{"asOf":"2026-08-30","entities":[{"id":"openai","name":"OpenAI","short":"OpenAI","kind":"private","valuationUsdB":852,"valuationAsOf":"2026-03-31","valuationSource":"https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html","note":"$122B round closed 2026-03-31 at $852B post-money (Amazon $50B, SoftBank $30B, Nvidia $30B). Confidential draft S-1 submitted to the SEC on 2026-06-08."},{"id":"anthropic","name":"Anthropic","short":"Anthropic","kind":"private","valuationUsdB":965,"valuationAsOf":"2026-05-28","valuationSource":"https://www.anthropic.com/news/series-h","note":"Series G: $30B at $380B post-money (2026-02-12). Series H: $65B at $965B post-money (2026-05-28; run-rate revenue above $47B). Confidential draft S-1 submitted on 2026-06-01."},{"id":"xai","name":"xAI","short":"xAI","kind":"private","valuationUsdB":250,"valuationAsOf":"2026-02-02","valuationSource":"https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html","note":"Series E of $20B closed 2026-01-06 (Nvidia and Cisco among the investors). Folded into SpaceX in an all-stock merger valuing xAI at about $250B (February 2026); SpaceX listed on 2026-06-12 as SPCX."},{"id":"mistral","name":"Mistral AI","short":"Mistral","kind":"private","valuationUsdB":13.8,"valuationAsOf":"2025-09-09","valuationSource":"https://www.cnbc.com/2025/09/09/ai-firm-mistral-valued-at-14-billion-as-asml-takes-major-stake.html"},{"id":"scale_ai","name":"Scale AI","short":"Scale AI","kind":"private","valuationUsdB":29,"valuationAsOf":"2025-06-12","valuationSource":"https://www.cnbc.com/2025/06/12/scale-ai-founder-wang-announces-exit-for-meta-part-of-14-billion-deal.html"},{"id":"microsoft","name":"Microsoft","short":"Microsoft","kind":"public","ticker":"MSFT","note":"Holds about 27% of OpenAI Group PBC after the October 2025 recapitalization; booked a $3.2B gain on its Anthropic stake in the quarter to June 2026."},{"id":"amazon","name":"Amazon","short":"Amazon","kind":"public","ticker":"AMZN","note":"Booked $53.4B of non-operating gains, mainly on Anthropic, in Q2 2026; completed its $50B OpenAI investment by July 2026."},{"id":"google","name":"Alphabet (Google)","short":"Google","kind":"public","ticker":"GOOGL"},{"id":"meta","name":"Meta Platforms","short":"Meta","kind":"public","ticker":"META"},{"id":"apple","name":"Apple","short":"Apple","kind":"public","ticker":"AAPL"},{"id":"oracle","name":"Oracle","short":"Oracle","kind":"public","ticker":"ORCL","note":"Fiscal 2026 (to 2026-05-31): remaining performance obligations $638B, free cash flow -$23.7B. Plans $45-50B of financing in calendar 2026. S&P cut its rating to BBB- on 2026-07-09, citing OpenAI concentration (about half of the backlog)."},{"id":"coreweave","name":"CoreWeave","short":"CoreWeave","kind":"public","ticker":"CRWV","note":"IPO 2025-03-28 at $40. Q2 2026: revenue $2.575B, backlog about $104B, interest expense $640M, net loss $626M, capex $6.4B; more than $10B of debt and convertibles raised in 2026."},{"id":"nebius","name":"Nebius Group","short":"Nebius","kind":"public","ticker":"NBIS","note":"Nvidia disclosed a 9.3% stake on 2026-07-21 (shares plus a warrant from its $2B investment)."},{"id":"lambda","name":"Lambda","short":"Lambda","kind":"private","note":"Series E of more than $1.5B (2025-11-18); valuation not disclosed."