Aryan Jain

Datacenters @wearekizer | IIT Madras CS | DMs open

[Aryan Jain @aryanjain46]

People have been asking what I’ve been up to for the last year - it’s finally to answer that question

https://t.co/EigUW86tKq

[Aryan Jain @aryanjain46]

@aidaniil @cosign Seems cool - would like an invite!

[Aryan Jain @aryanjain46]

This is what we do at BlackForge Data Centers: site selection, feasibility, behind-the-meter power, and the financing that ties it all together.

Want this for your company or a deal you're working on? DM me.

Follow for more.

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

So many moving parts in the datacenter - all of which need to be coordinated.

I’ve been sketching out power infrastructure needed to support the campuses we’re building in the Southwest - gas engines, solar deployments, wind turbines, batteries - adds a whole different level to the cohesion needed

[Aryan Jain @aryanjain46]

@wallstengine Won't be long before the debt starts rolling in.
https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@felangelov We're not even close to peak spending yet - most neoclouds are just discovering debt financing right now.
I wrote about in more detail in the attached article
https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@McnallieM @CoreWeave If you're looking for a deeper breakdown on how CoreWeave's debt works - I wrote about it in detail. https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@CleanSpark_Inc Suprise surprise https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@GlobalCollapse Its a very fun game - get long term contracts, borrow against that, and keep scaling. CoreWeave started it, and the rest of the industry is catching on

https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@Joseph_Invests Curious as to why $CIFR isn't on there

[Aryan Jain @aryanjain46]

@MikaelXeeland Its a very fun game - get long term contracts, borrow against that, and keep scaling. CoreWeave started it, and the rest of the industry is catching on
https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@datacentrebull Its a very fun game - get long term contracts, borrow against that, and keep scaling. CoreWeave started it, and the rest of the industry is catching on
https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@StanNRGY $CIFR because of their extended 20 year lease announcement.
SemiAnalysis might have something to do with $IREN

[Aryan Jain @aryanjain46]

@sundeep "In ancient times, if you were optimistic - you got eaten by the tiger, if you ran away, you stayed alive" I'm paraphrasing something I read a long time ago - but this framing has stuck with me to explain this phenomena

[Aryan Jain @aryanjain46]

@bitcoinbutcher1 @rftylerpage There is a logical reason for doing this - when you get a long term contract - you can then borrow against it cheaply. CoreWeave has scaled exactly this way

I wrote about this recently https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

@LeoNelissen Wait till you see the scale of the debt being issued to finance this buildout
https://t.co/B1E4Tcw3LF

[Aryan Jain @aryanjain46]

How does a company with 9x more debt than equity get an A3 rating?

It borrows against its customers' promises, not against itself. Same playbook as a private equity buyout, run on GPUs. https://t.co/TAOEQqN5el

[Aryan Jain @aryanjain46]

Well, turbines aren't going out of fashion for power anytime soon.

Its a big part of our thesis - we have multiple sites with gas pipelines next to them on the 500k acres of land that we're building datacenters on.

Would love to chat if this is something that interests you.

In any case, more for the rest of us!

[Aryan Jain @aryanjain46]

@RHouseResearch @junkbondinvest We live in interesting times indeed. Oracle looked very trustworthy to make a bet on - until it didn't

[Aryan Jain @aryanjain46]

@morgan_chittum @FortuneMagazine Congrats! Will datacenter buildout/financing announcements be part of your mandate?

Would like to chat if so - we're helping getting them built on 500k acres of land in TX/NM/OK - owned by the 23rd largest landowner in the US

[Aryan Jain @aryanjain46]

@rftylerpage Smart move - doubling down on a scarce resource at a time where the state is putting pauses into effect

[Aryan Jain @aryanjain46]

CoreWeave has ~$46B of net debt and ~$5B of equity.

One of its loans is still rated A3. Investment grade.

Same company. Debt from A3 to junk. I spent the week working out how both are true. Full breakdown in a few hours.