SKN | ING Reportedly Puts $500 Million AI Data Center Loan Portfolio Up for Sale, Including OpenAI-Linked Debt

Key Takeaways:

• ING is reportedly seeking buyers for approximately $500 million in data center loans, covering 12 positions through a competitive bidding process.
• The portfolio reportedly includes a $25 million loan position connected to Project Jupiter in New Mexico, an AI infrastructure development associated with Oracle and OpenAI’s Stargate initiative.
• The proposed sale comes amid growing scrutiny of AI infrastructure financing, although loan disposals are also a conventional tool for managing bank balance sheets and sector exposure.

Dutch banking group ING Groep is reportedly preparing to sell approximately $500 million in data center loans, including debt linked to infrastructure supporting OpenAI’s Stargate initiative. The reported transaction places the bank’s exposure to the rapidly expanding artificial intelligence infrastructure market under closer attention as lenders and investors reassess the scale of financing required for data center development. For ING, the proposed sale represents a potential adjustment to its corporate lending exposure at a time when the financial sustainability of large AI infrastructure commitments is attracting increased scrutiny.

ING Seeks Buyers for 12 Data Center Loan Positions

According to a Bloomberg report cited by International Business Times, ING is marketing 12 data center loan positions through a competitive bidding process. The portfolio is valued at approximately $500 million and reportedly includes financing associated with major data center operators Vantage Data Centers and CyrusOne.

One of the positions involves a $25 million loan connected to Project Jupiter, an AI data center campus under development in Doña Ana County, New Mexico. Investors reportedly have until November 19, 2026, to submit bids, with individual offers required to be at least $10 million. The report does not identify the prospective buyers or establish the final price ING may receive for the portfolio.

OpenAI’s Stargate Initiative Adds Strategic Significance

Project Jupiter is associated with Oracle and the broader Stargate initiative, launched in January 2025 by OpenAI, SoftBank and Oracle. The initiative announced an ambition to invest up to $500 billion in U.S. AI infrastructure over four years, reflecting the substantial capital requirements associated with expanding computing capacity for advanced AI models.

The New Mexico development has also attracted attention because of its energy infrastructure requirements. In September, Oracle clarified that construction and permitting for the data center campus were separate from the permitting process for proposed power-generation facilities. A court order affecting an air-quality permit proceeding for the power facility did not apply to permits for the data center buildings, according to the company’s clarification. This distinction is important when assessing the project’s development risks.

ING’s Portfolio Sale Does Not Establish Financial Distress

The proposed auction is attracting attention because it concentrates a substantial portfolio of data center financing within a single transaction. However, banks regularly sell loan exposures to manage balance sheets, release capital or reduce concentration in particular industries. The reported decision does not establish that the underlying borrowers are experiencing financial difficulties or that the projects are unable to meet their obligations.

Nevertheless, the timing is notable. Technology shares and several data center-related companies experienced significant declines following the U.S. midterm elections, amid concerns about AI infrastructure spending, borrowing requirements and potential political restrictions on development. These developments provide a challenging market backdrop for institutions financing the sector.

What the Transaction Could Mean for ING’s Credit Strategy

For ING, the central consideration is how the proposed disposal fits into its broader approach to corporate lending and risk management. A completed sale could reduce its exposure to data center borrowers and potentially release capital for other financing activities. Its financial impact, however, will depend on the portfolio’s final sale price, the accounting treatment and the extent to which the loans are transferred.

Investors should monitor whether ING completes the auction, how much exposure is ultimately removed and whether the bank provides further explanation of its sector allocation. The development does not necessarily signal a retreat from AI financing. Rather, it highlights the importance of disciplined credit exposure as the infrastructure supporting artificial intelligence expands. For a major European lender, the challenge is to participate in this financing opportunity without allowing concentrated exposure, energy constraints or changing market conditions to weaken risk-adjusted returns.

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