Debt investors are building new underwriting models for campuses where power access matters as much as tenant demand.
Why It Matters
Data center construction has moved from niche real estate to a capital markets story.
Lenders now have to evaluate grid interconnection, long-term power contracts, cooling constraints, and whether AI tenants will keep expanding at the promised pace.
What To Watch
Expect more deals to include staged financing tied to power delivery milestones.
The spread between ready-to-power campuses and speculative land banks may become one of the clearer signals in infrastructure credit.
The Bottom Line
AI demand is reshaping finance, but the best underwriting still starts with physical bottlenecks.
