Related Digital Announces Financing for $16 Billion Oracle Data Center Project in Saline Township, Michigan

Rhea-AI Summary

Related Digital and Blackstone (NYSE: BX) secured financing for a $16 billion data center campus in Saline Township, Michigan, developed for Oracle and tied to its OpenAI partnership. Financing combines Related Digital and Blackstone equity with fixed-rate, long-term debt anchored by PIMCO-managed funds.

The campus — called "The Barn" — will feature three facilities with >1 gigawatt capacity, closed-loop cooling, LEED certification, and is on schedule; construction is underway. Projected community impacts include 2,500+ union construction jobs, 450+ onsite jobs, $14 million in direct fire department/community benefits, preservation of 750+ acres, and an expected $300 million customer savings via DTE energy contributions.

Positive

• $16 billion financed for Michigan data center campus
• Fixed-rate, long-term debt anchored by PIMCO-managed funds
• 2,500+ union construction jobs and 450+ onsite jobs
• >1 gigawatt capacity across three single-story data centers
• $300 million expected savings for DTE customers from project contributions

Negative

• Closing is subject to customary closing conditions, creating execution risk
• Project is purpose-built for Oracle/OpenAI, implying customer concentration risk

Key Figures

Project size: $16 billion Union construction jobs: 2,500+ jobs Onsite jobs: 450+ jobs +5 more

8 metrics

Project size $16 billion Oracle data center campus financing in Saline Township, Michigan

Union construction jobs 2,500+ jobs Union construction roles created by the campus project

Onsite jobs 450+ jobs Long-term onsite employment at the data center campus

County-wide jobs 1,500+ jobs Broader county employment linked to the project

Community investment $14 million Direct benefits for local fire department and community investment

Preserved land 750+ acres Open space, farmland and wetlands preserved by the project

Campus capacity More than 1 gigawatt Total data center capacity at Saline Township campus

Customer savings $300 million Expected savings for DTE Energy customers from grid cost contributions

Market Reality Check

Price: $51.99 Vol: Volume 21,512,249 is 0.6x...

low vol

$51.99 Last Close

Volume Volume 21,512,249 is 0.6x the 20-day average of 35,772,405, indicating lighter-than-normal trading before this news. low

Technical BAC trades above its 200-day MA of $51.27 and is 9.65% below its 52-week high of $57.55, while still 34.72% above the 52-week low of $38.595.

Peers on Argus

Ahead of this project-financing headline, BAC was down 0.8% with below-average v...

Ahead of this project-financing headline, BAC was down 0.8% with below-average volume. Large U.S. peers like WFC (-0.86%) and JPM (-0.92%) were also lower, while HSBC (+0.16%) and RY (+0.30%) were modestly higher, pointing to mixed, stock-specific trading rather than a coordinated sector move.

Historical Context

5 past events · Latest: Apr 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 23	Art grants program	Positive	-0.8%	Announced 18 Art Conservation Project grants across 10 countries supporting key artworks.
Apr 23	Dividend declaration	Positive	-0.8%	Declared Q2 2026 common dividend of $0.28 and $1.75 on Series B preferred.
Apr 20	Card partnership	Positive	-0.9%	Extended co-branded credit card agreement with Alaska Air to deepen integration.
Apr 17	Preferred dividends	Positive	+0.1%	Declared regular cash dividends across multiple preferred stock series for May–June 2026.
Apr 16	Founding sponsorship	Positive	-1.5%	Announced $5M sponsorship for Theodore Roosevelt Library and 110 portrait restorations.

Pattern Detected

Recent positive corporate and partnership announcements have often coincided with short-term share price declines, showing a pattern of divergence between upbeat news and immediate price reaction.

Recent Company History

In the past week, BAC news has focused on philanthropy, dividends, and partnerships. On Apr 16, a $5 million sponsorship for the Theodore Roosevelt Presidential Library and conservation of 110 presidential portraits was followed by a -1.49% move. Multiple dividend declarations on Apr 17 and Apr 23 coincided with flat to slightly negative reactions. A credit card partnership expansion with Alaska Air on Apr 20 also saw a -0.87% move. Against this backdrop, today’s advisory role in a large-scale Oracle data center financing continues a trend of significant, but not always immediately rewarded, announcements.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-01

BAC has an effective S-3 shelf filed on 2025-10-01, allowing issuance of various securities, including debt, warrants, preferred stock, depositary shares and common stock. The prospectus outlines mechanics such as payment conventions for non-U.S. dollar securities, tax treatment for holders, benchmark fallback provisions for floating-rate notes, and TLAC-related resolution considerations for BAC debt.

