Named hyperscaler support
3A named customer contract or lease is disclosed for this financing. It does not imply an unconditional debt guarantee.
Inspect supporting records →Market coverage · edition 30From powered land
From powered land
to cloud capital.
Explore the financing of sites, data centres and compute, then examine the business model and credit support behind each observation.
147 financing and capital observations across 53 operator profiles. Twenty-one observations are added in this edition. The register includes history, amendments, corporate packages, equity and provisional records.
These are coverage counts, not market shares or a complete census. No cross-currency capital total is calculated. Corporate issuance by a cloud group is not assumed to fund data centres exclusively.
What is being financed?
Browse the 21 additions →One primary activity per record. Classifications are analyst mappings with source references and limitations. “Debt” counts debt observations, not funded balances; “other” includes contingent credit, capital envelopes and nonbinding guidance.
| Primary activity | All observations | Debt | Equity | Other |
|---|---|---|---|---|
| GPU & compute assets | 39 matching observations → | 39 | 0 | 0 |
| Data-centre platforms & projects | 65 matching observations → | 60 | 2 | 3 |
| Powered land & site preparation | 3 matching observations → | 1 | 2 | 0 |
| Cloud-company corporate capital | 38 matching observations → | 33 | 3 | 2 |
| Mixed / unclassified | 2 matching observations → | 1 | 0 | 1 |
| Total coverage | 147 | Counts reconcile to the register; amounts are not added. | ||
Who operates the assets?
Operator grouping and financed activity are separate. A neocloud can finance GPUs, corporate growth and a physical campus. Business models are research groupings at the cut date; historical transactions may cover other activities.
| Operator model | GPU & compute assets | Data-centre platforms & projects | Powered land & site preparation | Cloud-company corporate capital | Mixed / unclassified |
|---|---|---|---|---|---|
| Neocloud / specialist AI cloud | 37 matching observations → | 4 matching observations → | 0 | 27 matching observations → | 0 |
| Hyperscaler | 0 | 1 matching observations → | 0 | 5 matching observations → | 0 |
| Data-centre operator | 0 | 58 matching observations → | 0 | 0 | 0 |
| Powered-land developer | 0 | 0 | 3 matching observations → | 0 | 0 |
| Diversified cloud | 1 matching observations → | 1 matching observations → | 0 | 6 matching observations → | 0 |
| Mixed / unclassified | 1 matching observations → | 1 matching observations → | 0 | 0 | 2 matching observations → |
What supports the credit?
These evidence flags overlap and are not added together. No flag means that support has not been established in this research, rather than proof that it does not exist.
Investment-grade offtake
3The issuer describes the customer as investment grade. An unnamed customer or missing agency rating remains explicit.
Inspect supporting records →Rated debt instruments
3Historical facility or issue ratings are disclosed. These are distinct from borrower and offtaker ratings, and have not been refreshed to today.
Inspect supporting records →Where coverage stands.
Research cut · 21 October 2026Selected platforms and explicit next targets. This 24-entry queue is a working research list, not a denominator for market completeness. “Open research” means no observation was added in this pass; it makes no claim that the platform has no financing.
Six planned Tract sites are in Projects & power. Their financing amounts and energisation are unestablished, so they do not increase the powered-land financing count. Confidential borrowing and smaller regional operators remain visibility gaps.
| Platform / target | Region | Research status | Boundary / next work |
|---|---|---|---|
| DayOne | Asia-Pacific / Europe | Selected observations | Multicurrency facility, mezzanine and equity; current utilisation unknown. |
| AirTrunk | Asia-Pacific | Selected observations | Aggregate refinancing and overlapping site facilities; not a complete debt schedule. |
| atNorth | Nordics | Selected observations | Acquisition financing capital mix incompletely disclosed. |
| Kao Data | UK | Selected observations | Selected platform facility; full later debt history remains open. |
| Teraco | Africa | Selected + indexed history | 2024 selected disclosure;2023 indexed-only passage. Refinancing overlap unresolved. |
| Africa Data Centres | Africa | Selected observations | DFC/RMB disclosures; later disbursements and site allocations unknown. |
| Ooredoo Group | Middle East / North Africa | Selected observations | Selected unit financing inside diversified group. |
| OVHcloud | Europe | Selected observations | New notes, amended facility, undrawn commitment and existing loan are distinct. |
| Yondr Group | Asia-Pacific / Europe / Americas | Selected observations | Johor expands prior coverage; not full global capital stack. |
| Raxio Group | Africa | Selected observations | IFC ceiling and milestones; current drawdown unknown. |
| ST Telemedia Global Data Centres | Asia-Pacific | Selected observations | Johor package only; broader platform financing remains open. |
| Tract | US | Projects only · finance unknown | Six planned sites; no financing amount promoted from acreage or capacity. |
| QTS | US / Europe | Open research | Build primary facility and financing history. |
| Switch | US | Open research | Reconcile sponsor acquisition and campus funding. |
| NTT Global Data Centers | Global | Open research | Separate group corporate borrowing and site/JV facilities. |
| Colt Data Centre Services | Europe / Asia-Pacific | Open research | Collect facility-level primary disclosures. |
| NEXTDC | Australia | Open research | Reconcile debt, equity and campus funding; not yet appended. |
| ESR data-centre platforms | Asia-Pacific | Open research | Identify borrower/JV perimeter and overlapping fund commitments. |
| GDS mainland platform | China | Open research | Keep mainland capital distinct from DayOne platform. |
| Keppel data-centre platforms | Global | Open research | Separate fund/JV capital from operator and individual site debt. |
| YTL data-centre platform | Malaysia | Open research | Verify facility commitments and power delivery evidence. |
| Khazna | Middle East | Open research | Reconcile corporate facilities, sponsor capital and campuses. |
| Powered-land comparables | Europe / Asia-Pacific | Open research | Outside US coverage is thin; acquisition plans are not financing commitments. |
| Private GPU/cloud facilities | Global | Open research | Confidential terms and nonpublic lenders leave an unavoidable visibility gap. |
Read the structures separately.
Equinix and Digital Realty add corporate data-centre credit; STACK adds development and stabilised-asset facilities in USD, AUD and JPY. Oracle, Amazon and Alphabet add corporate cloud-group borrowing, with no exclusive infrastructure allocation assumed. Cloverleaf and Black Mountain Power extend coverage into site preparation and powered land. Lambda, Crusoe and Nscale add equity observations alongside existing debt histories.
Hyperion is recorded as a development funding envelope with disclosed Meta leases and conditional residual-value support. Its headline is not labelled as debt principal. Multi-series packages retain tranche detail where checked; their parent and component amounts must not be counted twice.
Every row links to its own primary reference and field observations. Confidential terms, current utilisation, full bankability and actual all-in costs remain unestablished. Read the methodology →