},{"id":"crusoe","name":"Crusoe","short":"Crusoe","kind":"private","valuationUsdB":10,"valuationAsOf":"2025-10-01","valuationSource":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-e-funding"},{"id":"iren","name":"IREN","short":"IREN","kind":"public","ticker":"IREN"},{"id":"nscale","name":"Nscale","short":"Nscale","kind":"private"},{"id":"core_scientific","name":"Core Scientific","short":"Core Scientific","kind":"public","ticker":"CORZ"},{"id":"stargate","name":"Stargate JV (OpenAI, SoftBank, Oracle, MGX)","short":"Stargate JV","kind":"jv","note":"Announced 2025-01-21 as $500B and 10 GW over four years; five more sites announced 2025-09-23. A planned ~600 MW expansion of the flagship Abilene site was dropped in March 2026."},{"id":"cerebras","name":"Cerebras Systems","short":"Cerebras","kind":"public","ticker":"CBRS","note":"IPO 2026-05-14 at $185 a share (30M shares, $5.55B raised, $56.4B fully diluted); closed its first day at $311."},{"id":"nvidia","name":"NVIDIA","short":"Nvidia","kind":"public","ticker":"NVDA","note":"Invests in the labs and clouds that buy its GPUs: OpenAI, Anthropic, xAI, CoreWeave, Nebius, Crusoe, Lambda, Mistral, Intel."},{"id":"amd","name":"AMD","short":"AMD","kind":"public","ticker":"AMD"},{"id":"broadcom","name":"Broadcom","short":"Broadcom","kind":"public","ticker":"AVGO"},{"id":"intel","name":"Intel","short":"Intel","kind":"public","ticker":"INTC"},{"id":"tsmc","name":"TSMC","short":"TSMC","kind":"public","ticker":"TSM"},{"id":"asml","name":"ASML","short":"ASML","kind":"public","ticker":"ASML"},{"id":"groq","name":"Groq","short":"Groq","kind":"private","valuationUsdB":6.9,"valuationAsOf":"2025-09-17","valuationSource":"https://www.bloomberg.com/news/articles/2025-09-17/ai-chip-startup-groq-raises-750-million-at-6-9-billion-valuation"},{"id":"ampere","name":"Ampere Computing","short":"Ampere","kind":"private","note":"Acquired by SoftBank; closed 2025-11-25."},{"id":"softbank","name":"SoftBank Group","short":"SoftBank","kind":"public","ticker":"9984.T","note":"Sold its entire Nvidia stake ($5.83B, November 2025) while funding OpenAI."},{"id":"mgx","name":"MGX (Abu Dhabi)","short":"MGX","kind":"private","note":"Abu Dhabi state-backed investor: Stargate equity partner, co-lead of Anthropic's Series G, xAI Series E investor."},{"id":"blue_owl","name":"Blue Owl Capital (managed funds)","short":"Blue Owl","kind":"public","ticker":"OWL"},{"id":"capital_markets","name":"Bond, loan & private-credit markets","short":"Bond & loan markets","kind":"aggregate","note":"Aggregate node for third-party debt: bonds, loans, private credit and GPU-backed vehicles. Not a single company."},{"id":"tesla","name":"Tesla","short":"Tesla","kind":"public","ticker":"TSLA"},{"id":"spacex","name":"SpaceX","short":"SpaceX","kind":"public","ticker":"SPCX","note":"Absorbed xAI in February 2026; IPO 2026-06-12 at $135 a share, raising about $75B."},{"id":"io","name":"io Products (Jony Ive)","short":"io (Jony Ive)","kind":"private","note":"Acquired by OpenAI; closed 2025-07-09."},{"id":"us_gov","name":"US federal government","short":"US government","kind":"government"}],"edges":[{"id":"df0dbafdf2bd","from":"microsoft","to":"openai","type":"equity_investment","amountUsdB":13,"amountNote":"$13B committed ($1B in 2019 + $10B in January 2023); Microsoft's 10-Q for the quarter to 2025-09-30 put the funded amount at $11.6B. The October 2025 recapitalization left Microsoft with about 27% of OpenAI Group PBC (as-converted, diluted).","announced":"2023-01-23","status":"closed","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Oct 28 