Edged US closes $2bn in financing to power AI data centre push

Edged US has announced it has secured close to $2 billion in cumulative financing year-to-date, marking one of the more consequential capital raises in the US data centre sector so far in 2026. At the centre of the milestone is a $1.3 billion senior secured notes offering priced in April, a deal that stands apart from its peers not just in scale, but in structure.

It is the first bond of its kind to support the simultaneous development of multiple sites serving different customers, covering large-scale build-to-suit data centres at the company’s campuses in Atlanta and Chicago.

The remaining financing includes a construction loan supporting the continued development of Edged US’s 200 MW campus in Council Bluffs, Iowa, with TD Securities and Crédit Agricole CIB acting as coordinating lead arrangers.

“Demand for high-performance digital infrastructure continues to accelerate at an unprecedented pace, and this financing momentum positions us to move quickly and strategically alongside our customers,” said Bryant Farland, CEO of Edged US.

“We are proud to continue expanding our platform with infrastructure designed to support the next generation of AI and cloud growth while remaining deeply committed to efficiency, sustainability, and responsible long-term development.”

What makes this deal interesting to capital markets is the multi-site, multi-customer architecture of the bond itself. Most project finance instruments in the data centre sector have historically been tied to a single facility and a single tenant, with the contracted cash flows of one long-term lease underpinning the debt.

Credit markets have, until recently, priced AI infrastructure risk in a fairly uniform way, but analysts have noted that structures are beginning to fragment based on contract quality, tenant diversification, and revenue certainty. Edged US’ approach (bundling distinct sites serving distinct customers into a single notes offering) represents a meaningful evolution in how the sector accesses institutional fixed-income markets.

The timing is significant. Hut 8 closed a $3.25 billion offering of senior secured notes in late April, described as the first investment-grade construction bond issued for a single-sponsor data centre project, a deal that also drew heavy attention from fixed-income investors.

Morgan Stanley’s global co-head of leveraged finance has argued that AI infrastructure debt was partly designed to address the two core risks embedded in most high-yield bonds: cash flow uncertainty and refinancing risk, with long-term contractual lease revenue diverted to lockboxes to service debt while the notes fully amortise over the lease term. The same logic applies to Edged US’ structure, though with the added complexity of diversifying across multiple customer relationships within a single instrument.

JLL’s 2026 Global Data Center Outlook forecasts global installed capacity almost doubling from 103GW today to around 200GW by 2030, pointing to a $3 trillion investment supercycle driven by AI, and expects more activity in recapitalisations and joint ventures alongside rapid growth in ABS and CMBS issuance to finance expansion at scale. In that context, Edged US’ bond represents precisely the kind of structural innovation the market has been calling for.

Waterless cooling

Beyond the financing mechanics, what distinguishes Edged US in an increasingly crowded market is the technology stack. The company’s ThermalWorks cooling system consumes zero water in daily operations, a claim that carries weight where water scarcity and community relations around resource consumption are live concerns for planners and operators alike.

The newest Atlanta facility, which topped out in April 2026, is designed to support ultra high-density workloads of 400+ kW per rack with liquid cooling and 120+ kW per rack with air cooling, and is expected to conserve more than 161 million gallons of water annually while using 72% less energy overhead than conventional data centres.

Each data centre on the Edged Atlanta campus is fitted with the ThermalWorks waterless cooling system, which is expected to conserve nearly 664 million gallons of water annually compared to traditional data centres across the full campus buildout.

The modular design supports high-density configurations, with liquid-to-chip integration capable of handling demanding next-generation compute environments. Portfolio-wide, the company targets a design PUE of 1.15, which is well below the global average.

“As the market continues evolving, customers increasingly need partners that can deliver capacity quickly, efficiently, and responsibly,” Farland added. “This financing milestone underscores confidence in our ability to execute and continue building the infrastructure that powers the future of the digital economy.”

The broader capital race

Edged US’ fundraise lands at a moment when capital is pouring into AI data centre infrastructure at a rate that has few historical comparisons. Hyperscale investment has surged past $93 billion in annual financing, with industry leaders debating whether power, labour and capital can keep pace with demand.

The five largest hyperscalers (Amazon, Microsoft, Alphabet, Meta and Oracle) had combined capital expenditure growing at an average annual rate of 72% between mid-2023 and the end of 2025, with Google, Amazon, Microsoft and Meta collectively expected to spend approximately $725 billion on capital expenditure in 2026 alone, up 77% from the prior year’s record.

For independent developers like Edged US, the ability to access bond markets at scale is becoming as important a competitive advantage as the underlying technology. AirTrunk secured the largest data centre financing ever completed in Japan earlier this year, raising US$1.24 billion through a green loan to refinance and expand its TOK1 hyperscale campus in east Tokyo, illustrating that landmark capital raises are now a global phenomenon rather than a purely American story.

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