The Penstock covers the financial infrastructure being built — and what is still missing — around emerging technology asset classes. Right now that means compute. GPU clusters, AI infrastructure, the capital markets forming around them, and the gaps that are keeping capital expensive and access narrow.
The pieces here sit at the intersection of structured finance, credit markets, and the technology buildout. They are written for practitioners — people who lend, structure, invest, or build in this space — and for anyone who thinks carefully about how capital flows shape what gets built.
What you’ll find here
Each piece focuses on something specific: a deal structure worth examining, a gap in the market worth naming, a financial instrument that needs to exist, a risk that isn’t being priced correctly. The goal is analysis that is useful, not coverage that is comprehensive.
The underlying thesis is simple. Every major technology transformation in history — railroads, oil, telecoms, housing — required financial infrastructure to scale. That infrastructure rarely arrived on its own. Someone had to build the analytical vocabulary, the pricing mechanisms, the standardized contracts. The compute buildout is no different. The technology is here. The financial plumbing is still being laid.
Who writes this
Someone with a background in credit and structured finance who became interested in what happens when novel technology assets enter debt markets.
If this is useful to you
Subscribe. Share a piece with someone who would find it valuable. Push back in the comments when the analysis is wrong — that’s how it gets better.
The best thing this publication can do is be worth reading by the people trying to solve these problems.
