Moiseus Infrastructure Brief — No. 17
Every week we cut the noise to a handful of stories that matter — and add what they mean from where we sit. This is our read, not a news wire.
Anthropic’s IPO filing discloses about $417B in new compute and data center commitments
Anthropic’s S-1 shows roughly $417 billion in new lease and purchase obligations for compute equipment, data centers and cloud capacity signed since the end of 2025, with terms of up to 20 years.
This is demand written into contracts, not projections. Twenty-year terms mean compute buyers are underwriting infrastructure for a generation — and the filing itself lists power access and local opposition as risks.
SpaceX locks in about $40B of GPU lease financing from Apollo
An Apollo-managed entity will buy Nvidia chips and server hardware and lease them to SpaceX for roughly five years, in what SpaceX calls the largest committed GPU financing to date.
Private credit is now financing the chips themselves, not just the buildings. The capital stack is maturing fast — but every leased GPU still needs a powered, connected site to run in.
PJM tells FERC that data center load is “like a rising sea level”
At FERC’s reliability technical conference, PJM said near-constant data center demand is squeezing maintenance seasons, citing a July event when about 3,900 MW of large loads unexpectedly switched to backup power.
The grid’s problem is no longer just peak days — it is every hour. Sites that ride through disturbances and add load predictably will be the ones operators welcome.
Google and Voltus scale their PJM virtual power plant tenfold, to 1 GW
Google will fund a gigawatt of demand-response and battery capacity from homes and businesses across PJM, with participants committing to deliver through 2040.
“Bring your own capacity” is becoming a real procurement strategy. Hyperscalers are now buying flexibility, not just megawatts — a measure of how scarce new firm capacity has become.
Exelon signals a possible return to owning regulated generation
Four years after spinning off its generation fleet, Exelon says data center demand, tight reserves and shortcomings in PJM’s markets argue for utilities taking a bigger role in building power plants.
When a wires-only utility wants to own plants again, the market is saying supply is the scarce asset. Expect a sharper fight over who builds new generation — and who pays for it.
Five stories, one signal: compute buyers are signing decades-long commitments while the grid is still working out how to serve them — power that is available and connectable is the scarce asset. That is exactly where Moiseus Capital looks.
This material is for general informational purposes only. It is market commentary and reflects our own views. It is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment advice. Moiseus Capital Corp is not currently offering securities. Third-party headlines are summarized and attributed to their sources; all trademarks belong to their respective owners.