U.S. commercial banks have the highest exposure to the growing mountain of data center debt, but global banks have also poured billions more into U.S. projects, beating out private credit among the largest lenders to the world's fastest-growing property type. 

Data centers and their related infrastructure in the U.S. carry at least $1.3T in debt, according to new data from banking intelligence platform AtriumData.ai. That’s roughly the size of Saudi Arabia’s economy.  

The massive sum is almost certainly understated, with private credit difficult to track and certain types of deals avoiding typical financial disclosures. The total was compiled in new research from AtriumData.ai that cross-references county-level mortgage data with loan databases, regulatory filings and corporate balance sheets to tally data center lending.

The report covers 4,296 facilities across the country, including 255 under construction and 941 in the planning stages, that are being harnessed to welcome an AI-forward future. 

The data, one of the largest databases of data center financing ever compiled, traces where the capital for the artificial intelligence arms race is coming from. The answer is effectively everywhere, including billions from Japanese banks. The capital commitments are relatively dispersed, with the top 15 lenders underwriting an estimated $196B in loans, or 15% of the total.

Growth has exploded. There are 1,258 projects in some stage of development and 3,038 already operational, which amounts to a 42% increase from the already operational base.

The debt is coming from eight vehicles, the largest of which are utility and infrastructure loans, totaling $428B, nearly double the other largest sources, syndicated facilities and hyperscaler corporate credit, each of which accounts for roughly $225B in debt.

The 15 largest lenders, ranked as of March, are explored in more detail below. They are cooperating on massive campuses, pouring money into the same projects and creating an interconnected network on lenders’ balance sheets. 

1. TD Bank  — $26.8B 

The same bank that has more than 1,100 retail locations has $26.8B in data center debt, the largest direct data center mortgage lender tracked. The bank, the sixth largest in the U.S. by deposits, has roughly tripled the size of its data center lending book in the last five years and is active in direct lending and syndications. 

TD Bank’s portfolio includes $14.8B in direct loans against data center properties. A large chunk of its exposure comes from its role as the lead lender in the syndicate that backed DigitalBridge Investment Management’s $11B deal in 2022 to take data center firm Switch private. Las Vegas-based Switch is now once again planning to go public as soon as the fourth quarter. 

2. Pimco — $23B 

California-based Pimco doesn’t have any direct or syndicated mortgage exposure to data centers but ranks second on AtriumData.ai’s list because of the roughly $23B in private credit it has deployed to build some high-profile megaprojects and other developments. 

The investment giant, with $2.3T under management, has an anchor project in its $18B commitment to Meta’s Hyperion data center campus, a more than $50B project planned in Richland Parish, Louisiana. The 2,200-acre megasite, planned as a joint venture with Blue Owl Capital, will span 10M SF and have nearly 5 gigawatts of computing power.

3. Goldman Sachs — $16.5B

Investment banking stalwart Goldman Sachs rounds out the top 3, with $16.5B in lending spread across mortgages and syndicated debt. The number likely understates the total, the analysis says, because of Goldman’s position as the dominant arranger and bookrunner for data center deals. 

Its loan book includes at least 48 syndicated deals, and it was also part of a group of investment giants to strike a $500B deal with Nvidia this month to fund its AI infrastructure build-out. It also helped Nscale line up $900M in credit to accelerate construction of its global portfolio and is teaming up with JPMorgan Chase to lead Switch’s planned initial public offering. 

4. Wells Fargo — $16.4B 

Wells Fargo is the second neighborhood bank to rank on the list, with $16.4B in debt. It is the most diversified lender of the group, according to the analysis, with an asset count that includes 79 mortgages spread across 17 states and an average mortgage size of $76M. 

Its highest-profile investment is its part of the consortium that gave a $3B revolving credit facility to Vantage Data Centers in 2024 to fast-track construction of new properties across North America.

5. JPMorgan Chase — $13.3B

JPMorgan Chase has most of its data center exposure, $11B in loans, in syndicated debt and another $2.3B in property mortgages, according to the analysis. 

JPMorgan led the $7.1B financing for AI infrastructure firm Crusoe and Blue Owl to build a 1.2 GW AI-focused data center in Abilene, Texas, where construction began in June 2024. The first phase includes two buildings and more than 200 megawatts of computing power. The investment bank was also the lead bookrunner on $3.3B in secured notes for data center firm Hut 8 in April.

