39 STORIES

39 STORIES / PSV ORIGINAL REPORTING

Capital Markets

CRE capital flows, fund raises, M&A, and financing events, read for what they signal about asset pricing and deployment.

A daylight aerial photograph over Loudoun County, Virginia, looking across a dense field of low, flat-roofed data center buildings in pale grey and white, arranged in long parallel rows with rooftop cooling equipment, separated by wide access roads and parking aprons; two fenced electrical substations with lattice steel structures and busbars sit in the near foreground, a multi-lane divided highway runs diagonally through the frame at right past bare red-brown graded ground, and low suburban rooftops and tree cover stretch to a hazy ridgeline on the horizon.

THE LEAD / CRE POLICY NEWS

SEP 7, 202614 MIN READ5 SOURCES

PJM’s Firm Power Exemption Is a 10 Year Commitment

PJM told this desk’s readers in July what its Board had directed. The filings themselves are now at the Federal Energy Regulatory Commission, in dockets ER26-3380-000 and ER26-3515-000, and the comment window closed on September 3. They contain terms the Board letter never stated, and the most consequential one is what a site has to promise to keep firm power.

PSV ORIGINAL REPORTING & ANALYSIS

More from this desk.

Every Capital Markets story PSV has filed, newest first. Each one is written in-house and traced to a primary record.

A daylight street-level view of a four-storey central chiller plant on a winter day: a boxy concrete building clad in white panels printed with pale lavender and mint geometric shapes, with narrow vertical fins along the roofline, slotted openings revealing dark mechanical equipment on the top floor, and small iridescent coloured panels scattered across the facade, with a brick hospital block to the left, a parking structure to the right, snow on the verge and a bare asphalt road in front under a blue sky with scattered cloud.

DEVELOPING STORY / 01

CRE PROPTECH NEWS

01 / 04

Autodesk Paid $3.53 Billion to Own the Work Order

Autodesk closed its acquisition of MaintainX on August 3 and filed the price and the debt behind it on August 28. The company that sells the drawings for a building now sells the maintenance record too, and its Architecture, Engineering, Construction and Operations family just crossed half of quarterly revenue. PSV read the merger 8-K, the earnings release and the 10-Q.

AUG 30, 202612 MIN READ5 SOURCES

Read the operator view

A daylight aerial view of IREN’s Sweetwater, Texas data center site under construction: a large graded pad of red earth ringed by security fence, a steel building frame going up on the right, rows of long green-wrapped equipment bundles staged on the left, site trailers and cranes in the middle distance, an electrical substation with steel lattice structures beyond the pad, and dozens of wind turbines spread across the flat horizon under a blue sky.

DEVELOPING STORY / 02

CRE CAPITAL NEWS

02 / 04

IREN Wrote Off $638.8M to Turn Mining Halls Into AI Data Centers

IREN Limited reported FY26 results on August 27 and filed its annual report the same day. Revenue rose to $707.0 million and the company still booked a $702.6 million net loss, because $638.8 million of impairment came out of retrofitting air-cooled mining halls into liquid-cooled AI capacity. PSV read both records. The conversion cost, and the spread on who signs the contract, are the real estate story.

AUG 28, 202610 MIN READ3 SOURCES

Read the operator view

A worker in protective coveralls and a hood stands on the platform of an orange articulating boom lift, spraying a blue fixative mist across the tall corrugated metal wall of a decommissioned industrial process building, with blue streaks running down the lower panels and a partly cloudy sky behind.

DEVELOPING STORY / 03

CRE CAPITAL NEWS

03 / 04

NVIDIA Backstopped a 20-Year Lease. CRE Has a Name for That.

NVIDIA filed a Form 8-K on August 17 disclosing multiple residual value guaranties behind leases covering approximately 4.25 gigawatts of IT load at the PORTS Technology Campus in Pike County, Ohio. SB Energy will build, own and operate the campus, an affiliate of OpenAI Group PBC is the tenant on a 20-year lease, and NVIDIA’s aggregate payment obligation is cumulatively capped at $105 billion.

