SMBC and Milbank Dominate the Inaugural US Digital Infrastructure Loans Rankings for 2025

On February 11, 2026, TMT Finance unveiled its inaugural US Digital Infrastructure Loans League Tables, which offer a detailed overview of institutions engaged in digital infrastructure financing within the United States. This landmark report marks a significant step forward for transparency in an industry historically limited by a lack of reliable benchmarking.

The rankings provide insights across twelve distinct tables, measuring both the volume and value of all digital infrastructure loans as well as dedicated data center financing. TMT Finance has recognized the top twenty institutions in key roles, including Bookrunner, Arranger, and Legal Advisor, demonstrating a comprehensive scope across the sector.

Leading the pack is Sumitomo Mitsui Banking Corporation (SMBC), which holds the top position across virtually all lender categories. Following closely are MUFG and JPMorgan, who have consistently occupied spaces within the top three across various lending categories. In the realm of legal advisory, Milbank stands out as the preeminent law firm, securing its position as a leader in the field.

Significance of the Rankings

The release of these rankings is emblematic of the growing scale and sophistication within the digital infrastructure financing ecosystem. With a surge in investments towards data centers, fiber networks, and advanced connectivity platforms, financial markets have recognized the necessity of robust debt strategies to meet escalating capital requirements. Increasing demand driven by cloud computing, artificial intelligence, and the broader digitalization of enterprises is reframing how infrastructure funding is approached.

TMT Finance utilized proprietary deal intelligence and market data to construct these league tables, facilitating a structured understanding of lending and advisory activities in this dynamic market. By categorizing institutions according to their involvement in broad digital infrastructure projects and specialized data center transactions, the tables illuminate those most actively influencing capital movements in the sector.

In total, the rankings accounted for nearly $133 billion in transactions tracked throughout the year 2025, with dedicated data center financing amounting to over $106 billion across 57 transactions, claiming roughly 80% of the market share. These notable statistics underscore the exceptional activity within this segment and highlight the importance of ongoing investment in digital infrastructure.

Future Outlook

TMT Finance has plans for expansion, announcing that it will release H1 2026 Loans League Tables for both the US and Europe, extending their coverage into the Asia-Pacific region and beyond throughout the year. This proactive approach aims to foster a deeper understanding of evolving market landscapes and provide critical data for stakeholders.

Ben Nice, Chief Content Officer at TMT Finance, emphasized the importance of these league tables.