This is the first in a series of articles examining the rapidly evolving landscape of data center financing. Future installments will take a closer look at specific capital solutions — including senior secured bonds, structured joint ventures, project finance, and other private credit structures — that are being deployed to meet the sector’s extraordinary demand for capital. Today’s article provides an overview of the data center financing landscape, the capital requirements needed to launch and operate data centers and accompanying power infrastructure, and the risks that sponsors should be thinking about when structuring capital solutions for data centers.