Who Holds the Risk in AI Infrastructure?
Capital is flowing into AI infrastructure at an unprecedented scale, but investors are not sharing risk equally. In both chips and data center financing, lenders generally favor amortizing structures that fully repay debt during the initial lease term. As a result, equity investors bear the residual value risk of the underlying assets, including both facilities and hardware. This dynamic reflects a core element of S2G’s Age of Adaptation thesis: the evolving cost and pricing of capital.
Karen Fang, Global Head of Infrastructure & Sustainable Finance and Co-Head of the Global Capital Solutions…
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