Skip to content
adikumar.co
Topics Deep dives Frameworks Knowledge Deals Monthly recap Advisory About
Independent analysis of data centre power architecture, autonomous operations, and the infrastructure behind AI. By Adi Kumar.
Advising PE sponsors, hyperscaler strategy teams, industrial acquirers, management consulting firms, and equity research on industrials, automation and control, and AI infrastructure. Commercial and technical diligence. How I work →
The Investment Layer

Underwriting AI infrastructure debt

15 August 2026 · 20 min read · Updated 23 Aug 2026
Underwriting AI infrastructure debt
On this page

    This post is for subscribers only

    Subscribe now

    Already have an account? Sign in

    Free ยท no fee, no upsell

    Add your email to keep reading. It's free.

    The rest of this essay, including the market map, TAM model, profit-pool analysis and sourcing annex, is free with your email address. No paywall, no fee, no upsell. Subscribers get every new essay delivered as it publishes.

    Already subscribed? Sign in.

    Share on LinkedIn Respond via email
    Adi Kumar
    Adi Kumar

    Executive with 20+ years in AI data centre power, industrial technology, automation and control, and energy infrastructure. Prior operating roles at Eaton, Honeywell, Cisco, and BCG. Now writes independent analysis and provides advisory support

    More on

    Sovereign capital and industrial policy

    17 Aug 2026 · 24 min read

    The three downside cases

    16 Aug 2026 · 20 min read

    The PE playbook, layer by layer

    14 Aug 2026 · 21 min read
    ← Previous
    The PE playbook, layer by layer
    Next →
    The three downside cases
    Continue reading
    The AI Power Chain
    6 essays + 6 companions · the physical infrastructure of AI compute
    The Investment Layer
    8 essays · how the AI buildout is financed
    Due Diligence for the AI Buildout
    14 essays + 3 supplements · how to run DD for AI infrastructure and industrial technology deals
    Advisory

    I advise PE sponsors evaluating industrials, automation and control, and AI infrastructure investments. I work with hyperscaler strategy teams on data centre and AI infrastructure decisions, with industrial acquirers on consolidation across the industrial and AI infrastructure stack, and with management consulting firms and equity research on their industrials and AI infrastructure work. Both commercial and technical diligence.

    How I work →

    Follow the writing

    New essays on AI infrastructure, industrial technology, and energy systems. No spam.

    Where AI, energy and industrial systems collide.
    RSS hello@adikumar.co
    Written by Aditya Kumar in Switzerland.
    © 2026 adikumar.co · Privacy · llms.txt