Debt is no longer priced uniformly across AI data centers, as investors now distinguish between operator-backed projects, hyperscaler leases, and tenant concentration risk.
Since this is my entire portfolio you can see this split right down the middle. The fortress names that have backlog, huge revenue and cash are grinding forward at breakneck pace and can still get financing. Anything that requires outside capital, is pre revenue and is rate dependent for their growth is taking a lot of hits as this cycle shift locks in.
Since this is my entire portfolio you can see this split right down the middle. The fortress names that have backlog, huge revenue and cash are grinding forward at breakneck pace and can still get financing. Anything that requires outside capital, is pre revenue and is rate dependent for their growth is taking a lot of hits as this cycle shift locks in.