Overview
- S&P Global Market Intelligence tallied more than 100 transactions through November, pushing total deal value slightly above last year’s record and with most activity in the United States.
- Debt issuance tied to data centers nearly doubled to about $182 billion in 2025, with Meta, Google and Amazon among the most active borrowers.
- Investor caution has grown over lofty AI valuations and financing risk, with Oracle shares down 5% after a report on a pulled Michigan project that the company denied.
- Power needs remain a key constraint as the International Energy Agency projects global data-center electricity consumption will more than double by 2030.
- Hyperscalers and AI firms are employing unconventional arrangements with private equity and AI labs to secure capacity, and analysts expect strong demand to carry into 2026.