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AI data centers are usually financed with a stack of equity, secured debt, customer-backed lease commitments and electricity contracts. The three contracts at the center of that stack do different jobs: a loan advances capital to the project owner, a data-center lease pays for capacity or facilities, and a power contract secures electricity, generation revenue or both. They can reinforce one another, but none is a substitute for the others.
A lender may rely on future rent, electricity revenue, asset collateral, reserves and guarantees when deciding whether to fund construction. A customer may provide a deposit or parent guarantee that improves bankability. A utility agreement may show that power can be delivered, while a separate lease determines who pays for the data-center space. The exact combination is transaction-specific; the disclosed examples below do not establish a market-wide financing formula.
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The three contracts are separate pieces of one capital stack
| Contract | Typical parties | What it provides | How it can support financing |
|---|---|---|---|
| Project loan or secured debt | Project subsidiary or owner and lenders | Construction and operating capital, usually secured by project assets and contracted cash flows | Funds the facility before revenue starts; repayment follows the loan’s waterfall, reserves and covenants |
| Data-center lease or capacity agreement | Facility owner and compute customer | Use of a building, power-delivery infrastructure, cooling, connectivity and agreed IT capacity | Contracted rent or fixed service charges can become the project’s operating cash flow |
| Electricity service agreement, PPA or related power contract | Utility or power developer and the site owner, operator or customer | Electricity supply, delivered capacity, energy pricing or revenue from generation and related attributes | Demonstrates a path to energization and can create a separate, long-term revenue stream |
The borrower, tenant and power buyer may be different legal entities. A project subsidiary can own the land improvements, permits, customer contracts and power arrangements while a parent company contributes equity or guarantees obligations. “Project financing” therefore does not automatically mean non-recourse financing: a secured loan can still include corporate, parent or completion guarantees.
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1. Equity starts the project
The developer normally contributes cash or other equity before lenders fund the full construction budget. Equity absorbs losses first and demonstrates commitment to completing the site. Contributions may come from the developer, a joint-venture partner or an infrastructure investor. The project company can then borrow against the assets and expected cash flow, rather than requiring the developer to pay the entire cost up front.
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2. A project subsidiary ring-fences contracts and assets
Many structures place the land, permits, equipment, lease, power contract and debt in a special-purpose subsidiary. This makes the collateral and cash-flow path easier to identify. Lenders still examine the parent company’s guarantees, completion obligations and ability to provide additional support. They also check whether key contracts can be assigned to lenders if the project fails.
3. Customer money reduces the funding gap
A compute customer may provide a deposit, prepayment or letter of credit. A long-term capacity contract can also allow the owner to raise debt against expected monthly charges. These forms of support address different risks: a deposit supplies early cash, a prepayment advances future revenue, and a letter of credit provides a defined draw right if the customer does not pay. None eliminates construction, power-delivery or operating risk.
4. Debt is sized to a repayment source
Lenders model when the site will be completed, energized and producing cash. They test contracted rent, power revenue, asset values, operating costs, interest, reserves and downside cases such as delays or tenant default. The loan documents specify what cash is swept to interest and principal, what must remain in debt-service reserves and which additional borrowings or distributions are restricted.
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A secured project loan can pay for construction, equipment, fees, capitalized interest and reserves. It can also reimburse eligible costs already incurred. The facility commitment is not the same as money already drawn: an “up to” amount may be available only after conditions are met, and borrowing is often advanced in stages as work is certified.
Cipher Mining’s Black Pearl example
Cipher Mining’s 2026 financing presentation describes $2.0 billion of secured debt issued by Black Pearl Compute LLC for a 300 MW gross, 216 MW critical-IT-capacity high-performance-computing facility leased to Amazon. The stated uses include construction, reimbursement of prior capital spending, debt-service reserves, construction-period interest and fees.
The presentation says lease payments are intended to fund mandatory amortization. It also describes a parent completion guaranty, construction-overrun coverage and an Amazon guarantee of base rent and operating expenses. Initial rent commencement was targeted for October 2026, with final-phase commencement targeted for March 2027. Those dates are transaction targets, not evidence that every phase had been delivered or that rent had already been collected.
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Galaxy Digital’s Helios facility
Galaxy Digital’s annual report filed in 2026 says a project subsidiary entered a Deutsche Bank credit agreement on August 15, 2025, for an up to $1.4 billion senior secured term loan facility to finance the first phase of the Helios campus. “Up to” describes the facility’s maximum commitment; it should not be read as proof that the full amount was drawn.
