Lenders are narrowing their appetite for the high-stakes credit required to build the next generation of AI infrastructure. Financing for these facilities is becoming more expensive as bond investors now require larger concessions and major banks implement more restrictive lending terms. The Information reports that this shift in the capital market could make it difficult for developers to secure the money needed to fund their planned projects.

MUFG and SMBC have already reduced their presence in the sector after dominating early lending. In 2025, MUFG participated in 15 of the 25 largest data center deals, while SMBC was in 7, including financing for CoreWeave, Stargate, and a $15B bridge loan for SoftBank. Other institutions, including Société Générale and BNP Paribas, are also becoming more selective or are cited as the next entities to reduce their exposure to the asset class.