ING Puts $500 Million of Data Centre Loans Up for Sale as AI Buildout Doubts Grow

ING data centre loans worth roughly $500 million are up for sale, including debt tied to Stargate, the flagship artificial intelligence infrastructure venture, in the clearest sign yet that banks are starting to question the credit behind the AI building boom.

Bloomberg News reported on Thursday, November 5, 2026, citing people familiar with the matter, that the Dutch lender is seeking buyers through a "bids-wanted-in-competition" process, with bids due on November 19 and a minimum size of $10 million. The auction is among the first of its kind to contain only data centre debt, and it lands as the AI trade that powered markets for two years comes under strain.

Key Points

• ING is selling a roughly $500 million portfolio of data centre loans in one package, with bids due November 19.
• The package includes a $25 million slice backing a large New Mexico data centre site that is part of Stargate.
• It also includes debt tied to data centre operators Vantage Data Centers and CyrusOne.
• An ING representative declined to comment, and Reuters said it could not immediately verify the report.
• The sale follows a sharp selloff in chipmakers and neocloud firms as the Democrats' midterm sweep fanned fears of tougher AI regulation.

What Happened

ING, one of Europe's largest lenders, is marketing the portfolio through a competitive bidding process in which sellers invite offers on a package of loans at once. A minimum bid of $10 million suggests the bank is courting institutional buyers and specialist credit investors.

The centrepiece is a $25 million slice of debt backing a large New Mexico data centre site that is part of Stargate, the AI infrastructure venture backed by OpenAI, SoftBank Group and Oracle. That a lender now wants to sell even a small piece of Stargate-linked debt, rather than hold it to maturity, is the detail that has caught the market's attention. The rest of the portfolio is tied to established operators, including Vantage Data Centers and CyrusOne.

Background: The AI Buildout and the Money Behind It

The AI infrastructure boom has been built on debt as much as on chips. Over the past two years, technology companies, developers and specialist "neocloud" firms have borrowed tens of billions of dollars to build data centres and buy graphics processors, betting demand for AI computing would keep growing fast enough to service the loans.

Stargate sits at the centre of that story. The venture, backed by OpenAI, SoftBank and Oracle, was presented as the largest AI infrastructure project ever attempted. Its New Mexico site, where Oracle is the main tenant, has become a symbol of the scale of the bet: $18 billion of loans tied to the site were quoted at 89 to 91 cents on the dollar in September. That month Oracle also sent the site's developer a force majeure notice, a formal step that can excuse a party from meeting its obligations when extraordinary events intervene.

The market then turned sharply. The Democrats' sweep of both chambers in the midterms on Tuesday, November 3, fanned fears of tougher AI regulation, chipmakers and neocloud firms were hit hard, and on Thursday the Nasdaq fell 5.5% in its worst day since April. Read our full report on Thursday's Nasdaq plunge, its worst day since April.

ING Data Centre Loans: Why This Sale Matters

A single bank selling $500 million of loans would not normally move markets. What makes this sale different is its timing, composition and transparency: ING is running a public auction of a pure data centre portfolio, the first of its kind, at the exact moment investors are questioning whether the AI boom was built on sustainable economics.

First, it sets a price. Data centre loans have rarely traded openly, so there is little public evidence of what they are worth when a seller needs to exit. The bids arriving by November 19 will give the whole market a reference point. Second, it signals a change in bank behaviour: lenders were among the most enthusiastic funders of the AI buildout, and a decision by a bank of ING's size to cut exposure suggests the risk calculus inside credit committees is shifting.

Reactions

ING has not confirmed the sale. A representative declined to comment, and Reuters said it could not immediately verify the details. That caution is typical of a bank marketing a portfolio: confirming a sale before bids arrive would weaken its negotiating position.

The report fits a pattern building for weeks. Goldman Sachs and Apollo have been sounding out outside investors for stakes in SpaceX's $40 billion Nvidia chip lease, seeking buyers for pieces of up to $500 million each. Read our report on Goldman Sachs and Apollo seeking buyers for the SpaceX chip lease. Oracle, meanwhile, raised $20 billion in the bond market to fund its AI cloud buildout. Read our report on Oracle's $20 billion raise for its AI cloud buildout.

Why It Matters

For American households, the sale is a distant event in a European bank's loan book, but its consequences could reach closer to home. Data centres are the physical backbone of the AI services millions of Americans use daily. If lenders pull back, construction slows and the cost of computing rises.

For investors, the sale is a warning light. The same week stocks lost a record $5.4 trillion in value, a major bank decided to sell data centre loans rather than hold them. That does not prove the boom is over, but it suggests the easy phase, when money flowed freely and questions were few, is ending.

What Happens Next

The immediate focus is November 19, when bids are due. The level of those bids, and the discount to face value, will be read as a verdict on data centre credit, and traders will watch for signs that other banks are preparing similar sales. A strong auction would calm nerves; a weak one would confirm the market's worst fears.

Beyond the auction, the questions are about regulation and demand. The new Democratic majorities in Congress have yet to set out plans for AI oversight, and the next earnings from the largest technology companies will show whether AI revenues are growing fast enough to justify the spending behind them.

Frequently Asked Questions

What is ING selling?

A $500 million portfolio of data centre loans in one package, with bids due November 19 and a minimum size of $10 million.

What is the Stargate connection?

The package includes a $25 million slice backing a large New Mexico data centre site that is part of Stargate, the AI venture backed by OpenAI, SoftBank and Oracle.

Which other companies are involved?

Debt tied to data centre operators Vantage Data Centers and CyrusOne, two of the largest builders and operators of data centre facilities.

Why is ING selling now?

The sale follows a sharp selloff in chipmakers after the Democrats' midterm sweep, and comes after loans tied to the New Mexico site were quoted at 89 to 91 cents on the dollar in September.

What happens on November 19?

Bids are due. The prices offered will give the market its first public reference point for data centre loan values, and could influence how other lenders value their own exposure.