AI Data Center Boom Expands into Global Power, Financing, and Cost Risk

Oracle’s lease-payment warning, Project Jupiter permitting and pipeline disputes, distressed debt pricing, Fermi’s extended October 31 deadline for a reported 222-MW TensorWave lease, and Host Digital’s take-or-pay economics show that AI demand is not uniformly bankable. Nebius’s reported 50-MW AIB lease confirms continued neocloud demand, while approximately $17.6 million/MW construction costs and California’s new requirements add underwriting pressure.