SoftBank Is Paying for OpenAI Equity With $11.1 Billion of Junk Bonds. The IPO Just Moved to 2027.

The largest private AI position is now financed with high-yield paper that matures whether or not the listing happens. Here is who carries the risk, layer by layer, and the one date this week that puts a price on it.

Anthropic Committed About $90 Billion in Four Weeks and Did Not Buy a Single Computer

Three six-year leases, the same chip vendor sitting on every side of the table, and a capex line that now behaves like debt. The interesting question is not the price. It is who is carrying the risk.

One in Seven AI Deals Is Now a Compute Contract. One in Thirty Is an Acquisition.

Across 543 deals we tracked since October, acquisitions fell from 16.5% of AI dealmaking to 3.1% while compute contracts climbed from 3.9% to 14.6%. The buyers changed too: one in six recent compute deals has a government on one side.

The AI Buildout Signed 15-Year Leases Against a Price That Resets Every Quarter

Compute contracts are now being written like commercial real estate: long leases, land financing, third-party guarantees. The revenue backing them reprices in months. Here is how to read the next data center announcement for who is actually carrying that mismatch.