JPMorgan Chase and Goldman Sachs have revised the terms of a $5,012 billion loan for Volta Infrastructure Holdings to attract investors. The deal was relaunched around October 9, 2026, after initial demand proved insufficient. The updated package now offers yields between 11.21% and 11.75%.
The financing is split into two parts. The first is a $1,3 billion first-lien term loan underwritten by the banks. The second is a $3,712 billion tranche tied to GPU purchases, which is being sold on a best-efforts basis. Pricing is set at SOFR plus 625 to 650 basis points, with an original issue discount of 95 to 98 cents on the dollar.
Volta, founded in 2026, plans to use the funds to lease a data center from Bitdeer Technologies and acquire approximately 36,000 Nvidia GPUs for a project in Norway. The company is backed by Andreessen Horowitz, Nvidia, and Michael Dell, and previously raised $300 million at a $2,4 billion valuation.
The loan includes a two-year non-call period and a rate step-down clause linked to the credit rating of Anthropic, which has a six-year compute agreement with Volta. This structure reflects investor concerns regarding the concentration risk associated with the startup, which currently lacks a credit rating.
