When Volta, an AI infrastructure company, recently sought $5 billion to build a data center in Norway, the package initially appeared similar to many of the AI-related debt deals completed this year—more than $450 billion in aggregate. Yet some lenders pushed back as the banks marketed the transaction.
JPMorgan and Goldman Sachs went to investors to place the financing, but certain buyers said they were saturated with data-center loans and demanded more collateral and a higher interest rate. People familiar with the matter said the deal is expected to price later this week at a rate of at least 11%, an unusually high level for a data-center project. The financing is anchored by a $1.5 billion commitment from Apollo.
Commitments for the transaction are due this week and lenders are still negotiating allocations, so the financing’s final terms could change.
The Volta package is a pulse check on the broader AI-financing market: deals are still being completed, but not as smoothly as earlier in the year, with higher rates and more heavily negotiated terms, according to investors and bankers.
Risks and an unusual contractual fix
Volta was founded in February and the Norway data center is its first major project. Some investors were wary of the company’s short track record; others were unsettled by Volta’s reliance on Anthropic to purchase much of the data center’s compute capacity.
Anthropic does not share extensive financial details with lenders, and some investors saw uncertainty about the precise level of its obligations. To address that unease, the transaction reportedly includes an uncommon provision: Volta’s interest rate will fall if Anthropic achieves an investment-grade credit rating.
The Financial Times has reported that Anthropic’s and OpenAI’s IPO advisers have been lobbying credit-rating agencies for blue-chip status, a designation that would be rare for loss-making AI labs.
Other financing elements and market context
JPMorgan and Goldman Sachs have also underwritten a $1.3 billion term loan to Volta.
JPMorgan, Goldman Sachs and Apollo declined to comment, and Volta and Anthropic did not respond to requests for comment.
According to a Morgan Stanley report, September was the second-lowest month this year for AI-financing issuance, as regulatory and political challenges weigh on data-center construction. The analysts expect issuance to slow further in the fourth quarter.
Why this matters
The Volta financing signals a shift in AI infrastructure lending: after a period of strong activity, lenders are growing more cautious and demanding higher compensation and stronger protections for riskier projects. While transactions continue to close, they now often do so with tighter terms and greater cost to borrowers.
