Overview

Artificial intelligence infrastructure needs $2.9 trillion through 2028. Hyperscalers can self-fund $1.4 trillion. The remaining $1.5 trillion falls to outside financing, and private credit takes $800 billion of it, more than banks and equity combined.

Five lender groups are financing compute deals:

1. Hyperscale joint ventures led by Blue Owl and PIMCO

2. Chip-backed lenders like Magnetar and Coatue

3. Infrastructure debt funds like Brookfield and Macquarie

4. Long-duration capital from sovereigns and insurers

5. Bank syndicates led by JPMorgan and Bank of America

The report

This report maps 54 firms from mega-funds anchoring hyperscaler joint ventures to bank syndicates arranging the paper.

Table of contents

• Overview · page 3

• By the numbers · page 4

• Why now · page 5

• Anatomy · page 6

• Who's lending · page 7

• Market map · Hyperscale joint ventures · page 8

• Market map · Chip-backed lending · page 9

• Market map · Infrastructure debt · page 10

• Market map · Long-duration capital · page 11

• Market map · Bank syndicates · page 12