Coverage
Three places the risk actually sits
The sector is financed through three quite different structures, and the same collateral behaves differently in each. We cover all three because the risk moves between them.
Equipment
Equipment-level collateral
GPU-secured facilities, sale-leasebacks, vendor-financed structures. Perfection, custody, repossession logistics, and what a chip fetches in a forced sale.
What we write here
| Published | Title | Type |
|---|---|---|
| Advance rates in equipment-backed compute facilities: a survey of nine 2024–25 vintages | Subscriber research | |
| Residual value methodology: pricing obsolescence on a two-year product cycle | Silicon Duration |
Securitised
Data-centre ABS and CMBS
Lease quality, offtake financeability, power contingency, and the take-out capacity the sector is quietly relying on.
What we write here
| Published | Title | Type |
|---|---|---|
| Where the take-out comes from if securitisation issuance stalls | Subscriber research |
Operator
Operator credit
Neoclouds, converted miners, integrated sponsors. Contract concentration, counterparty quality, and cash actually available for debt service.
What we write here
| Published | Title | Type |
|---|---|---|
| Reading a compute offtake contract as a credit analyst | Silicon Duration |