Satisfying AI’s ravenous appetite for power and compute has kicked off a once-in-a-generation infrastructure expansion that is also one of the most expensive in modern history. Nvidia CEO Jensen Huang has estimated a single gigawatt of capacity can cost as much as $50 billion. With McKinsey projecting data center demand could reach 156 GW by 2030, the total investment required could approach $7 trillion.

While the need for graphics processing units is immediate, the infrastructure needed to deploy them at scale can take years to finance and build. The result is a growing mismatch between appetite and access, with capital—not compute—emerging as the primary bottleneck in the AI build-out.

At a recent panel, The Information’s Anissa Gardizy sat down with three executives on the front lines of that shift to discuss what the future of AI financing looks like:

Marc Boroditsky, chief revenue officer, Nebius

Nick Robbins, vice president, corporate development, CoreWeave

Charles Fisher, chief financial officer,…