小摩：数据中心建设现扩张潮 预计未来5年AI融资需求超5万亿美元

Core Viewpoint - JPMorgan recently released a report indicating that AI hyperscale data center operators are significantly expanding their operations, with projected financing needs over the next five years estimated to be at least $5 trillion, potentially reaching up to $7 trillion [1] Financing Needs - The report estimates that approximately $1.5 trillion in investment-grade bonds will be issued, alongside extensive financing from various market sectors [1] - Analysts predict that $300 billion in high-grade bonds will be allocated for the construction of AI data centers next year, which could account for nearly one-fifth of the total issuance in that market [1] Leverage Financing - Leverage financing is expected to provide around $150 billion in funding over the next five years [1] - Even with the inclusion of investment-grade and high-yield bond market financing, as well as up to $40 billion in data center securitization financing annually, the total will still fall short of meeting the demand [1] - An estimated $1.4 trillion funding gap is anticipated, which private credit and government support may help to fill [1] Market Growth - The financing demand of at least $5 trillion, potentially reaching $7 trillion, is expected to accelerate growth in the bond and syndicated loan markets [1] - The largest source of funding over the next five years is projected to come from hyperscale data center operators themselves, whose net operating revenue currently stands at $700 billion, with $500 billion earmarked for capital expenditures [1]