Data Center/AI Financing: What We Have Heard from Investors

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Data Center/AI Financing: What We Have Heard from Investors

Idea

July 13, 2026 03:51 PM GMT

Morgan Stanley & Co. LLCMUS Corporate & Securitized Credit | North America Fernanda Lima

Strategist

Data Center/AI Financing: What Fernanda.Lima@morganstanley.comCarolyn L Campbell +1 212 761-3021

Carolyn.Campbell@morganstanley.com +1 212 761-3748

We Have Heard from Investors Vishwas Patkar

Vishwas.Patkar@morganstanley.com +1 212 761-8041

AI-related issuance is surging as fixed income markets are Vishwanath Tirupattur

proving flexible and companies are consistently willing to StrategistVishwanath.Tirupattur@morganstanley.com +1 212 761-1043

broaden financing beyond traditional avenues. We think James Egan

investors are still adding exposure to AI/data centers in their StrategistJames.F.Egan@MorganStanley.com +1 212 761-4715

portfolios, although sentiment is turning incrementally cautious

on potential macro/thematic risks that lie ahead. We see a

preference for shorter duration and amortizing structures.

Key Takeaways See our other related notes:

- Podcast | Thoughts on the Market: Inside the AI Across the different credit markets, we think investors are showing a preference

Debt Surge (19 Jun 2026) for deals and structures that help offset thematic risks (overbuild, obsolescence,

- Sunday Start | What's Next in Global Macro: and bottlenecks are the most often mentioned);

The Convergence of AI and Energy Financing (14

For data center construction debt, thematic risk manifests itself as asset risk at

Jun 2026)

lease renewal; for corporate unsecured debt, thematic risk is inherent to the

- Global Credit Strategy & Securitized Products

ongoing investment cycle, especially in the longer run, and therefore credit

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quality should matter;