding date. The financing restricts, among other things, the incurrence of certain indebtedness by the borrower and Parent Entity, subject to pre-agreed permitted debt baskets and carve-outs. As of September 30, 2026, $947 million had been funded, $1,500 million of commitment remained available, and the Group was in compliance with all covenants and terms of the agreements.
GPU Financing 3.0
In August 2026, CA Leasing entered into equipment finance agreements totaling $363 million, each secured by a senior security interest in the financed equipment, bearing interest at a fixed rate of 9.51% per annum implied by the scheduled payments and repayable in 36 equal monthly installments from September 2026. As of September 30, 2026, $363 million had been funded and the Group was in compliance with all terms of the agreements.