ING shops ~$500M of data-centre loans including a Stargate New Mexico slice

What's the deal? Dutch bank INGDealroom has a profile for this one. Try Dealroom → is seeking bids on about $500 million of data-centre loans in a rare bids-wanted-in-competition (BWIC) auction, Bloomberg reported on 5–6 November, citing people familiar with the matter. The dozen-loan package includes a $25 million slice tied to the New Mexico campus of Stargate — the joint AI-infrastructure project of OpenAI, SoftBankDealroom has a profile for this one. Try Dealroom → and Oracle — plus debt linked to operators Vantage Data Centers and CyrusOne.

How the sale works: Bidders have until 19 November and must offer at least $10 million. Bloomberg first described the seller as anonymous; later reporting named ING. Reuters said ING declined to comment.

Why it matters: The auction lands days after US midterm results and a sharp AI-infrastructure selloff that Reuters said erased about $3 trillion of S&P 500 market value. A discounted clear would be an early market price for AI data-centre credit under political and power-risk stress; a near-par fill would suggest lenders still see the paper as solid.

Stargate New Mexico risk: Oracle has already sent the site's developer a force majeure notice over power and related risks — a legal claim that events beyond its control may excuse obligations. Oracle has said the project remains on its planned schedule and that such notices are common. The $25 million Stargate slice sits inside a much larger financing stack for the campus.

What is not confirmed: Separately, Elon Musk replied on X that SoftBank is "defaulting on their turbine orders." SoftBank and turbine suppliers have not publicly confirmed that claim; treat it as an unverified allegation, not a verified fact in this note.

Read more: Bloomberg, Reuters via Euronext, The Deep Dive, Katie Miller (X), unusual whales (X)

Image: chart shared with the X discussion of the Bloomberg report (Katie Miller / X)