Blue Owl’s Stack seeks a $5.9bn loan, feeding the AI data-centre debt boom

Stack Infrastructure, the data-centre arm of the private-credit giant Blue Owl, is seeking a loan of about $5.9 billion, Bloomberg reported.

The deal, if it closes, would rank among the larger single financings in a market that has become the engine room of the AI build-out.

Blue Owl has made itself central to that market. Through Stack and a string of joint ventures, it has become one of the biggest private financiers of the data centres AI needs, part of a wave of borrowing that now runs into the hundreds of billions.

The new loan follows quickly on the last. Stack raised $2.1 billion as recently as February, and the jump to nearly $6 billion in a matter of months is a measure of how fast the appetite for capacity, and for debt, is growing.

The structure is characteristic of the moment. Rather than fund data centres from...

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