# adikumar.co — Adi Kumar > Independent analysis of AI infrastructure — the money, machines, and standards behind the AI buildout. Long-form essays on data centre power architecture, industrial technology, commercial due diligence, and capital flows. Written by Adi Kumar, a senior operating executive with 20 years at Eaton, Honeywell, Cisco, and BCG, now an independent advisor to PE sponsors, hyperscaler strategy teams, and industrial acquirers. The publication is structured as recurring long-form series, a monthly recap, and named commercial deal analyses. All essays are members-only after the first read; a free email signup gives full access. Files below (`llms-full.txt`, XML sitemap) are open. ## Publication cadence - **Long-form essays** — released against a scheduled series calendar, roughly weekly - **Monthly recap** — *What Changed* on the 5th of each month, covering the prior month - **Named deal analyses** — *Deal Tear-Down* (M&A) and *Deal Watch* (financings, JVs, backstops) as material events land - **Free-tier vendor screens and reference data** — periodic **55 essays published to date, 52 scheduled through end of Q1 2027.** Series details below. ## The AI Power Chain Six-part series on the physical infrastructure of AI compute, walking from the medium-voltage utility bus at the site fence down to the 0.8 V transistor gate. Plus three commercial supplements — a live vendor screen, a pricing-power framework, and a services-annuity map. - [The Capacitor Stack: How Energy Storage Became Core Compute Infrastructure](https://adikumar.co/the-capacitor-stack-800vdc/) — The capacitor stack for 800V DC data centres: HSCs, EDLCs, MLCCs, silicon caps. Four capacitor categories are the binding AI supply constraint. - [The Wide-Bandgap Stack: Boom, Bust, and the Rebuild of AI's Power Semiconductor Chain](https://adikumar.co/the-wide-bandgap-stack/) — Wide-bandgap semiconductors — SiC and GaN — enable 800V DC data centres. Boom, ~60% reported price collapse, Wolfspeed Ch.11, and the AI-era rebuild. - [The Thermal Stack: How Heat Became the Binding Constraint on AI Compute](https://adikumar.co/the-thermal-stack/) — AI data centre thermal management stack: DLC + immersion + facility CDU + coolant chemistry. Every watt in a GPU comes back as heat at 600kW/rack. - [The Interconnect Stack: Transformers, Switchgear and the Grid Equipment That Gates the AI Buildout](https://adikumar.co/the-interconnect-stack/) — Grid interconnect is the binding constraint on AI data centre buildout. Transformer lead times, hyperscaler substation queue, and vendor map through 2030. - [The On-Package Delivery Stack: How 48V Becomes 0.8V at 2,250 Amperes](https://adikumar.co/the-on-package-delivery-stack/) — On-package power delivery for AI GPUs: how 48V becomes 0.8V at 2,250 A. Vertical vs lateral PoL, MPS design-in dominance, on-chip caps. - [The Modular Datacenter Stack: How the Building Gets Built (When There Aren't Enough Electricians)](https://adikumar.co/the-modular-datacenter-stack/) — Modular AI data centre stack: prefab enclosures, skid-mounted power + cooling, on-site assembly economics. Where the building gets built, not designed. - [The AI Power Chain: Vendor Screen](https://adikumar.co/ai-power-chain-vendor-screen/) — Vendor-by-vendor screen across the six AI Power Chain layers: capacitor, wide-bandgap, thermal, interconnect, on-package, modular datacenter. - [Pricing Under Scarcity](https://adikumar.co/pricing-under-scarcity/) — How AI infrastructure vendors price when demand outruns capacity. Ten positions on the scarcity map and what each pricing move tells you. - [The Services Inversion](https://adikumar.co/services-inversion/) — The AI infrastructure services layer captures margin like the product used to. Seven positions where service annuities compound faster than hardware. ### Technical companions Each main essay above has an optional technical companion