Bottom-up build of the five-layer, five-source capital stack financing AI infrastructure 2026-28. Three headline measurements ($0.65T financing · $0.95T formation+procurement · $0.16T refi) plus the framework for a quarterly Ledger.
How the deal gets paid for, what covenants the financing carries, and what stops closing after signing. Debt sizing, MAC clauses, and refinance stress.
A chip vendor guaranteeing $105B of a customer's lease and power obligations, taking a $1.5B direct equity investment in the project SPV, and standing behind a $4.2B utility grid partnership. Operational DD lens on the NVIDIA-OpenAI PORTS-Pike deal.