From self-funding to external capital: how the AI capex gap gets financed 1 AI capex outpaces OCF compounds faster than cash flow funding gap opens data-center capital stack 2 IG bonds Private credit asset-based, largest Securitized abs/cmbs Equity / institutional JVs + direct equity raises 3 Debt service & leases rises as FCF goes to zero Monetization pace gates path 4 Accretive equity debt stays serviceable mega-caps near net cash 5 Failure (Oracle-style) financing > returns cut to BBB- · July 2026 FCF → zero forces more external financing raises debt service