Debtwire Private Credit Forum Europe 2026

location_on The Peninsula, London Map
17 Jun

The new capital stack - Data centre financing

As the global data centre market races towards a $1.5 trillion capital requirement by 2028, the traditional boundaries between real estate debt, infrastructure equity and structured finance have dissolved. This panel will discuss the 2026 landscape where asset-backed finance has become the primary bridge between high-growth AI developments and long-term institutional stability.  

  • How are the traditional boundaries between structured finance, ABF and infrastructure equity blurring on data centre financing? 
  • With the rise of ‘cradle-to-grave' financing, how are private credit funds coordinating the hand-off between short-term high-yield construction debt and long-term, investment-grade ABS? 
  • To what extent are off-balance-sheet structures, like Meta’s $30 billion Hyperion project, becoming the industry standard for hyperscalers to scale AI infrastructure off of their own corporate balance sheets? 
  • As AI hardware cycles compress to 3-5 years, how are lenders and rating agencies adjusting their underwriting to account for the risk of technical obsolescence?  

Construction risk and cost certainty

The panel discusses the construction phase of data centre projects, covering the importance of locked-in costs, GMP contracts, equipment procurement lead times, and how construction risk is assessed for investment grade eligibility.