AI Infrastructure Arms Race Meets Debt and Refinancing Risk

Modal Labs is reportedly nearing a $750M round at a $15.75B valuation, while Nscale, Crusoe, Verda, Cornelis Networks, Delos Data, and PicoJool show capital flowing into inference capacity, networking, and optical connectivity. Projected AI-related debt issuance of up to $4.1T sharpens concerns around utilization, margins, refinancing, project delays, and infrastructure oversupply.