Dealmaking

Data center dealmaking reached a record high, fueled by AI infrastructure demand despite investor concerns over AI valuations. Over $61 billion was invested this year, with increased reliance on debt financing and private equity. While some tech stocks experienced pullbacks, analysts remain optimistic about the sector’s long-term growth, anticipating continued strong demand for AI applications and a robust M&A landscape in 2026. Debt issuance nearly doubled in 2025, with hyperscalers increasingly collaborating with AI labs for financing.