We connect compute assets, capital, and operators—helping projects become financeable and preparing to keep productive infrastructure running when capital structures break.
A claim on a GPU is only useful if the GPU can stay powered, connected, and earning.
Understand the asset. Structure the financing. Preserve the ability to operate.
01 / The approach
One operating perspective. Two distinct mandates.
AI infrastructure combines fast-moving hardware with long-lived financing and physical dependencies. Our approach starts with what the asset can earn, who controls it, and what survives a change of ownership.
Capital advisory
Make the project financeable.
Help lenders and asset owners evaluate compute economics, assemble the financing and operating counterparties, and structure a claim that can be understood and monitored.
Asset and cash-flow diligence
Financing structure and counterparty coordination
Collateral, site, and operating-readiness assessment
Financing providers commit capital directly. Castra’s advisory role does not require warehousing loans, guaranteeing repayment, or providing a committed takeout.
Castra Compute I / Special situations
Invest when the basis makes sense.
We are raising separately committed capital to pursue discounted compute claims, recapitalizations, and operating assets when financing stress creates an attractive entry point.
Discounted secured claims and rescue financing
Restructuring and access to the operating asset
Utilization, recontracting, and disciplined exits
Fund investments are separately underwritten. An advisory engagement creates no obligation for the fund to finance a project or purchase its debt.
02 / Underwrite the whole asset
The chips are only the beginning.
Hardware value, site access, power, and customer revenue belong in the same underwriting conversation. Explore the four dependencies.
Asset identity & recoverability
Know what you own. Know what it can earn.
Generation, configuration, utilization, and support determine the economics. A serial-level asset registry and a clear security interest connect the financial claim to the physical fleet.
Asset identification, credentials, maintenance records, and a path to possession.
Access & continuity
A chip lien does not secure a place to run.
The shell, cooling, network, and lease can sit outside the GPU borrower. Recoverability depends on whether those relationships survive a default or transfer.
Evaluate
Lease terms, hosting dependencies, cooling, connectivity, and relocation friction.
Prepare
Landlord recognition, access rights, transferable hosting, and a backup operator.
Deliverability & exposure
Power must arrive. The bill must be understood.
Installed hardware cannot earn without deliverable power. The settlement index, load shape, and service contract determine the exposure behind a headline energy price.
Evaluate
Interconnection, available capacity, curtailment, tariffs, and contractual obligations.
Prepare
Transferable service, load forecasts, a power-risk policy, and liquidity planning.
Utilization & cash collection
An idle fleet is collateral. A working fleet is a business.
Customer credit, contract duration, workload portability, and operating capability determine whether a fleet generates cash through a financing cycle.
Evaluate
Contract quality, concentration, utilization, pricing, and recontracting prospects.
Prepare
Collection-account controls, customer recognition, assignment rights, and operating continuity.
03 / Across the financing cycle
Prepare early. Deploy selectively.
Good preparation improves the financing today and the choices available tomorrow. Investment entry depends on price, enforceable rights, and a credible operating path.
01
Structure
Understand the fleet economics. Align the financing with contracts and physical dependencies.
02
Monitor
Follow utilization, contract roll-offs, collateral value, and the capacity to service debt.
03
Recapitalize
Evaluate discounted purchases, rescue capital, and restructuring when the entry terms justify it.
04
Operate
Secure the site and an operating partner. Keep the fleet productive, recontract, and realize value.
Distress is a potential entry point—not a requirement to invest. Capital remains subject to independent underwriting and investment discipline.
04 / Connect with Castra
Assets. Capital. Operating capability.
For lenders and asset owners evaluating a compute financing, operators considering an asset transition, and investors interested in the special-situations approach.
