Financing

OpenAI is in advanced talks with Nvidia for a potential $250 billion financing backstop to fund a massive 10-gigawatt AI data center in Ohio. This deal, leveraging Nvidia’s credit, would secure debt for construction and leases. Discussions for Nvidia chips are separate. The ambitious project stems from OpenAI’s rapid growth and the fierce AI competition, aiming to build a colossal infrastructure costing over $500 billion.

SpaceX’s recent $25 billion debt issuance, following its IPO, highlights significant financing needs and ambitious expansion plans. While demand for the bonds was strong, the move raises concerns for investors regarding diversification, as both equity and debt are tied to the company’s execution risk. The rapid financing pace, despite current losses, signals future challenges in meeting revenue targets and managing an elevated valuation.

Nuwellis has secured approximately $5 million in gross proceeds through a private placement and warrant inducement. The company sold common stock or pre-funded warrants alongside private placement warrants. Additionally, existing warrants were exercised, and new warrants were issued at a lower strike price. This financing is intended to bolster Nuwellis’s balance sheet, supporting research, development, and operational expenditures in the cardiorenal care sector.

Amazon is opposing Saks Global’s bankruptcy financing plan, arguing the department store has mismanaged funds and failed its partnership obligations after a $475 million investment. Saks launched a storefront on Amazon and agreed to referral fees, but Amazon claims the bankruptcy plan unfairly burdens its recovery. While Saks secured interim financing, a judge’s final decision on Amazon’s objection is pending.

Alexander’s, Inc. has restructured a $300 million mortgage on its 731 Lexington Avenue property, extending maturity to 2035. The debt is now split into a $132.5 million senior A-Note (7% interest) and a $167.5 million junior C-Note (4.55% interest). Alexander’s also acquired the A-Note and a new B-Note to fund capital expenditures and A-Note interest payments, with the B-Note accruing at up to 13.5% interest.

AmeriTrust Financial Technologies has raised $36.19 million in gross proceeds through its initial brokered offering. The funds will be used to restart lease origination activities in Q1 2026 and strengthen working capital. The financing involved the sale of Debenture Units and Life Units, with specific terms for debentures, warrants, and acceleration clauses. This capital infusion supports AmeriTrust’s automotive finance platform and plans for structured risk management in lending. The offering was co-led by Clarus Securities and Cormark Securities, who received commissions and broker warrants. Insider participation is noted as a related-party transaction. A second tranche is expected in January 2026, and the company has an option for further proceeds.

Cambridge’s Central Square sees a significant multifamily investment with the $53.6 million sale and financing of 929 MASS. Walker & Dunlop Capital Markets facilitated the transaction, with John M. Corcoran & Company and Stars REI acquiring the mixed-use property. JMC secured $37.1 million in Fannie Mae financing. The 127-unit property with commercial space is slated for renovations, capitalizing on Cambridge’s strong market driven by intellectual capital and proximity to major institutions.