{ "schema": "aic.execution-checkpoints/1", "dataset_id": "selected-execution-checkpoints", "reviewed_on": "2026-10-26", "language": "en", "scope": "Seven selected disclosures linked to published AI Infra Credit research. Not a live status feed, exhaustive market survey, financing total or comparable completion ranking. Older source reviews are retained and dated individually; the index update does not refresh their underlying transaction status.", "date_policy": "source_date is the publication date of the selected evidence. record_reviewed_on is the last source review for that selected summary. event_date is populated only when the event date is established; event_no_later_than is an upper bound, not an exact event date.", "event_ledger_url": "https://aiinfracredit.com/downloads/event-ledger/financing-event-ledger.json", "records": [ { "id": "broadcom_anthropic_structure", "case_name": "Broadcom and Anthropic", "stage_code": "financing_structure_announced", "stage_label": "Committed structure announced", "source_date": "2026-10-26", "record_reviewed_on": "2026-10-26", "event_date": "2026-10-26", "event_no_later_than": null, "evidence_kind": "issuer_announcement", "summary": "The partners announced a $63bn equipment-financing structure with committed capital, an SPV lessor and Broadcom residual-value support. Deliveries are expected to start in 2027.", "next_evidence": "Executed financing terms, funded tranches, delivery cohorts and support valuation/payment rules.", "inference_limit": "The announcement date is not a closing date. The $43bn expected support peak is not a disclosed first-lien amount or a second cash contribution.", "source_url": "https://investors.broadcom.com/news-releases/news-release-details/bank-america-blackstone-citi-and-morgan-stanley-announce", "report_url": "https://aiinfracredit.com/en/research/broadcom-two-42-billion-figures-and-note-liquidity#section-9", "evidence_url": "https://aiinfracredit.com/downloads/broadcom-rvs/evidence.json" }, { "id": "spacex_apollo_commitment", "case_name": "SpaceX and Apollo", "stage_code": "binding_lease_commitment", "stage_label": "Binding commitment", "source_date": "2026-10-26", "record_reviewed_on": "2026-10-26", "event_date": "2026-10-24", "event_no_later_than": null, "evidence_kind": "issuer_filing", "summary": "SpaceX reported a binding commitment to enter a master GPU finance lease. Expected aggregate principal payments are about $40bn; pricing and lease entry remain separate steps.", "next_evidence": "Definitive master lease, final pricing, equipment deliveries and tranche commencements.", "inference_limit": "The commitment is not an executed lease. Expected principal is not cash already funded; H1 2027 commencement is an expectation.", "source_url": "https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm", "report_url": "https://aiinfracredit.com/en/research/spacex-gpu-lease-quarterly-cash-clock", "evidence_url": "https://aiinfracredit.com/downloads/spacex-gpu-bills/evidence.json" }, { "id": "nebius_citi_bridge", "case_name": "Nebius Citi bridge", "stage_code": "bridge_agreement_entered", "stage_label": "Facility agreement signed", "source_date": "2026-10-22", "record_reviewed_on": "2026-10-26", "event_date": "2026-10-17", "event_no_later_than": null, "evidence_kind": "issuer_filing", "summary": "Nebius and two subsidiaries entered a $3.5bn secured bridge facility. The margin step-up runs from signing and maturity is fixed at October 16, 2027.", "next_evidence": "Draws, deployment and executed replacement financing with usable proceeds before obligations fall due.", "inference_limit": "Capacity is not drawn cash. The July project facility is not an established takeout or the same collateral pool.", "source_url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926117978/tm2628078d1_6k.htm", "report_url": "https://aiinfracredit.com/en/research/comparing-the-price-of-ai-debt#section-7", "evidence_url": "https://aiinfracredit.com/downloads/nebius-bridge/evidence.json" }, { "id": "fermi_amd_support", "record_reviewed_on": "2026-10-14", "case_name": "Fermi and AMD", "stage_code": "support_signing_announced", "stage_label": "Support signing announced", "source_date": "2026-10-13", "event_date": null, "event_no_later_than": "2026-10-13", "evidence_kind": "issuer_announcement", "summary": "Fermi announced a signed AMD credit-support agreement for its phase-one lease. The public record now identifies a support provider.", "next_evidence": "Support scope and effectiveness, lease closing and project funding.", "inference_limit": "The announcement does not establish an AMD guarantee cap or a project-loan draw.", "source_url": "https://www.newswire.com/news/fermi-signs-credit-support-agreement-with-amd-and-announces-partnership", "report_url": "https://aiinfracredit.com/en/research/the-balance-sheet-behind-the-backstop#section-9", "evidence_url": "https://aiinfracredit.com/downloads/fermi-amd-credit-support-2026-10-14.json" }, { "id": "volta_placement", "record_reviewed_on": "2026-10-26", "case_name": "Volta", "stage_code": "loan_sale_reported", "stage_label": "Sale reported", "source_date": "2026-10-15", "event_date": "2026-10-15", "event_no_later_than": null, "evidence_kind": "attributed_reporting", "summary": "Bloomberg reported an October 15 sale at a 650bp margin and price 95. The spread is at the top of earlier talk; the discount is deeper.", "next_evidence": "Executed tranche terms, draw dates, usable proceeds and rating/call provisions.", "inference_limit": "Offering-level reported terms do not establish each tranche's final price or funded cash.", "source_url": "https://ca.finance.yahoo.com/news/jpmorgan-goldman-boost-yield-volta-232556640.html", "report_url": "https://aiinfracredit.com/en/research/volta-and-the-price-of-utility-compute#section-15", "evidence_url": "https://aiinfracredit.com/downloads/volta-pricing/evidence.json" }, { "id": "coreweave_notes", "record_reviewed_on": "2026-10-14", "case_name": "CoreWeave convertible notes", "stage_code": "issuance_completed", "stage_label": "Notes issued", "source_date": "2026-09-22", "event_date": "2026-09-22", "event_no_later_than": null, "evidence_kind": "issuer_filing", "summary": "CoreWeave reported completion of its $4.2bn convertible offering. Issued principal, proceeds and capped-call spending are separate measurements.", "next_evidence": "Subsequent liquidity disclosures and the cash or share obligations under the settlement terms.", "inference_limit": "Completed issuance does not identify today's unrestricted cash or prove deployment of the proceeds.", "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm", "report_url": "https://aiinfracredit.com/en/research/coreweave-and-the-price-of-avoiding-dilution", "evidence_url": "https://aiinfracredit.com/downloads/convertible-settlement/convertible-settlement-evidence.json" }, { "id": "iren_horizon_1", "record_reviewed_on": "2026-10-14", "case_name": "IREN Horizon 1", "stage_code": "customer_acceptance_reported", "stage_label": "Acceptance reported", "source_date": "2026-08-13", "event_date": null, "event_no_later_than": "2026-08-13", "evidence_kind": "issuer_announcement_filed_as_exhibit", "summary": "IREN reported Microsoft acceptance of Horizon 1, the first 50 MW IT-load phase in a four-phase program.", "next_evidence": "The relevant legal tranche and guarantee-release scope, plus later delivery milestones.", "inference_limit": "This disclosure does not establish acceptance of all four phases or release of every parent obligation.", "source_url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036126032638/ef20080141_ex99-1.htm", "report_url": "https://aiinfracredit.com/en/research/iren-customer-acceptance-and-parent-support", "evidence_url": "https://aiinfracredit.com/downloads/iren-acceptance/iren-acceptance.json" } ] }