数据中心开发商 Applied Digital 已向包括甲骨文和 Meta 在内的租户要求在签署租约前提供数十亿美元的担保，彭博社报道。该笔资金用于确保站点的电力供应，彭博社援引一位熟悉此事的人士称。
Data centre developer Applied Digital has asked tenants including Oracle and Meta for billions of dollars in guarantees beforeg leases, Bloomberg reported. The money secures power for the sites, it said, citing a person familiar with the matter.
该人士称，Applied Digital 还向芯片制造商英伟达和 AMD 要求提供担保。这些担保视具体情况而定，通常用于覆盖电网连接的费用。
Applied Digital is also asking chipmakers Nvidia and AMD for guarantees, the person said. These are set case by case. They usually cover the cost of grid links.
信用评级现在决定谁能获得空间。彭博社称，Applied Digital 已限制向信用评级为垃圾级的“新云”公司如 CoreWeave 的租赁规模。此举可避免因租户信用较弱而产生的额外公用事业要求。
Credit ratings now decide who gets space. Applied Digital has capped how much it leases to junk-rated neoclouds such as CoreWeave, Bloomberg said. That avoids the extra utility demands tied to weaker tenants.
“Applied Digital 更倾向于与投资级租户合作，首选的租户结构为 70% 投资级和 30% 非投资级，”首席执行官 Wes Cummins 在致彭博社的声明中表示。
“Applied Digital prefers to do business with investment-grade tenants, with a preferred mix of 70% investment-grade to 30% non investment-grade,” chief executive Wes Cummins said in a statement to Bloomberg.
CoreWeave 向彭博社表示，其与 Applied Digital 的合作关系稳固。Meta 未作评论，甲骨文亦拒绝置评。
CoreWeave told Bloomberg its partnership with Applied Digital is strong. Meta had no comment, and Oracle declined to comment.
公用事业公司过去通过资助电网升级并通过费率回收成本。现在，它们希望最大的用户在项目失败时承担这些费用。中期选举后，这种压力在上升，届时以电费议题竞选的民主党人在关键选区获胜。
Utilities used to fund grid upgrades and recover the cost through rates. Now they want the biggest users to carry that cost if a project collapses. The pressure is rising after the midterms, where Democrats who campaigned on power bills won key races.
甲骨文已经感受到影响。威斯康星州监管机构要求信用评级低于 A- 的大客户提供抵押。甲骨文称，其 Lighthouse 校园可能需要超过 70亿美元。该公司于六月起诉监管机构，随后在八月撤回诉讼。
Oracle has already felt it. Wisconsin regulators require large customers rated below A- to post collateral. Oracle said its Lighthouse campus could need more than $7bn. It sued the regulator in June, then dropped the case in August.
印第安纳州的 Nipsco 走了另一条路。其母公司 NiSource 成立了独立部门 GenCo，使亚马逊、谷歌和微软为为其服务的发电厂付款。
Indiana’s Nipsco took another route. Its parent NiSource set up a separate unit, GenCo, so Amazon, Google and Microsoft pay for the power plants that serve them.
NiSource 高管 Michael Luhrs 对彭博社表示：“我们不希望客户承担责任”。
“We did not want customers to wear the liability,” NiSource executive Michael Luhrs told Bloomberg.
彭博社称，Nipsco 已签署了 5 吉瓦的 GenCo 合约。NiSource 估算现有客户的节省约为 17.5亿美元。
Nipsco has signed 5 gigawatts of GenCo deals, according to Bloomberg. NiSource puts the savings for existing customers at about $1.75bn.
随着 AI 债务累积，这些担保应运而生。巴克莱估计，超大规模云服务商今年预计将发行 3000 亿至 3200 亿美元的债务。
The guarantees land as AI debt piles up. Hyperscalers are expected to issue $300bn to $320bn of debt this year, Barclays estimates.