AUG 23, 202611 MIN READ4 SOURCES

Read the operator view

A daylight view along the Key Bridge sidewalk toward the Rosslyn skyline in Arlington, Virginia: a row of green cast-iron lampposts and a green metal railing running into the distance beside an empty multi-lane roadway, leafy trees on both sides, and a cluster of modern glass and stone office towers rising behind them under a clear blue sky.

DEVELOPING STORY / 04

CRE PROPTECH NEWS

04 / 04

CoStar Closed on Zonda. The Number That Matters Isn’t $800M.

CoStar Group completed its $800 million all-cash acquisition of Zonda on August 21 and furnished the press release to the SEC the same day on a Form 8-K. Zonda brings a lot-level new home construction database, homebuilder software, more than 3,000 customers, and the NewHomeSource.com and Livabl marketplaces. In 2025 it generated approximately $170 million of revenue at a 23 percent Adjusted EBITDA margin, the company says.

AUG 22, 202610 MIN READ3 SOURCES

Read the operator view

Latest from PSV

29 STORIES / NEWEST FIRST

05BRIEF

CRE CAPITAL NEWS

Riot’s $573M Bridge Matures Before the Rent Starts

Riot Platforms filed a Form 8-K on August 14 reporting that a project subsidiary closed a senior secured delayed-draw term loan of up to $573.0 million, with Morgan Stanley Senior Funding as administrative agent, to buy long-lead equipment for the 191 critical IT megawatt data center at its Rockdale campus. The loans mature December 31, 2026. The first megawatts are not due to energize until December 2027.

AUG 15, 202615 MIN READ5 SOURCES

06BRIEF

CRE CAPITAL NEWS

Fermi’s 2.6 GW Plant Is Now a Ground Sublease

Fermi filed its second quarter Form 8-K on August 13 and furnished two exhibits describing the same move. A third party will finance, construct, own and operate roughly 2.6 GW of generation at Project Matador under a long-term ground sublease, and Fermi commits no capital and issues no debt for the plant. The power plant became a real estate instrument.

AUG 14, 202614 MIN READ5 SOURCES

07BRIEF

CRE CAPITAL NEWS

NVIDIA’s $500B: Compute Joins the Real Asset Stack

NVIDIA said on August 10 that it signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish independent compute financing platforms and mobilize over $500 billion of third-party capital. Read the About sections of that same release and the CRE fact is already on the page: three of the six describe real estate as a core business, and one of them calls itself the world’s largest alternative asset manager.

AUG 12, 202612 MIN READ4 SOURCES

08BRIEF

CRE CAPITAL NEWS

Fermi’s $6.5B Lease: The Guarantee Line Vanished

Fermi Inc. said on August 10 that it executed its first binding customer lease at Project Matador in Carson County, Texas: 222 MW of total facility power to TensorWave, at approximately $6.5 billion of contracted revenue over an initial 15-year term. The wire then carried a corrected version of the same release. The sentence about a guarantee from one of the global leaders in AI is not in it.

AUG 11, 202613 MIN READ5 SOURCES

09BRIEF

CRE CAPITAL NEWS

Prologis’ $18.8B SEGRO Deal: Power Is the Asset

Prologis agreed on August 4 to acquire SEGRO plc in a recommended share offer with a partial cash alternative, valuing SEGRO at approximately $18.8 billion. The press release sells European scale: 368 million square feet and a 126 percent larger European land bank. The Rule 2.7 announcement filed with the SEC names the thing scale does not describe, which is 2.5 GVA of power.

AUG 10, 202613 MIN READ5 SOURCES

10BRIEF

CRE CAPITAL NEWS

Hadrian’s $1.37B Raise: One Building Is 77% of It

Hadrian said on August 6 that it raised $1.37 billion at a $7.87 billion valuation to build more highly automated factories, with JPMorganChase’s Strategic Investment Group as anchor co-lead. The company puts its footprint at just under 3 million square feet across four sites. Its own earlier release shows that 2.2 million of that is a single repurposed railcar plant in rural Alabama.

