https://brawlersguide.com/ Weekly writing on AI, tokenisation and capital raising by Heath Donald. en-AU https://brawlersguide.com/post/capital-raising-bridge-financing-test/ https://brawlersguide.com/post/capital-raising-bridge-financing-test/ Thu, 22 Oct 2026 10:04:38 +1100 Capital Raising Capital raising through a bridge round should fund a measurable milestone. Canada's latest venture data shows why headline funding shares need a closer look. https://brawlersguide.com/post/tokenisation-150m-loan-lifecycle-test/ https://brawlersguide.com/post/tokenisation-150m-loan-lifecycle-test/ Wed, 21 Oct 2026 10:04:10 +1100 Tokenisation Tokenisation faces a lifecycle test in Iberdrola's €150m loan. Shared records matter if amendments, lender transfers and costs hold up after disbursement. https://brawlersguide.com/post/ai-agent-permissions-workday-control-bet/ https://brawlersguide.com/post/ai-agent-permissions-workday-control-bet/ Tue, 20 Oct 2026 10:03:58 +1100 AI agent permissions are the next deployment test. Workday's C1.ai deal puts access, revocation and proof ahead of another autonomous-agent demonstration. https://brawlersguide.com/post/capital-raising-sec-two-access-tests/ https://brawlersguide.com/post/capital-raising-sec-two-access-tests/ Thu, 15 Oct 2026 10:03:23 +1100 Capital raising faces two tests at the SEC: make IPOs workable for smaller firms while widening crowdfunding access without weakening investor protections. https://brawlersguide.com/post/tokenised-collateral-esma-default-test/ https://brawlersguide.com/post/tokenised-collateral-esma-default-test/ Wed, 14 Oct 2026 09:00:00 +1100 Tokenised collateral faces ESMA's default test: can a clearing house enforce its claim and turn a token into usable cash when a member fails? ESMA wants proof. https://brawlersguide.com/post/ai-data-centre-cost-allocation-pjm/ https://brawlersguide.com/post/ai-data-centre-cost-allocation-pjm/ Tue, 13 Oct 2026 09:00:00 +1100 AI data centre cost allocation is holding up PJM's power backstop. A new US filing asks who pays if a forecasted campus never connects to the grid at all. https://brawlersguide.com/post/ai-capital-raising-investor-customer-loop/ https://brawlersguide.com/post/ai-capital-raising-investor-customer-loop/ Wed, 07 Oct 2026 23:03:26 +0000 AI capital raising can make a supplier an investor and a customer its revenue source. The BIS's circular-finance study asks who pays when the next round stops. https://brawlersguide.com/post/tokenised-deposits-cross-bank-test/ https://brawlersguide.com/post/tokenised-deposits-cross-bank-test/ Tue, 06 Oct 2026 23:03:43 +0000 Tokenised deposits can move fast inside one bank. The ECB's Pontes bridge tests the harder crossing: par value, final settlement and the missing 24/7 rail. https://brawlersguide.com/post/ai-data-centre-co-location-chiba-test/ https://brawlersguide.com/post/ai-data-centre-co-location-chiba-test/ Mon, 05 Oct 2026 23:03:41 +0000 AI data centre co-location at JERA's Chiba plant promises a shorter path to power. The 400 MW campus is still proposed. See which contracts decide it. https://brawlersguide.com/post/data-centre-ipo-capital-raising-follow-the-cash/ https://brawlersguide.com/post/data-centre-ipo-capital-raising-follow-the-cash/ Thu, 01 Oct 2026 09:00:00 +1000 Data centre IPO capital raising has a hidden split. In Accelevation's US$540m offer, most shares are sold by existing owners. See who gets the cash and why. https://brawlersguide.com/post/tokenisation-ownership-fca-next-test/ https://brawlersguide.com/post/tokenisation-ownership-fca-next-test/ Wed, 30 Sep 2026 09:00:00 +1000 Tokenisation ownership is the FCA's next safeguarding test. A fast transfer means little unless holders can prove their rights when an intermediary fails. https://brawlersguide.com/post/ai-grid-capacity-23-gw-not-data-centre-power/ https://brawlersguide.com/post/ai-grid-capacity-23-gw-not-data-centre-power/ Tue, 29 Sep 2026 09:00:00 +1000 AI grid capacity is the number behind a new US transmission push. DOE sees over 23 GW from selected upgrades, but a data centre still needs a local connection. https://brawlersguide.com/post/tokenised-gold-collateral-fca/ https://brawlersguide.com/post/tokenised-gold-collateral-fca/ Wed, 23 Sep 2026 09:00:00 +1000 Tokenised gold has moved onto the UK regulator's desk. The FCA wants views on how it trades, transfers and pledges as collateral. Responses close 23 October. https://brawlersguide.com/post/ai-data-centre-standards-exemption-blind-spot/ https://brawlersguide.com/post/ai-data-centre-standards-exemption-blind-spot/ Tue, 22 Sep 2026 09:00:00 +1000 Australia's AI data centre