that explains the physics, process flows, and materials science behind the market piece. - [The Wide-Bandgap Stack: Technical Companion](https://adikumar.co/the-wide-bandgap-stack-technical-companion/) — How wide-bandgap power devices actually work: SiC crystal growth, MOSFET architectures, GaN HEMT physics, packaging and roadmap. Technical primer. - [The Thermal Stack: Technical Companion](https://adikumar.co/the-thermal-stack-technical-companion/) — How liquid cooling works: heat transfer physics, TIMs, cold plate mechanics, quick disconnects, immersion, and the migration into the package. - [The Capacitor Stack: Technical Companion](https://adikumar.co/the-capacitor-stack-technical-companion/) — How MLCC, film, Al electrolytic, EDLC, HSC and silicon capacitors actually work. Ragone plot, failure modes, and roadmap. Technical primer. - [The Interconnect Stack: Technical Companion](https://adikumar.co/the-interconnect-stack-technical-companion/) — How transformers, switchgear, cables, gas turbines, fuel cells and SMRs actually work. Cross-sections and physics. Part IV-A of The AI Power Chain. - [The On-Package Delivery Stack: Technical Companion](https://adikumar.co/the-on-package-delivery-stack-technical-companion/) — IVR magnetics, thin-film substrates, high-density capacitors and the qualification-gated architecture of on-package power delivery. - [The Modular Datacenter Stack Technical Companion](https://adikumar.co/the-modular-datacenter-stack-technical-companion/) — Skid architectures, BESS integration, MV switchgear, busway and rack topologies for the modular hyperscale datacenter build. ## The Investment Layer Eight-part series for capital allocators on how the AI infrastructure buildout is actually financed. From the six-pool decomposition of capital, through the M&A map, to sovereign capital and industrial policy. - [How the AI buildout is financed](https://adikumar.co/how-the-ai-buildout-is-financed/) — How the AI buildout is financed. DDTL, hyperscaler ABS, private-market equity, nuclear PPAs, sale-leaseback: the ten capital-structure stacks in one map. - [The AI infrastructure M&A map](https://adikumar.co/the-ai-infrastructure-m-a-map/) — AI infrastructure M&A map: every material deal 2023-2026, four through-lines that explain them, fifteen forward hypotheses on where consolidation goes next. - [The build-to-lease flip](https://adikumar.co/the-build-to-lease-flip/) — Why hyperscalers stopped owning their datacenters, the developer stack that absorbed the capital demand, and where the return arithmetic breaks. - [The coverage asymmetry](https://adikumar.co/the-coverage-asymmetry/) — Where equity research concentrates on AI infrastructure, where it misses the material stories, and what the coverage gap says about mispricing. - [The PE playbook, layer by layer](https://adikumar.co/the-pe-playbook-layer-by-layer/) — Five recognisable PE playbooks across the six AI infrastructure layers, their return profiles, and the three platform theses in construction. - [Underwriting AI infrastructure debt](https://adikumar.co/underwriting-ai-infrastructure-debt/) — How the $200 billion of AI infrastructure debt actually gets priced: structures, spreads, covenants, rating criteria, and where underwriting is soft. - [The three downside cases](https://adikumar.co/the-three-downside-cases/) — Three scenarios that compress the AI infrastructure investment map: demand shock, supply reversal, financing shock. Probabilities and exposures. - [Sovereign capital and industrial policy](https://adikumar.co/sovereign-capital-and-industrial-policy/) — Eight sovereign capital pools, twelve national industrial policy programmes shaping AI infrastructure, and how the landscape reshapes over 24 months. ## The DC-DC Transition Thirteen-part series on AI data centre power architecture and the 800 V DC shift. Three parts live, remainder publishing October 2026 → January 