In one of the largest project-finance loans ever in digital infrastructure, a consortium of around 20 global banks is providing $18 billion to fund construction of a New Mexico data-center campus tied to Oracle and the broader Stargate AI initiative, Bloomberg reports.
Lead arrangers include Sumitomo Mitsui Banking Corp, BNP Paribas, Goldman Sachs, and Mitsubishi UFJ Financial Group, which will syndicate the debt to additional lenders and institutional investors by late November.
🔹 A New Benchmark for AI Infrastructure Finance
The campus forms part of Stargate, a $500 billion U.S.-wide program led by OpenAI, SoftBank Group, and Oracle to expand next-generation computing capacity.
Oracle is expected to be the anchor tenant, with financing structured at roughly SOFR + 2.5 %, a four-year maturity, and two one-year extension options — a format typical for large-scale project finance.
🔹 Why It Matters
The deal illustrates how AI infrastructure is reshaping global lending markets, blending technology, real-asset development, and structured finance.
Banks traditionally focused on energy or transport projects are now deploying capital into data-driven utilities — facilities powering cloud, AI, and quantum computing ecosystems.
“Data centers are becoming the new energy plants — the critical utilities of the digital age.”
🔹 The Bigger Picture
- The loan reflects a broader wave of capital mobilization behind AI-related infrastructure, echoing similar mega-financings in Texas, Virginia, and Arizona.
- With demand for computing power soaring, institutional investors are viewing AI data centers as long-duration, yield-generating assets comparable to power or telecom infrastructure.