HSBC CEO Georges Elhedery said investors should judge data center projects by their tenant agreements and contract prices as the industry seeks financing for a multitrillion-dollar expansion.
In an Oct. 20 interview with CNBC, Elhedery urged investors to examine the terms behind individual projects. “One has to be selective,” he said, adding that some contracts may be more difficult to support than others.
McKinsey projects worldwide data center investment could total about $7 trillion through 2030. That figure covers cumulative investment, rather than spending in 2030 alone. The consultancy identified access to financing and energy as constraints on the pace of development.
HSBC is seeking more business in sectors that include data centers and artificial intelligence. Its 2025 annual report identified both among the areas where the bank aims to strengthen its position and cited its work on financing for data center operator AirTrunk.
AirTrunk closed an A$16 billion refinancing in 2025, excluding Japan, using green and sustainability-linked loans across four transactions, the company said. HSBC reported serving in roles including joint mandated lead arranger and underwriter across those transactions. AirTrunk said the financing supports operating assets and projects under development.
The refinancing designation matters: the A$16 billion total does not mean AirTrunk took on that amount in entirely new borrowing. Elhedery’s comments likewise focused on the terms of each project, rather than treating data center investment as a single category.
HSBC is also adopting AI within the bank. Elhedery told CNBC he expects it to improve employees’ productivity and change how the bank operates. His support for using the technology came alongside his call to assess the contracts underpinning its physical infrastructure.
AirTrunk’s deal illustrates the scale of financing available to data center operators. McKinsey’s projection also depends in part on whether developers can secure the funding and energy needed to build their facilities.
