Commitments & Financing
Five questions about what the AI build-out owes, answered from the companies' own reports · verified 2026-09-27
- 1What did they commit to?$1,169Bleases signed, not yet commenced · 18 filers · $646B purchase obligations off balance sheetCommitments →
- 2What did they borrow, and at what cost?$565Bnotes since 2024 · 35 issuers · $1,088B long-term debt · cost of debt for 35 filersDebt →
- 3Who is selling equity?$147Braises announced since 2024 · ATM sales at 12 issuers · $1.7B in private raises · $28.3B insider sales in 12 monthsEquity →
- 4Who is who?58/67identified on public registers · 387 registered subsidiaries · 66 financing vehiclesWho is who →
- 5What did they say?25company-stated CAPEX figures, quoted as the companies wrote or said themGuidance →
Markets
- Is the window open?
Investment-grade and high-yield spreads and yields, Treasuries and SOFR, with their history — the price of the money the build-out borrows.
Credit → - Where does the paper trade, and who holds it?
The prices funds report for the chain's bonds — an implied mark per security, the funds that hold it, and CUSIPs found only in the funds' own reports.
Bond marks → - What is securitised behind the leased data centres?
The 144A data-centre securitisations: each deal's sponsor, issuing entities and series, and the rating actions on them.
ABS deals → - Who lends where no one announces it?
Loans to tracked borrowers that only their lenders disclose: private-credit funds, in their own reports.
Private credit →