AUG 9, 202611 MIN READ5 SOURCES

11BRIEF

CRE CAPITAL NEWS

Alpaca’s $223M Close: The AI Stack Was the Pitch

Alpaca Real Estate said on August 6 that it held the final close of its debut fund at approximately $223 million, inclusive of roughly $21 million of co-investments, about 18 months after the first close. Public pensions, foundations and RIAs underwrote a first-time manager whose stated differentiator is a proprietary AI platform. The interesting number is not the fund size.

AUG 7, 202610 MIN READ5 SOURCES

12BRIEF

CRE CAPITAL NEWS

Brookfield’s Record $77B Quarter: Real Estate Took 5.6 Percent

Brookfield Asset Management furnished its second quarter results to the SEC on August 6, reporting a record $77 billion raised in the quarter and more than $1 trillion of assets under management. Read the segment lines and the story changes. Real estate strategies took $4.3 billion of that, roughly 5.6 percent, while credit took $51 billion and AI infrastructure got a fund of its own.

AUG 6, 202610 MIN READ4 SOURCES

13BRIEF

CRE CAPITAL NEWS

Apollo’s $1.02B Into Starwood’s REIT: The CRE Read

Starwood Real Estate Income Trust told the SEC on August 4 that it closed a joint venture with Apollo the day before, taking a $1.02 billion investment for 41.5 percent of a vehicle holding roughly 120 of its affordable housing properties. The proceeds repay a credit facility. Read past the equity headline and the structure looks like something else.

AUG 5, 202612 MIN READ4 SOURCES

14BRIEF

CRE CAPITAL NEWS

Meta, BlackRock, and the $13B Residual Value Guarantee

Meta and BlackRock will co-develop a roughly $14 billion, 1 gigawatt data center campus in El Paso, with BlackRock funds owning 80 percent and Meta 20. Meta’s own quarterly filing adds the part the press release does not lead with: each lease runs an initial four-year term, and Meta backs the campus with residual value guarantees of approximately $13 billion.

AUG 4, 20269 MIN READ3 SOURCES

15BRIEF

CRE CAPITAL NEWS

JPMorganChase Pledges $750B to Housing: The CRE Read

The nation’s largest multifamily lender said on August 3 that it intends to deploy more than $750 billion through 2035 to increase housing supply and support homeownership, an increase of more than $200 billion over the prior decade. The pledge covers financing for 1,000,000 affordable units and 500,000 homebuyers. It also carries a condition most coverage will skip.

AUG 3, 202612 MIN READ4 SOURCES

16BRIEF

CRE CAPITAL NEWS

DOE Leases Paducah for a $100B AI Campus: The CRE Read

The Department of Energy said on July 29 that it selected Brookfield to lease land and develop a data center campus at its Paducah Site in western Kentucky, and selected NextEra Energy to build and own the power behind it. The partners put the privately funded investment above $100 billion, with up to 1.8 gigawatts of utility capacity and more than 1.2 gigawatts of compute. No tenant has been named.

AUG 2, 202612 MIN READ3 SOURCES

17BRIEF

CRE CAPITAL NEWS

Amazon Ran Free Cash Flow Negative to Build AI: The CRE Read

Amazon reported second quarter results on July 30 and filed its Form 10-Q on July 31. Net sales were $200.6 billion, up 20 percent, and AWS grew 37 percent, its fastest in 18 quarters. The number that matters to real estate sits lower in the release: trailing twelve month free cash flow swung to an outflow of $7.6 billion, and Amazon attributes the swing to artificial intelligence.

AUG 1, 202612 MIN READ4 SOURCES

18BRIEF

CRE CAPITAL NEWS

Microsoft Says Its Data Centers Last 25 Years: The CRE Read

On its July 29 earnings call, Microsoft told investors it is extending the estimated useful lives of its datacenters and office buildings from 15 years to 25 years, effective with fiscal 2027, and that more of its future datacenter leases will therefore shift from finance leases to operating leases. The reported capital expenditure number falls to about $175 billion. The commitment behind it does not.

