Underclassic / tracker

Data center financing under strain

Published 2026-11-06, updated 2026-11-06. A running, append-only ledger of verified stress in AI data-center credit — loan sales, force majeure notices, delivery slips, hyperscaler borrowing and fund exits. Each entry quotes a linked primary or reputable secondary source. Nothing here is estimated.

6
dated entries on the ledger as of 2026-11-06

$500M
ING loan package now in a BWIC auction, including a Stargate New Mexico slice

$131B+
debt and equity the big four hyperscalers disclosed in one week

Why this page exists

The same week voters slowed data-center projects at the ballot box, a lender put half a billion dollars of data-center loans up for sale and Oracle's earlier force majeure notice on a New Mexico Stargate campus came back into view. Hyperscalers are still raising tens of billions, but the secondary market and the delivery calendar are showing strain. This page keeps those signals in one place, dated and sourced, so Issue stories and Page 3 can point here instead of rebuilding the chronology each morning.

Related reading: Data centers on the ballot · What the midterms turned on · Issue 96 · Page 3.

The ledger

1 loan-sale / BWIC item(s); 2 delay or force-majeure item(s). Newest first.

2026-11-05 — IREN slips Microsoft Childress, Texas capacity after network redesign; still plans ~$15B spend ($15B)

In its Nov 5 earnings report, IREN said more than $4 billion of contracted annualized revenue tied to its Childress, Texas AI cloud build for Microsoft will slip from year-end into January and possibly February after a customer-requested network reconfiguration across 200 MW of frontier-model capacity. The company still guided to about $15 billion of capital expenditure for the rest of its fiscal year, including $9 billion already funded and $6 billion of target financing subject to market conditions.

Status: company-disclosed | Tags: delay, neocloud, microsoft, texas | Names: IREN, Microsoft, Childress
Sources: Data Center Dynamics on the Microsoft design change; Business Insider, Nov 2026; Underclassic Issue 96

2026-11-05 — ING auctions about $500M of data-center loans, including a Stargate New Mexico slice ($500M)

Bloomberg, relayed by CNBC and others on Nov 5-6, reported that ING is running a bids-wanted-in-competition sale of about a dozen data-center loans totaling roughly $500 million. The package is said to include a $25 million piece tied to Project Jupiter, the Stargate campus in New Mexico backed by OpenAI, SoftBank and Oracle, plus loans linked to Vantage Data Centers and CyrusOne. Bids of at least $10 million are due by Nov 19. An ING spokesperson declined to comment to CNBC. The sale lands days after the midterms and a sharp AI-infrastructure selloff.

Status: reported | Tags: loan-sale, bwic, stargate, new-mexico | Names: ING, Stargate, OpenAI, SoftBank, Oracle, Vantage Data Centers, CyrusOne, STACK Infrastructure
Sources: CNBC, Nov 6 2026 (citing Bloomberg); BeInCrypto summary of Bloomberg report, Nov 5 2026; Runtime Wire, Nov 5 2026

2026-11-03 — Meta raises $15B in five-part U.S. bond sale for AI expansion ($15B)

Reuters reported that Meta raised $15 billion through a five-tranche U.S. senior-notes offering to fund AI infrastructure, including data centers and computing capacity. Coupons ranged from 5.85% (2031) to 7.50% (2056). The sale is part of the same borrowing wave that pushed hyperscaler disclosed financing above $131 billion that week.

Status: company-disclosed | Tags: bond, hyperscaler, meta | Names: Meta
Sources: Reuters, Nov 3 2026; SEC 424B5 prospectus supplement

2026-11-03 — Amazon, Microsoft, Google and Oracle line up more than $131B of debt and equity for AI buildout ($131B)

Data Center Dynamics reported that the four largest cloud hyperscalers disclosed more than $131 billion of combined debt and equity financing for AI infrastructure in the space of about a week: Amazon an up-to-$80 billion supplier-financing loan facility (tappable 2027-2028), Microsoft about $25 billion in bonds, Oracle $20 billion split between common stock and floating-rate notes, and Google about €6 billion ($6.7 billion) in bonds. The wave lands as investors question whether returns will match the spend.

Status: company-disclosed | Tags: hyperscaler, bond, equity, capex | Names: Amazon, Microsoft, Google, Oracle
Sources: Data Center Dynamics, Nov 3 2026

2026-10-30 — Pimco cuts Meta and Oracle data-center debt stakes by about half

Reporting carried by Yahoo Finance and others said Pimco trimmed its holdings of Meta Louisiana data-center financing and Oracle Michigan data-center financing by roughly half after earlier anchoring large slices of those deals. The sales were described as taking place while prices were still favorable, and they sit alongside wider fund caution on AI infrastructure credit.

Status: reported | Tags: secondary, fund-exit, meta, oracle | Names: Pimco, Meta, Oracle
Sources: Yahoo Finance / Bloomberg-sourced, Oct 30 2026

2026-09-24 — Oracle sends force majeure notice on Blue Owl / STACK New Mexico Stargate campus

Reuters reported on Sept 24 that Oracle issued a force majeure notice tied to Project Jupiter, a New Mexico data-center campus that Blue Owl unit STACK Infrastructure is building to support OpenAI. People familiar with the deal said the notice was meant to preserve Oracle's right to defer payments if power-delivery delays push the project past its 2028 target; Blue Owl said the notice did not change its financial commitments. The same site's financing later appeared as a $25 million slice inside the Nov 5 loan auction.

Status: reported | Tags: force-majeure, stargate, new-mexico, delay | Names: Oracle, Blue Owl, STACK Infrastructure, OpenAI, Stargate, Project Jupiter
Sources: Reuters, Sept 24 2026; CNBC (Nov 6) noting the Stargate loan slice and earlier force majeure

How entries are added

New items are appended to guides/data-center-debt-tracker/entries.json and this page is rebuilt. Older entries are not rewritten except to fix a factual error, which is noted in the summary. Routines that watch financing news should append, then rebuild and publish the guides set.

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