The money that is building the AI infrastructure of the next decade does not come from a single source. Hyperscalers are funding the largest share from their own balance sheets, supplemented by corporate bonds and increasingly complex off-balance-sheet vehicles. Private credit is filling the gaps that banks cannot. But a third category of capital is playing an increasingly decisive role, and its motivations are not purely financial. Sovereign wealth funds are deploying capital into AI infrastructure at a scale and pace that is reshaping industry financing, where developers build capacity, and who controls the compute layer of the global economy.