4. Financial and Regulatory Risks The rush to secure energy has led to complex financial structures that obscure risk and potentially destabilize the broader energy market. * Opaque Financing: Much of the capital for these projects flows through layered arrangements involving private credit funds and special purpose vehicles (SPVs). This separates economic risk from operational control, making it difficult for regulators to assess the true leverage and stability of the companies controlling these energy assets. * Stranded Assets: If AI revenue projections fail to materialize, the massive debt loads incurred to build this private energy infrastructure could lead to defaults, leaving communities with stranded assets and environmental liabilities while the tech companies retreat to other jurisdictions.