2025)","altSource":"https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/msft-20250930.htm","confidence":"high"},{"id":"f8615684d6f4","from":"openai","to":"microsoft","type":"compute_contract","amountUsdB":250,"amountNote":"'Incremental $250B of Azure services' contracted; Microsoft lost right of first refusal on OpenAI compute. April 2026 amendment kept Azure as primary cloud / first-ship platform; Feb 2026 joint statement: Azure remains exclusive for stateless OpenAI API calls.","announced":"2025-10-28","status":"announced","source":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog","altSource":"https://openai.com/index/next-chapter-of-microsoft-openai-partnership/","confidence":"high"},{"id":"04735291f7dd","from":"openai","to":"microsoft","type":"revenue_share","amountUsdB":38,"amountNote":"Cap, reported. Companies confirmed (2026-04-27) revenue share continues through 2030 'at the same percentage but subject to a total cap', independent of AGI; the ~20% rate and $38B cap are per The Information (May 2026), not confirmed by either company.","announced":"2026-04-27","status":"closed","source":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Apr 27 2026)","altSource":"https://www.cnbc.com/2026/04/27/openai-microsoft-partnership-revenue-cap.html","confidence":"medium"},{"id":"b22ddc2aa0b2","from":"microsoft","to":"openai","type":"revenue_share","amountNote":"Microsoft's revenue share to OpenAI (on Azure OpenAI / product revenue) ended: 'Microsoft will no longer pay a revenue share to OpenAI.' Amount never disclosed.","announced":"2026-04-27","status":"cancelled","source":"https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/","sourceLabel":"Microsoft blog (Apr 27 2026)","confidence":"high"},{"id":"3edc34d48f78","from":"nvidia","to":"openai","type":"equity_investment","amountUsdB":100,"amountNote":"Letter of intent only: 'up to $100B progressively as each gigawatt is deployed' (10 GW). Never became a definitive agreement; Huang, 2026-03-04: 'probably not in the cards'. Superseded by a $30B equity cheque and the $105B lease guarantee.","announced":"2025-09-22","status":"cancelled","source":"https://nvidianews.nvidia.com/news/openai-and-nvidia-announce-strategic-partnership-to-deploy-10gw-of-nvidia-systems","sourceLabel":"NVIDIA newsroom","altSource":"https://www.cnbc.com/2026/03/04/nvidia-huang-openai-investment.html","confidence":"high"},{"id":"e196b0ba231a","from":"openai","to":"nvidia","type":"chip_supply","amountNote":"At least 10 GW of Nvidia systems; first GW on Vera Rubin targeted 2H 2026. Dollar value undisclosed; LOI-level commitment, equity leg dropped.","announced":"2025-09-22","status":"announced","source":"https://nvidianews.nvidia.com/news/openai-and-nvidia-announce-strategic-partnership-to-deploy-10gw-of-nvidia-systems","sourceLabel":"NVIDIA newsroom","confidence":"medium"},{"id":"bd0a22854579","from":"nvidia","to":"openai","type":"equity_investment","amountUsdB":30,"amountNote":"Part of the $122B round closed 2026-03-31 at $852B post-money (Amazon $50B, SoftBank $30B, Nvidia $30B). Huang: this 'might be the last' Nvidia investment in OpenAI.","announced":"2026-02-27","status":"closed","source":"https://www.cnbc.com/2026/02/27/open-ai-funding-round-amazon.html","sourceLabel":"CNBC","altSource":"https://techcrunch.com/2026/03/31/openai-not-yet-public-raises-3b-from-retail-investors-in-monster-122b-fund-raise/","confidence":"high"},{"id":"ac57b2afbd23","from":"nvidia","to":"openai","type":"debt","amountUsdB":105,"amountNote":"Up to. A lease GUARANTEE, not a loan: Nvidia stands behind up to $105B of OpenAI's lease