A market selloff is forcing companies driving the global AI boom to delay fundraising plans or pay more for capital as investors demand proof they can absorb rising interest rates and computing-power costs.

The shift comes as investors reassess whether the companies racing to build the infrastructure underpinning artificial intelligence can generate returns that justify soaring spending on computing power, land and energy.

In the past week alone, as AI-related stocks have weakened and the debt of data-centre operator CoreWeave has slumped towards distressed prices, listings for a Blackstone-backed AirTrunk REIT, Nvidia-backed Firmus and SoftBank-backed SB Energy have either been pulled or paused.

The increased scrutiny is not derailing investment in the sector, analysts said, but it is forcing investors to distinguish more sharply between business models and levels of execution risk.

”The conversation has shifted from growth at any cost to a much sharper focus on quality,” said Harry Evans, a partner at law firm Freshfields.

Evans said deal activity could hold up through next year, thanks to a strong pipeline.

Recent listing setbacks, however, show investors are becoming more discerning about valuations, leverage and business models.

M&A involving Asian data centres is still on track for a record year, reaching $21.3 billion as of Tuesday, according to Dealogic data, more than double the $10 billion recorded in all of 2025.

Debt financing has also remained strong, with syndicated loans and bond issuance totalling $22.3 billion so far this year.

6% drop from the same period in 2025.

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