How Capital is Powering the AI Infrastructure Buildout with Magnetar Capital Managing Director Neil Tiwari

By the end of 2026, AI capital expenditure is projected to hit nearly $700 billion. The question isn’t who has the best model, but who has the most creative financing to build out AI infrastructure and beyond. Sarah Guo is joined by Neil Tiwari, Managing Director at Magnetar Capital, a financial innovator helping the AI industry scale from billions to trillions of dollars in CapEx. Neil explains some of the debt structures used to finance massive GPU clusters, who is taking the risk, and how the industry is maturing. Sarah and Neil also discuss how power distribution, energy storage, and physical materials like steel are the bottlenecks of the AI industry. Plus, Neil gives his take on the future of inference-optimized clouds, and why the market shift away from software and into infrastructure might be an overreaction.

Chapters:

– Cold Open

– Neil Tiwari Introduction

– Magnetar’s Story

– Why CoreWeave Helped Magnetar Win

– Scaling CapEx Efficiently

– Debunking GPU Collateral Risk

– How Deal Structures Evolve

– What Bottlenecks Buildout

– Circular Financing Critiques

– The Shift from Training to Inference Workloads

– AI Factories

– Constraints of the Current Power Grid

– Sovereign Compute Buildouts

– Physical AI Capital Needs

– The Capital Rotation Away from SaaS

– Conclusion

How Capital is Powering the AI Infrastructure Buildout with Magnetar Capital Managing Director Neil Tiwari

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