Plus: Hostplus-backed drone maker AMSL Aero hunts a buyer; Europeâs telcos circle Muskâs satellite turf: Bloomberg; Liquid Network moves to reopen after USD320m Bitcoin hack.
Good morning. Hereâs what happened overnight and what you need to know today.
Never sated: IREN co-chief executive Daniel Roberts reckons the worldâs supply of computing power is unlikely to ever catch up with AI demand, calling the data centre build-out âfundamentally differentâ from past investment cycles. âItâs really hard to see how the supply curve ever overtakes [the] demand side, really hard,â Roberts told the FT in an interview. âThis industry is potentially unique, in the sense that every unit of supply you bring online actually feeds a multiple of that in additional demand, rather than solving the existing demand,â Roberts said. He added builders were already hitting social, political and physical thresholds around the availability of power, with US communities opposing construction over local energy and water supplies. It comes as the Nasdaq-listed neocloud company prepares to spend up to USD30 billion on AI infrastructure in the year to June 2027, after reporting a net loss of USD702.6 million for FY26. It has raised about USD19 billion over 12 months, including USD2.4 billion led by Blue Owl and PIMCO at 9% and USD3.65 billion tied to a Microsoft offtake at 6%. In Australia, IREN has promised a $250,000 a year community grants program in South Australiaâs Bundey as it looks to advance plans for an 800 megawatt data centre. (FT)(Capital Brief)
Hard landing: AMSL Aero, a drone and plane manufacturer that raised more than $50 million from major investors including Telstra Super and Hostplus, is up for sale after failing to secure enough capital to commercialise its vertical take-off and landing (VTOL) aircraft. Capital Brief confirmed that boutique firm Allunga Advisory is running a sales process for the company, which also counts Trevor St Bakerâs St Baker Capital Partners and IP Group Australia among its investors. AMSL Aero had launched a $30 million equity raise with Allunga in July 2025, but that appears to have been abandoned. The companyâs headcount has fallen from a peak of about 70 to six ongoing staff with a few contractors in support, according to two sources with knowledge of the matter. (Capital Brief)