S&P Global Ratings released an interactive dashboard on Friday covering 32 rated North American data center transactions and $105.3 billion in debt issuance, organizing the agency’s financing data across three categories.
Project finance makes up 58.3% of the tracked issuance. Structured finance asset-backed securities, or SF ABS, account for 26.4%, and corporate transactions make up 15.3%. By issuer count, SF ABS is the largest category at 50%, compared with 28% for project finance and 22% for corporates. The two breakdowns measure different things: one tracks debt issuance, while the other counts issuers.
Users can review market data and issuer profiles, compare issuers and see state-level details about where capacity is being leased. The dashboard covers project finance, corporate ratings and SF ABS.
S&P expects data center demand to stay strong, linking it to rising data use, cloud migration and wider digitization. It also points to power constraints, permitting challenges, public opposition and regulatory responses as factors that could slow or limit new development.
S&P's launch announcement lists 143 properties in the rated portfolio, with about 8.7 gigawatts of capacity available for tenant use. S&P’s Oct. 16 North America Data Center Roundup: Fourth-Quarter 2026 lists 141 properties and about 8.9 gigawatts. The publications give different totals without explaining the discrepancy. S&P said the roundup did not constitute a rating action.
