Entelligencia
The structuring board
Contributed · the structuring seat

The documents are
keeping up. Only just.

Eleven files from inside the paperwork, where the risk of the AI build actually has to be allocated. Power diligence, borrowing-base tests, and what a GPU is assumed to be worth in year four.

Mike Niekoop
Partner · Norton Rose Fulbright
structures adapt
risk moves faster
File 01 · The framing

Financing structures are adapting. The risk is moving faster.

The old profile
One asset, contracted capacity, a strong customer. Traditional project finance fits this.
The AI profile
Shorter-duration hardware. Rapid obsolescence. Separate equipment financing. And revenue that depends on an ultimate AI customer the lender never contracts with.
Lenders must assess how cash flows, credit support, deployment obligations and termination rights interact across the DatacentreCo, the GPUCo and the end customer.
65
out of 100 toward structures straining under AI-era risk
a strain,
not a failure
Contributed · Mike Niekoop · Partner, Norton Rose Fulbright 01 / 13