Infrastructure's financing cost rose with the far end on 2026-09-24: the thirty-year at 5.46% is the discount rate for assets with thirty-year lives.
Microsoft will invest $10 billion in the Middle East, Google will double its Brazilian infrastructure by 2030, and Honda will spend up to $2.5 billion on a US hybrid plant. Anthropic's $11.6 billion Akamai commitment is a computing contract with infrastructure economics.
Big technology firms keep investing in data centres and power, but the cost of borrowing for projects that last decades has gone up.
So-what: The build-out is continuing at the same time as its financing cost rises. Projects with contracted revenue can pass that through; projects priced on merchant demand cannot, and a supply-driven long end does not ease when growth softens.
What to watch. Project-finance spreads; municipal issuance; turbine lead times.