6. Bank of America — $12.8B 

Bank of America’s $12.8B in data center infrastructure-related exposure gives it the sixth space in AtriumData.ai’s rankings. Its exposure is split between $3.3B in mortgage debt and $9.5B across 49 syndicated deals. It has lent capital to at least 23 data center properties in 13 states. 

Bank of America was the lead arranger and contributor of capital in a $14B financing deal with Oracle and Related Digital, Related Cos.’ data center cutout, to build part of the sprawling Stargate AI campus in Texas that was touted by President Donald Trump in the early days of his second term.

7. Mitsubishi UFJ Financial Group — $11.8B

Japan’s Mitsubishi UFJ Financial Group has the highest exposure to U.S. data center infrastructure of any international lender, but one-third of the top 15 lenders are from outside the U.S., according to AtriumData.ai’s data. 

The more than 140-year-old conglomerate has roughly $2.7T in assets under management globally, with $11B in syndicated debt on U.S. AI infrastructure and another $800M in direct mortgages. It has been part of the two largest loans since 2024, according to AtriumData.ai. Both projects are planned by Vantage Data Centers, one of which is a $25B, 10-building campus in Central Texas.

8. Sumitomo Mitsui Banking Corp. — $11.5B

Sumitomo Mitsui Banking Corp. is the second of three Japanese lenders that crack the top 15, with $11.5B in committed capital, all but $1B of which is spread across 60 syndicated deals. 

SMBC was part of the group of lenders that lent $18B to Oracle and OpenAI to build a New Mexico data center as part of the Stargate initiative. The investment giant, with roughly $2T in assets under management, was investing in data centers before the latest AI-driven explosion in demand, including a $1.3B project for QTS Realty Trust in 2022. 

9. Blue Owl Capital — $11B

New York-based Blue Owl Capital has become the pillar of private credit in AI lending, and its $11B in exposure tracked by AtriumData.ai is the high-water mark for the private credit sector.

The firm has $4B retained on Meta’s Hyperion campus, where Pimco led fundraising, and it continues to find new ways to raise and pour money into the space even as two of its funds face redemption queues. Funds it manages launched Kirkwood Infrastructure Group in July as a speciality developer of AI infrastructure.

10. Citibank — $10.5B

Citibank rounds out the top 10 lenders, with $10.5B in debt, $9B of which is spread across 46 syndicated deals, while the rest is in direct mortgages. 

Citibank was part of a cohort in June that provided $1.4B in financing to Dallas-based DataBank, including an $800M revolving credit facility and a $650M increase to the construction financing for a 300-acre data center campus. The bank also teamed up with Wells Fargo and Goldman Sachs to originate a $735M, five-year loan to Vantage Data Centers last June. 

11. Morgan Stanley — $9.3B

Morgan Stanley’s $9.3B in data center debt exposure is split between $6.5B in syndicated debt and $2.8B in direct mortgages. The investment bank has signed on for loans at at least two CoreWeave facilities, and it helped take the firm public as one of the few IPOs of 2025.  

12. ING — $8.5B 

Dutch bank ING has $8.5B in U.S. data center exposure spread across 51 syndicated deals. ING has taken a targeted approach and focused its investments around Washington, D.C., and its surrounding metros. It has been investing in the segment since at least 2020 and frequently offers capital with sustainability commitments attached. 

13. Royal Bank of Canada — $8.3B

The Royal Bank of Canada’s $8.3B in syndicated data center loans and $300M in direct mortgages gives it the 13th position in AtriumData.ai’s rankings. Canada’s largest bank by market capitalization has 51 syndicated deals, including participating in a $1.5B loan to refinance QTS data centers in July 2025.

14. Blackstone Credit & Insurance — $8B 

The global credit division of investment giant Blackstone has provided at least $8B in data center financing exclusively across private credit. It has an active financing partnership with Aligned Data Centers that exceeds $1B in commitments from funds managed by Blackstone Credit.

15. Mizuho Financial Group — $8B 

Japan’s Mizuho Financial Group takes the final spot, effectively tying with Blackstone Credit but having $7.5B of its exposure in syndicated debt, $500M in direct mortgages and no private credit loans. 

With MUFG and SMBC, the three Japanese banks to make the list have $31.6B in combined exposure.