JPMorgan and Goldman Sachs Bet Big on European AI Infrastructure Debt

JPMorgan and Goldman Sachs are teaming up to bet billions on European AI infrastructure debt. The two banks have assembled dedicated teams to connect data-center operators with institutional investors, positioning themselves at the front of what Goldman estimates could become a $5B to $10B bond market by the end of 2026.

The size of individual deals is striking, with a single data center in the 100 to 200 megawatt range supporting debt packages between $1B and $2B. Bloomberg Intelligence puts Europe's total infrastructure need at around $3 trillion through 2035, covering cloud capacity, power, and data centers.

The banks are not the first to identify Europe's AI infrastructure deficit, but they are among the first to formalize dedicated coverage teams around it. Goldman Sachs projects a market inflection point in 2027, which could lead to significantly higher volume in the following year.