Rung 09 / Who is paying, and how
Capital Structure
Who is financing the buildout, and how the money is actually structured.
3
Sources
2
Concepts
2
Entities
In scope: neocloud financing, SPVs and vendor financing, circular and related-party deals, depreciation schedules and useful-life changes, contracted backlog and RPO, inter-layer double counting. Out: what is being built (datacenters), what it costs to run (inference-economics).
