SpotWire research
Credit behind the physical AI stack.
Primary-document analysis of who owes the cash, what secures it, and where construction, power, contract and residual risks remain. This editorial research is separate from SpotWire's collection indices and does not assign credit ratings.
Historical deal-term analysis · Research as of September 24, 2026
A completion grace period is not an interest holiday →
Two AI data-center note deals separate the principal clock from the interest clock. That gap is where construction finance meets credit risk.
Historical analysis · Research as of September 24, 2026
The cash path, not the headline: four AI infrastructure financings →
A document-led look at where compute, property, power and customer contracts meet credit risk in four selected 2025 transactions.
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