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華爾街日報New Capital Sources Emerge in Race for Data Center Capacity
Amid an intensifying race to secure data center capacity, U.S. data center developers and their big technology tenants seek to balance the desire for rapid delivery of new hyperscale data centers with cost-effective financing, Moody’s Ratings reported. “As the number and size of data centers continue to expand, the amount and diversity of development capital needed to finance this massive wave of investment have increased as well,” according to Moody’s, which cited “new sources of long-term development financing” emerging.
Titled Broadening array of financing approaches attract new capital as data centers scale up, the report focuses on evolving trends. They include the following:
- Crypto Miners’ Role in AI Data Centers: Bitcoin miners use low-cost power and infrastructure to speed up hyperscaler deployment, but are often in non-core markets with limited tenant appeal if power savings aren’t enough.
- Credit Positive Financing Structures: Structural protections like amortizing debt, cash flow controls and reserves are attracting new long-term investors, signaling growing confidence in data center financing and enhancing credit quality.
- U.S. ABS and CMBS Market Expansion: Securitization has emerged as a reliable debt market for the industry. The ABS market is expanding as a primary tool to refinance data center construction, while CMBS growth supports refinancing for the rising wave of completed projects.
- Demand for GPU Financing: With graphics processing units comprising the single largest capital expense in the construction of AI hyperscale data centers, structuring leases to align debt repayment with the GPUs’ short lifecycle mitigates risks and enables continuous upgrades, making this a critical area for innovation.
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