standards land in 2027, but the 3.38 GW of approved projects they were written to discipline are exempt. Here is what that means. https://brawlersguide.com/post/australia-data-centre-financing-bank-guarantee/https://brawlersguide.com/post/australia-data-centre-financing-bank-guarantee/ Thu, 17 Sep 2026 09:00:00 +1000Fitch Ratings has reframed Australian data centre rules as capital rules. Bank guarantees for network augmentation are the new line item that sits before revenue. Developers must now price contingent liabilities into models, bring their own generation, and time raises around the 2027 legislation window. https://brawlersguide.com/post/tokenised-collateral-next-bottleneck/https://brawlersguide.com/post/tokenised-collateral-next-bottleneck/ Wed, 16 Sep 2026 09:00:00 +1000The FCA named collateral the post-trade prize and the ECB's Pontes rail goes live on 21 September. Tokenised collateral is the bottleneck after settlement. https://brawlersguide.com/post/ai-data-centre-grid-connection-bottleneck/ https://brawlersguide.com/post/ai-data-centre-grid-connection-bottleneck/ Tue, 15 Sep 2026 09:00:00 +1000 UNECE warns AI data centres are outgrowing the grid. Texas froze 474 GW of requests. Why the AI data centre grid connection is now the real constraint. https://brawlersguide.com/post/anthropic-ipo-delay-capital-raising-signal/ https://brawlersguide.com/post/anthropic-ipo-delay-capital-raising-signal/ Wed, 09 Sep 2026 09:00:00 +1000 Anthropic's IPO delay is the capital raising signal. Private markets pay more, ask less. The window didn't close. It stopped being the point. https://brawlersguide.com/post/dtcc-tokenisation-csd-rail/ https://brawlersguide.com/post/dtcc-tokenisation-csd-rail/ Wed, 09 Sep 2026 09:00:00 +1000 DTCC tokenisation turns the CSD into the rail. July production trades. October commercial service. Same CUSIP, two forms. https://brawlersguide.com/post/ai-data-centre-approvals-new-bottleneck/ https://brawlersguide.com/post/ai-data-centre-approvals-new-bottleneck/ Tue, 08 Sep 2026 09:00:00 +1000 AI data centre approvals are the new bottleneck. Permits now take longer than construction. The $6.7 trillion build does not spend without a yes. https://brawlersguide.com/post/ais-real-cost-is-in-the-balance-sheet/ https://brawlersguide.com/post/ais-real-cost-is-in-the-balance-sheet/ Tue, 08 Sep 2026 09:00:00 +1000 AI's real cost is in the balance sheet. Capex is booked as an asset while the cash is already gone. The gap is the new bottleneck. https://brawlersguide.com/post/401k-flood-capital-raising-private-markets/ https://brawlersguide.com/post/401k-flood-capital-raising-private-markets/ Tue, 01 Sep 2026 09:00:00 +1000 The 401(k) flood is coming for capital raising. America's $11 trillion retirement market holds under 1% in private assets. New US rules just unblocked it. https://brawlersguide.com/post/tokenisation-real-bottleneck-settlement.html https://brawlersguide.com/post/tokenisation-real-bottleneck-settlement.html Sun, 30 Aug 2026 09:00:00 +1000 Tokenisation scaled issuance. Settlement, custody and legal finality are what still decide whether a token is an instrument or a brochure. https://brawlersguide.com/post/ai-infrastructure-power-procurement-bottleneck/ https://brawlersguide.com/post/ai-infrastructure-power-procurement-bottleneck/ Wed, 26 Aug 2026 09:00:00 +1000 Every AI infrastructure conversation starts with chips and ends with power. The GPU shortage got the headlines. The power shortage gets the consequences. https://brawlersguide.com/post/dynamic-energy-control-ai-energy-elastic-infrastructure/ https://brawlersguide.com/post/dynamic-energy-control-ai-energy-elastic-infrastructure/ Mon, 15 Jun 2026 09:00:00 +1000 Infrastructure is becoming harder to coordinate. https://brawlersguide.com/post/beyond-megawatts-ai-infrastructure/ https://brawlersguide.com/post/beyond-megawatts-ai-infrastructure/ Wed, 03 Jun 2026 09:00:00 +1000 AI is forcing us to rethink how infrastructure is designed. Every discussion about AI infrastructure seems to arrive at the same conclusion. https://brawlersguide.com/post/ai-hyperscale-data-centres-water-usage-closed-loop-cooling-systems/ https://brawlersguide.com/post/ai-hyperscale-data-centres-water-usage-closed-loop-cooling-systems/ Mon, 18 May 2026 09:00:00 +1000 The AI race is no longer happening in apps. It’s happening in infrastructure. https://brawlersguide.com/post/power-bending-decentralised-infrastructure-energy-elasticity/ https://brawlersguide.com/post/power-bending-decentralised-infrastructure-energy-elasticity/ Mon, 23 Feb 2026 09:00:00 +1000 Decentralisation was meant to solve fragility.