资金正快速涌入：2025 年迄今美国至少完成 1,785 亿美元资料中心信贷交易，推动 2025 年全球债券发行超过 6.57 兆美元。像「Stargate」宣称最高 5,000 亿美元投入，Avello 估其普利亚计划成本超过 500 亿欧元（约 590 亿美元）；同时 Oracle 股价在过去 3 个月下跌近 40%，加深「泡沫／过度建设」疑虑。尽管如此，彭博智库对 600 多名全球 C-suite 的调查显示，取得 AI 基础设施在多数产业名列最担忧议题的前 3 名。
新玩家的规模同样惊人：加拿大亚伯达一案声称场址可支撑最高 17GW，首期约 1.4GW；Bitdeer 在俄亥俄州 Clarington 已 확보 570MW，目标 2027 年下半年上线。大科技也把负债压力外移：Meta 取得约 600 亿美元资金，其中 300 亿美元透过 SPV 不入表；Microsoft 对「neocloud」租赁承诺逾 600 亿美元，Nscale 也自称从 Microsoft 取得 230 亿美元业务。风险已浮现：Fermi 提出单一园区 11GW 计划，却遭投资级租户终止 1.5 亿美元协议，股价当日最多跌 46%。本文方法论覆盖 73% 全球既有容量与 74% 规划容量。
Thousands of newcomers are fueling an AI data-center “gold rush,” shrinking Big Tech’s dominance of infrastructure. In Italy’s Puglia, little-known Adriatic DC—led by a developer new to data centers—plans three mega sites, including a campus drawing 1.5GW to turn electricity into AI compute; 1GW can power up to 750,000 US homes at a time. If the trillion-dollar global pipeline is built, ownership will be far more diversified and uneven in experience.
Money is rushing in. In 2025 so far, at least $178.5 billion of US data-center credit deals have been struck, alongside more than $6.57 trillion of global bond issuance. Flagship bets include “Stargate,” pledged at up to $500 billion, and Avello’s Puglia plan estimated above €50 billion ($59 billion). Oracle shares have fallen nearly 40% over the past three months, feeding bubble and overbuild fears. Yet a Bloomberg Intelligence survey of 600+ global C‑suite leaders ranks access to AI infrastructure among the top three concerns in most sectors.
New entrants are scaling fast: a proposed Alberta “industrial park” is said to support up to 17GW, starting around 1.4GW; Bitdeer has secured 570MW in Ohio, targeting H2 2027. Big Tech is also shifting debt outward: Meta raised about $60 billion with $30 billion housed in an SPV, while Microsoft has committed more than $60 billion in neocloud leases and Nscale says it has $23 billion of Microsoft business. Risks are surfacing: Fermi’s single-campus 11GW plan lost a $150 million tenant agreement and the stock fell as much as 46% that day. Methodology coverage spans 73% of live and 74% of planned global capacity.
