Transaction and financing research

Debt Financing

Campus-level financing reported by the independent facility profile.

• Kao Data · Borrower

Financing reference 179 · Phase PHS-1097

Investment Commitment

Power-station and industrial-park redevelopment

• Frontier Group of Companies · Borrower

Financing reference 172 · Phase PHS-0927

Debt Financing

Interim financing for the 191 MW Rockdale build-to-suit program.

• Riot Platforms · Sponsor

Financing reference 213 · Phase PHS-1414

Investment Commitment

Applicant describes a $1B-plus development; no committed financing, lender or spend-to-date is verified. Source wording: more than USD 1 billion.

• Monticello Tech, LLC · Sponsor

Financing reference 157 · Phase PHS-0875

Commercial Contract

Long-term contracted revenue associated with the 400 MW CoreWeave deployment.

• Anthropic · Sponsor

Financing reference 216 · Phase PHS-1456

Additional Commodity Murabaha Facility

Additional portfolio facility covering M-Vaults 6-8;

• Dukhan Bank · Lender
• MEEZA QSTP-LLC · Borrower

Financing reference 115

Debt Financing

Additional facility from Dukhan Bank supports M-Vault 6, 7 and 8 and broader portfolio growth; no amount is allocated to M-Vault 7.

• Dukhan Bank · Lender
• MEEZA QSTP-LLC · Borrower

Financing reference 144 · Phase PHS-0824

Green Project Financing

Single-asset financing for JHB2. IFC's up-to-USD175 million participation is included within this total and is not a second financing.

• AirTrunk Malaysia · Borrower
• DBS Bank · Coordinator And Lender
• HSBC · Coordinator And Lender
• International Finance Corporation · Lender
• MUFG · Coordinator And Lender
• OCBC · Coordinator And Lender
• SMBC · Coordinator And Lender
• UOB · Coordinator And Lender

Financing reference 66 · Phase PHS-0369

Program Investment Plan

Financing reference legacy-financing-AST-B2-047

Debt Financing

Phase II financing through $3.5 billion of senior secured notes due 2031.

• Galaxy Helios Data Centers II LLC · Borrower

Financing reference 49 · Phase PHS-0183

Meta Investment

Financing reference legacy-financing-AST-B2-034

Debt Financing

Financing reference legacy-financing-AST-B2-042

Conditional Equity Investment

NVIDIA investment in new NAVER shares; subject to customary closing and financing conditions.

• NAVER Corporation · Share Issuer
• NVIDIA · Proposed Equity Investor

Financing reference 90

Nonbinding Financing Term Sheet

Up-to financing framework with Brookfield; not a closed or fully committed project facility.

• Brookfield Asset Management · Nonbinding Financing Counterparty
• NAVER Corporation · Prospective Borrower / Sponsor

Financing reference 91

Platform Acquisition Enterprise Value

AIP/MGX/BlackRock GIP acquisition of 100% of Aligned; no Caprock allocation and not project debt.

• Artificial Intelligence Infrastructure Partnership · Acquisition Sponsor
• BlackRock Global Infrastructure Partners · Acquisition Sponsor
• Macquarie Asset Management · Seller / Former Owner
• MGX · Acquisition Sponsor

Financing reference 135

Platform Growth Capital

Additional capital committed to Aligned after acquisition; no Caprock allocation.

• Artificial Intelligence Infrastructure Partnership · Growth Capital Sponsor
• BlackRock Global Infrastructure Partners · Growth Capital Sponsor
• MGX · Growth Capital Sponsor

Financing reference 136

Reported Shared Network Charge

Secondary report of network-development charge; not total project capex and not facility allocated.

• Equinix, Inc. · Reported Grid Customer
• Eskom · Reported Network Counterparty

Financing reference 103

Committed Senior Debt

The 110 MW figure applies to Phase 1; the €1.3 billion financing is distinct from full-campus capacity.

• ABN AMRO · Mandated Lead Arranger
• Citi · Mandated Lead Arranger
• Natixis CIB · Mandated Lead Arranger
• Pure Data Centres Group · Sponsor / Borrower Group; Legal Borrower Undisclosed
• SMBC · Mandated Lead Arranger
• Société Générale · Mandated Lead Arranger

Financing reference 124 · Phase PHS-0687

Equity Investment

Acquisition of the initial 30-acre Hood County parcel.

• Big Digital Energy · Sponsor

Financing reference 215 · Phase PHS-1448

Current Investment Commitment

Financing reference legacy-financing-AST-B1-025

Equity Investment

Near-term funding toward the initial 200 MW West Texas development.

• CleanCore Solutions · Sponsor

Financing reference 214 · Phase PHS-1434

Debt Financing

Construction of 245 MW critical IT data center and substation infrastructure.

• Metrobloks · Sponsor

Financing reference 207 · Phase PHS-1369

Asset Interest Acquisition Consideration

Digital Realty consideration for Blackstone interests in three Northern Virginia facilities: approximately USD1.231 billion cash plus shares; gross value USD7.8 billion including debt and remaining capex.

• Blackstone · Other
• Digital Realty Trust · Other

Financing reference 93

Equity Investment

Proposed 25% interest in the entity acquiring the Midwest property.

• Fluidstack · Sponsor

Financing reference 208 · Phase PHS-1371

Investment Commitment

SEC-reported total expected investment for the 10 MW AMS-1 Phase 4 expansion; not a facility valuation or debt instrument.

