Mistral borrowed $830 million from a seven-bank consortium for a Paris data center. Meta formed a $27 billion joint venture with Blue Owl for a gigawatt-scale Louisiana campus. Nvidia is backing up to $105 billion of financing for an OpenAI site in Ohio.
Each shifts risk differently. Bank debt is secured against assets and contracts. Joint ventures move capacity off the sponsor's balance sheet. Vendor financing ties the supplier's fortunes to the customer's. As spending approaches $1 trillion a year, understanding who bears the risk if demand disappoints is as important as the totals.
Source: CNBC