obligations for an SB Energy data-center campus in Pike County, Ohio (first capacity due 2028), and pays only if OpenAI does not. Reported at about $250B in July and 'under $120B' on Aug 14 before Nvidia's filing set the cap.","announced":"2026-08-17","status":"announced","source":"https://www.cnbc.com/2026/08/17/nvidia-financing-open-ai-data-center-ohio.html","sourceLabel":"CNBC (citing Nvidia 8-K)","altSource":"https://fortune.com/2026/08/18/openai-data-center-deal-with-nvidia-comes-in-145-billion-lower-than-reportedsignaling-concerns-of-artificial-demand-for-chips/","confidence":"high"},{"id":"bf5a91ef83ff","from":"openai","to":"oracle","type":"compute_contract","amountUsdB":300,"amountNote":"Reported by the WSJ (five years from 2027, about 4.5 GW); neither company has confirmed the figure. S&P says OpenAI is about half of Oracle's $638B backlog. A planned ~600 MW expansion of the Abilene site was dropped in March 2026.","announced":"2025-09-10","status":"reported","source":"https://www.datacenterdynamics.com/en/news/openai-signs-300bn-cloud-deal-with-oracle-report/","sourceLabel":"DCD, citing WSJ","altSource":"https://www.datacenterdynamics.com/en/news/oracleopenai-drop-plans-to-expand-flagship-abilene-stargate-site-meta-in-talks-to-pick-up-crusoe-capacity-with-nvidias-help/","confidence":"medium"},{"id":"e3d9309f32a5","from":"oracle","to":"nvidia","type":"chip_supply","amountUsdB":40,"amountNote":"Reported (FT): ~400,000 GB200 chips for the 1.2 GW Abilene Stargate site leased to OpenAI for 15 years.","announced":"2025-05-23","status":"reported","source":"https://www.datacenterdynamics.com/en/news/oracle-to-spend-40bn-on-nvidia-chips-for-openai-texas-data-center/","sourceLabel":"DCD, citing Financial Times","confidence":"medium"},{"id":"124a711bef3f","from":"oracle","to":"crusoe","type":"compute_contract","amountNote":"Oracle is the tenant of Crusoe's 1.2 GW Abilene campus, sub-leased to OpenAI; lease value undisclosed. A planned ~600 MW expansion was dropped in March 2026 after financing talks stalled; Meta was reported in talks for the space.","announced":"2025-05-21","status":"partial","source":"https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-and-primary-digital-infrastructure-enter-joint-venture","sourceLabel":"Crusoe newsroom","altSource":"https://www.datacenterdynamics.com/en/news/oracleopenai-drop-plans-to-expand-flagship-abilene-stargate-site-meta-in-talks-to-pick-up-crusoe-capacity-with-nvidias-help/","confidence":"medium"},{"id":"f52cfb1f02ed","from":"blue_owl","to":"crusoe","type":"debt","amountUsdB":15,"amountNote":"JV project financing (equity + construction debt) with Primary Digital Infrastructure for the 1.2 GW Abilene campus; includes a JPMorgan-led $7.1B construction loan (Bloomberg, 2025-05-22).","announced":"2025-05-21","status":"closed","source":"https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-and-primary-digital-infrastructure-enter-joint-venture","sourceLabel":"Crusoe newsroom","altSource":"https://www.bloomberg.com/news/articles/2025-05-22/jpmorgan-leads-7-1-billion-loan-for-blue-owl-tied-data-center","confidence":"high"},{"id":"515c3d5a0ed4","from":"softbank","to":"stargate","type":"equity_investment","amountUsdB":19,"amountNote":"Reported (The Information): SoftBank and OpenAI ~$19B each for ~40% each; Oracle and MGX ~$7B each. Headline '$500B' is planned spend, mostly project debt against compute contracts, not committed