InfraCompute / Deals
Vantage: Stargate campus construction package
Project loan for Vantage Stargate, US$38bn, November 2025.
Key terms
- Borrower or issuer
- Vantage Stargate
- Date
- November 2025
- Structure
- Project loan
- Amount
- US$38bn
- Pricing
- Loans held by funds as "Vantage Oracle TX" and "Vantage Oracle WI": floating c.6.17-6.19% all-in, maturity 15 Apr 2030 (confirms the loans funded)Class coupons from SEC Form N-PORT fund holding reports
- Tenor
- 4 years + two 1-year extensions (reported)
What’s notable
A reported US$38bn package from JPMorgan, MUFG and five other banks for two Stargate campuses leased to Oracle for OpenAI. Tenor is reported at four years with two one-year extensions. Vantage confirmed the package in December 2025, but closing was not confirmed, so it counts as zero in totals.
Recorded terms
- Lender type
- Bank loansNamed lender: JPMorgan
- Tenor
- 4 years + two 1-year extensions (reported)
- Security
- Project assets
- Lenders and arrangers
- JPMorgan; MUFG; Wells Fargo; BNP Paribas; Goldman Sachs; SMBC; Societe Generale; JPMorgan and MUFG lead underwriters (Frontier campus loan reported at US$22bn)
- Tenant or offtaker
- Oracle (for OpenAI / Stargate)
Parties
Similar financings
Same structure, other borrowers, closest in date.
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Sources
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
