Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode by framing the scale of what has quietly become one of the fastest-growing corners of the credit market. In roughly 18 months, high yield and unrated AI infrastructure issuers have raised more than $107 billion, and the top seven players alone may need another $400 billion to $450 billion over the next four years to hit their stated capacity targets. She then hands off to Seth Brumby, Deputy Managing Editor at Octus, who sits down with Anton Gorbounov Senior Credit Analyst on the Octus credit research team.

Brumby and Gorbunov walk through what a data center actually is and why the industry splits into powered shells and neoclouds (03:26), the backstories of the operators, from former crypto miners to an “Airbnb for chips” (08:56). They pressure test the macro and micro risks, including contract economics, counterparty exposure and GPU residual value (11:02), before turning to the widening gap between how equity and credit markets are pricing the same names (15:46). The conversation closes on what to watch next, including the Anthropic and OpenAI S-1s (18:08).

A credit-first read on the sector everyone is watching and few fully understand.

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Hosted by Julie Miecamp
Guest Interviewer: Seth Brumby, Deputy Managing Editor Octus
Guest: Anton Gorbounov, Senior Credit Analyst, Octus
Produced and Edited by Tanya Hubbard
A Production of The Octus Podcast Network