AI data-center developers face massive refinancing pressure: At least $1 TRILLION in data-center debt matures over the next 5 years, with most obligations concentrated among just 8 companies. $13.4 billion in debt comes due in 2027, potentially raising refinancing interest rates by 2.85 percentage points and increasing borrowing costs by at least $380 million. The pressure comes as US Treasury yields increase, lenders become more selective, and investors grow concerned about developers' debt loads and dependence on financial support from hyperscalers and chipmakers. The refinancing burden is especially concentrated among AI cloud providers, with $49 billion in neocloud debt maturing between 2030 and 2032, representing 65% of their outstanding borrowings. CoreWeave and Nebius account for 80% of those maturities, while CoreWeave's existing debt yields have already surged as high as 15%. Meanwhile, construction delays caused by lengthy grid connection queues and skilled labor shortages threaten to postpone rental income, making debt repayment and refinancing even more difficult. The AI infrastructure boom is facing a massive debt wall.