The Dig

Part 2: AI Data Center Construction, CIP, All the Cash Flows and Concentration

AI‑driven data center projects are reshaping tech capital spending, pushing construction‑in‑progress (CIP) balances and accounts payable to unprecedented levels. Companies adopt varied structures—joint ventures, SPVs, sale‑leasebacks—that affect how liabilities appear on balance sheets. The surge in days‑payable‑outstanding signals supplier financing embedded in many AI buildouts, while disclosure practices remain fragmented across firms. Part 2 of the series dives deeper into CIP reporting, cash‑flow presentation, and the concentration risks if AI demand falters.