Refinancing
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Financing and contracts Financing
Its First Issuance Since 2023: Aligned Data Centers' Release on an Asset-Backed Securitization
On July 28, 2026, Aligned Data Centers said it had completed an issuance of asset-backed securities backed by four of its data center campuses. Its release says the net proceeds will fund its development pipeline, refinance upcoming debt maturities and satisfy reserve account requirements, and gives no split between the three.
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Financing and contracts Financing
As Necessary to Ensure the Timely Completion: Applied Digital's Release on the Pricing of Senior Secured Notes to Fund the Fourth Building at Polaris Forge 1
On June 9, 2026, Applied Digital said a subsidiary had priced senior secured notes due 2031. Its release says the subsidiary intends to use the net proceeds to fund construction at the fourth building of its campus at Ellendale, North Dakota, repay a bridge loan facility, fund debt service reserves and pay transaction expenses, and that the company will provide a completion guarantee.
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Financing and contracts Financing
Repaid With Proceeds From the Notes: Core Scientific's Form 8-K on Its Senior Secured Notes and Its Bridge Facility
In a Form 8-K dated May 6, 2026, Core Scientific reports that a subsidiary completed a private offering of senior secured notes due 2031, and that the company repaid all the borrowings outstanding under a bridge credit agreement of March 2026 with proceeds from the notes. The filing also describes a completion guarantee for data center projects, which it says is not a guarantee of the notes.
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Financing and contracts Financing
Into a Fifth Geographic Market: Switch's Release on Its Series 2026-1 Asset-Backed Notes
On April 14, 2026, Switch said it had closed an asset-backed securities offering, its fifth since 2024. Its release says net proceeds will be used to repay existing debt and for general corporate purposes, and that the deal adds a data center in Reno, Nevada, to the securitized pool.
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Financing and contracts Financing
Economically Akin to Debt: A BIS Note on Financing AI Infrastructure
A note in the BIS Quarterly Review of March 2026 describes how big US tech firms borrow to build AI infrastructure, through bonds and through vehicles that keep most of the debt off their balance sheets. Its authors call the second kind shadow borrowing, "obligations that are economically akin to debt but largely reside outside corporate balance sheets."