2027. Six commercial supplements follow. - [Arc behaviour, protection, and how insurance is catching up (DC-DC Transition IV)](https://adikumar.co/dc-dc-transition-04-arc-behaviour-insurance/) — DC arcs need microsecond-scale interruption. Schneider Aug 2026 study finds 800 VDC arc risk manageable with SSCB + arc-fault detection. - [Grounding, bonding, and DC ground-fault protection at 800 VDC (DC-DC Transition V)](https://adikumar.co/dc-dc-transition-05-grounding-ground-fault/) — TN-S vs IT-System at 800 VDC, insulation-resistance monitoring at scale, ground-fault detection technologies, coordination with arc-fault protection. - [Battery integration at 800 VDC: UPS restructured, not replaced (DC-DC Transition VI)](https://adikumar.co/dc-dc-transition-06-battery-integration/) — Native 800 VDC UPS architecture, BMS complexity at 220-cell series stacks, LFP vs NMC vs LTO chemistry choice, HSC role for sub-second transients… - [Retrofit versus greenfield: the DC-DC decision framework (DC-DC Transition VII)](https://adikumar.co/dc-dc-transition-07-retrofit-greenfield/) — Retrofit vs greenfield TCO for 800 VDC data centres. Break-even by facility age, cooling readiness, real-estate constraint. - [800 VDC and liquid cooling: co-emerging, not independent (DC-DC Transition VIII)](https://adikumar.co/dc-dc-transition-08-cooling-co-emergence/) — Rack density trajectory forces liquid cooling above 100 kW per rack. Vendor consolidation (Vertiv/PurgeRite, Eaton/Boyd, Schneider/Motivair) reshaped the… - [Power quality, harmonics, and grid interaction at 800 VDC (DC-DC Transition IX)](https://adikumar.co/dc-dc-transition-09-power-quality-grid/) — Harmonics from 6-pulse vs 12-pulse vs active-front-end rectifiers, PFC at 800 VDC, grid-support capability, ISO-level regulatory posture. - [Standards evolution: OCP, IEC, NEC, IEEE, and the 2028-2029 convergence (DC-DC Transition X)](https://adikumar.co/dc-dc-transition-10-standards-evolution/) — Standards convergence timeline for 800 VDC data centres. OCP Mt. Diablo, IEC 60947-10, NEC 2029 cycle, IEEE P2818, UL and NFPA integration. - [Vendor economics: who wins the 800 VDC transition (DC-DC Transition XI)](https://adikumar.co/dc-dc-transition-11-vendor-economics/) — 800V DC vendor economics: six-layer competitive map, 48V incumbents at risk, and where incumbents win the transition. Named vendors, exposure %, moat. - [Commissioning, skills, and operational readiness at 800 VDC (DC-DC Transition XII)](https://adikumar.co/dc-dc-transition-12-commissioning-skills/) — AC-to-DC skills gap quantified. Commissioning timeline extension. Vendor academies + IBEW apprenticeship + university pipelines. - [The ten-year view: where 800 VDC data centres land by 2028, 2030, and 2035 (DC-DC Transition XIII, series closing)](https://adikumar.co/dc-dc-transition-13-ten-year-view/) — Series-closing synthesis. Installed-base composition forecast 2020-2035. Five risks that could break the trajectory. - [The real reason data centres are going DC (and it's not capacity alone) (1/13)](https://adikumar.co/the-real-reason-data-centres-are-going-dc-and-its-not-capacity-alone/) — Capacity is not the real reason data centres are going DC. Four forces drive the shift: density, grid, GPU synchronicity, hyperscaler roadmap. - [Two architectures wearing the same name (and why hyperscalers built their own) (2/13)](https://adikumar.co/two-architectures-wearing-the-same-name/) — Two 800V DC architectures wear the same name and behave differently in retrofit vs greenfield. Which one hyperscalers are picking, and why. - [The architecture map (where every stage lives, who builds it, what's standardized) (3/13)](https://adikumar.co/the-architecture-map/) — Where every stage of AI data centre power lives, who builds it, what standardises when. Six-layer map for scoring vendor risk and content. ## Deal Tear-Down M&A analyses using the fourteen-workstream commercial