Related Digital and Oracle Close $16B Financing for AI Data Center Campus

Related Digital, the data center arm of Related Companies, finalized a $16 billion financing package for a gigawatt-scale Oracle data center campus on a 250-acre site in Saline Township, Michigan (near Ann Arbor). The financing comprises approximately $2 billion in equity from Blackstone and $14 billion in debt led by Bank of America, now expected to take the form of a bond issuance rather than the originally planned construction loan. The project is Oracle's largest Stargate AI infrastructure campus in the U.S. and is intended to power workloads for OpenAI. Related Digital confirmed financing would close imminently and that first steel columns had already been installed. - Related Digital: Launched in March 2025 as Related Companies' data center arm, this is its largest project to date. The firm has a pipeline of more than 5 GW in the U.S. and Canada. - Oracle: Tech giant whose Stargate partnership with OpenAI requires massive data center capacity. Oracle has been assembling parallel data center debt packages including a $38 billion deal in Texas and Wisconsin. - Blackstone: Providing $2 billion in equity, down from the initially considered $4 billion; deepening its position in AI infrastructure real estate. - Bank of America: Leading $14 billion in debt that will be structured as a bond offering rather than a traditional construction loan. $14B debt (Bank of America-led bond issuance) + $2B equity (Blackstone) = $16B total. Oracle's lease terms were renegotiated to require payment guarantees even for capacity not yet in use, satisfying lender requirements.