JPMorgan and Mitsubishi UFJ Financial Group (MUFG) are leading the debt financing for Vantage's planned $25 billion Texas data center campus.

The Financial Times reports that the two companies are close to underwriting a $22bn loan for the 1,200-acre campus.

The DigitalBridge and Silver Lake-backed company this week announced plans for the 1.4GW Frontier campus in Shackelford County, set to be home to 10 data centers totaling 3.7 million sq ft (343,741 sqm).

Construction on the campus has already begun, with the first building scheduled for delivery in the second half of 2026. The rest are expected by the end of 2028.

Frontier will be Vantage Data Centers' largest campus, with the company's North America president, Dana Adams, noting that it "marks a watershed moment for Vantage as we deliver on our promise to meet the unprecedented requirements of our customers."

Governor Greg Abbott said earlier this week: “Vantage Data Centers’ $25 billion investment to build a new data center campus will help create thousands of good-paying jobs for Texans and bring revenue to the local and state economies. Partnering with job-creating and innovative businesses like Vantage, Texas will continue to be a national and global leader in this emerging frontier.”

To fund ever larger data center projects, companies are turning to investment funds to help cover financing. Meta is looking to raise as much as $29 billion to cover some of its data center costs, while xAI raised $10bn from debt and equity to finance Tennessee data centers.

Blue Owl’s Real Assets and Primary Digital Infrastructure helped raise $15 billion for Crusoe's Abilene, Texas, data center campus, the flagship facility of OpenAI's Stargate project located some 35 miles from Vantage's planned campus.