InfraCompute / Deals
Project Jupiter: New Mexico project loan
Project loan for STACK Infrastructure, US$18bn, November 2025.
Key terms
- Borrower or issuer
- STACK Infrastructure
- Date
- November 2025
- Structure
- Project loan
- Amount
- US$18bn
- Pricing
- SOFR + 2.50%
- Tenor
- 4 years + two 1-year extensions
What’s notable
An US$18bn project loan at SOFR + 2.50% from about 20 banks, with SMBC, BNP Paribas, Goldman Sachs and MUFG as agents, for a campus leased to Oracle. In September 2026 the loans were quoted at 89–91 cents after a reported Oracle force majeure or deferral notice. It is the clearest test so far of how construction debt trades when the tenant signals delay.
Recorded terms
- Lender type
- Bank loansNamed lender: ~20 banks
- Tenor
- 4 years + two 1-year extensions
- Lenders and arrangers
- ~20 banks; admin agents SMBC, BNP Paribas, Goldman Sachs, MUFG; Santander, Jefferies in syndicate
- Tenant or offtaker
- Oracle (tenant)
Parties
Similar financings
Same structure, other borrowers, closest in date.
More from STACK Infrastructure
For counsel on this deal
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Sources
- Project Jupiter (Stack / BorderPlex, Oracle) New Mexico project loanSource date: 2025-11
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
