AI data center investment may reach $10.3 trillion from 2025 to 2032. That equals 3.63% of U.S. GDP each year. The buildout would exceed past U.S. infrastructure booms in scale. Financing is shifting from corporate balance sheets to off-balance sheet structures. These include joint ventures, private credit, securitization and special-purpose vehicles. They rely on AI firms' cash flows and collateral values. Risks include uncertain AI demand and rapid tech change. Power and hardware access and tenant credit quality also pose threats. Off-balance sheet structures may hide correlated exposures. The author calls for better measurement and transparency. He says systemic risk is not yet comparable to past credit booms.

• $10.3 trillion AI investment 2025-2032
• 3.63% of U.S. GDP per year