Market Pulse Summary

This announcement highlights BAC’s advisory and structuring role in financing a $16 billion Oracle d...

Analysis

This announcement highlights BAC’s advisory and structuring role in financing a $16 billion Oracle data center campus, underscoring its position in large, AI-driven digital infrastructure projects. The deal sits alongside recent activity in dividend declarations, sponsorships and structured debt offerings. Investors may watch how such mandates affect fee income over time, the pace of capital markets issuance under the existing S-3 shelf, and whether similar technology-infrastructure financings emerge as a recurring theme.

Key Terms

fixed-rate, closed-loop system, battery storage, leed certified

4 terms

fixed-rate financial

"The financing includes equity ... and fixed-rate, long term debt financing anchored by PIMCO-managed funds"

A fixed-rate is an arrangement where the interest or return on a loan, bond, or other financial obligation stays the same for a specified period instead of changing with market conditions. For investors, that means predictable payments and easier budgeting—like locking in a grocery price for a year—but it also means missing out if market rates fall, and it may be less attractive if inflation or rates rise significantly.

closed-loop system technical

"Utilizing a closed-loop system that protects Michigan's water"

A closed-loop system is an automated setup that continuously measures its own output and uses that feedback to adjust inputs without human intervention, like a thermostat that senses room temperature and turns heating on or off. Investors care because closed-loop designs can improve performance, reduce operating costs and human error, and create harder-to-replicate products or services, affecting efficiency, regulatory scrutiny, liability, and competitive advantage.

battery storage technical

"augmented by a new battery storage investment financed entirely by Oracle"

Battery storage is a system that stores electricity in large rechargeable batteries so power can be used later, like a reusable fuel tank for the grid. Investors care because it smooths out when energy is available vs. when it’s needed, can lower costs, create new revenue from selling stored power at peak times, and reduce reliance on unpredictable energy sources, affecting utility and clean-energy company valuations.

leed certified technical

"The campus utilizes a closed-loop cooling system for cooling and will be LEED certified."

LEED certified means a building has earned a recognized green-building rating that shows it meets standards for energy efficiency, water use, materials, and indoor quality. For investors, it signals lower operating costs, potential for higher rents or occupancy, and reduced regulatory or environmental risk—think of it as a reliability badge that can improve a property’s long-term value and appeal to tenants and buyers.

AI-generated analysis. Not financial advice.

Related Digital and Funds Affiliated with Blackstone Commit Equity to Fund Project; Fixed Rate, Long-Term Debt Financing Anchored by PIMCO-Managed Funds and Accounts

Campus Creates Thousands of Union Construction Jobs and Significant Community Investment

DALLAS, April 24, 2026 /PRNewswire/ -- Related Digital, a vertically integrated data center development and investment platform, and Blackstone (NYSE: BX) announced today that financing has been secured for Related Digital's $16 billion data center campus in Saline Township, Michigan, purpose-built for Oracle. The financing includes equity from Related Digital and funds affiliated with Blackstone, and fixed-rate, long term debt financing anchored by PIMCO-managed funds and accounts. Bank of America served as structuring agent and financial advisor, with Goldman Sachs and Wells Fargo also serving as advisors to Related Digital.

This project will deliver significant community benefits, including:

• 2,500+ union construction jobs, 450+ jobs onsite, and 1,500+ jobs county-wide
• Millions in new, annual tax revenues to support the Township, Washtenaw County and Michigan schools
• $14 million in direct benefits for the local fire department and community investment 
• Utilizing a closed-loop system that protects Michigan's water
• Preservation of 750+acres of open space, farmland and wetlands

"The strength of this financing is a powerful validation of what we have built at Related Digital and of the critical role this project will play in America's digital future," said Jeff T. Blau, CEO of Related Companies and Chairman of Related Digital. "We are grateful for the confidence of Blackstone, PIMCO, and our world class banking partners, institutions who understand the scale, complexity, and long-term value of what we are delivering for our partners at Oracle and OpenAI. I also want to extend my thanks to Governor Gretchen Whitmer, whose commitment to ensuring Michigan competes in the innovation economy in a responsible and forward-thinking way has made this possible. Major construction is well underway in Saline Township, momentum is strong, and we are laser focused on executing with the same discipline that has defined Related for more than 50 years."

