On October 23, it was reported that the financing landscape for the AI infrastructure sector has recently become more stringent. In a span of just a few weeks, three planned AI company listings have been either canceled, suspended, or postponed. Private equity valuations have also failed to meet earlier expectations, and certain debt markets are even showing signs of strain. This trend underscores a shift among investors from a lenient approach to a more cautious one when it comes to funding AI development.

Specifically, SK Hynix has scrapped its plans to list its subsidiary Solidigm in the United States. The listing was intended to secure funds for constructing a new wafer fabrication plant in the country. Additionally, Firmus Grid, an Australian data center operator, has canceled its initial public offering (IPO), which was valued at nearly $5 billion, citing market volatility as the reason. Meanwhile, Airtrunk, backed by Blackstone, has postponed its Singapore listing plans until the first half of next year.

At present, rising interest rates and escalating geopolitical risks are the primary drivers behind these changes in the financing environment. The Federal Reserve resumed its rate hikes in September, and the Bank of Japan's policy rate climbed to a 31-year high. These developments have increased the costs associated with project financing, especially for initiatives with lengthy revenue return cycles. Simultaneously, geopolitical conflicts have driven up oil prices, and persistent inflation expectations have further heightened investment uncertainty.

As spending on AI continues to surge, investors are now placing a greater emphasis on the timing and effectiveness of returns on their investments.