AI Miners Surge Pre-Market on Record $38B Oracle Data Center Deal Boosts Sector
AI and high-performance computing mining stocks jumped in pre-market trading after news of a record $38 billion Oracle data center financing linked to OpenAI’s Stargate program. The massive funding package one of the largest in tech infrastructure history will support next-generation AI workloads, signaling strong institutional confidence in the sector’s long-term growth.
The debt deal, reportedly split between data center projects in Texas and Wisconsin, has reignited risk appetite across AI-exposed stocks after a recent market pullback. Investors see it as a major boost for companies tied to AI computing, chipmaking, and data infrastructure, with renewed optimism driving momentum across the broader tech sector.
Oracle’s record $38B data center financing takes shape
Banks led by JPMorgan and MUFG are preparing a $38 billion offering divided into two senior secured credit facilities: $23.25B for Texas and $14.75B for Wisconsin. If completed, it would be the largest AI infrastructure financing yet. Pricing discussions center around ~2.5 percentage points above a benchmark, with four-year maturities and two one-year extension options. Bloomberg+1
Why it matters for miners and HPC plays
The financing underpins massive compute buildouts that can drive demand for power, real estate, and infrastructure services often overlapping with crypto-to-AI “pivot” miners and HPC hosts. Cipher Mining (CIFR) and IREN (IREN) were up ~7% and Bitfarms (BITF) ~12% in pre-market action. Oracle’s longer-term $500B Stargate plan adds visibility to sustained AI capex.
Who is building: Vantage, Oracle, and OpenAI
Vantage Data Centers is developing both sites as part of Oracle’s partnership with OpenAI. An OpenAI update identified the Wisconsin campus and noted the broader push to secure the full $500B/10GW Stargate commitment by year-end 2025. Separate industry reporting expects the Wisconsin site to approach ~1GW.
The market reaction: AI miners and related equities
CIFR, IREN, BITF
Jumped alongside risk-on flows into AI/HPC exposure.ORCL
Traded higher amid confidence in its cloud/AI roadmap pinned to Stargate deployments.
Context & Analysis
The deal structure shorter tenor with extension options and spread near +250 bps suggests lenders are balancing near-term AI demand certainty with execution and power-availability risks. Location choices (West Texas grid adjacency; Wisconsin industrial corridor) align with power and land access priorities seen across recent hyperscale footprints. If Stargate’s $500B target progresses, suppliers from power developers to advanced semiconductor vendors could see multi-year order visibility, while miners with HPC pivots gain optionality.
Conclusion
The record $38 billion Oracle data center financing underscores strong confidence in the ongoing wave of hyperscale AI infrastructure expansion. The funding marks a major step in supporting massive compute demands tied to projects like OpenAI’s Stargate, reinforcing the long-term growth outlook for AI infrastructure.
In the near term, AI and high-performance computing miners, along with data center developers, are set to benefit most. Market attention now turns to key milestones including loan pricing details, fund allocation, and groundbreaking timelines for the upcoming facilities in Texas and Wisconsin, which will shape the next phase of AI-driven infrastructure growth.
FAQs
Q : What is the record $38B Oracle data center financing?
A : A two-facility debt package for Oracle-linked data centers in Texas and Wisconsin, the largest AI infrastructure financing to date.
Q : Which stocks moved on the news?
A : Cipher Mining (CIFR), IREN (IREN), and Bitfarms (BITF) all jumped in pre-market trading.
Q : Who is developing the sites?
A : Vantage Data Centers, in partnership with Oracle and OpenAI under the Stargate initiative.
Q : How are the loans structured?
A : Reportedly four-year maturities with two one-year extensions, priced about 2.5 percentage points over a benchmark rate.
Q : What is Stargate?
A : A multi-site program targeting up to $500B in AI infrastructure, aiming for around 10GW of capacity.
Q : Why do AI/HPC miners benefit?
A : Rising compute demand can lead to hosting, HPC contracts, and power-adjacent opportunities for miners.
Q : Will Oracle build additional sites?
A : OpenAI’s update suggests expanded U.S. locations, including the Wisconsin campus; further phases depend on financing and permitting.
Facts
Event
Oracle-linked record $38B data center financing sparks AI/HPC miner rallyDate/Time
2025-10-24T13:25:00+05:00Entities
Oracle Corp. (ORCL); OpenAI; Vantage Data Centers; JPMorgan; MUFG; Cipher Mining (CIFR); IREN Ltd. (IREN); Bitfarms Ltd. (BITF)Figures
$38B total; $23.25B (TX); $14.75B (WI); pricing ~+2.5 pp; tenor 4Y + 2×1Y options; Stargate up to $500B capexQuotes:
Sources
Bloomberg “Record $38 Billion Debt Sale Nears for Oracle-Tied Data Centers” (link); OpenAI blog “OpenAI, Oracle, and SoftBank expand Stargate with five new sites” (link)