Las empresas de centros de datos basados en IA se enfrentan a vencimientos de deuda de 13.400 millones de dólares, a medida que aumentan los costos de refinanciamiento.

• BloombergNEF estima que 13.400 millones de dólares en deuda a tasa fija de los centros de datos vencerán en 2027.
• Las empresas del sector Neocloud enfrentarán vencimientos por un total de 49.000 millones de dólares entre 2030 y 2032, con un pico de casi 20.000 millones de dólares.
• El refinanciamiento podría aumentar los costos de intereses anuales en al menos 380 millones de dólares a medida que las tasas de interés suban 2.85 puntos.

Las empresas que construyen centros de datos para inteligencia artificial siguen enfrentando desafíos cada vez mayores en materia de refinanciamiento, a medida que miles de millones de dólares en deuda se acercan a su vencimiento.

BloombergNEF calcula que aproximadamente 13.400 millones de dólares en deuda de centros de datos a tasa fija vencerán en 2027. El refinanciamiento con las tasas actuales de los bonos del Tesoro podría elevar los costos de endeudamiento en unos 2.85 puntos, lo que supondría gastos anuales adicionales de al menos 380 millones de dólares en intereses.

Los costos de refinanciamiento podrían aumentar a medida que la deuda vence.

La cifra del vencimiento en 2027 es independiente del calendario general de deuda de las empresas Neocloud, que alquilan capacidad de procesamiento basada en chips de alto rendimiento. Los datos de Bloomberg indican que estas empresas enfrentarán vencimientos por un total de 49.000 millones de dólares entre 2030 y 2032.

Se proyecta que los pagos alcanzarán un pico de casi 20.000 millones de dólares en 2030, luego disminuirán a unos 17.000 millones de dólares en 2031 y a 13.000 millones de dólares en 2032. CoreWeave representa la mayor parte de los vencimientos durante ese período, mientras que Nebius y TeraWulf también aportan cantidades significativas. En 2033, los vencimientos disminuirán a unos 7.000 millones de dólares, con Iren representando una parte importante junto a Nebius y Hut 8.

Los datos muestran que aproximadamente 4.000 millones de dólares vencerán en 2034 y menos de 1.000 millones de dólares en 2035.Por separado, se espera que al menos 1 billón de dólares en deuda de centros de datos madure en los próximos cinco años, una cantidad considerable de la cual está relacionada con Vantage Data Centers, Switch y DataBank.

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Los prestamistas endurecen las condiciones para la infraestructura de IA.

La presión financiera aumenta a medida que los prestamistas e inversores privados se vuelven más selectivos. Algunos bancos han demostrado reticencia a respaldar nuevos proyectos de centros de datos, incluso aquellos respaldados por grandes empresas tecnológicas. Las diferencias de intereses (spread) de la deuda a 10 años de las principales empresas de cloud y IA también se han ampliado más rápidamente este año en comparación con las empresas industriales en general.

Los costos de endeudamiento han afectado las opciones de financiación. Algunas empresas centradas en IA han detenido la emisión de nueva deuda no garantizada, han pasado a préstamos bancarios garantizados o han recurrido a programas de financiación que pueden diluir la participación de los accionistas actuales. CoreWeave y Nebius son algunas de las empresas que han ajustado sus estrategias de financiación.

Los bonos de CoreWeave para 2032 han generado recientemente una tasa de interés superior al 16%. Esta tasa corresponde a las condiciones actuales del mercado de bonos; los plazos de vencimiento previstos indican cuándo se deben realizar los pagos del principal, no la cantidad que las empresas deben refinanciar a las tasas actuales.

La depreciación de los chips añade otro factor a considerar en las decisiones de financiación.

Las empresas de infraestructura de IA utilizan fondos prestados para construir centros de datos y adquirir GPUs de alto costo.Esos chips pueden perder valor a medida que surjan generaciones más nuevas, lo que potencialmente podría afectar la competitividad y el valor de alquiler del equipo más antiguo, mientras que las obligaciones de deuda permanecen. Los calendarios de vencimiento no prevén cómo cambiará la demanda de GPUs de NVIDIA o de acciones relacionadas con la tecnología. Sin embargo, sí indican que los costos de refinanciamiento, los plazos de pago y el valor del hardware serán importantes a medida que las empresas financien la expansión de su infraestructura. Suscríbete a nuestro canal de YouTube para obtener las últimas noticias sobre criptomonedas. Relacionado: El auge de los centros de datos de IA en EE. UU. se enfrenta a riesgos de deuda debido al aumento de los costos y al estancamiento de los proyectos. Publicidad aquí: Aviso de responsabilidad: La información presentada en este artículo tiene únicamente fines informativos y educativos. No constituye asesoramiento financiero de ningún tipo. Coin Edition no se responsabiliza por ninguna pérdida que pueda surgir como resultado del uso del contenido, productos o servicios mencionados. 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