AI and crypto-linked infrastructure companies have raised roughly $33 billion in long-term senior notes over the past year, signalling strong lender demand despite elevated borrowing costs.
Issuers tied to AI data centres and Bitcoin mining are paying interest rates of 7% to 9%, compared with 4% to 5% for regulated utilities and traditional energy firms, highlighting how lenders price the sector as higher-risk growth credit.
The average coupon on newly issued US dollar high-yield debt stood near 7.2% in late 2025, down from 8% to 9% in 2023, though former or current digital asset miners pivoting to AI remain at the upper end of the spectrum.
Recent debt raises include CoreWeave at 9.25% and 9%, Applied Digital at 9.2%, TeraWulf at 7.75% and Cipher Mining at 7.125% and 6.125%, reflecting a premium lenders demand for exposure to AI and crypto infrastructure.
“The message from lenders is clear,”
TheEnergyMag wrote, adding:
“Regulated load and contracted generation still get treated as infrastructure. AI and bitcoin, even when attached to long-term offtake agreements, are still treated as growth credit.”
Despite higher financing costs, momentum in AI infrastructure remains strong, with Nvidia reporting a 94% surge in quarterly profit and $68.1 billion in revenue as data centre demand accelerates.
Bitcoin mining companies are planning roughly 30 gigawatts of new power capacity aimed at AI workloads, nearly triple their current operating capacity, underscoring a strategic pivot toward AI infrastructure.
The surge in high-yield issuance suggests capital markets remain open to funding the AI and crypto buildout, though lenders are demanding elevated returns to compensate for volatility, execution risk and cyclical exposure.
At the time of reporting, Bitcoin price was $67,198.42.