Wall Street is now packaging data centers into bonds backed by tenant contracts and operating revenue, turning electricity delivery into a credit factor for fixed-income investors. Outstanding data-center securitizations expanded from roughly $4 billion in 2020 to $61 billion through July 2026, according to Structured Finance Association research drawing on Barclays data. S&P assigned an A(sf) rating to Sabey Data Center Issuer’s $475 million 2026-1 notes backed by real estate and tenant lease payments. US data centers could consume 649 terawatt-hours in 2030, equal to 11.8% of total US electricity use, according to Lawrence Berkeley National Laboratory’s 2025 update. Morgan Stanley estimates $2.9 trillion in global data-center spending through 2028, with securitizations and CMBS potentially supplying around $150 billion.
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