AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & Capital Markets Forecasts

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AI Capex 2.0: If You Build It, They Will Finance It - Updated Growth & Capital Markets Forecasts

J P M O R G A N North America Fundamental

Research

16 June 2026

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AI Capex 2.0

If You Build It, They Will Finance It - Updated Growth &

Capital Markets Forecasts

The financing wave is in full swing. Since we wrote in November, total AI/Data North American Fundamental

Center–related issuance has exceeded $300 billion, with data center–related debt Research

issuance the single largest driver of near-record debt issuance to start the year. Tarek Hamid AC

While it’s been a strong start, we expect current issuance trends to represent a (1-212) 834-5468

baseline given the amount of financing set to hit markets in the coming years. tarek.x.hamid@jpmorgan.com

Corporate credit markets have dominated so far, but we expect issuers to tap every Harlan Sur AC

single capital market to support their growth needs. Relative to our early (1-415) 315-6700

expectations, issuers have surprised a bit by globalizing their issuance, including harlan.sur@jpmorgan.com

large non-USD IG deals for hyperscaler and debut euro HY issuance for data Nathaniel Rosenbaum, CFA AC

(1-212) 834-2370

centers. But we expect creativity to continue to be the overall baseline for this nathaniel.rosenbaum@jpmorgan.com

sector for years to come. AC Nelson Jantzen, CFA

(1-212) 270-1169

Figure 1: YTD AI-Related Debt Issuance nelson.r.jantzen@jpmorgan.com

Chong Sin AC

(1-212) 834-2611

chong.c.sin@jpmorgan.com

Kevin L Kwan AC