Oracle is reportedly close to receiving a $38 billion debt offering to support its data center developments in Texas and Wisconsin in the US.

As reported by Bloomberg, and citing people with knowledge of the matter, the debt funding will be split into two packages: one $23.25bn offer, and another $14.75bn offering, to be used for the Texas and Wisconsin data center projects, respectively.

The deal would be the largest debt package associated with AI infrastructure to date.

JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group are among the banks leading the deal, and the data centers in question are being developed by Vantage Data Centers and will be used by Oracle as part of the Stargate deal with OpenAI.

Other banks said to be involved include Wells Fargo & Co., BNP Paribas SA, Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp., and Société Générale SA.

JPMorgan, MUFG, SMBC, and OpenAI declined to comment to Bloomberg, while Oracle, Vantage, and the other banks listed have yet to respond. DCD has followed up with Oracle and Vantage.

According to Bloomberg, the debt offering could be made as soon as next week.

Previous reports about a potential debt offering emerged in August of this year, at the time stating JPMorgan and MUFG were nearing a $22bn raise for the Texas data center. The campus is estimated to require a total of $25bn.

Plans for the Texas campus were announced in August. It will eventually be a 1.4GW campus in Shackelford County, and house 10 data centers totaling 3.7 million sq ft (343,741 sqm).

Construction on the campus has already begun, with the first building scheduled for delivery in the second half of 2026. The rest are expected by the end of 2028.

The Wisconsin project, meanwhile, was revealed this week. It will be located in Port Washington, and is expected to offer nearly a gigawatt in capacity across four data centers.

In September, OpenAI disclosed plans for five Stargate data centers in the US, alongside the existing Abilene, Texas, campus.

While the $38bn debt package would be the largest such offering to date, it is unlikely to be the last. Just in late September, Oracle took on $18bn in debt financing to support its massive data build-out plans – including the Stargate campuses.

Analysts have since suggested that the company may need to source up to $100bn in debt funding over the next four years for the OpenAI contract alone.

https://www.datacenterdynamics.com/en/news/oracle-set-to-receive-38bn-debt-package-for-data-center-projects-report/