$500M Mystery Seller: Who’s Dumping Data-Center Loans After AI Stock Crash?
Someone who lent money to America’s AI building boom wants out. An unnamed holder is auctioning about $500 million of data center loans in one batch, Bloomberg reported Thursday, as AI stocks crashed.
Shareholders sold first. Now a lender wants out too. If the loans sell cheap, building new data centers gets more expensive. Those builders buy the AI chips Nvidia sells.
What Is in the $500 Million Bundle?
The sale covers about a dozen data center loans, including debt tied to operators Vantage Data Centers and CyrusOne, per the report .
One $25 million slice backs Project Jupiter, a huge AI data center campus in New Mexico. It is part of Stargate, the AI venture of OpenAI, Oracle, and SoftBank.
In September, Oracle sent the site’s developer a force majeure notice. Force majeure covers events outside a company’s control. The clause could let Oracle delay payments if the campus misses its 2028 start.
“Project Jupiter remains on our planned schedule,” Oracle said in a statement.
Lenders were already nervous. The site’s $18 billion in loans was quoted at 89 to 91 cents on the dollar in September. Sellers would get back about 90% of what was lent.
Key dates for the data center loans auction. Source: BeInCrypto
Why Buy Before New Mexico Decides?
Bids are due November 19, with a $10 million minimum. The site still needs a state air permit for its on-site power plant. A public hearing is set for December 7, the Albuquerque Journal reported .
So buyers must bid before the permit is decided.
BREAKING: A mystery seller is trying to dump about $500 million in data center loans all at once, per Bloomberg, days after the midterms raised doubts about many projects. The anonymous seller is auctioning a dozen loans, including a $25 million piece of financing for a huge… — unusual_whales (@unusual_whales) November 5, 2026
Which Stocks Are Exposed?
Oracle is the site’s main tenant.
The selling also reached bonds. High-risk bonds tied to CoreWeave and Galaxy Digital, a crypto firm that also builds data centers, were among Thursday’s biggest decliners.
CoreWeave bonds are COLLAPSING: CoreWeave bonds fell as low as 78 cents on the dollar, while its 2031 unsecured debt traded at 79.5 cents, implying discounts exceeding 20% to face value. Its 2030 and 2032 bonds also plunged, with yields exceeding 15%, levels widely associated… pic.twitter.com/0ypbL6MN5q — Global Markets Investor (@GlobalMktObserv) November 5, 2026
Banks have wanted out for months. In May, JPMorgan, Morgan Stanley, Sumitomo Mitsui, and MUFG sought to sell parts of their data center loans, MarketScreener reported , citing the FT.
Still, $500 million is small. JPMorgan and MUFG alone were trying to spread $38 billion of one Oracle-linked deal. Blue Owl, the developer’s parent, said Oracle’s notice does not change its financial commitments to the project.
Thursday’s chip stock crash followed pledges from Texas governor-elect Gina Hinojosa and others to pause new data centers. Lenders give their answer when bids close on November 19.
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