AI compute capex math points to a roughly $20B funding gap in 2027
menhguin · x · 2026-07-28
The post argues that a highly profitable software business can support large debt-like commitments because of its contracted compute spending and strong growth. It lays out a simple 2027 funding bridge:
- $90B capex in 2027
- -$20B customer prepay
- -$30B free cash flow
- -$20B ATM
- = about $20B external funding need
The point is that the company’s implied funding gap is small relative to more than $40B of EBITDA, so leverage concerns may be overstated given the scale of contracted demand.
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