equity.","announced":"2025-01-21","status":"reported","source":"https://www.datacenterdynamics.com/en/news/openai-and-softbank-to-both-invest-19bn-in-stargate-report/","sourceLabel":"DCD, citing The Information","altSource":"https://openai.com/index/announcing-the-stargate-project/","confidence":"medium"},{"id":"0a2c1c26d818","from":"openai","to":"stargate","type":"equity_investment","amountUsdB":19,"amountNote":"Reported (The Information); see softbank->stargate.","announced":"2025-01-21","status":"reported","source":"https://www.datacenterdynamics.com/en/news/openai-and-softbank-to-both-invest-19bn-in-stargate-report/","sourceLabel":"DCD, citing The Information","confidence":"medium"},{"id":"579489d1e70f","from":"oracle","to":"stargate","type":"equity_investment","amountUsdB":7,"amountNote":"Reported (The Information).","announced":"2025-01-21","status":"reported","source":"https://www.datacenterdynamics.com/en/news/openai-and-softbank-to-both-invest-19bn-in-stargate-report/","sourceLabel":"DCD, citing The Information","confidence":"medium"},{"id":"cd41b7394a05","from":"mgx","to":"stargate","type":"equity_investment","amountUsdB":7,"amountNote":"Reported (The Information).","announced":"2025-01-21","status":"reported","source":"https://www.datacenterdynamics.com/en/news/openai-and-softbank-to-both-invest-19bn-in-stargate-report/","sourceLabel":"DCD, citing The Information","confidence":"medium"},{"id":"6d1cba49226b","from":"openai","to":"amd","type":"chip_supply","amountNote":"6 GW of AMD Instinct GPUs across generations; first 1 GW of MI450 in 2H 2026. Dollar value undisclosed (analysts: tens of billions per GW).","announced":"2025-10-06","status":"announced","source":"https://ir.amd.com/news-events/press-releases/detail/1260/amd-and-openai-announce-strategic-partnership-to-deploy-6-gigawatts-of-amd-gpus","sourceLabel":"AMD press release","altSource":"https://ir.amd.com/financial-information/sec-filings/content/0001193125-25-230895/d28189d8k.htm","confidence":"high"},{"id":"ee6ff4b428c8","from":"amd","to":"openai","type":"equity_investment","amountNote":"Warrant for up to 160M AMD shares (~10% of AMD) at $0.01, vesting in tranches on GPU purchase milestones AND AMD share-price targets; exercisable through 2030-10-05. Value depends on vesting; no cash changes hands upfront.","announced":"2025-10-06","status":"announced","source":"https://ir.amd.com/news-events/press-releases/detail/1260/amd-and-openai-announce-strategic-partnership-to-deploy-6-gigawatts-of-amd-gpus","sourceLabel":"AMD press release","altSource":"https://ir.amd.com/financial-information/sec-filings/content/0001193125-25-230895/d28189d8k.htm","confidence":"high"},{"id":"ad3e8c7eb9be","from":"openai","to":"broadcom","type":"chip_supply","amountNote":"10 GW of OpenAI-designed accelerators and Broadcom Ethernet racks; deployment 2H 2026 through end-2029. No dollar figure disclosed.","announced":"2025-10-13","status":"announced","source":"https://investors.broadcom.com/news-releases/news-release-details/openai-and-broadcom-announce-strategic-collaboration-deploy-10","sourceLabel":"Broadcom IR","confidence":"high"},{"id":"b8d76269ddcb","from":"openai","to":"cerebras","type":"compute_contract","amountUsdB":10,"amountNote":"'Worth over $10B' per CNBC; the companies' own announcement gives 750 MW of wafer-scale inference capacity through 2028 and no dollar figure. Cerebras listed on 