I spoke to a lender financing data center equipment.

They closed the year with $3B in commitments...

Most developers think about DC financing at the real estate level. Very few think about what's inside.

- Storage ($10k-100k+ per array)
- Racks & PDUs ($1k–$6k per rack)
- Servers & compute ($5k-20k+ per unit)
- Network gear ($10k–$100k+ per cluster)
- Transformers ($1MM–$10MM+ per unit)
- Switchgear ($1MM–$8MM+ per package)
- Generators ($500k–$5MM+ per block)
- Cooling ($500k–$5MM+ per package)

I asked what their first question was on every deal.

"Who buys the equipment if everything goes wrong?"

Every other lender I've spoken to starts with the asset. This one starts with the exit 3+ years later.

- Tickets up to $500M+
- Backed by a $50B asset manager
- They'll finance soft costs
- They'll finance both used and new equipment
- They work alongside existing bank groups

They'll be added to my list of "Top Private Credit Lenders Financing Data Centers" coming soon.

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Have you ever financed data center equipment?

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