Morgan Stanley, one of the most active banks in financing data center developers, is now pitching some of those same clients on tapping a market better known for funding leveraged buyouts. It’s a sign that in the race to raise money for AI infrastructure, developers and their advisors are turning over every stone.

Over the last few months, Morgan Stanley has suggested to clients that the next time they need to raise money for data center projects, they consider the leveraged loan market rather than the bond market, according to a person familiar with the matter who asked for anonymity to discuss private conversations.