JPMorgan and Mitsubishi UFJ Financial Group are set to lead a $22 billion loan facility to finance Vantage Data Centers' $25 billion data centre campus in Shackelford County, Texas.

The two banks have committed to underwrite the infrastructure financing for the 1,200-acre development, which will comprise 10 data centres and represents one of the world's largest facilities of its kind when completed. The campus, dubbed "Frontier", was announced on Tuesday with backing from local politicians including Texas Republican governor Greg Abbott.

"Everything is bigger in Texas, and that includes innovation and technology," Abbott said on Tuesday.

Private capital groups Silver Lake and DigitalBridge are expected to provide a combined $3 billion in equity financing to support the project. Silver Lake, which was a founding investor in Vantage, co-led a $9.2 billion financing round for the company alongside DigitalBridge last year after reinvesting in 2024.

The first data centre within the campus is scheduled for completion by mid-2026, with the remaining nine facilities built by the end of 2028, according to people familiar with the project who requested anonymity due to the private nature of the discussions.

The massive financing deal highlights the accelerating pace at which Wall Street is assembling billions of dollars to construct infrastructure essential for powering artificial intelligence models used by major technology companies. The transaction follows a series of similar large-scale deals as firms seek external funding to avoid straining their balance sheets whilst rapidly expanding data centre capacity.

Meta Platforms recently selected Pacific Investment Management Company and Blue Owl Capital to lead a $29 billion financing package for its data centre expansion in rural Louisiana. Blue Owl has also helped finance a $15 billion project for Oracle and OpenAI in Texas, whilst Elon Musk's xAI raised $10 billion of debt and equity in July for its Tennessee data centre construction.

Vantage was established in 2010 with initial investment from Silver Lake and began operations with a data centre acquired from Intel. Under chief executive officer Sureel Choksi, a Silver Lake executive who took the helm in 2013, the company has grown into a global data centre operator.

Silver Lake sold Vantage to DigitalBridge in 2017 for approximately $1 billion before reinvesting as part of last year's financing round. The company initially built data centres for cloud computing operations but has recently focused on facilities with advanced specifications required for AI technologies.

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