Electron Economics

Electron Economics

Who wears the risk: the hidden asymmetry in AI data center financing

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ElectronEconomics
Apr 15, 2026
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AI data center financing: who’s renting flexibility and who’s warehousing risk

Executive summary

The strongest balance sheets in the AI data center market — Meta, Microsoft, Google, Amazon — have used their covenant strength to do something specific and rational: rent flexibility while passing duration risk, technology obsolescence risk and rollover risk …

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