A coalition of lenders is lining up billions of dollars to fuel the next phase of the OpenAI-led Stargate project.
In a large-scale project finance deal, about 20 banks are backing a roughly $18 billion loan tied to a new data center campus connected to Oracle and OpenAI’s “Stargate” initiative, Bloomberg reports.
The financing group includes some of the world’s most prominent lenders, underscoring the deep institutional capital now flowing into AI compute capacity. Sumitomo Mitsui Banking Corp, BNP Paribas, Goldman Sachs and Mitsubishi UFJ Financial Group are serving as administrative agents.
The project, located in Doña Ana County, New Mexico, is part of the broader Stargate buildout. The initiative aims to accelerate investment into US AI infrastructure, with Oracle expected to serve as the tenant for the campus.
The facility is being developed by BorderPlex Digital Assets in partnership with STACK Infrastructure, a data center operator owned by Blue Owl Capital. Blue Owl is providing equity alongside the bank financing.
Pricing for the loan is being discussed at roughly 2.5 percentage points over the Secured Overnight Financing Rate, and the maturity is expected to be four years, with two 12-month extension options. Commitments are due later in November.
The structure mirrors a separate $38 billion financing package supporting Oracle-tied data-center developments in Texas and Wisconsin, indicating rising use of large bank syndicates for AI compute buildouts.
Governments are stepping in as well. Doña Ana County has approved industrial revenue bonds and tax incentives to support the New Mexico project, one of the largest economic-development moves in the state’s history.
In late October, Meta raised $30 billion through a bond sale that saw investors rushing in to place $125 billion in orders.
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