Technology & Telecom Weekly: CLVTSC, ON, GRUB, RAX, WULF, FLASHC, LUMN, IDLFP, CCOI, and Trade Idea

Research evidence excerpt

Technology & Telecom Weekly: CLVTSC, ON, GRUB, RAX, WULF, FLASHC, LUMN, IDLFP, CCOI, and Trade Idea

J P M O R G A N North America Credit Research

13 July 2026

Technology & Telecom Weekly

CLVTSC, ON, GRUB, RAX, WULF, FLASHC, LUMN,

IDLFP, CCOI, and Trade Idea

North America Corporate Credit -

Technology and Telecommunication

Services (HY)

Thomas Egan, CFA AC

(1-212) 270-2149

thomas.j.egan@jpmorgan.com

Last week was relatively news-heavy as the market jumped back into action after

Natalie Bilyew-Conn

the long weekend. Within HPC, WULF announced plans to finance its latest

(1-212) 270-7734

Justified data center leased to Anthropic across bonds/loans and exited its JV with natalie.bilyew-conn@jpmorgan.com

Fluidstack (which owns FLASHC). QTS also briefly visited the leveraged loan J.P. Morgan Securities LLC

market, before Moody’s/Fitch came out with IG ratings for the security which is

backed by 12 data centers leased to hyperscalers. Outside of HPC, CLVTSC agreed

to sell its LS&H segment with proceeds flagged for debt reduction, ON agreed to

divest two fabs, GRUB parent prepared its last private fundraise ahead of a

potential IPO, and RAX announced strategic changes to refocus on Enterprise AI

and lowered full-year guidance as a result. Telecom was quieter, with LUMN

closing its previously announced Alkira acquisition and eliminating ~90 roles,

ILDFP getting upgraded to high BB by S&P while its owner looked to increase his

stake in Vodafone, and CCOI closing the sale of 10 data centers to I Squared, paving

the way for a potential refinancing of its 2027 notes. Additionally, last week we

hosted our HY TMT Midyear Outlook webinar alongside our colleagues

Michael Pace, Avi Steiner, and Stanislav Van Genderen. If you missed it, check

out the slides (here) and the replay (here).