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Volta, Crusoe, and the fall AI financing rush

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After the August lull, investors can expect a torrent of issuance to start the post-Labor Day calendar. Financings backing buyouts and M&A remains muted, but banks are rushing to market with billions in high yield bond and leveraged loan packages tied to the AI Infrastructure build out.

Figures vary, but sources told Octus the leveraged finance market could see tens of billions of dollars in issuance tied to data center buildouts and GPU financings for the rest of the year. JPMorgan data suggests issuance over that period could reach as high as $75 billion.

As soon as this week, bond investors could see at least three deals led by Goldman Sachs totalling over $5 billion hit syndication, as reported. Applied Digital’s $3.5 billion deal to finance operations at the Delta Forge 1 campus will come alongside a roughly $1.15 billion offering for Digital Drive and an $800 million deal for Novva, as Goldman and other banks test the depth of investor demand.

Bookrunners will also tap the loan market in the second half. JP Morgan is sounding out investors for a loan component in its roughly $5 billion financing for Volta Infrastructure. The early discussions mirror a loan offering for Crusoe, which could come to market this fall after Goldman Sachs began premarketing over late summer.

Banks also remain in competition for data center bridge financings. Nexus expects to take out its $15 billion bridge with loans or bonds this fall, while Crusoe’s $5.5 billion Morgan Stanley-led bridge is also likely to tap the bond market in the months ahead.

As with many projections for the AI buildout, debt issuance figures remain in flux. Investors caution that expected public offerings from Anthropic and OpenAI could accelerate or slow financings as capex spend and other financial information comes to light. Investors are also growing more discerning on credits: compute power calculations, permitting issues and a bevy of other concerns could hamper deal execution, and investor fatigue over an already heavy year for AI issuance has not abated. For now, investors are returning from summer vacation to a slew of AI activity on the horizon.

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