JPMorgan and Goldman Sachs sweeten terms on Volta’s $5 billion AI loan

The banks raised the yield and added investor protections after initial demand for the unrated GPU financing fell short JPMorgan Chase and Goldman Sachs have raised the yield and improved terms on a $5 billion leveraged loan for Volta Infrastructure Holdings Ltd., a young AI cloud and infrastructure company. The reason is simple: investors were not biting at the original price. The revised deal now offers yields of roughly 11.21% to 11.75%. That is the price of lending to a company founded in 2026 with no credit rating, even one with Anthropic as a customer. The full package comes to $5.012 billion. It splits into two very different pieces. The first is a $1.3 billion first-lien term loan, which the two banks are underwriting.

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