Heath Donald
I write this from Byron Bay.
Weekly Byron Bay, Australia
Capital Raising: A $10bn Fund Is Not Your Market
Capital Raising
Heath Donald
Capital raising needs investor fit, not megafund headlines. Disruptive's US$10bn fund shows why founders must test mandates, cheque size and usable cash first.
Illustrative. Twenty four hours of load, half hourly. The persimmon bars are the evening grid peak, when a flexible site gives capacity back.
00:00 12:00 24:00
Contents
29.102026
Capital Raising: A $10bn Fund Is Not Your Market
/post/capital-raising-disruptive-megafund-investor-fit
Capital Raising
Capital raising needs investor fit, not megafund headlines. Disruptive's US$10bn fund shows why founders must test mandates, cheque size and usable cash first.
28.102026
Tokenised Deposits: SoFi's Conversion Boundary
/post/tokenised-deposits-sofi-conversion-boundary
Tokenisation
Tokenised deposits and stablecoins can share an app without sharing protections. SoFi's SOFIE launch shows why conversion needs a clear consumer boundary.
27.102026
AI Data Centre Power: NEXTDC's Revenue Test
/post/ai-data-centre-power-nextdc-revenue-test
AI
AI data centre power delays have pushed affected NEXTDC contracts out of guidance. Check delivery conditions before treating signed capacity as usable compute.
22.102026
Capital Raising: The Bridge Financing Test
/post/capital-raising-bridge-financing-test
Capital Raising
Capital raising through a bridge round should fund a measurable milestone. Canada's latest venture data shows why headline funding shares need a closer look.
21.102026
Tokenisation: The €150m Loan Lifecycle Test
/post/tokenisation-150m-loan-lifecycle-test
Tokenisation
Tokenisation faces a lifecycle test in Iberdrola's €150m loan. Shared records matter if amendments, lender transfers and costs hold up after disbursement.
20.102026
AI Agent Permissions: Workday's Control Bet
/post/ai-agent-permissions-workday-control-bet
AI
AI agent permissions are the next deployment test. Workday's C1.ai deal puts access, revocation and proof ahead of another autonomous-agent demonstration.
15.102026
Capital Raising: The SEC's Two Access Tests
/post/capital-raising-sec-two-access-tests
Capital Raising
Capital raising faces two tests at the SEC: make IPOs workable for smaller firms while widening crowdfunding access without weakening investor protections.
14.102026
Tokenised Collateral: ESMA's Default Test
/post/tokenised-collateral-esma-default-test
Tokenisation
Tokenised collateral faces ESMA's default test: can a clearing house enforce its claim and turn a token into usable cash when a member fails? ESMA wants proof.
13.102026
AI Data Centre Cost Allocation: Who Pays for the Gap?
/post/ai-data-centre-cost-allocation-pjm
AI
AI data centre cost allocation is holding up PJM's power backstop. A new US filing asks who pays if a forecasted campus never connects to the grid at all.
08.102026
AI Capital Raising: When Investors Are Also Customers
/post/ai-capital-raising-investor-customer-loop
Capital Raising
AI capital raising can make a supplier an investor and a customer its revenue source. The BIS's circular-finance study asks who pays when the next round stops.
07.102026
Tokenised Deposits: The Cross-Bank Test
/post/tokenised-deposits-cross-bank-test
06.102026
AI Data Centre Co-location: The Chiba Test
/post/ai-data-centre-co-location-chiba-test
01.102026
Data Centre IPO Capital Raising: Follow the Cash
/post/data-centre-ipo-capital-raising-follow-the-cash
30.092026
Tokenisation Ownership Is the FCA's Next Test
/post/tokenisation-ownership-fca-next-test
29.092026
AI Grid Capacity: 23 GW Is Not Data Centre Power
/post/ai-grid-capacity-23-gw-not-data-centre-power
23.092026
Tokenised Gold: The Collateral Case the FCA Is Testing
/post/tokenised-gold-collateral-fca
22.092026
AI Data Centre Standards: The 3.38 GW Blind Spot
/post/ai-data-centre-standards-exemption-blind-spot
17.092026
Data Centre Financing: Australia's Bank Guarantee Test
/post/australia-data-centre-financing-bank-guarantee
16.092026
Tokenised Collateral: The Bottleneck After Settlement
/post/tokenised-collateral-next-bottleneck
15.092026
AI Data Centre Grid Connection: The Wire Is the Constraint
/post/ai-data-centre-grid-connection-bottleneck
09.092026
Anthropic’s IPO Delay Is the Capital Raising Signal
/post/anthropic-ipo-delay-capital-raising-signal
09.092026
DTCC Tokenisation Turns the CSD Into the Rail
/post/dtcc-tokenisation-csd-rail
08.092026
AI Data Centre Approvals Are the New Bottleneck
/post/ai-data-centre-approvals-new-bottleneck
08.092026
AI's Real Cost Is in the Balance Sheet
/post/ais-real-cost-is-in-the-balance-sheet
01.092026
The 401(k) Flood Is Coming for Capital Raising
/post/401k-flood-capital-raising-private-markets
30.082026
Tokenisation’s Real Bottleneck Is Settlement
/post/tokenisation-real-bottleneck-settlement.html
26.082026
AI Infrastructure’s Real Bottleneck Is Power Procurement
/post/ai-infrastructure-power-procurement-bottleneck
15.062026
Dynamic Energy Control: How AI Can Orchestrate Energy-Elastic Infrastructure
/post/dynamic-energy-control-ai-energy-elastic-infrastructure
03.062026
Why AI Infrastructure Needs to Think Beyond Megawatts
/post/beyond-megawatts-ai-infrastructure
18.052026
AI Hyperscale Data Centres: Water Usage & Closed-Loop Cooling Systems
/post/ai-hyperscale-data-centres-water-usage-closed-loop-cooling-systems
23.022026
Power Bending: Decentralised Infrastructure & Energy Elasticity
/post/power-bending-decentralised-infrastructure-energy-elasticity
AI
What it actually takes to run the thing.
Tokenisation
The distance between a token and the asset.
Capital raising
The numbers a room will sit through.
Editor’s note
I'm Heath Donald. I write from Byron Bay about systems that have to run, and money that has to clear.
The older pieces were filed under another name. The byline was always mine. Tech predictions stays empty until I date a claim and leave it up. I still post at @heathdonald.
One post a week
Straight to your inbox, or take the feed and read it wherever you already read.