DD framework. Named acquisitions, sponsor and strategic angles, deal-thesis stress test. - [Equinix + CPP / atNorth $4B: what DD would flag on a Nordic data centre take-out](https://adikumar.co/dealteardown-equinix-cpp-atnorth-aug-2026/) — Commercial DD scoping on the Equinix + CPP $4B take-out of atNorth. Nordic interconnection scarcity, PPA book, CoC exposure, joint acquisition governance. ## Deal Watch Non-M&A capital events — financings, JVs, backstops, sovereign programmes — through the same commercial diligence lens. - [NVIDIA / OpenAI PORTS-Pike: what DD would flag on a $105B guarantee for a phased 4.25 GW Ohio campus](https://adikumar.co/dealwatch-nvidia-openai-ohio-aug-2026/) — Operational DD lens on the NVIDIA-OpenAI PORTS-Pike deal. $105B guarantee + $1.5B equity + $4.2B AEP Ohio grid partnership for a phased 4.25 GW Ohio. ## What Changed — monthly recap One-page monthly recap of AI infrastructure power. NVIDIA, OCP, hyperscalers, power equipment vendors. What moved, what the market is getting wrong, published on the 5th of every month. - [July 2026: the month the grid became the ceiling: What Changed Issue 01](https://adikumar.co/what-changed-july-2026/) — One-page monthly recap on AI infrastructure power. July 2026: what NVIDIA, OCP, hyperscalers, and power equipment vendors did last month, what the market… ## Coming — October 2026 through Q1 2027 The scheduled publication calendar. Titles are final; content is complete or in final revision; publish dates are set. Listed in publish order within each series. ### Due Diligence for the AI Buildout — 9 essays scheduled (2026-08-24 → 2026-09-01) Fourteen-essay practitioner series on running commercial DD for AI infrastructure and industrial-tech acquisitions. Scoping, workstreams, deal structure, and post-close validation. Plus three supplements: question banks, a worked example, and seller-side prep. - [Manufacturing, IP, and supply chain DD](https://adikumar.co/p/) — Capacity vs demand, yield analysis, IP audit across four categories, and tier 1/tier 2 supply chain audit. Where technical DD tests the product, this works - [Quality of earnings and working capital DD](https://adikumar.co/p/) — The workstream testing whether reported financials describe the underlying business. Add-back discipline, dynamic working capital modelling, and the OEM ba - [Capex, growth economics, and projection stress-testing](https://adikumar.co/p/) — Capex per dollar of revenue growth, incremental vs average unit economics, three downside scenarios, compound stress, and the refinancing risk on 2020-2022 - [Organisational, key personnel, culture, and systems DD](https://adikumar.co/p/) — The workstream that tests whether the target's people, culture, and systems can execute what the other workstreams describe. Where post-close value destruc - [Legal and contract DD](https://adikumar.co/p/) — Corporate structure, material contracts, change-of-control provisions, non-compete enforceability, IP filings and freedom-to-operate, litigation exposure. - [Regulatory, CFIUS, environmental, cyber DD](https://adikumar.co/p/) — Approvals that gate closing, environmental liabilities that follow, cyber posture that determines whether Day 1 integration is clean. Four workstreams that - [Deal structure, reps and warranties, escrow architecture](https://adikumar.co/p/) — How DD findings translate into the transaction paper. Structure choice, R&W with insurance, escrow with DD-informed carve-outs, earnout mechanics. - [Financing structure, covenants, closing risk](https://adikumar.co/p/) — How the deal gets paid for, what covenants the financing carries, and what stops closing after signing. Debt sizing, MAC clauses, and refinance stress. - [Post-close validation and the DD improvement loop](https://adikumar.co/p/) — The final workstream. 