Oracle Corp. is close to securing a $38 billion debt financing package to fund major data center projects in Texas and Wisconsin.
The deal, which would mark the largest debt offering tied to artificial intelligence (AI) infrastructure to date, will be divided into two tranches: $23.25 billion for the Texas facility and $14.75 billion for the Wisconsin project, Bloomberg reported.
JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group are leading the financing arrangement, with Wells Fargo & Co., BNP Paribas SA, Goldman Sachs Group Inc., Sumitomo Mitsui Banking Corp., and Société Générale SA also participating.
The data centers are being developed by Vantage Data Centers and will support Oracle’s partnership with OpenAI through the Stargate initiative. JPMorgan, MUFG, SMBC, and OpenAI declined to comment, while Oracle, Vantage, and the other banks have not yet responded to requests for comment.
According to the report, the debt offering could be finalized as early as next week.
Rumors of a potential financing deal first surfaced in August, when JPMorgan and MUFG were said to be arranging a $22 billion raise for the Texas project. That facility, announced in August, will be a 1.4-gigawatt campus in Shackelford County featuring 10 data centers totaling 3.7 million square feet. Construction has already begun, with the first building expected in the second half of 2026 and the remaining structures by the end of 2028. The total cost is estimated at $25 billion.
The Wisconsin facility in Port Washington was unveiled this week and will provide nearly one gigawatt of capacity across four data centers.
In September, OpenAI announced plans for five Stargate data centers across the United States, in addition to the existing Abilene, Texas, campus.
While $38 billion would set a record for AI infrastructure financing, it likely won’t be the last such deal. Oracle secured $18 billion in debt financing in late September to support its broader data center expansion, including the Stargate facilities. Industry analysts have suggested the company may need to raise as much as $100 billion in debt over the next four years to fulfill its OpenAI contract commitments alone.
“AI isn’t a bubble,” said Daniel Newman, CEO of The Futurum Group. “(Oracle Chief Technology Officer) Larry (Ellison) is betting the farm because he knows that the risk of not being on the forefront of AI is existential to the company’s future.”
