ING Shops $500M Data-Center Loan Book, Stargate Slice Included
TL;DR
- Dutch bank ING is marketing $500M of data-center loans at steep discounts, including a $25M slice backing Stargate (OpenAI, SoftBank, Oracle), per Bloomberg and Semafor.
- Goldman Sachs and Apollo have started marketing a $40B chip financing deal for SpaceX, which Semafor calls the largest of its kind.
- Ares Management CEO Michael Arougheti told a recent earnings call the firm is passing on GPU financing because it can't underwrite the depreciation curves.
Dutch bank ING is trying to unload $500 million of data-center loans. A $25 million slice backs Stargate, the OpenAI, SoftBank, and Oracle project. Semafor reports the loans are being shopped at steep discounts, after Bloomberg first flagged the sale on Friday.
GPU-backed paper is 'getting smoked,' one person told Semafor, as investors worry the loans will outlive the useful life of the chips underneath them.
Up next, bigger. Goldman Sachs and Apollo have started marketing a $40 billion chip financing deal for SpaceX, which Semafor calls 'the largest of its kind.'
Not every major lender wants in. On a recent earnings call, Ares Management CEO Michael Arougheti said the firm would pass. 'Without casting aspersions on GPU financing,' he said, 'I, for one, personally do not know how to underwrite the decline and depreciation curves on that type of technology.'
The timing lands awkwardly for one of Stargate's backers. SoftBank just posted a $7 billion Q2 net loss on its Vision Fund AI positions.
Originally reported by semafor.com
Read the original article →Original headline: ING Shops $500M AI Data-Center Loan Portfolio at Discount, Including Stargate Slice