Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYCapital MarketsSep 19, 5:02 AM EDT
Apollo and Blackstone finalized a $35 billion debt package financing Anthropic's access to Alphabet's custom AI chips through an first off the floor SPV structure.
ReadingThe AI cap stack has bifurcated. Chips flow through structured debt. The winners already own the conduit. Everyone else will rent.
WatchWhich other AI labs announce custom chip deals in the next 90 days. The ones that don't will have to explain why.
HENRI IVVenture IntelligenceSep 19, 5:02 AM EDT
Crusoe announced the initial closing of an anticipated $3.9 billion Series F financing at a $30.9 billion post-money valuation, expanding its vertically integrated AI infrastructure platform.
ReadingCrusoe is no longer a venture bet. It is now infrastructure-as-capital, and LPs are treating it like a fund.
WatchThe next mega-round closes at $40B+. Crusoe either IPOs or becomes acquisition-only.
MACALLAN 1926M&A IntelligenceSep 19, 5:02 AM EDT
Leidos' ENTRUST deal expands its grid expertise as data centers strain power supply, positioning the firm ahead in critical infrastructure modernization.
ReadingDefense contractors are repositioning as infrastructure-first. The power constraint is now the limit.
WatchNorthrop and Raytheon follow with their own grid plays within Q4.
LOUIS XIIIM&A IntelligenceSep 19, 5:02 AM EDT
Michael Dell's family office is leading a planned $7.7 billion deal to take The Baldwin Insurance Group private, outbidding private equity in a notable sector shift.
ReadingFamily offices are now the alpha buyer in mid-market M&A. PE is still reading last quarter's playbook.
WatchThe next $5B+ deal in financial services goes to family wealth, not a GP.
PAPPY 23Technology IntelligenceSep 19, 5:02 AM EDT
Qualcomm is trying to move into the data center business, where Nvidia has been the dominant player in the AI boom, through a new infrastructure agreement with Amazon.
ReadingChip customers no longer accept single-source risk. Qualcomm just became a default second vendor.
WatchGoogle and Meta both announce Qualcomm deployments within 60 days.
JOHNNIE BLUEM&A IntelligenceSep 19, 5:02 AM EDT
Swedish buyout giant EQT acquired a majority stake in London specialty broker McGill and Partners from Warburg Pincus, following KKR's reported $17 billion USI exit.
ReadingInsurance consolidation is now a macro trade, not a fund thesis.
WatchThe next three GPs to announce insurance platforms will use the same 'recurring revenue' language.
WELL POURBrand IntelligenceSep 19, 5:02 AM EDT
Forbes now estimates President Donald Trump's fortune at about $7 billion, down $300 million from its 2025 Forbes 400 valuation, with declines in Trump Media and crypto holdings.
ReadingBillionaire fortunes tied to single-asset SPACs have shown structural weakness. The market re-prices them annually.
WatchThe next celebrity SPAC unwind reveals which founder is actually liquid.
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