Blue Owl’s Stack Adds to AI Debt Rush With $2.1 Billion Loan

Blue Owl Capital-owned data center company Stack Infrastructure Inc. is seeking a loan of around A$3 billion ($2.1 billion), according to people familiar with the matter, as it accelerates development in Australia to meet surging demand for artificial intelligence and cloud services.

Proceeds from the five-year loan will fund the US-based company’s new 250 megawatt data center project in Melbourne, the people said, who asked not to be identified discussing private matters. Mitsubishi UFJ Financial Group, Natixis SA, Oversea-Chinese Banking Corp., Societe Generale SA and Sumitomo Mitsui Banking Corp. have underwritten the facility, which is being syndicated to the broader banking market, the people added.