• Iron Mountain Data Centers · Borrower

Financing reference 183 · Phase PHS-1146

Investment Commitment

SEC-reported total expected investment for LON-3 future phases; not a debt financing or current facility valuation.

• Iron Mountain Data Centers · Borrower

Financing reference 185 · Phase PHS-1152

Investment Commitment

SEC-reported expected development investment for MIA-1; not a debt financing.

• Iron Mountain Data Centers · Borrower

Financing reference 186 · Phase PHS-1156

Investment Commitment

SEC-reported expected investment for the 4 MW NJE-1 expansion; not a facility valuation.

• Iron Mountain Data Centers · Borrower

Financing reference 184 · Phase PHS-1150

Strategic Compute Supply And Revenue Sharing Agreement

Agreement through 2034 with revenue sharing and credit support; USD 25-30 billion is expected customer offtake, not financing proceeds.

• Firmus Technologies · Compute Operator
• NVIDIA · Technology And Revenue Share Counterparty

Financing reference 102

20-Year Power Purchase Agreement

Long-term power agreement between Energy Forge One and Microsoft; price and committed offtake undisclosed.

• Chevron · Parent Sponsor
• Energy Forge One LLC · Power Seller
• Microsoft · Power Buyer

Financing reference 97 · Phase PHS-0571

Planned Project Investment

Site-specific campus investment plan; financing instrument, draw schedule and lender group not disclosed.

• Brookfield Asset Management · Platform Equity Sponsor
• DATA4 Group · Developer / Sponsor

Financing reference 106 · Phase PHS-0587

Debt Financing

Nomura financing for Phase 1; amount, tenor, security and borrower undisclosed.

• Digital Decarbonization Solutions Platform · Borrower
• Digital Decarbonization Solutions Platform · Developer Financing Recipient Role
• Nomura · Lender

Financing reference 35 · Phase PHS-0113

Investment Commitment

Platform financing supporting multiple markets including Japan; no Fuchu allocation.

• DayOne Data Centers · Sponsor

Financing reference 170

Investment Commitment

Reported restart-cost estimate; not an executed debt or equity facility.

Financing reference 55 · Phase PHS-0201

Debt Financing

Beacon Point Phase 1 data center and substation construction.

• Hut 8 · Sponsor

Financing reference 211 · Phase PHS-1404

Investment Commitment

Siemens turbine and generator equipment

• Hallador Energy · Borrower

Financing reference 173 · Phase PHS-0976

Planned Development Investment Envelope

Up-to amount for the physical campus; FT reported approximately one-third equity and two-thirds debt, with lenders undisclosed.

• Ardian · Equity Sponsor
• Verne · Developer / Investment Vehicle

Financing reference 111

Planned National AI Infrastructure Investment

Program envelope up to EUR 75 billion; first phase EUR 45 billion across three sites.

• SoftBank Group Corp. · Program Sponsor

Financing reference 100 · Phase PHS-0576

Announced Program Investment Envelope

First-phase investment across Dunkirk, Bosquel and Bouchain; not Bouchain-specific project financing.

• SoftBank Group Corp. · Sponsor

Financing reference 104 · Phase PHS-0576

Community Endowment Commitment

Planned community endowment jointly managed with Hauts-de-France interests; not construction financing.

• Sesterce · Community Commitment Partner
• SoftBank Group Corp. · Community Commitment Sponsor

Financing reference 101 · Phase PHS-0577

Corporate Financing Facility

Pure DC corporate-level facility; may support growth across the platform but no AUH01 allocation is disclosed.

• ABN AMRO · Named Financing Institution
• Allianz Global Investors · Named Financing Institution
• Pure Data Centres Group · Borrower
• SMBC · Named Financing Institution

Financing reference 134

Investment Commitment

Later approximately USD 45 million initial-investment wording; unresolved against USD 94 million and never summed.

• Equinix, Inc. · Sponsor

Financing reference 39 · Phase PHS-0118

Investment Commitment

Announced PHX01 investment.

• Prime Data Centers · Sponsor

Financing reference 243 · Phase PHS-1515

Investment Commitment

More-than amount for Prime's campus investment; no debt/equity close or customer spend allocation recorded.

• Prime Data Centers · Sponsor

Financing reference 31

Commercial Contract

Current corrected contract amount, excluding VAT, payable monthly by progress. It is a construction contract value, not evidence of project-level debt financing.

• Digital Seoul 2 Ltd. · Other
• DL E&C · Other

Financing reference 145 · Phase PHS-0837

Combined Sponsor Capital Program

Combined MXP1/MXP2 Milan capital deployment; no campus split.

• Aquila Group · Minority Equity Sponsor
• Bain Capital · Sponsor
• HSCALE · Developer

Financing reference 96

Closed Platform Acquisition

Goldman Sachs Alternatives acquired QScale with founders and management reinvesting; consideration undisclosed.

• Goldman Sachs Alternatives · Acquirer Investor
• Macquarie Capital · Buyer Financial Advisor
• National Bank Capital Markets · Buyer Financial Advisor
• QScale · Target
• Scotiabank · Seller Financial Advisor
• TD Securities · Seller Financial Advisor

Financing reference 127

Debt Financing

Committed financing from ABN AMRO, DNB, Eksfin, Nordea and SEB for the Norway campus.

