Qupital's $300M Series C Is Really Two Deals
How a Hong Kong lender raised equity and debt in the same breath — and why the securitisation line matters more than the valuation.
Topic
Finance
The financial mechanics behind the AI buildout — capex, depreciation schedules, debt structures and the accounting that shapes reported earnings.
AI's Capex Bill Moved to the Credit Desk
How hyperscalers spending 102% of cloud revenue on infrastructure turned AI's biggest risk from an equity story into a financing one.
Uber's Layoffs Are an Org-Chart Argument
How cutting 3,300 jobs to remove management layers reveals what Uber thinks its real constraint is — and why the target was coordination cost rather than payroll.
Google's Ad Tech Ruling Changes Conduct, Not Structure
How a judge who already found Google's ad-tech business illegal decided the fix was rules rather than surgery — and what that pattern means for every platform facing an antitrust case.
The Footnote Quietly Inflating AI Earnings
How a dispute over how long a GPU stays useful could be worth $176 billion in overstated hyperscaler profit.
Crusoe's Flared-Gas Pivot Hits $30B
Crusoe tripled its valuation to $30 billion in under a year, and a chunk of the credit belongs to one customer's $13 billion cloud contract.
Anthropic's $30 Trillion Pitch
How the company behind Claude is asking IPO investors to believe its addressable market is roughly the size of the entire U.S. economy.
Anthropic's $30 Trillion Number
A market bigger than the number is theoretical, and that's exactly the point — Anthropic isn't pitching a revenue forecast, it's pitching what kind of company it wants to be priced as.
SoftBank's OpenAI Bet Moves to the Bond Market
The AI capex cycle just took its next logical step — model companies need equity, and their biggest backers need cheap public debt to keep writing the checks.
Valar's $6 Billion Wager on Nuclear for AI
How Sequoia's $1 billion bet on mass-produced reactors reframes AI's real bottleneck: not chips, but the power to run them.