Vantage Data Centers seeks $2bn loan from Pimco and PGIM

In short: Vantage Data Centers is talking with Pimco and PGIM about raising up to $2bn in loans to keep building data centers used for AI.

What happened

Vantage Data Centers, a company that builds and runs data centers, is in talks with big investment firms including Pimco and PGIM to borrow as much as $2bn. Data centers are large buildings filled with computers that power online services, like renting out “electricity and space” for other companies’ digital work.

The effort is known as “Project Baja,” according to people familiar with the talks. Instead of borrowing money for one specific construction site, Vantage is discussing a revolving loan. That is like a credit line for a business, where it can borrow, repay, and borrow again up to a limit.

The loan could be used across multiple locations, including Vantage campuses in Virginia and Nevada. The talks started in the first half of this year, and the final terms could still change.

Vantage said the extra borrowing capacity would help it meet customers’ growing needs for digital infrastructure. Pimco and PGIM declined to comment, and Vantage’s owner DigitalBridge did not respond to a request for comment.

Why it matters

This is another sign of how much money is flowing into the behind-the-scenes infrastructure needed for AI. The Financial Times reports that Vantage has borrowed nearly $48bn since the start of 2025, and that AI-driven borrowing is pushing some Wall Street banks toward their lending limits. When banks slow down, companies like Vantage look for other lenders, which can affect how quickly new data centers get built and how expensive it is to run AI services.

Source: Financial Times