Tenant credit
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Financing and contracts Financing
To Secure Access to Power: Funding for AI in the Reserve Bank of Australia's Financial Stability Review of October 2026
The Reserve Bank of Australia's Financial Stability Review of October 2026 carries a box on how the AI build-out is funded. It says that "to secure access to power, data centre developers are increasingly obtaining large bank-sponsored letters of credit that guarantee the costs of grid and generation upgrades required to connect new facilities."
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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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Rent From Delivery: TeraWulf's Form 8-K on a Lease at Its Kentucky Campus
TeraWulf's Form 8-K of July 6, 2026 describes a lease its subsidiary entered into as landlord at a data center campus in Kentucky. Rent commences upon the delivery of the leased premises, which is expected in phases, and the tenant's payments are expected to be supported by an investment-grade credit.
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The Same Hyperscaler Again: Applied Digital's Release on Leases at Polaris Forge 3
Applied Digital's release of May 20, 2026 announces 15-year take-or-pay leases at its fourth campus with a hyperscaler that had leased from it before. It gives the campus's critical IT load beside the utility power behind it, and the leases' base-term revenue beside their value if all renewal options are exercised.
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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."
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Financing and contracts Financing
Exit Risk and Other Tail Risks: Chicago Fed Insights on Large Banks' AI-Adjacent Lending
A note in the Federal Reserve Bank of Chicago's series Chicago Fed Insights, dated February 2026, looks at large banks' direct commercial lending to what it calls AI-adjacent borrowers, data centers among them, and at the tail risks for lenders. The note says the opinions are the authors' own.
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Financing and contracts Financing
A Four-Year Initial Term With Options to Extend: Meta's Hyperion Joint Venture
On October 21, 2025, Meta announced a joint venture with funds managed by another firm to develop and own the Hyperion data center campus in Louisiana. Meta's leases of the campus will have a four-year initial term with options to extend, and Meta gave the joint venture a residual value guarantee whose cap and conditions the release does not give.
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Currently in the Design Phase: Applied Digital's Form 8-K on a Third Datacenter Lease
Applied Digital's Form 8-K with a date of report of August 28, 2025 describes a third datacenter lease at its North Dakota campus, for a building the filing says "is currently in the design phase." The company has guaranteed its subsidiary's obligations under the lease, and issued the tenant a warrant.
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Behind the meter Building and running the plant
Not Approval of the Service Agreement: The Louisiana Commission's Order on Generation and Transmission for a Single Customer
An order of the Louisiana Public Service Commission, decided on August 20, 2025, approves a settlement on a utility's application to build generation and transmission to serve new load from a data center. The settlement finds the construction of three new generators prudent, subject to customer protection conditions and later prudence reviews, and says the certification is not approval of the utility's service agreement with the customer.
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Subject to Lease Documents and Financing: Applied Digital's Conditional Anchor Tenant Agreement at Ellendale
In January 2024 Applied Digital said it had signed a conditional agreement to provide data center capacity for ten years at its campus in North Dakota. The release names no tenant, and the agreement was conditional on securing financing to complete construction.
