The $10 Trillion AI Build-Out: Who Is Financing It?

Stijn Van Nieuwerburgh, Professor of Real Estate at Columbia Business School and Co-Director of the Paul Milstein Center for Real Estate, returns to the Real Estate Forum Podcast to discuss his latest research on the massive infrastructure investment required to power the AI economy. Stijn estimates that the AI build-out could require approximately $10.3 trillion in investment and more than 180 gigawatts of new compute capacity by 2032.

Hosted by Raphael Sidelsky, the conversation explores how the AI build-out is being financed, including the growing use of joint ventures, leases, and private credit. Stijn also discusses the risks facing data centers and their investors, from tenant concentration and technological obsolescence to power constraints, execution delays, and uncertain AI demand, as well as the broader implications for interest rates, real estate valuations, and the economy.

Read Stijn’s paper “Financing the AI Buildout” here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6444363 

Watch on YouTube here.

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The Real Estate Forum podcast is produced by The Podcast Consultant with special thanks to Executive Producer Maria Fera.