A major data center development tied to Oracle is taking a leap forward after a consortium of about 20 global banks agreed to provide approximately $18 billion in project financing, according to Bloomberg News.
Administrative agents on the deal include Sumitomo Mitsui Banking Corp, BNP Paribas SA, Goldman Sachs Group and Mitsubishi UFJ Financial Group, the report said, citing sources familiar with the arrangement. These institutions are now preparing to syndicate the debt to other banks and institutional investors, with commitments expected by late November.
The project marks one of the largest data center financing deals in U.S. history, reflecting the powerful demand for digital infrastructure driven by the rise of AI supercomputing and enterprise cloud services.
The New Mexico campus is tied to the Stargate initiative — a $500 billion infrastructure strategy led by OpenAI, SoftBank Group, and Oracle, designed to rapidly expand computing capacity nationwide. Bloomberg reported that Oracle is expected to be a major tenant at the New Mexico facility once operational.
As cloud and AI workloads skyrocket, major tech firms are deploying new hyperscale data centers capable of supporting advanced training for models like and powering U.S. enterprise digital transformation.
Pricing for the loan is currently being discussed at:
These deal terms indicate that lenders view hyperscale data centers as a high-value, long-term asset class, supported by recurring enterprise cloud revenue.
Goldman Sachs and Oracle declined to comment on the financing details, and other lead banks did not immediately respond to Reuters inquiries.
The StarGate sites — including the one in New Mexico — highlight:
✔ The U.S. race to scale AI infrastructure
✔ Growing global competition for chip-to-cloud dominance
✔ Surging energy and land investments supporting digital growth
Industry analysts say that multi-billion-dollar capital flows like this signal the start of a new infrastructure boom, similar to highways and utilities — but for AI and data.
As the report noted, “U.S. tech firms are ramping up investments in data centers to meet soaring demand for computing power, driven by increasingly complex artificial intelligence models such as OpenAI's ChatGPT.”
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The New Mexico development is expected to trigger:
Economic development leaders say this scale of investment will transform regional innovation capacity and attract suppliers and supporting industries.
Originally reported by Reuters.