100-day validation testing the DD thesis against operating reality. Six-month retrospective feeding the next transaction's scoping. ### The Regulatory Layer — 10 essays scheduled (2026-10-05 → 2026-10-26) US regulation, EU AI Act phased applicability, CFIUS, environmental permitting, cyber, and the FERC/RTO interconnect reform track. - [FERC Order 2023 and the ISO queue reform reset (The Regulatory Layer I)](https://adikumar.co/p/) — Post-Order 2023 ISO-by-ISO state of play. ERCOT Batch Zero audit, PJM co-located data centre proposal, MISO cycle delays, CAISO queue expansion. - [State PUCs and the rate-case battleground (The Regulatory Layer II)](https://adikumar.co/p/) — State-by-state map of data-centre tariff proceedings. Dominion Virginia SCC, AEP Ohio PUCO, Georgia PSC, Indiana IURC, Oregon PUC. - [EPA and environmental permitting for AI infrastructure (The Regulatory Layer III)](https://adikumar.co/p/) — Complete permit stack mapping for AI infrastructure: Title V air, PSD/NSR, NPDES water, NEPA, ESA, EJ review, state AQMD. Timeline breakdown. - [Local zoning and community opposition (The Regulatory Layer IV)](https://adikumar.co/p/) — County-level approval as the pacing constraint. Northern Virginia (Loudoun, Prince William, Fauquier, Culpeper), Central Ohio, Georgia, Texas trajectory. - [CFIUS and outbound investment (The Regulatory Layer V)](https://adikumar.co/p/) — CFIUS review posture by investor origin. FIRRMA + TID framework for AI infrastructure. Mitigation-agreement scoping ($2-8M/yr). - [UK NSI Act, EU FDI, APAC equivalents (The Regulatory Layer VI)](https://adikumar.co/p/) — International foreign-investment review landscape for AI infrastructure. UK NSI Act, EU member state regimes (Germany AWV, France, Italy, Netherlands… - [Export controls and the AI chip perimeter (The Regulatory Layer VII)](https://adikumar.co/p/) — BIS advanced-computing rule framework, FDPR extraterritorial reach, country-tier framework, IaaS KYC rules. - [EU AI Act, CRA, DORA: the compliance stack (The Regulatory Layer VIII)](https://adikumar.co/p/) — EU compliance stack for AI infrastructure operators serving EU workloads. AI Act (Reg 2024/1689) application timeline. - [NEC, UL, NFPA: the electrical-safety layer (The Regulatory Layer IX)](https://adikumar.co/p/) — Electrical safety framework for data-centre construction: NEC 2023/2026/2029 evolution, UL certification for 800V DC equipment, NFPA 75/76/855 fire… - [Labor and immigration for the buildout (The Regulatory Layer X, series closing)](https://adikumar.co/p/) — US electrician workforce shortage for data-centre construction. Pipeline production 40k/yr vs data-centre demand 30-75k/yr through 2030. ### Financing the AI Buildout — 10 essays scheduled (2026-11-02 → 2026-12-03) Deep dive into structured financing for AI infrastructure — DDTL, contract-collateralised debt, private equity structures, contracted revenue securitisation, nuclear PPA structures, and sale-leaseback. - [DDTL and contract-collateralised debt (Financing the AI Buildout I)](https://adikumar.co/p/) — Deep-dive on Delayed Draw Term Loan (DDTL) structures funding AI infrastructure. Contract-collateralisation mechanism. Market size $95B by 2026. - [Private-market equity structures for data centres (Financing the AI Buildout II)](https://adikumar.co/p/) — Deep-dive on private-market equity vehicles for AI data-centre investment. Permanent capital (BREIT, Infra Partners) vs traditional PE funds vs growth… - [Hyperscaler contracted revenue securitisation (Financing the AI Buildout III)](https://adikumar.co/p/) — Deep-dive on Asset-Backed Securities (ABS) structures for hyperscaler contract-based AI infrastructure. - [Nuclear PPA financing structures (Financing the AI Buildout IV)](https://adikumar.co/p/) — Deep-dive on nuclear PPA financing for AI infrastructure. Restart (Constellation TMI reference), SMR (Kairos + X-energy stacks), IRA tax credit stacking… - [Sale-leaseback for hyperscaler DC portfolios (Financing the AI Buildout