JUL 31, 202611 MIN READ5 SOURCES

19BRIEF

CRE CAPITAL NEWS

CBRE’s Infrastructure Line Outgrew Leasing: The CRE Read

CBRE reported second quarter revenue of $11.2 billion on July 29, up 15.5 percent, and raised its 2026 core EPS outlook to $7.80 to $7.90. Buried in the segment detail is the number that matters to operators: revenue from critical infrastructure services reached $676 million, up from $403 million a year earlier, and that one line added more new revenue in the quarter than global leasing did.

JUL 30, 20269 MIN READ5 SOURCES

20BRIEF

CRE POLICY NEWS

OpenAI’s $20B Project Camellia: The CRE Read on an Unfiled Entitlement

Effingham County, Georgia announced on July 22 that OpenAI will build a $20 billion, 3.2 gigawatt campus inside the Savannah Gateway Industrial Hub. Five days later the county published a second statement: the only document it has received is a Development of Regional Impact cover page, no completed application has been submitted, and the site plan circulating online is a blank state template someone filled in.

JUL 28, 20269 MIN READ5 SOURCES

21BRIEF

CRE CAPITAL NEWS

Brookfield Buys Aypa for $7B: The CRE Read on AI Power

Brookfield said on July 22 that it agreed to acquire Aypa Power, the largest standalone battery storage developer in North America, from Blackstone Energy Transition Partners for roughly $7 billion enterprise value and $3 billion of equity. Aypa brings about 6.5 GW operating and contracted, 95 percent of it under contracts averaging 17 years, plus a pipeline above 20 GW. For real estate, the binding constraint on AI has moved from land to electrons.

JUL 25, 20269 MIN READ3 SOURCES

22BRIEF

CRE CAPITAL NEWS

Alphabet Raises AI Spend to $205B: The CRE Read on the Capex Floor

Alphabet reported second-quarter results on July 22 and told investors it now expects to spend $195 billion to $205 billion on capital expenditures this year, up from $180 billion to $190 billion. Filed quarterly capex hit a record $44.9 billion, roughly double a year earlier, and free cash flow turned negative. Management says about 40 percent of the spend goes to data centers and networking. For real estate, that number is the demand floor under the entire data center thesis.

JUL 24, 20268 MIN READ4 SOURCES

23BRIEF

CRE CAPITAL NEWS

Fifth Wall Backs Atoms: Why the Biggest Proptech Fund Just Bet on Robots as Tenants

Travis Kalanick’s Atoms announced a $1.7 billion equity round on July 22, led by Andreessen Horowitz, with Ben Horowitz joining the board and Bain Capital, Uber, and Fifth Wall participating. Fifth Wall’s check has been reported at $135 million, which would be the real estate fund’s largest single investment. The read that matters for CRE: physical AI treats real estate as its storage layer, and the tenants it creates are robots.

JUL 23, 20267 MIN READ3 SOURCES

24BRIEF

CRE PROPTECH NEWS

SwiftConnect Buys HID SAFE: The CRE Read on Access Governance

SwiftConnect said on July 22 it acquired HID’s Workforce Business Unit, including HID SAFE, the physical identity and access management suite, and is folding it into its cloud AccessCloud platform. HID keeps a minority, non-controlling stake, and financial terms were not disclosed. For real estate, the deal pushes building access toward one system that both credentials people and governs who is allowed where, and revokes that access automatically when roles change.

JUL 23, 20267 MIN READ2 SOURCES

25BRIEF

CRE CAPITAL NEWS

Hut 8’s $9.8B Beacon Point Lease: The CRE Read on a Fully Leased AI Campus

Hut 8 said on July 20 it signed a second 15-year lease at its Beacon Point campus in Nueces County, Texas, a 352 megawatt deal with a base-term contract value of $9.8 billion. The lease fully commercializes the one-gigawatt campus, doubling the tenant’s contracted capacity to 704 megawatts. For real estate, the detail that matters is the structure: a triple-net, take-or-pay lease to a single investment-grade tenant, energizing in 2027.

