Investment opportunities are emerging in smaller neocloud platforms, with growth projections accelerating rapidly over the next few years. Funding costs for these tenants have risen sharply, and investors are now drawing a much clearer line between leases backed by investment-grade hyperscalers and leases with newer, more leveraged AI tenants. This session will look at how operators and capital providers are telling durable neocloud demand apart from fragile demand. It will cover the contract protections and security structures lenders now expect, and how facilities can be designed so that capacity can be re-let if a tenant fails.

It will also cover what shorter hardware cycles mean for upgrade costs and long-term tenant stability.