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A lease transfers the right to use capacity or facilities in return for rent or service charges. The agreement normally defines the delivered capacity, commissioning tests, power and cooling obligations, availability standards, operating expenses, escalation, renewal rights and termination remedies. A customer can owe a fixed monthly charge even when its actual compute utilization varies, or it can pay a usage-linked amount. The financing impact depends on which structure is signed and enforceable.
Rent begins only after contractual conditions are met
Large campuses often deliver in phases. A lease may specify a substantial-completion test, energization milestone, acceptance procedure or ready-for-service date before rent starts. Debt can therefore be outstanding while the project is still generating no lease revenue. Completion guarantees, interest reserves and staged draws help bridge that period.
Customer credit is central
Contracted rent is valuable only to the extent that the tenant can and will pay. Lenders examine the tenant’s financial strength, the enforceability of any parent or affiliate guarantee, security deposits, letters of credit and termination rights. Concentrating a campus’s revenue in one customer can improve visibility while increasing exposure to that customer’s default or downsizing.
AIB Data Centers describes long-term AI and high-performance-computing capacity agreements with fixed monthly service charges and possible parent or affiliate credit support, deposits, prepayments or letters of credit. The same company’s 2026 Form 10-Q states that its prospective CLT-01 lease was not definitive as of August 13, 2026 and remained subject to negotiation, diligence, credit review, financing and approvals. A proposed term sheet, letter of intent or management expectation is not equivalent to a signed lease.
What power contracts cover
Utility service agreements
An electric service agreement is a commitment by a utility to serve a site under stated capacity, connection and construction conditions. It may require substation work, transmission upgrades, deposits or milestone payments. Execution of the agreement is evidence of a contractual path to service, not proof that all infrastructure is complete or that electricity is already flowing.
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Power purchase agreements
A PPA generally governs the sale of electricity from a generating project, along with pricing, volume, delivery point, renewable attributes and term. It can give a power developer predictable revenue that supports generation financing. A data-center owner may buy under a PPA while separately leasing computing capacity to a customer.
Co-located generation and other arrangements
A campus may combine on-site generation, utility service, a PPA, an energy hedge or a capacity arrangement. Each document has its own counterparty, product, price, credit support and failure remedies. The power-side contract does not give the customer a right to use the data-center building, and the data-center lease does not guarantee that generation or utility upgrades will be completed.
AIB says its development approach requires deliverable utility capacity evidenced by an executed electric service agreement, PPA or equivalent before significant capital is committed. The practical question is what “deliverable” means in that document: available megawatts, interconnection completion, generation milestones and the date on which the customer can actually draw power.
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SB Energy’s disclosed portfolio characteristics
SB Energy’s 2026 registration statement describes subsidiaries that hold project assets and contracts and report revenue from rent and/or sales of electricity and related attributes. For the projects covered by that filing, it says PPA terms typically range from 10 to 25 years and initial data-center lease terms generally range from 15 to 20 years. Those are characteristics of SB Energy’s disclosed portfolio, not universal industry terms.
How the contracts reinforce one another
- Power availability supports construction decisions. An executed utility or power agreement can establish that the site has a route to electricity, subject to its conditions and delivery schedule.
- Construction creates a usable facility. The owner spends equity and debt on land improvements, substations, buildings, cooling, network systems and IT infrastructure.
- Commissioning activates the lease. Once the contracted capacity passes acceptance tests, rent or fixed service charges can begin, often by phase.
- Operating cash services debt. The loan documents direct rent and other project revenue through operating costs, reserves, interest and mandatory principal amortization.
- Power revenue may sit beside rent. Where the project also owns generation or sells electricity and environmental attributes, that revenue follows a separate contract and accounting path.
The structure works only if the dependencies line up. A signed lease without available power cannot produce the promised service. Power capacity without a creditworthy tenant may not support enough debt. Debt without reserves or completion support can leave the project short of cash before its first revenue milestone.
