Stack Infrastructure, the data-centre arm of the private-credit giant Blue Owl, is seeking a loan of about $5.9 billion, Bloomberg reported.
The deal, if it closes, would rank among the larger single financings in a market that has become the engine room of the AI build-out.
Blue Owl has made itself central to that market. Through Stack and a string of joint ventures, it has become one of the biggest private financiers of the data centres AI needs, part of a wave of borrowing that now runs into the hundreds of billions.
The new loan follows quickly on the last. Stack raised $2.1 billion as recently as February, and the jump to nearly $6 billion in a matter of months is a measure of how fast the appetite for capacity, and for debt, is growing.
The structure is characteristic of the moment. Rather than fund data centres from cash, the companies building them increasingly borrow against the assets and the long-term contracts that anchor them, a model that spreads the enormous cost across lenders hungry for yield.
