Pimco in Advanced Talks to Lead $14 Billion Debt Package for OpenAI's Michigan Data Center
April 8, 2026
In a move highlighting the immense capital requirements of next-generation AI infrastructure, investment giant Pimco is in discussions to provide approximately $14 billion in debt financing for a massive data center campus in Michigan being developed for OpenAI. The deal, if finalized, would mark one of the largest single-project financings in the data center industry's history, underscoring the sector's transition into a capital-intensive asset class attracting major institutional investors.
According to a Bloomberg report citing people familiar with the matter, Pacific Investment Management Co. (Pimco) is negotiating with Bank of America Corp. to structure the debt package for developer Related Digital. The funding is intended for a 1-gigawatt campus in Saline Township, Michigan, a project confirmed in October 2025 that is estimated to cost around $10 billion to develop. This facility is a key component of OpenAI's ambitious "Stargate" initiative. The talks are reportedly still in early stages, with the potential debt issuance possibly taking a "144A format," allowing the privately placed securities to be traded among qualified institutional buyers. Some portions of the financing may also be syndicated to other investors.
The potential involvement of Pimco follows a period of financial maneuvering for the project. Blue Owl Capital, initially in talks for a leading role, withdrew from the financing in December 2025. Recent reports indicated Related Digital was closing in on securing a total of $16 billion for the campus, with Blackstone poised to contribute $2 billion in equity. When contacted for comment by Bloomberg, Related Digital, Pimco, and Bank of America declined to speak. Oracle, which will own the facility, expressed pride in the "rapid progress" on financing and acknowledged its collaboration with Related Digital and Bank of America.
For Pimco, a firm with a significant European real estate platform that launched a dedicated data center venture named Apto in 2023, leading this financing would solidify its position as a major force in digital infrastructure funding. The scale of the potential deal reflects the soaring costs associated with power-dense AI compute clusters and signals to the market that large-scale, single-tenant projects for leading AI firms are becoming bankable at unprecedented levels. It also demonstrates the critical role of traditional finance powerhouses like Bank of America in facilitating the billions required to build the physical foundation of the AI boom.
Source: datacenterdynamics
Pimco in Advanced Talks to Lead $14 Billion Debt Package for OpenAI's Michigan Data Center
