Private equity and credit are fueling a $7 trillion AI data‑centre boom projected by 2030, with deals routinely topping $10 billion. A recent $40 billion consortium—led by Nvidia, BlackRock, Microsoft, and Elon Musk’s xAI—purchased Aligned Data Centers, underscoring the sector’s appetite for deep capital.

The influx of private credit, including structured debt, is reshaping financing models as hyperscalers abandon traditional bank loans. Insurers feel the strain: projects of $10‑20 billion concentrated in one site test underwriting limits, prompting firms like Marsh to launch a €1 billion Nimbus facility, later expanded to $2.7 billion, to cover European data‑centre construction.

Mismatched asset lifecycles—long‑term infrastructure versus seven‑year GPU cycles—create a “GPU debt treadmill.” Lenders now offer GPU‑backed loans and asset‑backed securitisations to align risk with performance, while legal advisers note a growing need for multidisciplinary expertise across real estate, power, telecoms, and cybersecurity. The trend signals sustained investor confidence in AI‑driven data demand.