Morgan Stanley's July-2025 forecast path for total data-center ABS issuance: ~$8B in 2025 rising to ~$25B by 2028 as the first refinancing wave hits
~$8B (2025) → ~$25B (2028)forecast
| Value kind | forecast — Forecasts are time-bound outlooks, not specifications; test decisions across plausible scenarios. |
|---|---|
| Scope | Both legs are July-2025 forecast, including the 2025 base year; ABS only, excluding CMBS and GPU-backed structures. Preliminary 2025 issuance came in near ~$15B, outrunning the forecast base. |
| Caveat | Frequently mis-attributed to GPU-backed ABS. Morgan Stanley's Jul-2025 gap note describes GPU ABS only as a future opportunity; the $8B→$25B path is total data-center ABS on a 2025 base. Public record is a single SFA summary of a paywalled note. |
| As of | 2025-07 |
| Source | Morgan Stanley Research |
| Review | checking…review by 2026-12-01 · fast cadence |
| Recorded changes | last 2026-09-01 · 4 revisions tracked |
| Claim id | data-center-abs-issuance-2025-projected-2028 |
Where the guide uses it
← Full numbers register — every date-stamped figure in the guide, with revision history.