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-focused Saline Township data center campus

Union construction jobs 2,500+ jobs Estimated union construction roles at the campus

Onsite jobs 450+ jobs Long-term onsite positions at the campus

County-wide jobs 1,500+ jobs Broader county-wide employment impact

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

Open space preserved 750+ acres Preserved open space, farmland and wetlands

Customer savings $300 million Expected savings for DTE’s existing customers

Campus capacity more than a gigawatt Power capacity across three single-story data centers

Market Reality Check

Price: $121.66 Vol: Volume 4,106,326 vs 20-da...

low vol

$121.66 Last Close

Volume Volume 4,106,326 vs 20-day average 7,002,614 (relative volume 0.59) shows subdued trading ahead of this news. low

Technical Pre-news price 121.66, trading below 200-day MA at 148.83 and 36% under the 52-week high of 190.085.

Peers on Argus

BX was down 0.56% pre-news. Key peers were mixed to slightly negative: BLK -0.84...

BX was down 0.56% pre-news. Key peers were mixed to slightly negative: BLK -0.84%, KKR -0.03%, APO -0.15%, BAM -1.69%, while BN gained 0.18%. No peers appeared in the momentum scanner, suggesting this looks stock-specific rather than a clear sector rotation.

Historical Context

5 past events · Latest: Apr 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 22	Power project financing	Positive	+1.2%	Blackstone-backed 600MW gas plant groundbreaking with contracted offtake and jobs.
Apr 22	Fundraising milestone	Positive	+1.2%	Venture fund closes $91M vehicle with strong IPO track record and LP demand.
Apr 10	IPO registration	Positive	+6.1%	Blackstone Digital Infrastructure Trust files S-11 for proposed IPO and BXDC listing.
Apr 09	Digital infra deal	Positive	-1.8%	Blackstone funds take minority stake in Rowan to accelerate hyperscale data centers.
Apr 07	Credit fund close	Positive	+0.4%	Opportunistic credit fund hits >$10B hard cap with strong long-term track record.

Pattern Detected

Recent BX news usually aligned with price moves, with one notable divergence on a digital infrastructure recapitalization.

Recent Company History

Over the last few weeks, Blackstone-linked headlines have focused on capital formation and digital infrastructure. On Apr 7, BX closed an opportunistic credit fund with over $10 billion of capital, followed by digital infrastructure moves such as Rowan’s recapitalization on Apr 9 and a Blackstone Digital Infrastructure Trust S-11 filing on Apr 10. A Blackstone-backed $1.2 billion power project and other capital-raising news on Apr 22 also drew positive reactions. Today’s Oracle-focused data center financing fits this ongoing digital and infrastructure build-out theme.

Market Pulse Summary

This announcement highlights a major $16 billion Oracle data center campus backed by Related Digital...

Analysis

This announcement highlights a major $16 billion Oracle data center campus backed by Related Digital and Blackstone-affiliated funds, extending Blackstone’s recent focus on digital and infrastructure assets. It follows other capital-intensive initiatives, including a fund close above $10 billion on Apr 7 and a digital infrastructure IPO filing on Apr 10. Investors may watch future updates on project execution, additional data infrastructure deals, and subsequent SEC filings or earnings commentary for signs of how this pipeline translates into financial results.

Key Terms

fixed-rate, closed-loop system, battery storage

3 terms

fixed-rate financial

"The financing includes equity ... and fixed-rate, long term debt financing"

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.

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.