New report: Who Finances America’s Data Centers — $1.3T in debt mapped.Read now →
The First Print — August 2026
Who Finances America’s Data Centers
The most comprehensive map of data center debt ever assembled. Every loan, every lender, every property — reconciled across eight layers of the capital stack.
$1.3TTotal Identified Debt
4,296Facilities Mapped
$128BMaturing 2025–27
150Pages
What’s inside
10 The Eight-Layer Debt Stack
27 Who is Lending
40 What Could Go Wrong
61 13 Property Profiles
108 11 Market Profiles
135 Energy & Sustainability
Data center finance touches every layer of the capital stack that commercial real estate has invented — county-recorded mortgages, syndicated credit facilities, CMBS, asset-backed securities, private credit bonds, and corporate balance sheets — but no single database has ever pulled them all together. This report does.