Investment banks are preparing a $38 billion debt package to fund the development of data centers linked with Oracle.

JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group are leading the debt package, which will finance the development of data centers in Wisconsin and Texas, reports Bloomberg.

Citing people familiar with the matter, Bloomberg reports that the campuses are being developed by Vantage Data Centers, which will be used by Oracle under its deal to supply capacity to OpenAI.

For the campus in Shackelford County, Texas, several banks have already committed to a $23 billion loan, part of the wider debt package.

The ‘Frontier’ campus is planned for a 1,200-acre plot of land, with construction expected to begin later this year.

The Texas data center is reportedly confirmed for OpenAI’s use, but talks are ongoing regarding the campus in Port Washington, Wisconsin.

The Port Washington, Wisconsin, campus will be located on a plot along Interstate 43 that could span up to 1,900 acres. Last month, Vantage applied for a 1.3GW grid connection for the project, though at full buildout the campus could expand to 3.5GW according to local utility, We Energies.

Vantage was revealed to be involved in the Port Washington project in June 2025. The land is owned by Cloverleaf Infrastructure, which has previously said it could lease the site to multiple operators.

The sources told Bloomberg that preliminary pricing of the debt package is currently around 2.5 percentage points above the US benchmark, and the banks will eventually distribute the debt to traditional loan investors and private credit funds.

JPMorgan declined to comment to Bloomberg, while other companies involved did not respond to requests for comment.

To fund ever-larger data center projects, companies are turning to investment funds to help cover financing. Meta is looking to raise as much as $29 billion to cover some of its data center costs, while xAI raised $10bn from debt and equity to finance Tennessee data centers.

Blue Owl’s Real Assets and Primary Digital Infrastructure helped raise $15 billion for Crusoe’s Abilene, Texas, data center campus, the flagship facility of OpenAI’s Stargate project located some 35 miles from Vantage’s planned campus.

https://www.datacenterdynamics.com/en/news/jpmorgan-chase-and-mitsubishi-ufj-lead-38bn-debt-package-for-oracle-linked-data-centers-report/