• ABN AMRO · Lender
• DNB · Lender
• Export Finance Norway (Eksfin) · Other
• Nordea · Lender
• SEB · Lender

Financing reference 51 · Phase PHS-0191

Debt Financing

Uncommitted option for a further 115 MW; must not be treated as funded or added to committed debt.

• Nscale · Borrower

Financing reference 52 · Phase PHS-0192

Investment Commitment

Reported transaction amount; not a construction-financing commitment.

• Nebius · Other

Financing reference 143

Paired Campus Development Investment

Combined JHB3-JHB4 investment, approximately USD 3 billion; no campus allocation or financing instrument/lender list disclosed.

• AirTrunk · Developer And Investment Sponsor

Financing reference 112 · Phase PHS-0606

Debt Financing

Bridge commitment supporting the proposed Long Ridge acquisition.

• MARA Holdings · Sponsor

Financing reference 210 · Phase PHS-1379

Project Financing Value

Financing reference legacy-financing-AST-B2-001

Planned Campus Investment

Meta-announced campus investment; exact total and spend schedule undisclosed.

• Meta Platforms, Inc. · Owner / Sponsor

Financing reference 108 · Phase PHS-0593

Local Infrastructure Improvements Commitment

Road and water improvements. 5 million project fund until overlap is reconciled.

• Meta Platforms, Inc. · Funder

Financing reference 109 · Phase PHS-0593

Public Policy Loan

Policy loan for GAK/AI data-center expansion; reported as KRW340 billion strategic-industry funds plus KRW60 billion KDB participation.

• Korea Development Bank · Policy Lender Participant
• NAVER Corporation · Sponsor
• Public Growth Fund · Policy Lender

Financing reference 89

Investment Commitment

Nearly €200M invested in Poland; geographic scope is broader than a verified campus-only allocation and is not a financing close. Source wording: nearly EUR 200 million.

• DATA4 Group · Sponsor

Financing reference 154

Investment Commitment

DATA4 plans around €600M in Poland by 2030; not current spend or Jawczyce-only financing. Source wording: approximately EUR 600 million by 2030.

• DATA4 Group · Sponsor

Financing reference 155

Investment Commitment

TikTok investment/customer scope; not additive to DayOne's project estimate and not site financing.

• TikTok · Sponsor

Financing reference 17 · Phase PHS-0034

Debt Financing

Program-wide financing across Qatar, India and Southeast Asia.

• Asprofin Bank Corporation · Sponsor

Financing reference 217 · Phase PHS-1497

Investment Commitment

Planned CGK campus investment.

• Digital Edge · Sponsor

Financing reference 247 · Phase PHS-1528

Customer Funded Transmission Program

SB Energy commitment for AEP transmission supporting PORTS; approvals pending.

• AEP Ohio · Transmission Developer
• SB Energy · Funding Counterparty

Financing reference 99 · Phase PHS-0575

Announced Japanese Generation Funding

DOE-announced funding for the 9.2 GW gas-generation component; closing, investor and ownership details unresolved.

• SB Energy · Sponsor

Financing reference 98 · Phase PHS-0574

Sustainability Linked Holdco Facility

Closed PDG regional platform facility; no MU2 allocation. Separate from the planned up-to-USD5bn debt raise.

• Deutsche Bank · Lending Consortium Member
• Princeton Digital Group · Borrower / Financed Platform

Financing reference 137

Green Loan

TOK1-only refinancing of existing facilities and development capex for next phases. Company equivalent USD1.24 billion.

• AirTrunk · Financing Sponsor / Borrower Group; Legal Borrower Undisclosed
• BNP Paribas · Mandated Lead Arranger And Bookrunner
• Chiba Bank · Mandated Lead Arranger And Bookrunner
• Credit Agricole CIB · Global Coordinator And Mandated Lead Arranger/Bookrunner
• DBS Bank · Mandated Lead Arranger And Bookrunner
• E.SUN Commercial Bank · Mandated Lead Arranger And Bookrunner
• Mizuho Bank · Mandated Lead Arranger And Bookrunner
• MUFG · Global Coordinator And Mandated Lead Arranger/Bookrunner
• Natixis CIB · Mandated Lead Arranger And Bookrunner
• OCBC · Mandated Lead Arranger And Bookrunner
• SMBC · Global Coordinator And Mandated Lead Arranger/Bookrunner
• Societe Generale · Global Coordinator And Mandated Lead Arranger/Bookrunner
• UOB · Mandated Lead Arranger And Bookrunner

Financing reference 120 · Phase PHS-0648

Green Term Loan

Initial-phase land acquisition, development, construction and eligible sustainability costs. UOB and transaction counsel report THB28 billion; one OCBC public post reported THB27 billion.

• CIMB · Mandated Lead Arranger
• DayOne Data Centers · Sponsor
• Digitalland Services (Thailand) Co., Ltd. · Borrower
• HSBC · Mandated Lead Arranger
• Industrial and Commercial Bank of China · Mandated Lead Arranger
• Kasikornbank · Mandated Lead Arranger
• OCBC · Mandated Lead Arranger
• UOB · Deal Coordinator / Structuring Bank / Mandated Lead Arranger / Account Bank

Financing reference 119 · Phase PHS-0636

Debt Financing

Development and construction of 200 MW of contracted critical IT load.

