ISSUE 03 A quick note before we start: the numbers below are illustrative, built to show how the structure works not a real company's financials. The point isn't the figures. It's learning where to look. In Issue 01, the story was that AI data
ISSUE 02 In Issue 01, the story was the US: private credit funds like Blue Owl underwriting data centers against a hyperscaler's lease rather than the building itself. Debt investors don't need to believe in AGI they need to believe the tenant will keep paying rent.
ISSUE 01 Everyone is talking about the $100B+ equity rounds going into AI labs. Almost no one is talking about how the infrastructure underneath them actually gets built. The part that doesn't make headlines: AI data centers aren't being financed like tech startups. They're
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