Banks led by JPMorgan Chase and Mitsubishi UFJ are arranging a $38 billion debt deal — the largest ever for AI infrastructure — to fund Oracle Corp.’s new data centers in Texas ($23.25B) and Wisconsin ($14.75B). The centers, built by Vantage Data Centers, will host OpenAI as part of Oracle’s $500B “Stargate” AI project. Other banks like Wells Fargo, BNP Paribas, Goldman Sachs, and SMBC are also involved.
Oracle’s new co-CEOs say the investment will power “applied AI” through infrastructure and analytics. Despite some concerns from Moody’s over heavy reliance on OpenAI, Oracle shares have risen over 40%, backed by a $300B, five-year OpenAI contract. Investor demand for AI-related debt continues to surge, following similar mega-financings like Meta’s $29B data center deal.