Nippon Life Insurance plans to double its AI infrastructure-related loan balance to ¥2 trillion, approximately $12.8 billion, by fiscal 2035 from about ¥1 trillion at the end of March. The insurer is already lending through project finance to US Big Tech companies including Amazon for data center construction and sees average interest-rate spreads exceeding 2%. The strategy makes US data centers the primary target, while lending in Japan will also be considered during fiscal 2026. Japan’s megabanks and other financial institutions are expanding their role through loans and infrastructure funds as rising semiconductor and server costs increase capital needs. Global data center investment is projected to reach $31.6 trillion by 2050, but delays, community opposition, power costs, water shortages and regulatory intervention are raising recovery risks. Nippon Life plans to establish a dedicated US team next year to select projects and manage those risks.