A new financing push is underway to build some of the largest data centers in the world in an effort to support OpenAI’s massive Stargate project.
JPMorgan Chase and Mitsubishi UFJ Financial Group are leading a $38 billion debt sale that will fund two massive data center projects in Texas and Wisconsin, Bloomberg reports.
The facilities, developed by Vantage Data Centers and used by Oracle, will supply computing power to the $500 billion Stargate initiative, an AI infrastructure program designed to support OpenAI’s future models.
Sources familiar with the matter say the package is split across two senior secured credit facilities: one for $23.25 billion and another for $14.75 billion.
Other global lenders are participating as underwriters, including Wells Fargo, BNP Paribas, Goldman Sachs, Sumitomo Mitsui Banking, and Société Générale. The structure mirrors commercial real estate-style financing, with interest-only during construction, shifting to amortization once operations begin.
People with knowledge of the matter say the two Vantage facilities are projected to mature by 2029 and come with two one-year extension options and a price around 2.5 percentage points higher than the benchmark.
According to the sources, the second round of underwriting closed this week, and debt was distributed to other banks and institutional entities.
The news comes after Meta tapped bond titan PIMCO and alternative asset giant Blue Owl Capital to lead a $29 billion financing for a Louisiana data center.
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