Developers of a Utah data center have secured one of the biggest construction loans in recent years, the latest sign of the market’s enormous appetite for facilities that provide the backbone for artificial intelligence.

AI and data centers are knocking on the states' doors looking to locate their facilities. Such centers consume a lot of energy and Utah is looking to be prepared. A measure to insulate ratepayers from bearing the costs passed the Senate.

CIM Group and Novva Data Centers secured $2 billion of construction financing to build a data center campus in suburban Salt Lake City.

JPMorgan Chase (NYSE:JPM) and Starwood Property Trust (NYSE:STWD) agreed to lend $2B for a 100-acre AI data center being built in Utah, one of the largest construction loans in recent years, according to a media report published on Tuesday.