The AI and data-center expansion, partly driven by Bitcoin miners, is increasingly financed through high-yield bond issuance, highlighting how lenders are pricing risk and opportunity in the sector.
TheEnergyMag’s recent newsletter reports companies tied to AI data-center development have issued about $33 billion in long-term senior notes over the past 12 months, excluding convertible debt. Interest-rate spreads are notable: regulated utilities and traditional energy firms typically borrow at about 4%–5%, while AI- and crypto-linked issuers pay roughly 7%–9%.
Janus Henderson Investors, citing BofA Global Research, said the average coupon on newly issued U.S. dollar high-yield debt was close to 7.2% in late 2025, down from 8%–9% in 2023. Those at the higher end tend to be current or former digital-asset mining companies that have pivoted into AI infrastructure, indicating capital remains comparatively expensive for that group.
Recent high-yield raises cited by TheEnergyMag include CoreWeave at 9.25% and 9% in May and July 2025, Applied Digital at 9.2% in November, TeraWulf at 7.75%, and Cipher Mining at 7.125% and 6.125%. Credit ratings and perceived risks drive these interest-rate spreads in AI-infrastructure development.
“The message from lenders is clear,” TheEnergyMag wrote. “Regulated load and contracted generation still get treated as infrastructure. AI and bitcoin, even when attached to long-term offtake agreements, are still treated as growth credit.”
AI infrastructure build-out remains a dominant trend despite concerns about overspending and potential overcapacity. Nvidia’s blockbuster fourth-quarter results underscored the momentum: profit rose 94% and revenue climbed 73% year-on-year, with $43 billion in net income and $68.1 billion in revenue reported.
Meanwhile, Bitcoin mining companies are planning about 30 gigawatts of new power capacity aimed at AI workloads — nearly triple the capacity they currently operate. Much of that capacity is still in development or early planning, but the industry clearly views AI infrastructure as a strategic priority.
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