Report published September 25, 2026

Digital Infrastructure Market Monitor: Issuance, Spreads, and AI Infrastructure Execution Risk

Bank of America · September 25, 2026

Digital infrastructure debt issuance reached $635bn YTD across corporate, securitized, and project finance markets, with spreads holding flat for CMBS data centers but widening 5 bps for ABS data centers. Investors are increasingly demanding wider risk premiums on AI infrastructure project loans due to execution delays and power permitting bottlenecks.

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Finvaulta summarizes Bank of America's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Spreads were unchanged week-over-week for CMBS data centers, widened 5 bps for ABS data centers, and corporate credit spreads were modestly wider.
2.Four digital infrastructure deals priced during the week totaling $3.0bn, bringing YTD digital infrastructure debt issuance to $635bn and over $1.3tn since November 2022.
3.Oracle claimed force majeure on a New Mexico Project Jupiter data center site due to power delivery delays, highlighting emerging execution and permitting risks in AI project finance.

Key takeaways
Digital infrastructure market monitor
Exhibits

Report data

Exhibit 3: Securitized products bond spreads (bp) — as of September 24, 2026.

Metric	Estimate	Context
Total Digital Infrastructure Debt Issuance YTD	635.12 USD Billion	Aggregate debt issuance across CMBS, ABS, corporate bonds, loans, and project finance.
Weekly Digital Infrastructure Debt Issuance	2.987 USD Billion	Four deals priced across project finance and non-USD corporates during the week.
Data Center ABS (A) Spread	169 bps	Data center asset-backed security spread for A-rated paper.
Data Center SASB CMBS (AAA) Spread	165 bps	Data center single-asset single-borrower CMBS spread for AAA-rated paper.
Total US Data Center Capacity (Live, Under Construction, Pipeline)	103 GW	Total US capacity including live capacity, under construction, and pipeline.