• Applied Digital · Sponsor

Financing reference 212 · Phase PHS-1413

Debt Financing

Approved municipal financing/ownership mechanism supporting tax abatement; exact bond authorization, issuance amount and purchaser terms not captured.

• City of Independence · Other
• City of Independence · Municipal Issuer And Lessor Context
• Nebius · Borrower

Financing reference 26 · Phase PHS-0059

Construction Loan

Ameriabank financing for construction of the Armenia AI factory.

• ePLDT · Sponsor

Financing reference 220 · Phase PHS-1501

High Voltage Equipment Facility

Facility arranged by Cape; more than USD 100 million initially committed by Keystone.

• Cape Commercial Finance · Arranger
• Fermi Inc. · Sponsor
• Keystone National Group · Lender

Financing reference 118 · Phase PHS-0617

Investment Commitment

Current Form 10-K estimate; may change with final construction details and is not a debt instrument.

• Equinix, Inc. · Sponsor

Financing reference 159 · Phase PHS-0878

Investment Commitment

Minimum current campus investment; operator wording is over USD 10B and Reuters reports Meta covering the full investment at outset.

• Meta Platforms, Inc. · Sponsor

Financing reference 27 · Phase PHS-0078

Equipment Financing Facility

Up-to commitment for three Siemens F-class turbines and related equipment; not full project financing.

• Fermi Inc. · Sponsor And Indirect Borrower
• MUFG · Lender

Financing reference 117 · Phase PHS-0617

Debt Financing

Four-building Marienpark campus financing arranged by Standard Chartered.

• VIRTUS Data Centres · Borrower

Financing reference 180 · Phase PHS-1098

Debt Financing

Barber Lake construction through substantial completion.

• Cipher Digital · Sponsor

Financing reference 209 · Phase PHS-1373

Debt Financing

Black Pearl construction through substantial completion.

• Cipher Digital · Sponsor

Financing reference 206 · Phase PHS-1361

Investment Commitment

Planned investment described in county materials.

• CloudBurst Data Centers · Sponsor

Financing reference 239 · Phase PHS-1510

Debt Financing

Port KC authorization of up to USD 10 billion; Source amount stated in millions.

Financing reference 345

Investment Commitment

Planned El Paso investment.

• Meta · Sponsor

Financing reference 242 · Phase PHS-1514

Investment Commitment

First-phase project investment listed by Alberta.

• O’Leary Ventures · Sponsor

Financing reference 236 · Phase PHS-1503

Investment Commitment

Approximate SP7 phase 1 capex reported in Equinix's 10-K; values may change with final construction details and are not delivered asset value.

• Equinix, Inc. · Sponsor

Financing reference 146 · Phase PHS-0838

Planned Capital Investment Program

Approximately US$8 billion across existing and planned Japan projects; no OSK2 allocation.

• AirTrunk · Sponsor

Financing reference 94

Long Leasehold Acquisition

Long leasehold over 5.68-acre Amsterdam Westpoort site; consideration and term undisclosed.

• Port of Amsterdam · Lessor
• Pure Data Centres Group · Lessee

Financing reference 70

Investment Commitment

Three-year plan across Brazil, Mexico and Chile; no Querétaro allocation disclosed.

• Actis · Sponsor
• Terranova · Sponsor

Financing reference 156

Equity Investment

Platform-level GIC/ADIA investment partly used to acquire JHB1; not wholly attributable construction cost.

• Vantage Data Centers · Borrower

Financing reference 191 · Phase PHS-1241

Investment Commitment

Reported overall energy-campus redevelopment led by Knighthead Capital Management

• Homer City Redevelopment · Borrower

Financing reference 171 · Phase PHS-0924

Debt Financing

Federal Financing Bank loan guaranteed through DOE program; partially finances restart.

• Constellation Energy Generation, LLC · Borrower
• Federal Financing Bank · Lender
• U.S. Department of Energy, Energy Dominance Financing · Other

Financing reference 54 · Phase PHS-0201

Google Texas Investment Program

Financing reference legacy-financing-AST-B2-030

Investment Commitment

Announced project investment; not realized spend and excludes separate supporting-energy amount unless source later reconciles it. Source wording: announced investment exceeds USD 1 billion.

• Meta Platforms, Inc. · Sponsor

Financing reference 33 · Phase PHS-0105

Investment Commitment

Vantage-announced VA4 development investment; not a financing close or facility valuation.

• Vantage Data Centers · Borrower

Financing reference 189 · Phase PHS-1217

Company Minority Stake Transaction

Battery Global Advisors reported purchase of 20% of Anan at NIS1bn valuation; not project debt or Crusoe contract value. The disclosed value is a 20 percent stake, not a currency amount; canonical financing amount is intentionally blank. Percent stake is not an ISO currency; canonical currency is intentionally blank.

• Anan Data Centers · Investee Company
• Battery Global Advisors · Minority Investor

Financing reference 142

Investment Commitment

STANLIB investment across ADC Johannesburg and Cape Town expansion; amount and JHB2 allocation undisclosed.

• Cassava Technologies · Other
• STANLIB Infrastructure Investments · Sponsor

Financing reference 164

Debt Financing

Shared LIS001/LIS002 campus financing; Facility A €63m and Facility B €190m.

• AtlasEdge · Borrower

Financing reference 175 · Phase PHS-1036

Debt Financing

Shared LIS001/LIS002 campus financing; Facility A €63m and Facility B €190m.

