Quick Read
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ING reportedly put a dozen data center loans worth $500 million up for auction as Oracle fell 7% and CoreWeave dropped 10%.
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A $25 million slice tied to Oracle's New Mexico Stargate site becomes the first Stargate-linked debt to face an open price test.
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Strong bids on November 19 would calm markets, while weak bids, more sellers or more force majeure notices would deepen fear.
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A dozen loans tied to AI data centers went up for sale in a single package on November 5, 2026. The stocks most closely linked to that trade fell sharply in the same session.
Bloomberg reported that a seller is auctioning about $500 million of data center loans at once. The first version of the story did not name the seller. An updated version identified Dutch bank ING( NYSE:ING ), citing people familiar with the matter, and ING has not confirmed it.
In the same session, the Nasdaq Composite fell 5.5%, and the Nasdaq-100 fell 6.3%, according to market coverage. Oracle( NYSE:ORCL ) dropped 6.93%, or $8.57, to $115.16. That leaves it near its 52-week low of $111.66, and it is down 17.48% over the past week.
CoreWeave( NASDAQ:CRWV ) fell 9.83% to $43.66. No source ties CoreWeave to these loans. Even so, its stock has become one of the market's most sensitive indicators of sentiment on AI infrastructure.
What ING's Loan Auction Actually Covers
The seller is taking offers through a bids-wanted-in-competition process. In that kind of auction, a holder posts a list of loans and buyers submit sealed prices by a deadline. Banks usually sell loans quietly and one at a time, so putting a dozen on the block together is rare.
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Bids are due November 19. The pool reportedly includes loans tied to CyrusOne and Vantage Data Centers. Both are private, so neither has a ticker or public financials.
Loan prices and terms have not been disclosed, and no discount is known since nothing has been priced yet, so nothing about the pool shows these loans are distressed.
Why a $25 Million Stargate Slice Draws Attention
One loan is a $25 million slice. It backs a New Mexico site in the Stargate joint venture of OpenAI, SoftBank Group and Oracle. Oracle sent that site's developer a force majeure notice. A force majeure clause covers events outside a party's control. Such events can excuse or delay what it agreed to do under a contract.
This piece is the first Stargate-linked debt to face an open price test. Most of the pool has no Stargate tie. On its September 10 call, Oracle described the New Mexico build as "definitely on track."
Where Oracle and CoreWeave Feel Tighter Credit
In the fiscal first quarter, Oracle spent $28.499 billion on capital spending and reported negative free cash flow of $5.396 billion. Interest expense rose 55% to $1.4 billion. On November 3, Oracle priced $20 billion of common stock and senior notes.
Management has said capital "does not all have to flow from Oracle's side,". This means it leans on suppliers and partners to share the funding. That makes their borrowing costs part of Oracle's costs.
CoreWeave depends more directly on lenders' willingness to keep funding it. Its debt-to-equity ratio is 8.94, and second-quarter interest expense reached $640 million.
What the Auction Did Not Say
No party has said any of these loans are impaired. A bank might sell to cut exposure to one sector or free up capital regulators require it to hold.
Strong bids would calm the market. Weak bids, more sellers, or more force majeure notices would worsen the fear.
What Oracle's Valuation Signals After the Selloff
At $115.16, Oracle trades at about 14 times its fiscal 2027 non-GAAP EPS guidance of $8.10. It also has $664 billion of remaining performance obligations, which is revenue already under contract but not yet recognized.
A $25 million loan piece is tiny next to that backlog, although it is a fair warning about rising financing costs. Oracle appears better positioned than CoreWeave on this theme, because CoreWeave's greater leverage leaves it less room if credit tightens.
There is a clear way to check this view. If the November 19 bids clear with no reported discounts and Oracle stays above $111.66, the selloff went too far. A close below that level after weak bids would mean the market sees real credit stress, and this view would be wrong.
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