JUL 22, 20267 MIN READ2 SOURCES

26BRIEF

CRE CAPITAL NEWS

IREN Signed $2.8B in AI Contracts. The CRE Read on a New Data Center Capital Stack

IREN Limited said on July 20 it signed $2.8 billion in new multi-year cloud contracts with leading AI developers, raising its 2026 AI Cloud run-rate revenue target above $4 billion. The detail that matters for real estate is how it is funded: customer prepayments covering roughly 45 percent of the associated GPU capital, on top of equipment-backed financing. The AI data center is being underwritten on contracted cash flow, not speculation.

JUL 21, 20266 MIN READ3 SOURCES

27BRIEF

CRE CAPITAL NEWS

BlackRock and ACS Launch Coravel: The CRE Read on a 1.7 GW Data Center Bet

ACS Group and BlackRock’s Global Infrastructure Partners launched Coravel on July 15, a 50-50 joint venture that turns their data center development platform into an operating brand with an initial 1.7 gigawatt portfolio and a signed long-term hyperscale lease at a Dallas-Fort Worth campus. For commercial real estate, it is another sign that the largest infrastructure capital pools are building the AI buildout as a real estate business.

JUL 20, 20266 MIN READ3 SOURCES

28BRIEF

CRE CAPITAL NEWS

Csquare Raised $1.05B. The Data Center Market Is Asking for Proof.

Brookfield-backed Csquare priced its initial public offering at $21 a share, below its marketed $23 to $27 range, raising $1.05 billion rather than the $1.35 billion implied at the top end. The result does not erase demand for digital infrastructure. It does put a sharper public-market price on leverage, delivery, and the difference between a data center story and a data center cash flow.

JUL 18, 20266 MIN READ3 SOURCES

29BRIEF

CRE CAPITAL NEWS

TSMC Lifts Arizona to $265 Billion: The CRE Read

TSMC used its record second quarter to commit another $100 billion to Arizona, lifting its total state investment to $265 billion across a planned ten fabs, two advanced packaging plants, and a research center. The expansion is driven by demand for AI chips, and for commercial real estate it concentrates one of the country’s largest advanced-manufacturing buildouts in a single Phoenix submarket.

JUL 18, 20266 MIN READ4 SOURCES

30BRIEF

CRE PROPTECH NEWS

RealPage Acquires Cherre: The CRE Data Consolidation Read

RealPage says it has acquired Cherre, the data intelligence platform institutional owners use to resolve more than 4 billion entities across roughly $4 trillion in real assets. Terms were not disclosed. The companies promise operational independence and an open platform. For operators, the durable question is contractual: who now owns the pipes your portfolio data runs through, and on what terms.

JUL 15, 20266 MIN READ2 SOURCES

31BRIEF

CRE CAPITAL NEWS

Hines Buys 405 Colorado at $734 a Foot: The Trophy-Office Signal

Hines Global Income Trust paid about $151 million for a fully leased Class AA Austin tower and paired it with grocery-anchored retail in Chicago. The bid is back for one narrow profile of office. The discipline is knowing whether your asset fits it.

JUL 14, 20266 MIN READ2 SOURCES

32BRIEF

CRE AI NEWS

Meta’s $50B Hyperion Expansion: The CRE Read on a 5 GW Campus

Meta says its Richland Parish campus will reach about 10 million square feet and 5 gigawatts, with more than $50 billion committed. The durable CRE signal is what a commitment this size does to land, power, housing, and industrial demand around it, and which documents actually move value.

JUL 14, 20266 MIN READ2 SOURCES

33BRIEF

CRE AI NEWS

Guthrie AI’s $4M Seed: The CRE Implication for Bid Coordination

Guthrie AI says its new funding will expand a hybrid bid-assistant program for glazing contractors. For developers and owners, the useful signal is not autonomous pricing. It is faster, more visible preparation of the bid package before an estimator makes the call.

JUL 13, 20266 MIN READ3 SOURCES