Brookfield will fund its recently announced USD 100bn AI infrastructure program through a 3:1 debt-to-equity model, said a source close to the matter.

The asset manager has not yet launched a debt process, which could equate to around USD 75bn, but intends to do so on a project-by-project basis.

Oracle is in the process of raising multiple financings to support its Project Stargate data center buildout, alongside multiple institutional partners and hyperscale data center developers—including USD 38bn in loans in Texas and Wisconsin, USD 18bn in New Mexico and more recently a USD 10bn financing to support a data center in Michigan.

The Brookfield structure is said to be “standard but fairly more prudent,” according to the source.

On the equity side, institutional investors, insurance companies, and family wealth funds are expected to be amongst those investing.

No banks have been appointed at this stage.

The partnership with NVIDIA and Kuwait Investment Authority (KIA), who are both entering the deal as LPs, was announced earlier this month. Brookfield Artificial Intelligence Infrastructure Fund (BAIIF), launched November 19, 2025, will anchor the program.

The investment plans will focus on four areas of AI infrastructure, including: AI Factories primarily built on NVIDIA’s DSX Vera Rubin-ready reference design; dedicated behind-the-meter power solutions; compute infrastructure including integrated solutions tailored for governments and global enterprises; and strategic adjacencies and capital partnerships across the entire AI value chain.

It is not yet clear how the funds will be divvied up between these four areas, however, up to USD 30bn has been earmarked for Sweden and France.

In February of this year, the asset manager announced it would invest USD 20bn in France’s AI infrastructure, while a similar announcement for USD 10bn in Sweden’s AI infrastructure was made in June.

Land is secured in both Sweden and France as part of these investment plans, with Brookfield in the process of procuring power for the next stages of the projects.

Brookfield continues to be open to other partnerships across Europe over the next two years, as part of its AI investment plans.

Last month, Bloom Energy and Brookfield announced a USD 5bn strategic partnership to develop AI factories designed to meet growing compute and power demands.

The collaboration will deploy Bloom’s advanced fuel cell technology to provide clean, reliable, on-site power for AI data centres.

The first project site is planned in Europe and will be officially announced by the end of 2025.

Sikander Rashid, Head of AI Infrastructure at Brookfield, previously said: “AI is creating one of the largest infrastructure buildouts in history, comparable to the formation of the modern power grid and global telecom networks, but unfolding at a far greater pace and significantly larger scale.”

“This buildout will require USD 7tn of capital in the next 10 years across the entire AI value chain including power, compute, data centres, and beyond,” Rashid continued.