JPMorgan Chase and Goldman Sachs fully underwrote $1.3 billion of a $5 billion loan package for AI startup Volta Infrastructure Holdings. They are not underwriting the larger $3.7 billion tranche, limiting their exposure as investor demand for high-yield AI debt faces a test.
The financing carries a yield of around 11%. It will fund a data center complex in Norway and the purchase of approximately 36,000 Nvidia GPUs. AI firm Anthropic has signed on as a six-year anchor tenant for computing capacity.
The cautious structure signals growing wariness among lenders about financing the capital-intensive AI boom, particularly when newer, unrated companies are involved.