InfraComputeThe capital behind compute.
Financing research · 31 October 2026

Follow the financing.

Financing history from 2015: data-centre bonds, securitisations, project loans, GPU facilities and corporate capital. Open any record for its source, amount basis and qualifications.

Disclosed debt financing recordedUS$896.8bn

419 debt records retained after rule-based grouping of facility histories, converted to US dollars using deal-date exchange rates. Debt financing recorded, not a market total or debt outstanding. How this total is built →

Financing records
541
Operators & issuers
135
Coverage
2015–2026
Every dated record, by year540 dated records
Financing records by year and capital type, one square per record2015’16’17’18’19’20’21’22’23’24’25’26
One square per financing record, stacked by event year and coloured by capital type. Select a year or a type to filter the register below.

Equity and M&A

Who is buying and backing the sector.

37 equity raises, M&A deals, stake sales and joint ventures in data centres and GPU clouds, tracked separately from the debt totals above.

M&A and stake sales 24Equity raises and IPOs 10JVs and capital platforms 3
Investments by year and type, one square per entry2016: 1 entry (1 m&a and stake sales)120162017: 2 entries (2 m&a and stake sales)2’172018: 1 entry (1 m&a and stake sales)1’182019: 0 entries’192020: 3 entries (3 m&a and stake sales)3’202021: 2 entries (2 m&a and stake sales)2’212022: 2 entries (2 m&a and stake sales)2’222023: 2 entries (2 m&a and stake sales)2’232024: 2 entries (1 m&a and stake sales, 1 equity raises and ipos)2’242025: 3 entries (1 m&a and stake sales, 2 equity raises and ipos)3’252026: 19 entries (9 m&a and stake sales, 7 equity raises and ipos, 3 jvs and capital platforms)19’26
One square per investment, by year announced and coloured by type. Select the chart to open each entry with its terms and source.

Explore equity, M&A and joint ventures →

Q3 2026 by capital type

47 records

+7 on Q3 2025 · US$132.8bn debt counted

  • Corporate debt13
  • Securitisation6
  • Development / project10
  • GPU / equipment10
  • Convertible / hybrid6
  • Non-debt observations2
Most named arrangers & lenders12 months
  1. Goldman Sachs5
  2. Morgan Stanley4
  3. J.P. Morgan3

Records naming the bank in an arranging or lending role. Arranging or lending banks are named in 19 of the 206 records in the period. Trustee, collateral agent, security agent and equity roles are excluded.

What the evidence labels mean

Selected checks apply to named fields, not the whole transaction. Inherited records remain unverified; conflicts stay visible. Amounts include historical facilities, amendments and non-debt observations. Raw amounts must not be added together; the debt total above applies the de-duplication rules in the methodology. Pricing is nominal, not an all-in cost.

Market breakdown → · Amount ordering requires a single currency. It does not make different commitment and proceeds bases comparable.

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Operator / capital typeInstrument / eventAmount / basisDisclosed pricing

Research cut: 22 October 2026. Small pages and request limits apply. Bulk exports and original files remain restricted. Visible information can still be copied.

Facility histories

How facilities grow.

Recurring facilities and issuance programmes, oldest to newest. Each stop is a separate record: scroll sideways along the line and open any stop for its terms. Stops describe one programme's history and are not additive capital.

Browse by

Follow a thread.

Operators & issuers135operators

Facility histories and project links for each borrower and issuer.

Most records
  • Digital Realty29
  • CoreWeave25
  • Equinix25
Open →Lenders & arrangers169named parties

Named agents, arrangers and investors. A named role is not retained exposure.

Most named in arranging or lending roles, 12 months
  • Goldman Sachs5
  • Morgan Stanley4
  • J.P. Morgan3
Open →Projects & power68projects

Documented links from financings to physical sites and their power.

Most linked financings
  • Africa Data Centres regional expansion programme2
  • Childress Microsoft GPU deployment2
  • Cloverleaf US powered-site development programme2
Open →Compare terms3deals side by side

Line up amount basis, pricing, dates and credit support for up to three financings.

Open →

Inside the financing

Lambda Compute I — deal analysisStructure, terms and rating supportsDebt maturity calendarExplore dates by instrument and regionFinancing clause libraryRead filed wording and negotiation pointsGPU security by countryCompare jurisdictions and source limitations

Explore the individual research pages.

Page 16 of 55. These pages include the disclosed terms, sources and record qualifications in readable HTML.

Randeep Bubbra

InfraCompute Weekly

The week in compute finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing data centres, GPU clouds and the power behind them. By Randeep Bubbra.

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