Many companies entering the AI infrastructure business assume that controlling land, power and having a good team means they have a data center business. Not quite. They have a development opportunity.

A functioning commercial data center requires:
- Land and power (the physical capacity)
- Design and construction (a usable facility
- Operations (reliability and service)
- Lease and credit (revenue and financeability)
The fourth is the most important input as it's what converts the first three into an investable asset.
A technically complete building can still be unfinanceable if the lease gives the tenant excessive termination rights, weak payment obligations or broad remedies for construction delays. The reverse is also true. A landlord can sign a seemingly large lease that lenders heavily discount because the tenant is thinly capitalized.