Nadeem Meghji, Global Head of Blackstone Real Estate, said: "Demand for digital infrastructure continues at a breathtaking pace, driven by AI and the broader digitalization of the economy. This investment is another way we are capitalizing on this generational opportunity and helping provide much needed compute capacity. We're excited to back the largest ever investment in the state of Michigan and we look forward to supporting Related Digital as it delivers this critical AI infrastructure."

"Strong investor demand for high-quality digital infrastructure continues to drive significant capital formation, particularly for projects of this scale and complexity," said Jim DeMare, Co-President, Bank of America. "Our deep relationships with sponsor clients and investors, together with our expertise in structuring infrastructure finance transactions, positioned us well to help structure these transactions efficiently. We are proud to support Related Digital, Blackstone and Oracle on this landmark project in Michigan."

DTE Energy is supplying 100% of the project's power using existing resources augmented by a new battery storage investment financed entirely by Oracle. As a result, this project is expected to create $300 million in savings for DTE's existing customers thanks to the project's contribution towards the fixed costs of grid maintenance and improvements.

"The rapid progress at our Saline Township data center underscores the urgency and scale of building America's next-generation AI infrastructure," said Mahesh Thiagarajan, Executive Vice President, Oracle Cloud Infrastructure. "Together with our partners, we are not just building a data center—we are creating high-quality jobs, investing in the communities in which we operate, and driving long-term economic growth. This project reflects our deep commitment to Michigan and to powering the future of AI in the United States."

The Saline Township campus — known as "The Barn" for the historic red barn preserved at the project's entrance along Michigan Avenue — comprises three single-story data center buildings with more than a gigawatt of capacity. The project is being developed for Oracle as part of its partnership with OpenAI to expand AI compute capacity across the country. The campus utilizes a closed-loop cooling system for cooling and will be LEED certified. Construction on the first data center buildings is underway and the project is on schedule for delivery to Oracle. The multi-billion-dollar investment positions Michigan as a cornerstone of America's AI infrastructure buildout.

The closing of the financing is subject to the satisfaction of customary closing conditions.

Construction images and renderings of the Saline Township site are available here.

About Related Digital

Founded by Related Companies, one of the most prominent privately-owned real estate development firms in the United States with more than $100B in assets owned or under development, Related Digital is a leading vertically integrated data center development and investment platform. Related Digital combines Related Companies' 50-year-plus history of executing complex real estate and infrastructure projects with its track record developing large-scale clean energy solutions. With a $45 billion development pipeline of more than five gigawatts of near-term power across the United States and Canada, Related Digital has the executive capabilities, depth of expertise, and national scale to bring differentiated solutions to global hyperscalers. Related Digital currently has data center projects underway in Ontario, Wyoming, Michigan, Missouri, Illinois and Texas.

About Blackstone

Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. 

About PIMCO

PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients' capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world's largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com [oracle.com].

About Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

View original content:https://www.prnewswire.com/news-releases/related-digital-announces-financing-for-16-billion-oracle-data-center-project-in-saline-township-michigan-302753421.html

SOURCE Related Digital

FAQ

What financing did Related Digital and Blackstone announce for the Saline Township data center (BX) on April 24, 2026?

They announced $16 billion in financing combining Related Digital and Blackstone equity with fixed-rate, long-term debt anchored by PIMCO-managed funds. According to the company, Bank of America led structuring, with Goldman Sachs and Wells Fargo advising.

How many jobs will the Saline Township data center project create according to Related Digital and Blackstone (BX)?

The project will create 2,500+ union construction jobs and 450+ onsite jobs. According to the company, an additional 1,500+ jobs are expected county-wide from related economic activity.

What technical capacity and sustainability features does the Saline Township campus (BX) include?

The campus comprises three single-story data centers with more than a gigawatt of capacity and a closed-loop cooling system. According to the company, the site will pursue LEED certification and preserve 750+ acres of open space.

How will the Saline Township project affect local energy costs according to Related Digital and Blackstone (BX)?

DTE Energy will supply 100% of project power, with a new battery financed by Oracle; the project is expected to yield $300 million in savings for DTE customers. According to the company, savings come from contributions to fixed grid costs.

What are the key risks mentioned for the Saline Township financing announced by Related Digital and Blackstone (BX)?

Primary risks include that the financing closing remains subject to customary closing conditions and that the campus is purpose-built for Oracle/OpenAI, creating customer concentration. According to the company, major construction is underway but conditions must be satisfied.