Why are lenders asking for such a high rate on Volta's deal?

Some investors say they are full up on data-center debt and are demanding more security and a higher interest rate. The deal is expected to price at a rate of at least 11%.

What is unusual about the terms of Volta's financing?

The interest rate charged to Volta will decrease if Anthropic can get an investment-grade credit rating. JPMorgan and Goldman Sachs have also underwritten a $1.3 billion term loan to Volta.

Why did some investors hesitate on the Volta deal?

Some balked at Volta's lack of a track record, since it was founded in February and the Norway data center is its first significant project. Others were unnerved by Volta's reliance on Anthropic to buy much of the data center's compute.

AI Business & IndustrySemafor Tech11m agoOct 14, 2026, 06:00 JST

Volta's $5 billion Norway data-center debt to price above 11%

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3 Key Points

What happened
Volta is raising $5 billion for a Norway data center, with bankers at JPMorgan and Goldman Sachs selling the debt and Apollo anchoring a $1.5 billion order. The deal is expected to price later this week at a rate of at least 11%, unusually high for a data-center project.
Why it matters
Investors told the bankers they are full up on data-center debt and pushed for more security and a higher rate. The $5 billion deal is still getting done, but less smoothly than earlier this year, with higher rates and more heavily negotiated terms.

WHO IT HITSBanks marketing debt for data centers and the institutional lenders they sell it to now face tougher negotiations and higher borrowing costs. AI infrastructure developers seeking project finance may see similar pushback, especially first-time borrowers without a track record.

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Context & Analysis

Volta was founded in February, and the Norway data center is its first significant project, which left some investors uneasy about a borrower with no track record. Others were unnerved by Volta's reliance on Anthropic to buy much of the data center's compute; Anthropic does not share much financial information with lenders, and the exact level of its obligations struck some investors as unsettled.

To bridge that gap, the deal includes an unusual provision: the interest rate charged to Volta will decrease if Anthropic can get an investment-grade credit rating. The Financial Times reported last month that Anthropic's and OpenAI's IPO advisers were lobbying credit-rating agencies for blue-chip status, which would be almost unheard-of for companies as unprofitable as both AI labs are.

JPMorgan and Goldman Sachs have also underwritten a $1.3 billion term loan to Volta. JPMorgan, Goldman Sachs and Apollo declined to comment, while Volta and Anthropic did not respond to requests for comment.

FAQ

Why are lenders asking for such a high rate on Volta's deal?: Some investors say they are full up on data-center debt and are demanding more security and a higher interest rate. The deal is expected to price at a rate of at least 11%.
What is unusual about the terms of Volta's financing?: The interest rate charged to Volta will decrease if Anthropic can get an investment-grade credit rating. JPMorgan and Goldman Sachs have also underwritten a $1.3 billion term loan to Volta.
Why did some investors hesitate on the Volta deal?: Some balked at Volta's lack of a track record, since it was founded in February and the Norway data center is its first significant project. Others were unnerved by Volta's reliance on Anthropic to buy much of the data center's compute.

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