At a Glance

• Data center construction is the largest concentrated equipment demand cycle in the market, and few equipment lenders are competing seriously for it.
• The collateral is a bundle of assets with very different useful lives — long-lived power and cooling, short-lived compute — and that complexity is what keeps most lenders out.
• Winning the business takes financing each asset layer on its own clock and underwriting the contracted demand behind the facility, not just the operator’s balance sheet.
• Many lenders have passed on these deals over residual and obsolescence discomfort, then watched competitors fund them.

The Opportunity Few Are Working