Power, Infrastructure At Center of Data-Center Deals

Watch on YouTube ↗  |  August 27, 2026 at 11:53  |  10:09  |  Bloomberg Markets
Speakers
Maria Goodpaster — Partner, McKinsey & Company
Melissa Kalka — M&A, Private Equity Partner, Kirkland & Ellis
Kate Dorsey — Managing Director, Stonepeak

Summary

Panelists from McKinsey, Stonepeak, and Kirkland & Ellis discuss data-center dealmaking. They highlight power and electrical hardware constraints as key opportunities, differentiate powered contracted assets from speculative builds, and describe a financing shift from banks to public and private credit. Political and community opposition is seen as a growing gating factor for projects.

  • Power availability is the largest data-center supply-chain bottleneck.
  • High-voltage transformers and backup generators are also constrained.
  • Investment opportunity spans development, stabilized assets, GPUs, and fiber.
  • Assets with power, grid interconnection, and contracted demand can command premiums.
  • Speculative builds without power or leases are riskier and harder to finance.
  • Financing is pivoting from bank markets to public bond and private credit markets.
  • Community backlash over utilities, water, noise, and emissions is slowing site selection.
Ideas
Maria Goodpaster Partner, McKinsey & Company 0:13
Power bottleneck is key investment opportunity
Client conversations are focused on data-center supply-chain and infrastructure constraints. Power is the largest constraint, and other electrical hardware such as high-voltage transformers and backup generators are also highly constrained, making the power/electrical bottleneck a key opportunity area.
Power infrastructure High-voltage transformers Backup generators HIGH
Melissa Kalka M&A, Private Equity Partner, Kirkland & Ellis 1:13
Data center value chain offers multiple opportunities
The data-center industry has become large and dynamic enough to create investment opportunity across many parts of the value chain, including development projects, stabilized assets, GPUs, and fiber, with capital demand at unprecedented levels.
GPUS DTCR IBBQ HIGH
Kate Dorsey Managing Director, Stonepeak 1:49
Powered contracted data centers command premiums
Stonepeak is focused on data-center opportunities that have power access, grid interconnection, strong contracted demand, and highly creditworthy counterparties. Assets with these characteristics are less speculative and can warrant valuation premiums.
Data centers with contracted power HIGH
Maria Goodpaster Partner, McKinsey & Company 3:28
Speculative data center builds are risky
Speculative data-center sites that lack power, critical equipment buys, or signed leases face real stranded-asset risk. The market will have winners and losers, and these speculative builds are considered riskier and harder to finance.
Speculative data center developments HIGH
Melissa Kalka M&A, Private Equity Partner, Kirkland & Ellis 4:51
Alternative power bridges data center grid gap
Power constraints are pushing developers to get creative with alternative bridging solutions such as micro nuclear fuel cells and turbo cells until grid connections become available.
Turbo cells Micro nuclear fuel cells MED
Kate Dorsey Managing Director, Stonepeak 5:20
Data center financing shifts to public credit
Traditional bank markets are oversaturated for certain hyperscalers and developers, so borrowers are pivoting to public bond markets and private credit. Well-structured data-center projects still have access to deep public and private capital pools.
BIZD Data center public bonds MED
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This Bloomberg Markets video, published August 27, 2026, features Maria Goodpaster, Melissa Kalka, Kate Dorsey discussing Power infrastructure, High-voltage transformers, Backup generators, GPUS, DTCR, IBBQ, Data centers with contracted power, Speculative data center developments, Turbo cells, Micro nuclear fuel cells, BIZD, Data center public bonds. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Maria Goodpaster, Melissa Kalka, Kate Dorsey  · Tickers: Power infrastructure, High-voltage transformers, Backup generators, GPUS, DTCR, IBBQ, Data centers with contracted power, Speculative data center developments, Turbo cells, Micro nuclear fuel cells, BIZD, Data center public bonds