AI Data Centers: HY AI Data Center & Neocloud Survey Results

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AI Data Centers: HY AI Data Center & Neocloud Survey Results

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AI Data Centers

HY AI Data Center & Neocloud Survey

Results

Industry Overview

We polled HY investors on AI data center and neoclouds 20 July 2026

We conducted a survey between July 10 and July 26 among debt investors to gauge High Yield Credit

expectations for high yield (HY)-rated AI data center and neocloud debt issuance, United States

prospects for refinancing HY AI data center bonds into other markets, key credit Technology

considerations for HY AI data center projects and bonds, and the expected useful life of Ana Goshko

AI-utilized GPUs. See all results in this report. Research Analyst

BofAS

≥$60Bn total HY AI data center bonds expected by YE26 +1ana.goshko@bofa.com646 855 9936

Investors expect meaningful additional HY-rated AI data center debt issuance. With Aashka Pandya

$36Bn of HY-rated AI data center bonds issued to date, incl. $27Bn in 2026 year to date, ResearchBofAS Analyst

the majority of respondents expect more than $23Bn additional in 2026, which implies +1 646 855 6052

aashka.pandya@bofa.com

(slightly rounding up) a cumulative total of at least $60Bn by YE26. Looking to expected

issuance in 2027, the vast majority of respondents expect at least $25Bn and 58%

expect at least $50Bn. Investors also see a pathway for migration into other funding

markets over time. A large majority (72%) expect that at least half of existing HY AI data

center bonds could eventually be refinanced in investment grade, ABS, or other capital

markets (we expect this would be after construction completion, lease commencement

and demonstrated operational stabilization).

For pricing AI data center debt, tenant is the top criterion