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Version 1.1 adds two explicit circuit breakers: proprietary providers can retain disproportionate monetization after losing token share, and stronger technology balance sheets can substitute for weaker standalone lab credit. The likely near-term result is financing bifurcation rather than uniform contraction.","author":"Ephesus Research","publishedAt":"2026-09-02","updatedAt":"2026-09-03","version":"1.1.0","status":"current","conclusion":"mixed","category":"Industry research","researchType":"Credit and financing analysis","companies":["IREN","NUAI","WULF"],"topics":["Project finance","Counterparty credit","Open-weight AI","Power development"],"tags":["AI infrastructure","Credit risk","Project finance","Open weights","Power"],"sourceCount":25,"canonicalUrl":"https://ephesusresearch.com/research/frontier-model-credit-and-ai-power-financing","markdownUrl":"https://ephesusresearch.com/research/frontier-model-credit-and-ai-power-financing/markdown","visitReasons":["Adjust the linked valuation assumptions and open a shareable scenario","Inspect the primary-source map and evidence classifications behind the conclusion","Compare the linked bear, base, and bull buildout schedules and sensitivities","Review what 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