Hyperscaler-leased data centers price like credit-tenant net leases, long-term triple-net lease to AAA-rated hyperscaler, financed at corporate-bond-curve spreads ( life co , CMBS , CTL programs). Colocation data centers price as operating real estate, multi-tenant lease-up risk, operator-quality underwriting , debt-fund or specialty bank lender options, wider pricing.
Hyperscaler vs. colo financing: two different lender optionses and pricing curves
Colocation data centers: multi-tenant facility leasing rack space, cabinet space, or wholesale suites to a portfolio of customers (typically 10 to 200+ tenants per facility). Lender treatment: operating real estate with operator-quality underwriting. Lease structure: short-term (3 to 5 yr) leases with regular escalation; lease-up and renewal risk is the underwriting focal point.
Hybrid: hyperscaler anchor + colo build-out (single data center with one hyperscaler taking 60% to 80% of the megawatts on a long-term lease, balance leased to colo tenants) blends the two pricing models. Hyperscaler portion supports CTL-style execution; colo portion supports operating-real-estate execution. Common structure since 2022.
Sources
- Annual Energy Outlook: Reference Case Power, Industrial & Manufacturing Trajectories · U.S. Energy Information Administration (EIA) · current
- Powering Intelligence: Analyzing Artificial Intelligence and Data Center Use of Electricity · Electric Power Research Institute (EPRI) · current
- Data Center Energy Use: GAO Reports on Power Demand & Federal Programs · U.S. Government Accountability Office (GAO) · current