Long-form essays on data centre power architecture, industrial technology, commercial due diligence, and capital flows. Written for PE sponsors, hyperscaler strategy teams, and industrial acquirers by an operator with twenty years at Eaton, Honeywell, Cisco, and BCG.
Three canonical analytical frameworks compose across every essay, case study, and reference asset on the site. Physical infrastructure (AI Power Chain) sits at the bottom of the stack, capital allocation (Investment Layer) sits above it, operational underwriting (Due Diligence) sits alongside as the layer that applies both to live transactions.
For the canonical index of all three, see /frameworks/. For the full site architecture including series, hubs and reference surfaces, see /knowledge/.
See the frameworks calibrated on live 2024-2026 deals: AirTrunk (UNDERWRITE benchmark), CoreWeave DDTL 3.0 (AMBER worked example), Crusoe / Stargate Abilene (RESTRUCTURE, realized).
The Investment Layer scorecard flagged single-tenant concentration risk on the Oracle-OpenAI structure pre-close. In March 2026 that exact risk materialised. Oracle and OpenAI dropped the expansion; Microsoft stepped in to lease the dropped capacity. RESTRUCTURE, with realized-prediction validation.
The wired-recourse mechanic in market-tested form. High uncontracted principal at maturity, but CoreWeave's parent guarantee absorbs at Ba2/BB+ corporate credit. AMBER on the framework's 2x2, not RED. The distinction most credit coverage misses.
Walking the September 2024 Blackstone + CPP acquisition of AirTrunk through both AI infrastructure scorecards. LOW physical + LOW thesis + GREEN veto = UNDERWRITE (Premier). The calibration anchor for what a clean deal scores on the framework.