Developers have no trouble finding capital to build data centers for the world’s largest tech companies. With demand for new data center inventory showing no signs of slowing, many developers have been eager to convert these stabilized assets into capital for new data center projects. This has manifested most prominently in the skyrocketing use of asset-backed securities and commercial mortgage-backed securities for stabilized data centers. This summer, Blackstone-owned QTS obtained a $1.5B CMBS loan to refinance a pair of data centers in Atlanta and Richmond. Additionally, some developers that also operate their data centers have started selling majority stakes in their facilities.