V)](https://adikumar.co/p/) — Deep-dive on sale-leaseback mechanics for hyperscaler DC real estate. Cap rate comparison across asset classes (DC 5.5-7.5% vs industrial 6.5-8.5%). - [Green bonds and sustainable finance (Financing the AI Buildout VI)](https://adikumar.co/p/) — Deep-dive on green bonds + sustainability-linked bonds for AI infrastructure. Use-of-proceeds vs SLB structures, ICMA + Climate Bonds Initiative + EU… - [Insurance and risk transfer (Financing the AI Buildout VII)](https://adikumar.co/p/) — Deep-dive on AI infrastructure insurance economics: property + BI + cyber + CAR + terrorism cover, hyperscaler captives (Microsoft Cypress, Meta… - [Sovereign wealth and international capital (Financing the AI Buildout VIII)](https://adikumar.co/p/) — Deep-dive on sovereign wealth deployment into AI infrastructure. GIC + Temasek + PIF + Mubadala + ADIA + KIA + GPFG participation via direct co-invest +… - [Public-market vehicles and REIT structures (Financing the AI Buildout IX)](https://adikumar.co/p/) — Deep-dive on public DC REIT structures. Digital Realty + Equinix + Iron Mountain aggregate ~$150B market cap. REIT tax mechanics (90% distribution). - [Hyperscaler buy-vs-build capital allocation (Financing the AI Buildout X, series close)](https://adikumar.co/p/) — Series-closing essay on hyperscaler buy-vs-build capital allocation framework. Four modes: own, lease, sale-leaseback, JV. ### Tech Spotlights — 15 essays scheduled (2026-10-27 → 2026-12-15) Single-vendor deep dives on the technologies gating the AI buildout. - [Vicor: direct-to-pin power for AI accelerators (Tech Spotlight Issue 01)](https://adikumar.co/p/) — Deep-dive on Vicor (VICR) Factorized Power Architecture, VPD, and direct-to-pin power modules for AI GPUs. - [Menlo Micro: solid-state circuit breakers (Tech Spotlight Issue 02)](https://adikumar.co/p/) — Deep-dive on Menlo Micro Ideal Switch MEMS technology for 800V DC data-centre protection. Interruption speed comparison mechanical vs semiconductor SSCB… - [Skeleton Technologies: hybrid supercapacitors (Tech Spotlight Issue 03)](https://adikumar.co/p/) — Deep-dive on Skeleton Technologies curved-graphene supercapacitors and HSC hybrid technology for 800V DC data-centre ride-through. - [Navitas + EPC: GaN power semiconductors (Tech Spotlight Issue 04)](https://adikumar.co/p/) — Deep-dive on Navitas (NVTS) and EPC GaN power semiconductor technology for AI data-centre server power delivery. GaN vs Si MOSFET comparison. - [Wolfspeed: the SiC pure-play retrospective (Tech Spotlight Issue 05)](https://adikumar.co/p/) — Retrospective on Wolfspeed (Cree) pure-play SiC vertical integration strategy 2018-2025. Mohawk Valley 200mm SiC fab, $6-8B cumulative capex, Chapter 11… - [CoolIT: direct-to-chip liquid cooling (Tech Spotlight Issue 06)](https://adikumar.co/p/) — Deep-dive on CoolIT (Vertiv) direct-to-chip liquid cooling technology, hyperscaler design wins, competitive landscape (Motivair/Schneider, Boyd/Eaton… - [Submer: immersion cooling at scale (Tech Spotlight Issue 07)](https://adikumar.co/p/) — Deep-dive on Submer single-phase immersion cooling technology. DLC vs immersion segment fit analysis. - [Kairos + X-energy: SMRs for AI infrastructure (Tech Spotlight Issue 08)](https://adikumar.co/p/) — Deep-dive on Kairos Power KP-FHR + X-energy Xe-100 SMR technologies for AI data-centre baseload. Google 500MW + Amazon multi-site hyperscaler deals. - [Fervo Energy: enhanced geothermal for AI infrastructure (Tech Spotlight Issue 09)](https://adikumar.co/p/) — Deep-dive on Fervo Energy enhanced geothermal systems (EGS) for AI data-centre baseload. Horizontal-well + fracturing technology from shale industry. - [Bloom Energy: solid-oxide fuel cells for data centres (Tech Spotlight Issue 10)](https://adikumar.co/p/) — Deep-dive on Bloom Energy (BE) SOFC technology for AI data-centre BTM power. AEP-Amazon 2024 partnership. Revenue