• AtlasEdge · Borrower

Financing reference 174 · Phase PHS-1030

Customer Data Center Lease

More-than amount for 6 MW phase; customer and exact campus undisclosed.

• MEEZA QSTP-LLC · Service Provider
• Undisclosed MEEZA hyperscaler customer · Customer

Financing reference 116

Debt Financing

Advances development of the two-building TKY01 campus; not operating capacity.

• STACK Infrastructure · Borrower

Financing reference 188 · Phase PHS-1204

Debt Financing

Lancium Clean Campus strategy beginning with Abilene; project allocation not fully disclosed

• Cantor Fitzgerald · Adviser
• Lancium · Borrower
• Santander · Adviser
• Santander · Arranger

Financing reference 2

Investment Commitment

Operator described investment as more than EUR 350 million; recorded as the disclosed floor, not a financing close.

• Vantage Data Centers · Borrower

Financing reference 193 · Phase PHS-1254

Equity Investment

Platform-level funding context; no site-level amount is inferred.

• Prime Data Centers · Borrower

Financing reference 200 · Phase PHS-1306

Equity Investment

Platform-level funding context; no site-level amount is inferred.

• Prime Data Centers · Borrower

Financing reference 201 · Phase PHS-1308

Equity Investment

Platform-level funding context; no site-level amount is inferred.

• Prime Data Centers · Borrower

Financing reference 199 · Phase PHS-1304

Equity Investment

Platform-level funding context; no site-level amount is inferred.

• Prime Data Centers · Borrower

Financing reference 198 · Phase PHS-1303

Equity Investment

Snowhawk/Nuveen platform investment, terms undisclosed; not attributed to an individual Silicon Valley facility.

• Prime Data Centers · Borrower

Financing reference 197 · Phase PHS-1298

Minimum Initial Investment

Financing reference legacy-financing-AST-B3-011

Initial Investment

Financing reference legacy-financing-AST-B1-005

Second Facility Investment

Financing reference legacy-financing-AST-B1-006

Investment Commitment

Source says more than €2B; no debt/equity or site financing allocation disclosed.

• Brookfield Infrastructure · Other
• DATA4 Group · Sponsor

Financing reference 18

Commercial Contract

Reported total price for an approximately 200-acre contract that was denied; not financing or closed transaction.

• City of College Station · Other
• Priority Power Management, LLC · Other

Financing reference 15 · Phase PHS-0031

Investment Commitment

Operator-reported SCL03 investment. It is project capex context, not evidence of a debt financing close.

• Ascenty · Sponsor

Financing reference 150 · Phase PHS-0851

Debt Financing

Primarily Falun and Borlänge; no site allocation, so amount is contextual for Falun.

• Deutsche Bank Private Credit and Infrastructure · Lender
• EcoDataCenter · Borrower

Financing reference 22

Platform Debt Facility

Deutsche Bank debt supporting EcoDataCenter expansion including Falun and Borlänge; no project allocation.

• Deutsche Bank · Lender
• Export Development Canada · Borrower / Financed Platform

Financing reference 139

Investment Commitment

Long-term investment supporting the New Zealand cloud region.

• Amazon Web Services · Sponsor

Financing reference 218 · Phase PHS-1498

Commodity Murabaha Facility

Portfolio facility for 44 MW expansion; no project-cost allocation.

• Dukhan Bank · Lender
• MEEZA QSTP-LLC · Borrower

Financing reference 114

Investment Commitment

Announced full-development investment.

• Vantage Data Centers · Sponsor

Financing reference 238 · Phase PHS-1507

Debt Financing

Phase I project financing led by Deutsche Bank; reported 80% loan-to-cost and 36-month tenor.

• Deutsche Bank · Lender
• Galaxy Helios I LLC · Borrower

Financing reference 47 · Phase PHS-0182

Equity Investment

Galaxy equity contribution for Phase I financing package.

• Galaxy Digital · Sponsor

Financing reference 48 · Phase PHS-0182

Investment Commitment

DayOne aggregate project estimate; no financing sources or spend schedule disclosed.

• DayOne Data Centers · Sponsor

Financing reference 16

Investment Commitment

Additional planned investment in New Albany.

• Amazon Web Services · Sponsor

Financing reference 245 · Phase PHS-1524

Real Estate Acquisition Consideration

Purchase of NEST 11 and adjacent 27 acres; separate from construction capex and tax credit.

• CoreWeave · Buyer; Affiliate Ownership Structure
• Machine Investment Group · Seller; Former Landlord
• Newmark · Seller Broker
• Onyx Equities · Seller; Former Landlord

Financing reference 72

Equity Investment

Initial 20-MW historical Stargate phase; includes more than $250M sponsor equity in aggregate, equally funded by Nscale and Aker.

• Aker ASA · Sponsor
• Nscale · Sponsor

Financing reference 50 · Phase PHS-0190

Investment Commitment

Planned Montereau redevelopment investment.

• OpCore · Sponsor

Financing reference 244 · Phase PHS-1521

Debt Financing

Funds the next phase of MEL01 development; not a campus valuation or evidence that 180 MW is operating.

• STACK Infrastructure · Borrower

Financing reference 187 · Phase PHS-1200

Investment Commitment

Nearly $3B planned campus investment; no lender, close or spent-to-date allocation disclosed. Source wording: nearly USD 3 billion.

