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Bondholders Are Not Underwriting A Data Center. They Are Underwriting Meta.
Meta holds 20 percent of the El Paso campus and every material obligation behind it. Inside the S&P and Fitch one-notch split, the 2028 rent…
10 hrs ago
19
1
BlackRock Launches $12.3 Billion Bond For Meta's El Paso Campus
BlackRock's GIP and HPS units hold 80 percent of the El Paso joint venture. Inside the $12.3 billion senior secured notes, the JPMorgan and Morgan…
Jul 27
18
Chevron and Microsoft Sign $9B West Texas Power-and-Compute Deal
Power, natural gas, and AI infrastructure converge as Project Kilby establishes a new model for dedicated, behind-the-meter hyperscale compute…
Jun 29
29
2
Why Meta Bought Megawatts Instead of Building Them
Build-versus-buy inflection, offtake as developer collateral, the $15 billion Abilene joint venture, five-hyperscaler concentration risk, power-first…
Jun 23
24
3
Meta Contracts 1.6 Gigawatts of AI Compute From Crusoe
Childress and Warrenton sites, two-campus capacity, Crusoe's 4.9 gigawatt contracted book, undisclosed contract value, Meta's $600 billion…
Jun 22
23
Oracle Q4 FY2026: Hyperscaler Capex, No Hyperscaler Balance Sheet
How negative free cash flow of $23.7B, a BBB rating, and an $88B two-year raise made Oracle the cohort's first test of whether capital structure sets…
Jun 19
23
1
Why Google Now Rents Compute From the Company It Once Hosted
SpaceX multi-tenant pivot, Google and Anthropic offtake, behind-the-meter speed, 90-day terms, AI segment economics
Jun 17
27
2
SpaceX Lists at $1.75 Trillion With Two Anchor Compute Tenants
Nasdaq SPCX debut, Anthropic and Google offtake, Colossus Memphis cluster, behind-the-meter power, AI segment capex
Jun 16
20
1
Alphabet Chose Dilution Over Debt, And That Is The Signal
Equity over debt as conviction signal, Berkshire as validation not capital, power and land race, the slow-monetization risk
Jun 9
26
1
2
Alphabet Raises Up To $80 Billion In Equity To Fund AI Buildout
$10 billion Berkshire anchor, $30 billion underwritten offerings, $40 billion at-the-market, Goldman Sachs placement agent
Jun 8
25
2
2
Amazon's $33B ASEAN Headline Is Positioning, Not New Capital
Pledge consolidation versus new capital, sovereign-by-design framing, Philippines exclusion, DEFA embedding, regional footprint defense
Jun 4
22
1
Google Commits $15 Billion to Build Beside Amazon in Rural Missouri
Montgomery County campus, 1 GW Ameren contract, Project Green adjacency, SB 4 power framework, air-cooled architecture
Jun 1
28
2
2
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