Rohan Paul@rohanpaul_ai · X摩根士丹利开始向数据中心开发商推销杠杆贷款市场。继投资级债券、项目融资、私人信贷、高收益债之后，通常用于LBO的杠杆贷款也涌入AI基建。摩根士丹利预计2026年AI相关债务发行或超5700亿美元，截至5月底已达约2360亿美元，是去年同期的4倍。NYU教授Damodaran对比互联网泡沫指出，AI资本支出规模史无前例，且大量由债务而非股权融资，一旦调整，违约将蔓延至社会，风险远超股价暴跌。
AI data center finance is becoming its own serious asset class.
Investment-Grade bonds， project finance， private credit， high yield， now broadly syndicated loans.
The Information just published piece on how Morgan Stanley is now pitching data center developers on the leveraged loan market. Not just project finance， not just bank loans， not just high-yield bonds - now the same loan market that usually funds LBOs （Leveraged Buyout） is being pulled into the AI infrastructure buildout.
Morgan Stanley has estimated AI-related debt issuance could cross $570B in 2026. By end-May 2026， AI-linked borrowing had already reached about $236B， something like 4x the year-ago level.
So this is no longer just hyperscalers issuing investment-grade bonds. The whole debt stack is widening.
Just becasue the funding need is just massive.
So it is more like： contracted AI infrastructure cash flows， packaged into leveraged credit.
CLO （Collateralized Loan Obligation） managers are apparently interested in these data center loans because they get floating-rate exposure， better yield， and in many cases cash flows tied to long-term hyperscaler contracts.
---
theinformation. com/articles/morgan-stanley-pitches-clients-new-market-data-center-loans