• Vantage Data Centers · Sponsor

Financing reference 166 · Phase PHS-0900

Investment Commitment

More-than amount for local/national economic investment; financing structure and draw schedule undisclosed.

• CyrusOne · Sponsor

Financing reference 32

Investment Commitment

NEXTDC project commitment; no separate debt/equity package disclosed.

• NEXTDC Limited · Sponsor

Financing reference 29 · Phase PHS-0084

Announced Investment Envelope

Sweden AI-infrastructure program centered on Strängnäs and potentially later sites; not a closed Strängnäs financing.

• Brookfield Asset Management · Sponsor

Financing reference 107 · Phase PHS-0589

Investment Commitment

Planned campus investment.

• EdgeCore Digital Infrastructure · Sponsor

Financing reference 240 · Phase PHS-1511

Capital Investment

Financing reference legacy-financing-AST-B4-001

Investment Commitment

Investment program for Campus AI.

• MGX · Sponsor

Financing reference 237 · Phase PHS-1506

Investment Commitment

Announced campus investment.

• Compass Datacenters · Sponsor

Financing reference 241 · Phase PHS-1512

Investment Commitment

Fifteen-year investment supporting construction and operation of the Chile region.

• Amazon Web Services · Sponsor

Financing reference 219 · Phase PHS-1499

Investment Commitment

TikTok Project Clover investment; not property valuation, Hyperco financing or DayOne capital.

• Hyperco Oy · Other
• TikTok · Sponsor

Financing reference 20 · Phase PHS-0042

Investment Commitment

Economic-impact report estimate for three completed buildings; not a debt or equity financing close.

• Green Mountain · Borrower

Financing reference 196 · Phase PHS-1293

Debt Financing

IFC loan to multi-country Raxio portfolio; zero amount allocated to ET1.

• International Finance Corporation · Lender
• Raxio Group · Borrower

Financing reference 37

Joint Venture Equity Contribution

Approximate Digital Realty contribution for a 50% interest in two data centers and adjacent land; not facility debt.

• Bersama Digital Infrastructure Asia · Joint Venture Counterparty
• Digital Realty Trust · Equity Investor

Financing reference 129

Investment Commitment

Minimum amount because source says over USD 450M upon completion; no phase allocation.

• Aligned Data Centers · Sponsor
• Aligned Data Centers · Parent Company Context
• ODATA · Sponsor

Financing reference 30 · Phase PHS-0090

Equity Investment

Areim DC Fund level; growth capital for EcoDataCenter, not Falun-only.

• Areim · Adviser
• Areim DC Fund · Other
• Areim DC Fund · Capital Vehicle

Financing reference 23

Owner Level Institutional Capital

Areim capital for EcoDataCenter growth; no site allocation.

• Areim · Capital Sponsor
• Export Development Canada · Capital Recipient / Operating Platform

Financing reference 138

Investment Commitment

Expansion investment announced by West Jordan; Source amount stated in millions.

Financing reference 349

Land And Building Acquisition

SoftBank purchase of relevant Sakai land/buildings; not construction financing or total project cost.

• Sharp Corporation · Other
• SoftBank Corp. · Other

Financing reference 68 · Phase PHS-0402

Commercial Contract

Incremental contracted revenue for additional 70 MW; commercial contract, not capex financing.

• Core Scientific, Inc. · Other
• CoreWeave · Other

Financing reference 53 · Phase PHS-0200

Debt Financing

Village documents for up to USD 7.5 billion in 2025 Greater Kudu expansion bonds; Source amount stated in millions.

Financing reference 347

Group Debt Financing

DATA4 group financing; EUR 1.1 billion is a stated suballocation for greenfield projects/acquisitions, not an Escaudain commitment.

• Brookfield Asset Management · Equity Sponsor
• DATA4 Group · Borrower

Financing reference 105 · Phase PHS-0586

Investment Commitment

Announced Hercules campus investment.

• AVAIO Digital · Sponsor

Financing reference 246 · Phase PHS-1526

Original Investment

Financing reference legacy-financing-AST-B1-024

Committed Credit Facility

Specifically supports Q01 phases 3 and 4; separate C$150m accordion is uncommitted.

• Desjardins Group · Administrative Agent Lead Arranger Bookrunner And Lender
• Export Development Canada · Lender
• Scotiabank · Lender

Financing reference 125 · Phase PHS-0720

Investment Commitment

Initial SG6 investment announcement; not a project-financing close.

• Equinix, Inc. · Sponsor

Financing reference 158

Investment Commitment

Operator reports each typical customer hall involves about NOK 250–300 million. This lower-bound record is construction-cost context, not a financing close or amount for every hall.

• Lefdal Mine Data Centers · Other

Financing reference 147 · Phase PHS-0841

Investment Commitment

Upper bound of the same typical-hall investment range; no hall count or funding instrument is inferred.

• Lefdal Mine Data Centers · Other

Financing reference 148 · Phase PHS-0841

Announced Sponsor Capital Program

Initial investment across three campuses; not allocated by site and not evidence of debt.

• Microsoft · Sponsor

Financing reference 121

Land Acquisition Consideration

Approximate purchase price before taxes and transaction costs, with progressive parcel settlement across FY25. This is an acquisition transaction, not construction financing or total project cost.

