Breaking

Stack Seeks $6 Billion Loan in Major Test of AI Infrastructure Debt Appetite

October 15, 2026 at 05:17 EDT

Infra & Chips
Funding & M&A
Policy & Regulation

Stack Infrastructure, backed by asset manager Blue Owl, is seeking a A$8.6 billion (approximately $6 billion USD) syndicated loan to fund its MEL02 data center campus in Melbourne, Australia — marking a critical moment for investor appetite toward AI infrastructure debt amid mounting concerns about market concentration and systemic risk.

AI Data Center Debt Market Test

Stack's $6 Billion Loan

As investor appetite for AI infrastructure financing faces growing scrutiny over concentration risk and systemic concerns.

Loan Amount

$6B

A$8.6 billion USD equiv.

MEL02 Capacity

252MW

Melbourne data center

2026 AI Infrastructure Financing Surge

2025
same period

$1.1B

2026
YTD

$6.4B

2026 has seen 5.8x more funding than the equivalent 2025 period, raising questions about market saturation and risk concentration.

⚠ Growing Caution

34% of fund managers cite AI hyperscaler spending as top systemic risk source
Federal Reserve flagged bank lending concentration in AI data centers
Data center asset-backed securities spreads widening (investor caution)

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