The business, risk, and capital behind data centers.
Practitioner-level intelligence for the people building, lending to, and investing in the infrastructure powering the AI era — from a banker who has closed $25B+ in transactions.
- How data center business models actually generate returns
- The key risk factors that kill deals — and how to underwrite them
- How capital is structured across equity, debt, and hybrid instruments
- AI-driven demand and what it means for supply, pricing, and underwriting
Written for the people
with capital at stake.
Investors
- Equity and debt investors evaluating data center exposure
- REIT analysts and portfolio managers
- Family offices and private equity funds
- Retail investors building AI infrastructure positions
Lenders
- Commercial banks underwriting construction and perm loans
- Debt funds and private credit investors
- Life companies and CMBS originators
- SBA and bridge lenders expanding into digital infrastructure
Developers
- Data center developers raising equity and debt capital
- CRE developers entering the digital infrastructure market
- Operators structuring sale-leaseback and JV transactions
- Advisors and attorneys on data center transactions
Intelligence from the deal table,
not the classroom.
The six threads below run through the eight case studies that make up the course — each one worked end to end with a live financial model.
Data Center Business Models
Colocation, hyperscale, edge, and wholesale — how each model generates revenue, who the tenants are, and what drives valuation.
Risk Frameworks
Power risk, tenant concentration, obsolescence, construction risk, and the deal-specific factors that lenders and equity investors underwrite differently.
Capital Structure & Financing
How construction, bridge, permanent, and mezzanine financing layer together — and when each instrument is the right tool.
AI-Driven Demand
What the AI infrastructure build-out actually means for supply constraints, power procurement, hyperscale lease structures, and asset pricing.
REITs, PE & Private Credit
How institutional capital accesses the sector — from Digital Realty and Equinix to Blackstone's new $3.25B data center fund and private credit lenders.
Securitization & Structured Finance
ABS structures, credit enhancement, and the mechanics of data center securitization for the specialist reader — covered in depth in the companion book.
The data center capital markets course.
A self-paced course built around eight real case studies — the way the work is actually done at the deal table. Each case pairs a recorded teaching session, a written narrative, and a live financial model you build yourself. Created by a banker who has closed $25B+ in transactions, for the investors, lenders, and developers underwriting this market.
- Eight HBS-style case studies, worked start to finish
- A live Excel model for every case — not slides
- Video walkthroughs of how each deal gets underwritten
- Self-paced and built for practitioners, not students
Founding-cohort members get first access and the lowest price the course will ever be.
Get the Data Center Investment Framework guide.
One concise reference page distilling what every serious participant in this market needs to understand. Written by a practitioner, not a journalist.
- Business model primer for all major data center types
- The 6 risk factors institutional lenders focus on
- Capital structure quick-reference by deal type
- Key metrics: PUE, critical load, lease structures explained
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The practitioner's reference shelf.
Data Centers in the AI Era
Business Models, Risk, and Capital for Investors, Lenders, and Developers. The comprehensive guide to the sector driving the AI infrastructure build-out.
View on AmazonData Center Financing & Securitization
A Comprehensive Investment Guide to the Digital Infrastructure Market. Structured finance and capital markets mechanics for the specialist reader.
View on Amazon