DataBank’s $2.65 Billion Red Oak Financing: What the Records Show
Evidence-based analysis · Published October 30, 2026 · Sources reviewed October 30, 2026
Red Oak project profile · Oracle company profile · FJ Insights archive
DataBank says its $2.65 billion construction-financing package covers the first four buildings at its Red Oak data-center campus in Texas. The figure describes financing for that scope, not a disclosed tally of cash spent or computing capacity delivered. DataBank · April 21, 2026, DataBank · June 15, 2026
Texas records add building-level detail: the DFW9 filing concerns a tenant fit-out, the DFW10 filing concerns new construction, and a separate tax register names Oracle as occupant for DFW9 through DFW12. Those distinctions matter to readers assessing when financed capacity could become usable computing service. DataBank · April 21, 2026, DataBank · June 15, 2026, Texas TDLR · DFW9, Texas TDLR · DFW10, Texas Comptroller · DFW9–DFW12
Follow the financing scope
On April 21, DataBank said it had secured $2 billion for DFW9, DFW10 and DFW11. It described the three buildings as already leased and planned for a combined 180 megawatts. Those were company statements about financing, leasing and planned capacity—not measured operating output. DataBank · April 21, 2026
The company’s June 15 announcement added a $650 million construction-financing upsize for a fourth building, with a planned 60 MW increment in IT capacity, taking the Red Oak package to $2.65 billion. The same release also announced an $800 million corporate revolving credit facility. That separate corporate facility is not another $800 million of documented Red Oak spending. DataBank · June 15, 2026
The announcements identify funding for the stated buildings, but neither supplies drawn balances or site-level cash spending. DataBank · April 21, 2026, DataBank · June 15, 2026
Read the building records separately
The Texas Department of Licensing and Regulation’s architectural-barriers register separates work that a campus-level announcement can compress. The DFW9 tenant-fit-out record carries a December 31, 2026 completion date; the DFW10 new-construction record carries July 15, 2028. Both are marked Project Registered. These are different buildings and work scopes, and the dates are registration fields—not verified actual completion dates. Texas TDLR · DFW9, Texas TDLR · DFW10
Different schedules also appeared in earlier reporting. Data Center Dynamics’ June 2025 reporting on the project’s filings carried a second-quarter 2026 first-phase target alongside later schedules for individual buildings. Those historical schedules do not establish the current delivery timetable or show that the entire campus has been delayed or delivered. Data Center Dynamics · June 20, 2025
A registered occupant is not an acceptance record
A separate Texas Comptroller list identifies DB Data Center Red Oak, LLC as owner and Oracle America Cloud Services LLC as occupant for DFW9 through DFW12. That provides a documented connection between Oracle and the four buildings. It does not disclose lease payments, contract duration, accepted electrical load or site-level revenue. Texas Comptroller · DFW9–DFW12
The DFW9 fit-out and DFW10 construction records, meanwhile, leave the tenant field unassigned. The two systems serve different administrative purposes. Reading the tax-program role as proof of customer acceptance—or the unassigned tenant field as proof that there is no customer—would go beyond either record. Texas TDLR · DFW9, Texas TDLR · DFW10, Texas Comptroller · DFW9–DFW12
The next evidence that matters
A dated, building-specific energization or customer-acceptance disclosure would answer a different question from another financing announcement. A disclosed drawn balance or paid-spending figure would add a different financial measure. Until then, neither the $2.65 billion package nor the planned megawatts should be presented as a measure of delivery. This single case does not establish a market-wide financing trend. DataBank · April 21, 2026, DataBank · June 15, 2026, Texas TDLR · DFW9, Texas TDLR · DFW10
Scope. One Red Oak case; no representative cohort, market trend, operational-status conclusion, whole-project certification, Index score or investment recommendation. The reviewed documents do not establish drawn balances, paid site spending, energization, customer acceptance, lease economics or site revenue.
Sources and claim verification · 6 documents
Claim-level review uses issuer financing disclosures, project-specific Texas records and independent reporting of building filings. Financing, administrative registrations and tax-program roles answer different questions; none is treated as delivery or cash spending.
- DataBank
Issuer reports $2.0 billion construction financing for DFW9, DFW10 and DFW11, 180 MW planned power and leased status.
Limit: Issuer statement, not independently checked loan agreement, drawdown or completion.
- DataBank
Issuer reports a $650 million Red Oak construction-financing upsize, $2.65 billion total and fourth-building 60 MW addition in IT capacity, separately from an $800 million corporate revolver.
Limit: Financing commitments are not actual paid spend or operating IT load; full terms and drawn balances not provided.
- Texas Department of Licensing and Regulation
DFW9 tenant-fit-out registration carries December31,2026 completion field, estimated cost and registered status; tenant not assigned.
Limit: Administrative project registration, not a utility acceptance or occupancy certificate. Completion field is not verified actual completion.
- Texas Department of Licensing and Regulation
DFW10 new-construction registration carries July15,2028 completion field and registered status.
Limit: Different building/work scope from DFW9 fit-out; not a current completion or delay finding.
- Data Center Dynamics
Report examines DFW11/12 filings and records a Q2 2026 first-phase target alongside later individual-building schedules.
Limit: Historical reporting and forecasts, not evidence that the target was met or missed; independently reported filings are not independent completion verification.
- Texas Comptroller of Public Accounts
Program lists DB Data Center Red Oak, LLC as owner and Oracle America Cloud Services LLC as occupant for the four buildings, with DataBank and Oracle operator entities.
Limit: Tax-program roles, not lease economics, accepted load or operating revenue. Do not confuse nearby Compass Red Oak entries.
Source-based reporting and analysis. No interviews, site visit, lender-document audit or independent engineering verification were conducted for this article. How we use AI.