• NEXTDC Limited · Other

Financing reference 67 · Phase PHS-0391

Forward Takeout

Initial two buildings, 206 MW, 998,000 square feet

• Blue Owl Capital funds · Sponsor
• Crusoe · Joint Venture Partner
• Primary Digital Infrastructure · Adviser
• Primary Digital Infrastructure · Sponsor

Financing reference 1 · Phase PHS-0001

Announced Sponsor Capital Program

Combined Dorchester investment for both campuses; no site split.

• Google · Sponsor

Financing reference 122

Investment Commitment

More than €300M for the new Greek campus; exact schedule, spend-to-date and instrument undisclosed.

• DATA4 Group · Sponsor

Financing reference 153 · Phase PHS-0859

Investment Commitment

Combined SPO2/SPO3 acquisition and up-to-100 MW expansion program; no site allocation or financing close disclosed.

• Elea Data Centers · Sponsor
• Piemonte Holding · Joint Venture Partner

Financing reference 168

Investment Commitment

Piemonte estimate across SPO2 and SPO3; not purchase price and not allocated by site.

• Piemonte Holding · Other

Financing reference 169

Regional Platform Loan

IFC financing to WIOCC for regional data-center and fiber expansion; no LOS1 allocation.

• International Finance Corporation · Lender
• WIOCC Group · Borrower

Financing reference 130

Regional Platform Loan

IFC financing to WIOCC for regional data-center and fiber expansion; no LOS1 allocation.

• International Finance Corporation · Lender
• WIOCC Group · Borrower

Financing reference 131

Regional Platform Loan

Proparco financing to WIOCC for regional expansion; no LOS1 allocation.

• Proparco · Lender
• WIOCC Group · Borrower

Financing reference 132

Planned Nigeria Loan

The announcement described a planned RMB loan; closing status and LOS1 allocation have not been publicly disclosed.

• Rand Merchant Bank · Planned Lender
• WIOCC Group · Planned Borrower

Financing reference 133

Investment Commitment

Original Phase 1/project investment; conflicts with later approximately USD 45 million official description.

• Equinix, Inc. · Sponsor

Financing reference 38 · Phase PHS-0118

Investment Commitment

AWS European Sovereign Cloud investment through 2040; not allocated to Brandenburg sites or a single phase.

• Amazon Web Services · Sponsor

Financing reference 28

Indiana Investment

Financing reference legacy-financing-AST-B1-047

Hoosier Business Investment Credits

Financing reference legacy-financing-AST-B1-052

Investment Commitment

Direct ZRH2 campus investment announcement; not described as a debt close.

• Vantage Data Centers · Sponsor

Financing reference 25 · Phase PHS-0051

Debt Financing

Benefits STACK Milan campuses; no MIL01-only allocation disclosed.

• STACK Infrastructure · Borrower

Financing reference 24

Investment Commitment

Loan funds development of TPE11; not represented as total project cost.

• Cathay United Bank · Lender
• CTBC Bank · Lender
• Vantage Data Centers · Sponsor

Financing reference 165 · Phase PHS-0897

Project Capital Investment

Site-specific Waltham Cross investment announcement.

• Google · Sponsor

Financing reference 95

Initial Joint Venture Equity Contribution

Approximate initial Blackstone contribution for an 80 percent interest; remaining development costs funded pro rata.

• Blackstone · Initial 80 Percent Equity Investor
• Digital Realty Trust · Initial 20 Percent Equity Investor And Manager

Financing reference 92

Reported Company Bank Loan

Reported company bank loan for Anan's buildout; the amount is not allocated specifically to Afula.

• Anan Data Centers · Borrower
• Mizrahi Tefahot Bank · Lender

Financing reference 140

Reported Founder Equity

Reported founder equity for Anan; the amount is not allocated specifically to Afula.

• Anan Data Centers · Equity Recipient

Financing reference 141

Investment Commitment

Reported Paris 2 development investment; not attributed as third-party project debt.

• Colt Data Centre Services · Borrower

Financing reference 178 · Phase PHS-1077

Commercial Contract

Reported purchase price for approximately 280-acre main campus site.

• Jimnist, LLC · Other
• University of Minnesota · Other

Financing reference 56 · Phase PHS-0206

Investment Commitment

EcoDataCenter 1 Falun expansion announcement.

• EcoDataCenter · Sponsor
• EcoDataCenter · Sponsor And Borrower Context

Financing reference 21 · Phase PHS-0045

Investment Commitment

Operator-reported cumulative WA1 campus investment.

• Vantage Data Centers · Borrower

Financing reference 190 · Phase PHS-1219

Investment Commitment

State-government announced investment plan; no lender, financing close or spend-to-date is verified.

• CloudHQ · Sponsor

Financing reference 161

Investment Commitment

Multiyear Plano investment announcement; Source amount stated in millions.

Financing reference 346

Equity Investment

Approximate total Brookfield equity investment in the DATA4 platform. Included only as sponsor-transaction context; it is not MIL01 financing, capex or asset value.

• Brookfield Infrastructure · Sponsor
• DATA4 Group · Other

Financing reference 151 · Phase PHS-0852

Growth Equity Investment

Aligned strategic investment for future Q01 phases and other campuses; consideration undisclosed.

• Aligned Data Centers · Investor
• QScale · Issuer Target

Financing reference 126

Construction Loan

Debt facility covering 17 MW Chennai 1 phase 1 and 50 MW Noida in aggregate. No proceeds are allocated to Chennai, so the full amount must not be presented as Chennai project financing.

