Dutch banking giant ING is looking to offload a portfolio of data center loans worth roughly $500 million in a single sale, according to a report from Bloomberg News. The package includes a $25 million loan tied to a facility in New Mexico that is part of Stargate, the high-profile AI infrastructure venture backed by OpenAI, SoftBank, and Oracle.
The move comes as banks and investors increasingly scrutinize the debt behind the artificial intelligence boom. Data centers are the physical backbone of AI, housing the servers that power everything from chatbots to cloud computing, but they are also extremely capital-intensive projects that require massive upfront investment.
How the sale works
ING is running what's known in the industry as a “bids-wanted-in-competition,” or BWIC, process. In plain English, the bank is inviting multiple buyers to submit offers for the entire portfolio at once, rather than negotiating with one buyer privately. Bids are due by November 19, and interested parties must bid in minimum blocks of $10 million.
This type of auction is common in the loan market when a lender wants to reduce exposure to a particular sector or free up capital. It also creates a transparent, market-based read on what these loans are actually worth right now. Because multiple buyers are competing, the final price reflects current investor appetite for data center debt.
The inclusion of a Stargate-related loan is notable. Stargate is one of the most ambitious AI infrastructure projects announced to date, with plans to build data centers across the United States. The venture has drawn attention not just for its scale, but for the sheer amount of capital required to make it a reality.
Why this matters for investors
For everyday investors, this sale is a window into how the financial markets are pricing the AI infrastructure buildout. Over the past year, there has been a surge in borrowing to fund data centers, as tech giants and startups race to expand capacity. But that enthusiasm has also raised questions about whether the demand for AI services will justify the spending.
Recent headlines have highlighted the tension. Doubts about the AI data-center buildout have already erased trillions from tech stocks, and Microsoft's tightening of neocloud data center deals has spooked AI investors. If ING's auction attracts strong bids, it could signal that lenders and investors still see data center loans as a solid bet. If bids come in low, it might suggest growing caution about the sector's ability to generate returns.
For investors holding tech or AI-related stocks, the outcome of this sale could offer clues about the health of the broader AI financing ecosystem. Banks that are eager to offload data center debt may be signaling that they see rising risk, while buyers stepping in could be betting on long-term growth.
What to watch next
The November 19 bid deadline is the key date to watch. After that, ING will evaluate the offers and decide whether to proceed with a sale. The final price, if disclosed, will be a useful benchmark for other data center loan portfolios and for the wider market's view on AI infrastructure debt.
It's also worth keeping an eye on other data center financing news. Apple recently raised $7.5 billion in a bond sale to fund its own AI infrastructure, showing that even the biggest tech companies are turning to debt markets to finance their ambitions. Meanwhile, a permit freeze in Texas could stall a quarter of US data-center plans, adding another layer of uncertainty to the sector.
For now, the ING sale is a reminder that the AI boom is not just about technology—it's also about money. How much investors are willing to pay for data center loans will help determine how easily future projects can get financed, and that, in turn, could shape the trajectory of AI development for years to come.
