Key insights
- Related Digital secured financing, including Blackstone equity and PIMCO debt, for a $16 billion Oracle data center in Michigan. This project, involving OpenAI, aims to expand U.S. AI infrastructure. The investment signals continued growth in AI and cloud computing, potentially benefiting technology stocks and related sectors.
April 24 (Reuters) - Data center developer Related Digital said on Friday it has secured financing for a $16 billion data center campus it is building in Michigan for Oracle.
The financing includes equity from Related Digital and funds affiliated with Blackstone, and fixed-rate, long term debt financing anchored by PIMCO-managed funds and accounts, the company said.
OpenAI, Oracle and Related Digital in October announced the project of a more than 1 gigawatt data center in Saline Township, Michigan, as part of their push to expand U.S. AI infrastructure capacity.