GAIB 🟠 | RWAiFi | AI Infra (@gaib_ai): State of AI Infra – Week of May 5

State of AI Infra – Week of May 5 In Short This week’s AI infrastructure theme: from capital raising to revenue pre-commitment. Financing is no longer being underwritten purely on projected demand; it’s increasingly being secured against contracted future cash flows, via construction loans for pre-leased campuses, hyperscaler-backed long-duration leases, convertible notes for GPU procurement, and sovereign-supported lending for national compute capacity. The pattern is consistent: investors are underwriting utilization visibility as much as the underlying physical asset. Highlight Oracle Secures $16B Financing for a 1GW Michigan AI Data Center (Stargate) Oracle finalized a major financing package for its AI data center campus in Saline Township, Michigan. The core is a $14B bond issuance arranged by Bank of America, with PIMCO reportedly acquiring $10B of the bonds. The bonds mature in 2045 and carry a 7.5% coupon, reflecting long-duration, infrastructure-grade risk/return. The broader capital stack totals $16B, including equity contributions from Related Digital and funds associated with Blackstone, reported at roughly $2B in equity from Blackstone-linked capital. On the asset side, the campus is expected to deliver approximately 1GW of capacity and is part of OpenAI’s broader Stargate project. Power is a central pillar of the build: DTE Energy has committed to supply 100% of the campus’s power, supported by a battery storage project funded by Oracle. Why it matters: This is a clean example of the market underwriting AI compute as long-duration infrastructure. When hyperscale utilization is implicit (or contractually supported) and power delivery is structured alongside the build, capital markets can fund AI campuses at a scale that starts to resemble utilities, not real estate. (Source) 5 More Top Stories Applied Digital secures a $7.5B, 15-year hyperscaler lease (300MW) Applied Digital announced a 15-year lease worth approximately $7.5B with a high investment-grade U.S.-based hyperscaler for its Delta Forge 1 campus in Louisiana. The deal covers 300MW of critical IT load across two buildings with renewal options, another signal that demand is increasingly being “pre-sold” via long-duration contracts. (Source) DataBank secures $2B construction financing for a pre-leased Dallas campus DataBank secured $2B in construction financing for the first phase of its Red Oak campus (DFW9/10/11). The key detail: the initial facilities are already leased, enabling lenders to underwrite forward revenue rather than speculative absorption, exactly the “revenue pre-commitment” pattern playing out across the sector. (Source) EdgeCore secures $1.5B for two fully leased hyperscale sites in Northern Virginia EdgeCore raised $1.5B in construction financing for two single-tenant, fully leased hyperscale data centers in Sterling, Virginia (AS01/AS02). One facility was structured as a Green Loan, highlighting how ESG structuring is becoming embedded in hyperscale financing, especially in power-constrained markets. (Source) NAVER secures $270M sovereign-backed loan for Sejong AI data center NAVER secured a KRW 400B (~$270M) loan from South Korea’s Public Growth Fund to develop an AI data center in Sejong. It’s a clear example of compute being financed as national infrastructure driven by industrial policy, digital sovereignty priorities, and government-aligned strategic lending. (Source) QumulusAI raises $45M convertible notes for AI cloud expansion QumulusAI secured a $45M convertible note facility backed by ATW Partners (with $15M funded upfront) to expand GPU procurement and data center infrastructure. Convertible notes are increasingly the “middle path” for AI cloud operators: growth capital now, equity optionality later. (Source)