ING auctions $500 million of data center loans, including a Stargate piece

Nov 6, 2026
ING is auctioning about $500 million in data center loans, including debt linked to the Stargate project in New Mexico.

ING is auctioning about $500 million in data center loans, CNBC reports, citing Bloomberg. The portfolio contains about 12 loan positions, with bids of at least $10 million due by November 19.

The auction includes a $25 million debt position linked to the Stargate project in New Mexico, which involves OpenAI, SoftBank and Oracle. Other loan assets involve Vantage Data Centers and CyrusOne.

Stack and BorderPlex Digital Assets are building the New Mexico facility, which could reach 2.5 gigawatts. The project has faced difficulties securing gas power connections, while Oracle issued a force majeure notice in September to protect against possible cost increases. The first construction phase reached its topping out milestone in October.

The auction is the first of its kind at that scale to contain only data center debt, DCD reported. Banks are increasingly moving data center loans to private credit firms, asset managers and insurers, CNBC noted.

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