Topic
Joint ventures, leasebacks, debt packages and residual value guarantees used to fund gigawatt-scale AI campuses.
Cipher Digital plans to sell $850 million of zero-coupon convertible notes due 2032 after agreeing to absorb $359.3 million of Barber Lake overruns. The stock fell 9.6% premarket, but most of its slide from September 25 came before the offering.
Reality
On June 15 the FTX Recovery Trust dropped its $1.15 billion clawback case against Genesis Digital with prejudice, without saying what the estate received. SWI, which controls Genesis Digital, announced an EUR 800 million raise for AI compute and data centers on October 12.
Reality
The backstop covers building resale value on the first 4.25GW of OpenAI's Ohio lease, in exchange for exclusive chip supply. Compute through 2032 now depends on the structure holding.
Perspective Coverage
6 publishersReality
Blue Owl's co-CEOs ruled out a management buyout even after private-credit redemptions sent the shares down 70%. Semafor argued lending is unlikely to power growth again, so public holders are relying on the firm's business as a landlord to AI data centers.
Reality
Naver and Brookfield are negotiating up to $9 billion of financing for a $10 billion expansion of Naver's Sejong AI data center to 200 megawatts. Korean banks weighing a share have to judge what about 100,000 Nvidia GPUs will be worth years into a loan.
Reality
Oracle issued a force majeure notice on Blue Owl's Jupiter campus, whose reported $18bn of bank loans already trade below 90 cents on the dollar. Lenders who priced Oracle's credit now also have to price who pays when the power arrives late.
Perspective Coverage
12 publishersReality
Nvidia is putting $1 billion into Nscale's $3.36 billion pre-IPO round, funding a customer still building most of its capacity. Buyers signing multi-year capacity deals should check how that build-out is paid for before they check the price.
Perspective Coverage
4 publishersReality
A Dallas Fed note centres this year's AI-related investment-grade issuance on $300 billion, worth as much as $360 billion in ten-year equivalents, plus a swaps channel it can only size from market anecdote.
Reality
Kim Sung-hwan told Korean reporters in Manhattan that data centres were the question overseas investors raised most often, and he came back from London and New York with agreements from Fidelity International, PIMCO and Carlyle.
Reality
BlackRock funds hold 80% of the Meta joint venture and a $12.5 billion debt package sits under it, but the project is proceeding with insurance that does not cover every risk category.
Reality