Credit conditions are tightening in the AI data center financing market, with bond issuances at a discount becoming common and multiple banks adopting a more cautious approach to lending.

According to Wall Street Insights, the AI data center financing market is experiencing a significant credit tightening, with financing costs rapidly escalating. Bond investors are demanding higher discounts and more favorable terms. For example, Bitcoin miner CleanSpark issued $2.3 billion in bonds earlier this month at 98.5 cents on the dollar with a 7.875% coupon, one of the most deeply discounted deals in the past year. Morgan Stanley data shows that all four high-yield data center bond transactions since July have been sold at a discount. Meanwhile, institutions such as Société Générale, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Financial Group have become more cautious about data center project loans. Oracle's New Mexico project issued a force majeure notice due to power supply delays, leading to stricter scrutiny from lenders. Macro interest rate pressures, coupled with the "crowding out effect" from hyperscale tech companies (such as Amazon, Google, and Microsoft), are exacerbating market stress. The IPO market also faces volatility, and the financing window for the AI construction boom is narrowing.