trajectory + DC segment mix. - [Cerebras: wafer-scale AI compute (Tech Spotlight Issue 11)](https://adikumar.co/p/) — Deep-dive on Cerebras wafer-scale integration technology and CS-3 system. Memory bandwidth + effective utilisation vs GPU cluster. - [Groq: LPU inference architecture (Tech Spotlight Issue 12)](https://adikumar.co/p/) — Deep-dive on Groq LPU (Language Processing Unit) architecture for LLM inference. Deterministic tensor-streaming vs GPU SIMT. - [Specialised GPU cloud: Lambda / Nscale / Nebius / Crusoe (Tech Spotlight Issue 13)](https://adikumar.co/p/) — Post-CoreWeave specialised GPU cloud landscape analysis: Lambda developer-focused, Nscale hyperscaler-contract, Nebius integrated platform, Crusoe… - [Ayar Labs + Lightmatter: co-packaged optics (Tech Spotlight Issue 14)](https://adikumar.co/p/) — Deep-dive on co-packaged optics (CPO) for AI cluster scale-out interconnect. Ayar Labs TeraPHY + Lightmatter Passage technologies. - [Compass + Vantage: modular DC and prefab construction (Tech Spotlight Issue 15, series closing)](https://adikumar.co/p/) — Deep-dive on modular / prefab data-centre construction. Compass Elea + Vantage prefab capabilities. Timeline + labour + quality advantages vs stick-built. ### Case Studies — 8 essays scheduled (2026-10-06 → 2026-10-22) Retrospective case studies on landmark AI infrastructure deals — commercial DD applied at named transactions, one year and further post-close. - [Blackstone takes QTS private: five years on (Case Study Issue 01)](https://adikumar.co/p/) — Blackstone QTS acquisition case study, five years on: $10B take-private (Jun 2021), contracted MW up 7-8x, paper marks 3-5x MoIC reported. - [Microsoft + Constellation restart Three Mile Island: two years in (Case Study Issue 02)](https://adikumar.co/p/) — Two-year retrospective on the September 2024 Microsoft/Constellation 837 MW Three Mile Island Unit 1 restart PPA. - [Amazon / Talen Susquehanna: what the FERC BTM rejection taught the market (Case Study Issue 03)](https://adikumar.co/p/) — Retrospective on the March 2024 Amazon/Talen $650M Susquehanna deal, FERC 2-1 rejection November 2024, restructured 2025 deal. - [CoreWeave: 18 months post-IPO (Case Study Issue 04)](https://adikumar.co/p/) — 18-month retrospective on CoreWeave (CRWV) March 2025 IPO. Priced below range at $40, downsized to $1.5B raised. - [Iron Mountain data-centre pivot: capital markets read (Case Study Issue 05)](https://adikumar.co/p/) — Eight-year retrospective on Iron Mountain data-centre segment build. Capital deployed $4.5-5.5B, segment revenue ~$700M run-rate, AFFO multiple expanded… - [Digital Realty / Teraco Africa: four years on (Case Study Issue 06)](https://adikumar.co/p/) — Four-year retrospective on $3.5B Digital Realty/Teraco Africa acquisition. Capacity 150 MW → 300+ MW, hyperscaler regional expansion drove growth… - [The FTC challenge to Nvidia/ARM: what the block taught the market (Case Study Issue 07)](https://adikumar.co/p/) — Five-year retrospective on FTC block of $40B Nvidia/ARM acquisition. ARM IPO 2023 → $54.5B → $100B+ peak. - [CMA investigation into UK hyperscaler cloud contracts (Case Study Issue 08)](https://adikumar.co/p/) — UK CMA Market Investigation into hyperscaler cloud (2022-2026). Remedies: egress fee elimination, discount transparency, API interoperability, Microsoft… ## Pages - [About](https://adikumar.co/about/) — full profile and advisory positioning - [Deals hub](https://adikumar.co/deals/) — Deal Tear-Down + Deal Watch series index - [Privacy](https://adikumar.co/privacy/) — data handling under Swiss revFADP and EU GDPR ## Optional - [Full corpus](https://adikumar.co/llms-full.txt) — every published essay as plain text, for retrieval and grounding (regenerated 2026-08-23) - [XML sitemap](https://adikumar.co/sitemap.xml) - [Post sitemap](https://adikumar.co/sitemap-posts.xml) - [Tag sitemap](https://adikumar.co/sitemap-tags.xml)