Billions of dollars are being poured into a niche corner of the private credit world to build data centers despite jitters on Wall Street about the lenders’ concentration in artificial intelligence. 
Data center development is increasingly being financed with 144A bonds, debt securities that don’t need to be registered with the Securities and Exchange Commission and are sold only to qualifying institutional buyers in private markets. For data centers, the burgeoning market was practically barren a year ago, but today it is rapidly expanding and propelling construction.
“What 144A offers is speed, scale and a broad institutional investor base that can move relatively quickly,”…​