Miami's Hut 8 Holds Credit as AI Financing Tightens

A pension giant is selling and Musk says AI data center financing is drying up. Miami's Hut 8 locked in a credit line before the squeeze.

The money behind the AI boom is getting pickier. A pension giant is selling, and Elon Musk says lenders are pulling back.

Calpers is the world’s fifth-largest pension fund. It cut its direct holdings in the Magnificent Seven by 26% in the first half of 2026, the Financial Times reported.

CoinDesk relayed the finding on Monday. The fund manages more than $600 billion.

A Pension Fund Looks Elsewhere

The Magnificent Seven are still up on the year, led by Apple, according to Roundhill’s ETF. Meta, Alphabet and Tesla are down.

Calpers is shifting toward private equity. Its goal is to spread risk across more companies and depend less on a handful of market leaders.

Deputy chief investment officer Anton Orlich told the FT that public equity valuations looked expensive. He said the tech giants could underperform other investments.

That is a sign concern about the AI trade has reached large, long-horizon investors.

Musk Warns on AI Financing

The same day, Musk raised a second alarm. His company SpaceX has raised $40 billion in debt to buy GPUs for AI computing, CoinDesk reported.

Financing has largely dried up, he warned, for companies without substantial revenue outside AI data centers. He predicted consolidation among neocloud providers.

Markets reacted. CoreWeave, Cipher Digital and IREN all fell in Monday’s pre-market trading.

MAIN explained that model in What Is a Neocloud? These providers rent GPU capacity and lean on debt. They buy chips with borrowed money and repay it from long contracts.

That works while lenders keep lending. Analysts have warned about a refinancing wall and about customers who concentrate their spending.

Miami’s Hut 8 Locked In Its Line Early

Miami has one of these builders in its backyard. MAIN reported on Miami’s Hut 8 landing a $1.07B AI data center loan.

The company is headquartered at 777 Brickell Avenue. It closed a $1.07 billion revolving credit facility on Sept. 24.

Four major banks arranged it, and Hut 8 had not drawn on it at closing. The facility sits at the parent level, separate from the debt already backing its River Bend and Beacon Point campuses.

It is also flexible. Up to the full amount can back letters of credit instead of cash draws, MAIN reported.

That structure matters in a tighter market. It gives the company options. It can borrow when terms suit it, or wait. Undrawn credit is a cushion before a squeeze, not after one.

Musk’s warning was aimed at companies without other revenue. CoinDesk did not name Hut 8 in its report.

Lenders and investors are now asking one question. Who has revenue beyond the chips?

Hut 8 is not Florida’s only data center story. MAIN keeps a running list in Every Florida AI Data Center We’re Tracking.

The Miami link runs through other infrastructure too. Equinix’s Miami facility is one of the most connected data centers in the world.

MAIN reported that Equinix is leaning on colocation and AI inference rather than racing hyperscalers on raw scale. Its Miami site is known as the NAP of the Americas. It is the main gateway for internet traffic between the United States and Latin America.

MAIN has also followed Metrobloks MIA-A1, another Miami data center project.

The next test is who can still borrow. Chips set the pace of the AI boom. Credit is starting to set its limits.

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