• AdaniConneX · Borrower
• ING Bank · Lender
• Mizuho Bank · Lender
• MUFG · Lender
• Natixis CIB · Lender
• SMBC · Lender
• Standard Chartered Bank · Lender

Financing reference 149 · Phase PHS-0846

Investment Commitment

Shared two-building Pune expansion program; not a facility valuation.

• STT GDC India · Borrower

Financing reference 177 · Phase PHS-1062

Investment Commitment

Shared two-building Pune expansion program; not a facility valuation.

• STT GDC India · Borrower

Financing reference 176 · Phase PHS-1059

Commercial Contract

Galaxy acquisition of Helios from Argo Blockchain.

• Argo Blockchain · Other
• Galaxy Digital · Other

Financing reference 46

Investment Commitment

Africa Data Centres' broader hyperscale plan across Africa; no Nairobi allocation is disclosed.

• Africa Data Centres · Sponsor
• Cassava Technologies · Other

Financing reference 160

Commercial Contract

Sale of the Aligned 75-acre campus parcel; consideration undisclosed.

• Aligned Data Centers · Other
• Quantum Loophole · Other

Financing reference 71

Announced Sponsor Investment

AZ1 development investment; not a project-debt instrument.

• Vantage Data Centers · Sponsor

Financing reference 123

Investment Commitment

Operator-announced Chicago program; not a financing close or current valuation.

• Prime Data Centers · Borrower

Financing reference 194 · Phase PHS-1275

Investment Commitment

TDLR estimate for the HOU3 fit-out, not total campus investment or a financing close.

• CyrusOne · Borrower

Financing reference 202 · Phase PHS-1337

Platform Majority Equity Acquisition

Digital Realty acquisition of majority interest in Teraco; platform transaction, not CT2 financing.

• Digital Realty Trust · Buyer Equity Sponsor
• Teraco Data Environments · Target Company

Financing reference 69

Investment Commitment

Operator described investment as more than $1 billion for the campus; recorded conservatively as the disclosed floor.

• Vantage Data Centers · Borrower

Financing reference 192 · Phase PHS-1242

Reported Campus Investment

Groundbreaking release described a USD 250 million campus; capital structure, draw schedule and current spend remain undisclosed.

• Kasi Cloud Datacenters · Developer / Investment Recipient
• Nigeria Sovereign Investment Authority · Foundational Investor

Financing reference 110

Investment Commitment

TDLR estimate for one data-hall fit-out, not total campus investment.

• CyrusOne · Borrower

Financing reference 205 · Phase PHS-1350

Construction Loan

Facility financing disclosed in SEC filings without a stated aggregate project total.

Financing reference 344

Investment Commitment

TDLR estimate for SAT VI, not campus-wide investment.

• CyrusOne · Borrower

Financing reference 204 · Phase PHS-1346

Equity Investment

Meridiam platform investment alongside Roha; zero amount allocated to ET1.

• Meridiam · Sponsor
• Roha Group · Sponsor

Financing reference 36

Investment Commitment

Prime/Macquarie ten-year platform target; no amount is allocated to Austin.

• Prime Data Centers · Borrower

Financing reference 195 · Phase PHS-1292

Sustainable Project Finance

Nabiax platform financing linked to ESG indicators; retained as context and not allocated to Alcalá or ADC3.

• Nabiax · Borrower / Financed Platform

Financing reference 128

Equity Investment

Combined Eemshaven and Groningen acquisition price including closing costs; not a standalone EEM facility valuation.

• QTS Data Centers · Borrower

Financing reference 181 · Phase PHS-1127

Equity Investment

Combined Groningen and Eemshaven acquisition price; not a standalone GRO valuation.

• QTS Data Centers · Borrower

Financing reference 182 · Phase PHS-1139

Investment Commitment

TDLR estimate for SAT Building 3, not campus-wide investment.

• CyrusOne · Borrower

Financing reference 203 · Phase PHS-1344

Investment Commitment

Approximate federal project value; Source amount stated in millions.

Financing reference 348

Investment Commitment

ADC South Africa expansion facility arranged by RMB; no JHB2 allocation disclosed.

• Africa Data Centres · Borrower
• Cassava Technologies · Sponsor
• Rand Merchant Bank · Arranger

Financing reference 163

Investment Commitment

Ultimate anticipated FRA7 investment; current spend and capital stack undisclosed. Source wording: anticipated investment exceeds EUR 1 billion.

• CyrusOne · Sponsor

Financing reference 34 · Phase PHS-0107

Investment Commitment

Proposed project cost reported before withdrawal; not financing, spend or committed capital.

• Energy Storage Solutions LLC · Sponsor

Financing reference 167

Investment Commitment

Phase 2 estimated capex in 2025 Form 10-K; forecast, not realized spend.

• Equinix, Inc. · Sponsor

Financing reference 40 · Phase PHS-0119

Investment Commitment

More than $1.6B since 2011 for construction, expansion, outfitting and continuous upgrading; not a debt financing or current asset value.

• Google · Sponsor

Financing reference 152

Investment Commitment

Sources say more than $1B; no site financing structure disclosed.

• Meta Platforms, Inc. · Sponsor

Financing reference 19

Investment Commitment

Operator-marketed campus investment figure; not a financing close or spent-to-date value.

• Stream Data Centers · Sponsor

Financing reference 162 · Phase PHS-0889