Data center-related debt issuances is exploding: US secured debt issuance tied to data centers is projected to reach a record 25.4 billion in 2025. This would represent a +112% jump from the 12.0 billion issued in 2024. Since 2022, data center debt issuances have skyrocketed +1,854%. Meanwhile, BofA estimates there is already ~49 billion in data center Asset-Backed and Commercial Mortgage-Backed Securities (CMBS) outstanding. The AI investment boom is spurring widespread borrowing.(The Kobeissi Letter)