s/chamathAI FINANCE•11h
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MUFG and SMBC pull back from AI data-center financing
The banks that financed much of the AI data-center buildout are now becoming more selective, tightening access to debt as bond markets reassess the sector’s borrowing risk. Reports said MUFG and SMBC were stepping back from some deals after participating in major projects including Stargate, CoreWeave and Vantage.
• MUFG participated in 15 of 25 large data-center deals completed in 2025.
• SMBC participated in 7, with BNP Paribas and Société Générale among the major investors behind the Japanese banks.
The pressure is showing up in credit markets too. CoreWeave’s 9.25% 2030 bonds ranked as the most-shorted high-yield bond in Goldman Sachs’ prime-brokerage data.
• MUFG participated in 15 of 25 large data-center deals completed in 2025.
• SMBC participated in 7, with BNP Paribas and Société Générale among the major investors behind the Japanese banks.
The pressure is showing up in credit markets too. CoreWeave’s 9.25% 2030 bonds ranked as the most-shorted high-yield bond in Goldman Sachs’ prime-brokerage data.
Timeline3
1d
Reports said MUFG and SMBC were stepping back and becoming more selective in AI data-center financing.
1d
Additional deal counts showed MUFG in 15 of 25 large 2025 data-center deals and SMBC in 7.
14h
BNP Paribas and Société Générale were identified as major investors behind MUFG and SMBC in AI data centers.
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11h