31 notes from heathdonald.com
29 October 2026
Capital Raising: A $10bn Fund Is Not Your Market
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 October 2026
Tokenised Deposits: SoFi's Conversion Boundary
Tokenised deposits and stablecoins can share an app without sharing protections. SoFi's SOFIE launch shows why conversion needs a clear consumer boundary.
27 October 2026
AI Data Centre Power: NEXTDC's Revenue Test
AI data centre power delays have pushed affected NEXTDC contracts out of guidance. Check delivery conditions before treating signed capacity as usable compute.
22 October 2026
Capital Raising: The Bridge Financing Test
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 October 2026
Tokenisation: The €150m Loan Lifecycle Test
Tokenisation faces a lifecycle test in Iberdrola's €150m loan. Shared records matter if amendments, lender transfers and costs hold up after disbursement.
20 October 2026
AI Agent Permissions: Workday's Control Bet
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 October 2026
Capital Raising: The SEC's Two Access Tests
Capital raising faces two tests at the SEC: make IPOs workable for smaller firms while widening crowdfunding access without weakening investor protections.
14 October 2026
Tokenised Collateral: ESMA's Default Test
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 October 2026
AI Data Centre Cost Allocation: Who Pays for the Gap?
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.
8 October 2026
AI Capital Raising: When Investors Are Also Customers
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.
7 October 2026
Tokenised Deposits: The Cross-Bank Test
Tokenised deposits can move fast inside one bank. The ECB's Pontes bridge tests the harder crossing: par value, final settlement and the missing 24/7 rail.
6 October 2026
AI Data Centre Co-location: The Chiba Test
AI data centre co-location at JERA's Chiba plant promises a shorter path to power. The 400 MW campus is still proposed. See which contracts decide it.
1 October 2026
Data Centre IPO Capital Raising: Follow the Cash
Data centre IPO capital raising has a hidden split. In Accelevation's US$540m offer, most shares are sold by existing owners. See who gets the cash and why.
30 September 2026
Tokenisation Ownership Is the FCA's Next Test
Tokenisation ownership is the FCA's next safeguarding test. A fast transfer means little unless holders can prove their rights when an intermediary fails.
29 September 2026
AI Grid Capacity: 23 GW Is Not Data Centre Power
AI grid capacity is the number behind a new US transmission push. DOE sees over 23 GW from selected upgrades, but a data centre still needs a local connection.
23 September 2026
Tokenised Gold: The Collateral Case the FCA Is Testing
Tokenised gold has moved onto the UK regulator's desk. The FCA wants views on how it trades, transfers and pledges as collateral. Responses close 23 October.
22 September 2026
AI Data Centre Standards: The 3.38 GW Blind Spot
Australia's AI data centre standards land in 2027, but the 3.38 GW of approved projects they were written to discipline are exempt. Here is what that means.
17 September 2026
Data Centre Financing: Australia's Bank Guarantee Test
Fitch Ratings has reframed Australian data centre rules as capital rules. Bank guarantees for network augmentation are the new line item that sits before revenue. Developers must now price contingent liabilities into models, bring their own generation, and time raises around the 2027 legislation window.
16 September 2026
Tokenised Collateral: The Bottleneck After Settlement
The FCA named collateral the post-trade prize and the ECB's Pontes rail goes live on 21 September. Tokenised collateral is the bottleneck after settlement.
15 September 2026
AI Data Centre Grid Connection: The Wire Is the Constraint
UNECE warns AI data centres are outgrowing the grid. Texas froze 474 GW of requests. Why the AI data centre grid connection is now the real constraint.
09 September 2026
Anthropic’s IPO Delay Is the Capital Raising Signal
Anthropic's IPO delay is the capital raising signal. Private markets pay more, ask less. The window didn't close. It stopped being the point.
09 September 2026
DTCC Tokenisation Turns the CSD Into the Rail
DTCC tokenisation turns the CSD into the rail. July production trades. October commercial service. Same CUSIP, two forms.
08 September 2026
AI Data Centre Approvals Are the New Bottleneck
AI data centre approvals are the new bottleneck. Permits now take longer than construction. The $6.7 trillion build does not spend without a yes.
08 September 2026
AI's Real Cost Is in the Balance Sheet
AI's real cost is in the balance sheet. Capex is booked as an asset while the cash is already gone. The gap is the new bottleneck.
01 September 2026
The 401(k) Flood Is Coming for Capital Raising
The 401(k) flood is coming for capital raising. America's $11 trillion retirement market holds under 1% in private assets. New US rules just unblocked it.
30 August 2026
Tokenisation’s Real Bottleneck Is Settlement
Tokenisation scaled issuance. Settlement, custody and legal finality are what still decide whether a token is an instrument or a brochure.
26 August 2026
AI Infrastructure’s Real Bottleneck Is Power Procurement
Everyone is counting chips. The constraint that decides where the next generation of AI capacity actually lands is the interconnection queue.
15 June 2026
Dynamic Energy Control: How AI Can Orchestrate Energy-Elastic Infrastructure
AI-driven dynamic energy control is emerging as a key layer for energy-elastic infrastructure, helping data centres coordinate grid energy, batteries, onsite generation, cooling and flexible compute.
3 June 2026
Why AI Infrastructure Needs to Think Beyond Megawatts
As AI infrastructure scales, the conversation is often dominated by power, grid capacity, and energy demand. Long-term performance may depend on more than megawatts alone.
18 May 2026
AI Hyperscale Data Centres: Water Usage & Closed-Loop Cooling Systems
From cooling initiatives to closed-loop infrastructure, the AI industry is entering an era where water sustainability sits next to compute as a design constraint.
23 February 2026
Power Bending: Decentralised Infrastructure & Energy Elasticity
Most decentralised infrastructure still assumes power is fixed, capacity is static and load is constant. That assumption is breaking.