What This Is
Celeborn Research publishes independent credit analysis focused on digital infrastructure — data centers, power generation, GPU financing, and the physical layer of the AI buildout.
We focus on where capital meets constraint: power delivery bottlenecks, equipment supply chains, stranded assets, and the lending gaps that traditional banks won’t touch.
Perspective
This isn’t sell-side coverage. We don’t have a book to talk up or a deal to market. The analysis here is written from a credit perspective — meaning we care about collateral value, downside protection, and where the market is mispricing risk.
We’re particularly interested in:
- Behind-the-meter power generation — the shift to self-powered data center campuses
- Distributed inference infrastructure — the next wave after centralized training clusters
- Stranded asset situations — what happens when capital equipment arrives but power doesn’t
- Credit market dynamics — who’s lending, who’s not, and where the gaps create opportunity