The New Architecture of AI Infrastructure Financing

The report examines the surge in AI infrastructure capex, which is projected to exceed $1 trillion by 2027, and the evolving role of credit markets in financing this build-out despite emerging power and capital constraints.

Key Takeaways

• 1.Hyperscaler capex projections have seen massive upward revisions, now expected to reach $1.16 trillion by 2027.
• 2.Credit markets are innovating structurally to finance AI infrastructure, including GPU-backed financing and blurred lines between public and private credit.
• 3.Physical constraints, particularly a projected 55 gigawatt power shortfall, are becoming binding gating factors for data center expansion.

Table of Contents

• Sunday Start | What's Next in Global Macro
• The New Architecture of AI Infrastructure Financing
• What We Are Watching This Week
• Disclosure Section
• Analyst Certification
• Global Research Conflict Management Policy
• Important Regulatory Disclosures on Subject Companies

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