Stargate campus financing
Type: Financing · Technology: Data Center · Country: United States · Value: $5.7B · Announced: 2026-09-19
Crusoe, Blue Owl, and Primary Digital Infrastructure formed a $3.4 billion joint venture to finance the Stargate campus in Abilene, Texas, alongside a $2.3 billion construction loan from JPMorgan secured by Oracle's lease. The project is structured as a non-recourse Special Purpose Vehicle (SPV) where lenders are repaid from the contracted cash flow of Oracle's lease. The financing model mirrors that of toll roads and gas-fired power stations, treating data centers as core infrastructure assets for institutional investors.
Counterparties
- Blue Owl (Developer)
- Crusoe (Developer)
- Primary Digital Infrastructure (Developer)
- JPMorgan (Lender)
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