Banks Took Months to Place $38 Billion Oracle-Linked AI Debt

JPMorgan and MUFG arranged roughly $38 billion in construction financing for two Oracle-linked data center campuses: $23.25 billion in Texas and $14.75 billion in Wisconsin. Distributing the debt across more than two dozen banks and investors took months, with some lenders still seeking buyers for under $1 billion into 2026.

• Package: $23.25 billion in Texas and $14.75 billion in Wisconsin
• Debt was spread across more than two dozen banks and investors
• Pricing was about 2.5 percentage points over the U.S. benchmark
• Banks are shifting AI loan risk to private credit funds