Who takes which risk?
| Risk | Questions in financing documents | Typical mitigants |
|---|---|---|
| Construction and cost overruns | Who pays if the facility costs more or is late? | Equity contributions, contingency budgets, completion guarantees, retainage and overrun support |
| Power delivery | When are interconnection, generation and utility upgrades complete? | Milestones, security deposits, alternative supply, delay remedies and phased energization |
| Tenant default | Can the customer pay through a delay or downturn? | Parent guarantees, deposits, prepayments, letters of credit and termination payments |
| Utilization | Are charges fixed, usage-based or dependent on expansion? | Minimum monthly commitments, take-or-pay provisions and contracted capacity |
| Debt repayment | What cash is swept to lenders and what reserves must remain? | Cash waterfalls, debt-service reserves, covenants and restrictions on distributions |
| Concentration | What happens if one tenant or power buyer leaves? | Diversified customers, assignment rights, replacement-tenant plans and conservative underwriting |
A practical financing timeline
Site selection and power diligence
The developer verifies land control, zoning, fiber, water or cooling resources and a credible electricity path. It reviews the utility’s available capacity, interconnection queue, required upgrades and any generation dependencies before committing major capital.
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Commercial contracting
The parties negotiate the lease or capacity agreement, power contract, guarantees, deposits and acceptance tests. At this stage, distinguish a definitive executed contract from a letter of intent, preliminary proposal or conditional commitment.
Financial close
Lenders confirm permits, engineering, construction contracts, insurance, title, customer credit, power conditions and the project’s sources and uses. The loan may close with delayed-draw mechanics so money is advanced as milestones are met.
Construction and commissioning
Debt may fund work and capitalized interest before revenue begins. Independent engineers, inspectors and lenders monitor completion, cost-to-complete estimates and energization. A phased campus can have separate draw, acceptance and rent dates.
Operations and amortization
After acceptance, the owner invoices rent or service charges and pays electricity and operating costs. The loan waterfall applies available cash to required reserves, interest and principal. Expansion phases may require new equity, additional debt or amended customer and power contracts.
How to evaluate a proposed financing
- Identify every legal entity. Record who owns the land, shell, power assets and IT equipment; who borrows; and which parent entities provide guarantees.
- Trace the repayment source. Separate fixed rent, usage charges, electricity sales, attribute revenue and residual asset value.
- Read the conditions precedent. Look for permits, interconnection, substantial completion, acceptance testing, insurance and minimum customer credit requirements.
- Check the cash waterfall. Confirm reserve funding, mandatory amortization, optional prepayment rules, distribution tests and default triggers.
- Test support instruments. A completion guarantee protects delivery risk; a tenant guarantee protects payment risk; a deposit or letter of credit has its own amount, expiry and draw conditions.
- Match dates to evidence. Label every capacity figure, rent start and funding amount as operating, committed, targeted, expected or conditional.
- Separate accounting categories. Financial-statement lease liabilities, funded debt, purchase commitments and contingent guarantees are distinct. They should not be added together as though they were all current cash borrowings.
Common misconceptions and how to avoid them
“A lease is the financing.”
A lease is a customer payment obligation. It may support a loan, but it does not itself provide the construction capital unless the contract includes a deposit, prepayment or another funding mechanism.
“A power agreement means the campus is energized.”
It means the parties have agreed to a service or purchase arrangement. Interconnection, substations, generation, testing and delivery milestones still determine when usable power arrives.
“Project-level debt is automatically non-recourse.”
The lender may still have a parent guarantee, completion support, collateral claims or other recourse. Read the guarantee and security documents rather than relying on the label.
“Announced capacity equals operating capacity.”
Gross megawatts, critical IT capacity, contracted capacity and delivered capacity are different measures. A target phase date is not proof of completed construction or collected rent.
“A facility limit equals drawn debt.”
An “up to” commitment can remain partly undrawn, subject to milestones and lender conditions. Report the commitment and outstanding balance separately.
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What the disclosed examples establish—and what they do not
The Cipher, Galaxy Digital, AIB and SB Energy filings show several workable combinations of secured debt, customer leases, power contracts, guarantees and reserves. They demonstrate why lenders focus on completion, energization, counterparty credit and cash-flow enforceability. They do not provide a defensible statistic for the percentage of AI data centers financed by debt, leases or PPAs, nor do they prove that one structure is standard for the entire sector.
Bloom Energy’s 2025 Form 10-K, filed in 2026, offers a related cross-sector caution: customer creditworthiness can limit third-party financing for PPAs, capacity agreements and leases. That discussion concerns energy-server arrangements rather than a universal data-center template, but the underlying underwriting issue is the same—future contracted payments must come from a counterparty whose support is real, enforceable and sized to the risk.
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