Who's Actually Funding the AI Buildout?
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 physi…
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Chapters (16)
Cold Open
0:05
Neil Tiwari Introduction
0:26
Magnetar’s Story
1:28
Why CoreWeave Helped Magnetar Win
6:15
Scaling CapEx Efficiently
9:02
Debunking GPU Collateral Risk
11:42
How Deal Structures Evolve
13:01
What Bottlenecks Buildout
15:28
Circular Financing Critiques
17:35
The Shift from Training to Inference Workloads
23:10
AI Factories
24:12
Constraints of the Current Power Grid
28:27
Sovereign Compute Buildouts
29:54
Physical AI Capital Needs
32:48
The Capital Rotation Away from SaaS
36:04
Conclusion
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No Priors Ep. 13 | With Jensen Huang, Founder & CEO of NVIDIA
No Priors: AI, Machine Learning, Tech, & Startups
No Priors Ep. 8 | With Neeva’s Sridhar Ramaswamy
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No Priors Ep. 7 | With Stanford Professor Dr. Percy Liang
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No Priors Ep. 1 | With Noam Brown, Research Scientist at Meta
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No Priors Ep. 9 | With Perplexity AI’s Aravind Srinivas and Denis Yarats
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No Priors Ep. 10 | With Copilot's Chief Architect and founder of Minion.AI Alex Graveley
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No Priors Ep. 11 | With Matei Zaharia, CTO of Databricks
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No Priors Ep. 12 | With Noam Shazeer
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No Priors Ep. 14 | With Sarah Guo and Elad Gil
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No Priors Ep. 2 | With Runway ML’s Cristobal Valenzuela
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No Priors Ep. 3 | With Stability AI’s Emad Mostaque
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No Priors Ep. 15 | With Kelvin Guu, Staff Research Scientist, Google Brain
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No Priors Ep. 4 | With Zipline’s Keller Rinaudo Cliffton
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No Priors Ep. 16 | With Mustafa Suleyman, Founder of DeepMind and Inflection
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No Priors Ep. 17 | With Karan Singhal
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No Priors Ep. 5 | With Huggingface’s Clem Delangue
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No Priors Ep. 6 | With Daphne Koller from Insitro
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No Priors Ep. 18 | With Kevin Scott, CTO of Microsoft
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No Priors Ep. 19 | With Anduril CEO Brian Schimpf
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No Priors Ep. 20 | With Sarah Guo and Elad Gil
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No Priors Ep. 21 | With Datadog Co-founder/CEO Olivier Pomel
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No Priors Ep. 22 | With Instacart CEO Fidji Simo
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No Priors Ep. 23 | With Snowflake's CEO Frank Slootman
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No Priors Ep. 24 | With Devi Parikh from Meta
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No Priors Ep. 25 | With Palantir's CTO Shyam Sankar
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No Priors Ep. 26 | With Weights & Biases CEO Lukas Biewald
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No Priors Ep. 27 | With Sarah Guo & Elad Gil
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No Priors Ep. 28 | With Khan Academy’s Creator Sal Khan
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No Priors Ep. 28 | With Khan Academy’s Creator Sal Khan (Japanese Version)
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No Priors Ep. 29 | With Inceptive CEO Jakob Uszkoreit
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No Priors Ep. 30 | With Vercel CEO Guillermo Rauch
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No Priors Ep. 31 | With Cerebras CEO Andrew Feldman
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No Priors Ep. 32 | With NEAR’s Illia Polosukhin
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No Priors Ep. 33 | With Replit's CEO & Co-Founder Amjad Masad
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No Priors Ep. 34 | With Ginkgo Bioworks Co-Founder and CEO Jason Kelly
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No Priors Ep. 35 | With Sarah Guo and Elad Gil
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No Priors Ep. 36 | With Hubspot's Co-Founder Brian Halligan
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No Priors Ep. 37 | With Kawal Gandhi
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No Priors Ep. 38 | With Material Security Co-Founder Ryan Noon
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No Priors Ep. 39 | With OpenAI Co-Founder & Chief Scientist Ilya Sutskever
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No Priors Ep. 40 | With Arthur Mensch, CEO Mistral AI
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No Priors Ep. 41 | With Imbue Co-Founders Kanjun Qiu and Josh Albrecht
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No Priors Ep. 42 | With Sarah Guo and Elad Gil
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No Priors Ep. 43 | With Clara Shih, CEO of Salesforce AI
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No Priors Ep. 44 | With Former Square CEO Alyssa Henry
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No Priors Ep. 45 | With Reid Hoffman
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No Priors Ep. 46 | Best of 2023 with Sarah Guo and Elad Gil
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No Priors Ep. 47 | With Sourcegraph CTO Beyang Liu
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No Priors Ep. 48 | With Covariant CEO Peter Chen
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No Priors Ep. 49 | With Shopify VP of Core Product Glen Coates
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No Priors Ep. 50 | With Stripe Head of Information Emily Glassberg Sands
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No Priors Ep. 51 | With Notion CEO Ivan Zhao
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No Priors Ep. 52 | With Pinecone CEO Edo Liberty
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No Priors Ep. 53 | With AMD CTO Mark Papermaster
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No Priors Ep. 54 | With Sarah Guo & Elad Gil
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No Priors Ep. 55 | With Figma CEO Dylan Field
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No Priors Ep 56 | With Baseten CEO and Co-Founder Tuhin Srivastava
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No Priors Ep. 57 | With LangChain CEO and Co-Founder Harrison Chase
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No Priors Ep. 58 | The argument for humanoid robots with Brett Adcock from Figure
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No Priors Ep. 59 | With Sarah Guo & Elad Gil
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