Home From Growth Narrative to Bankability: The New Reality of Data Center Financing

From Growth Narrative to Bankability: The New Reality of Data Center Financing

mei 29, 2026

Steve Wright, Non Executive Director, Nominet

Steve Wright has spent more than 25 years in the data center and digital infrastructure industry, operating across technology, infrastructure investment and international platform growth. Having built, scaled and exited multiple businesses, and today serving in board and advisory roles across Europe and Latin America, he brings a perspective shaped by both operators and investors.

As Chair of Data Center Financing Conference, Steve sees the market entering a very different phase from the one the industry experienced over the last decade.

Capital is becoming more selective

“We are moving from a market driven by growth narratives to a market driven by execution, discipline and bankability,” he explains. “Capital is still available, but it is becoming increasingly selective.”

According to Steve, one of the biggest misconceptions in the current market is the assumption that demand growth alone guarantees financeability. In reality, lenders and investors are becoming far more focused on contract structures, customer quality, risk allocation and operational delivery.

“The days of speculative development without strong counterparties are disappearing, particularly in larger projects. What gets financed now is increasingly linked to the strength of the customer and the certainty of execution.”

Power has become the defining constraint

At the same time, he believes the industry faces structural challenges that will define the next cycle.

Power availability has become the single biggest constraint on growth. Grid access, permitting and time-to-power now directly influence underwriting decisions, project valuations and deployment strategies. In many cases, access to energy has become more important than geography itself.

Steve also points to increasing dependence on hyperscalers as a source of concentration risk. While hyperscalers continue to drive demand, recent pullbacks in uncontracted capacity show how quickly market sentiment can change.

AI infrastructure brings new financing questions

Another emerging challenge is the rapid growth of AI and GPU infrastructure via neoclouds – smaller, newer entrants to serve the high demand in the market. Although investor appetite remains strong, Steve warns that financing models are still immature.

“There is a tendency to still apply traditional infrastructure assumptions to AI infrastructure, but GPU assets have very different lifecycle and obsolescence characteristics. The market is still learning how to price that risk correctly.”

The winners will combine growth with discipline

Despite these pressures, Steve sees major opportunities ahead for the sector, particularly for operators, lenders and investors capable of combining technical understanding with financial discipline.

“Digital infrastructure remains fundamental to the global economy. But the winners in the next phase will not necessarily be the fastest builders. They will be the groups best able to structure resilient, financeable and operationally executable platforms.”

At Data Center Financing Conference, Steve will guide discussions focused not only on growth. Instead, the programme will look at the key factors that determine which deals get financed in today’s market.