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September 17, 2026
Partner, Chief Economist
Securitization of US data center debt has totaled $81.4 billion since 2018, of which $18 billion was in 1H 2026 alone, see the first chart below. The EU has seen just $1.7 billion, of which $0.9 billion was in 1H 2026. The UK is little better, with $2.3 billion since 2018, of which $1.1 billion was in the first half of the year.
The gap extends beyond just data centers to other strategic assets. US solar securitizations have raised $29.3 billion since 2018, compared with just $1.1 billion in the EU, see the second chart below.
Part of the problem has been overly burdensome securitization rules compounded by insurance regulations that have discouraged European life insurers. EU life insurers hold just 0.33% of their investment assets in securitizations, compared with roughly 17% for US life insurers, despite the two industries being similar in size. The EU has proposed tweaks to its securitization rules, but the changes are modest relative to the scale of the financing challenge.
If Europe wants to narrow the AI investment gap with the US, it will be harder if one of the markets helping finance the US data center buildout remains largely closed in Europe.
Written by Huw van Steenis, London
Note: As of August 2026, inclusive of ABS and CMBS. Sources: JP Morgan, Apollo European and Policy Strategist
Note: As of August 2026, inclusive of ABS and CMBS. Sources: JP Morgan, Apollo European and Policy Strategist
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