Bank of America will arrange a $14 billion debt facility for the Michigan data center, complemented by Blackstone’s $2 billion equity infusion. The remaining capital will be raised through a bond issuance structure that is backstopped by lease payments from Oracle’s off-balance-sheet entity.

The financing supports development of a Saline Township campus designed to power OpenAI applications, with construction already marked by the installation of initial steel columns. The facility’s planned power footprint exceeds that of a nuclear plant and remains on schedule for completion.

This deal underscores growing investor interest in AI infrastructure and represents a significant expansion of BofA’s technology lending portfolio. The bond offering will test market appetite for large-scale, tech-sector debt and could set a precedent for future data center financings.

Saline Township officials initially denied construction in its agricultural zone, prompting adjustments to the project plan and equity commitments. An agreement reached the following month eased zoning concerns, although Blackstone’s investment was scaled back from initial expectations.