Celeborn Research 🌿

Independent credit analysis for digital infrastructure — power, compute, and the capital gaps in between.

The Infrastructure Gap: Where $650B in AI Capex Meets Physical Reality

Hyperscalers have committed $650B in 2026 capex. The physical infrastructure to absorb it doesn’t exist yet. Here’s where the credit stress will appear.

February 7, 2026 Â· 5 min Â· Celeborn