Vantage Data Centers to develop up to 2.5GW of datacentre capacity in two new US campuses
DigitalBridge-backed [NYSE: DBRG] Vantage Data Centers (Vantage) has announced plans to develop up to 2.5GW of US datacentre capacity through two mega-campuses: Project Frontier and Project Lighthouse.
In October, Vantage announced plans for a 1GW campus in Port Washington, Wisconsin, for Oracle [NYSE: ORCL] and OpenAI, as part of their 4.5GW Stargate expansion partnership. The Lighthouse site will host four datacentres, with construction starting soon and completion due in 2028.
And earlier, in August, Vantage unveiled Project Frontier, a 1.4GW campus in Shackelford County, Texas, featuring 10 datacentres and supporting 250kW+ racks. Work began in August, with the first building due in H2 2025. The Texas campus represents a US$25bn investment, the press release from Vantage stated.
While plans for the datacentres have been announced, TMT Finance has been reporting on the US$38bn financing behind the infrastructure since June 2025, with many of the details being exclusively available to our subscribers or in advance of other outlets' reporting:
| Updates | TMT Finance | Elsewhere Reported | Time Difference |
|---|---|---|---|
| Lead banks named | 11-Aug-25 | 04-Sep-25 | 24 days earlier |
| Banks in full underwriting group | 11-Aug-25 | 22-Oct-25 | 72 days earlier |
| Locations of datacentre campuses | 30-Jun-25 | 04-Sep-25 | 66 days earlier |
| Identity of hyperscaler on offtake agreement | 02-Sep-25 | 04-Sep-25 | 2 days earlier |
| Refined debt figures for each campus | 11-Aug-25 | 04-Sep-25 | 24 days earlier |
| Pricing of debt raise | 02-Sep-25 | 04-Sep-25 | 2 days earlier |
| Tenor of debt raise | 07-Oct-25 | 22-Oct-25 | 15 days earlier |
| Amortisation profile of debt raise | 07-Oct-25 | - | Exclusive to TMT Finance |
| Debt-to-equity ratio of debt raise | 30-Jun-25 | - | Exclusive to TMT Finance |
| Further details on the length of the leases | 22-Oct-25 | - | Exclusive to TMT Finance |
| Total number of arrangers | 22-Oct-25 | - | Exclusive to TMT Finance |
| Additional banks named | 7 more announced – Oct-25 | - | Exclusive to TMT Finance |
| Ticket sizes across tiers of financing | 07-Oct-25 | - | Exclusive to TMT Finance |
| Details on fees for participating banks | 07-Oct-25 | - | Exclusive to TMT Finance |
| Timeline to syndication | 02-Sep-25 | 23-Oct-25 | 51 days earlier |
| Preliminary date of financial close | 22-Oct-25 | - | Exclusive to TMT Finance |
TMT Finance subscribers can read our full, exclusive reporting on this deal via our intelligence platform.
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