Banks Ready $38 Billion of Debt for Oracle-Tied Data Centers (1)

JPMorgan Chase & Co. and Mitsubishi UFJ Financial Group Inc. are leading a roughly $38 billion debt package to fund data centers connected to Oracle Corp. in Wisconsin and Texas, according to people familiar with the matter.

Several banks had already committed to financing a $23 billion loan for the campus in Shackelford County, Texas. Together with the funding for the Wisconsin data center, the deal would mark one of the largest ever debt packages for artificial intelligence infrastructure.

Banks and private credit firms have been competing to underwrite debt deals supporting the development of large data centers. These types ...