Oracle raises $16B for Stargate

Related Digital said on April 24 that it secured financing for a $16 billion data-center campus in Saline Township, Michigan, being built for Oracle. (reuters.com) Bank of America sold $14 billion of bonds tied to the project after months of negotiations, according to Bloomberg. PIMCO-managed funds and accounts anchored the long-term debt, while Related Digital and Blackstone-affiliated funds supplied equity. (bloomberg.com) (bankofamerica.com) The campus is purpose-built for Oracle, and Oracle plans to use the computing capacity for OpenAI workloads, according to Reuters and OpenAI’s earlier Michigan announcement. OpenAI said in October 2025 that the Saline Township site would be a new Stargate campus. (reuters.com) (openai.com) OpenAI described the Michigan project as a campus of more than one gigawatt. Business Insider said that would make it one of the largest data centers in the country. (openai.com) (businessinsider.com) OpenAI said the Michigan site is part of its 4.5-gigawatt partnership with Oracle. It said the addition pushed announced Stargate capacity past 8 gigawatts and more than $450 billion of planned investment over three years. (openai.com) Construction is already underway, according to Blackstone and Bank of America’s announcement. The companies said the project is expected to create more than 2,500 union construction jobs, more than 450 onsite jobs and more than 1,500 county-wide jobs. (blackstone.com) (bankofamerica.com) The project has also drawn local opposition and legal fights in Washtenaw County. MLive reported that a nearby resident kept trying this spring to intervene in the settlement that allowed construction to proceed, and Michigan Attorney General Dana Nessel appealed state approval tied to DTE Energy service for the site. (mlive.com) (yahoo.com) OpenAI said DTE Energy would serve the campus using existing excess transmission capacity and that any needed upgrades would be paid by the project, not local ratepayers. The company also said the site would use a closed-loop cooling system to reduce water consumption. (openai.com) The financing closes one of the biggest unanswered questions around the Michigan buildout: not whether Oracle and OpenAI wanted the capacity, but who would fund a one-gigawatt campus and on what terms. (bloomberg.com) (openai.com)