2026-05-14.","announced":"2026-01-14","status":"announced","source":"https://www.cnbc.com/2026/01/14/cerebras-scores-openai-deal-worth-over-10-billion.html","sourceLabel":"CNBC","altSource":"https://www.cerebras.ai/blog/openai-partners-with-cerebras-to-bring-high-speed-inference-to-the-mainstream","confidence":"medium"},{"id":"86b4a0b7c587","from":"openai","to":"coreweave","type":"compute_contract","amountUsdB":22.4,"amountNote":"Up to; cumulative: $11.9B (Mar 2025, OpenAI also received ~$350M of CoreWeave stock) + $4B (May 2025) + $6.5B (Sept 2025).","announced":"2025-03-10","status":"announced","source":"https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx","sourceLabel":"CoreWeave IR","altSource":"https://www.bloomberg.com/news/articles/2025-09-25/coreweave-expands-deals-with-openai-to-as-much-as-22-4-billion","confidence":"high"},{"id":"075d0d3688b2","from":"openai","to":"amazon","type":"compute_contract","amountUsdB":38,"amountNote":"Seven-year AWS agreement; hundreds of thousands of Nvidia GPUs; all capacity targeted before end-2026.","announced":"2025-11-03","status":"announced","source":"https://www.aboutamazon.com/news/aws/aws-open-ai-workloads-compute-infrastructure","sourceLabel":"Amazon newsroom","confidence":"high"},{"id":"b7e6a21f96ff","from":"openai","to":"amazon","type":"compute_contract","amountUsdB":100,"amountNote":"Expansion of the $38B agreement 'by $100 billion over 8 years', including ~2 GW of Trainium capacity.","announced":"2026-02-27","status":"announced","source":"https://www.aboutamazon.com/news/aws/amazon-open-ai-strategic-partnership-investment","sourceLabel":"Amazon newsroom","confidence":"high"},{"id":"75ec7836c036","from":"amazon","to":"openai","type":"equity_investment","amountUsdB":50,"amountNote":"$15B upfront + $35B once conditions were met (reported: an IPO or an AGI milestone). Amazon's Q2 2026 report: $15B in Q1, $13.7B in Q2, the remaining $21.3B after June 30 - fully funded by July 2026.","announced":"2026-02-27","status":"closed","source":"https://www.aboutamazon.com/news/aws/amazon-open-ai-strategic-partnership-investment","sourceLabel":"Amazon newsroom","altSource":"https://www.aboutamazon.com/news/company-news/amazon-earnings-q2-2026-report","confidence":"medium"},{"id":"8f5feb5fc201","from":"softbank","to":"openai","type":"equity_investment","amountUsdB":30,"amountNote":"March 2025 commitment (led the $40B round at $300B post-money): $7.5B at first closing (Apr 2025) + $22.5B at second closing (2025-12-26) via Vision Fund 2; co-investors added $11B (total $41B). SoftBank's stake ~11% after this. Funded partly by selling its entire Nvidia stake ($5.83B) and T-Mobile shares.","announced":"2025-03-31","status":"closed","source":"https://group.softbank/en/news/press/20251231","sourceLabel":"SoftBank Group press release","altSource":"https://www.cnbc.com/2025/11/11/softbank-sells-its-entire-stake-in-nvidia-for-5point83-billion.html","confidence":"high"},{"id":"7cff70f62926","from":"softbank","to":"openai","type":"equity_investment","amountUsdB":30,"amountNote":"Co-led the 2026 round ($110B announced 2026-02-27; closed 2026-03-31 at $122B and $852B post-money).","announced":"2026-02-27","status":"closed","source":"https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html","sourceLabel":"CNBC","altSource":"https://techcrunch.com/2026/03/31/openai-not-yet-public-raises-3b-from-retail-investors-in-monster-122b-fund-raise/","confidence":"high"},{"id":"8deda218877c","from":"softbank","to":"openai","type":"compute_contract","amountUsdB":3,"amountNote":"PER YEAR. Taxonomy stretch: this is enterprise product/licensing spend, not compute. SoftBank Group 'will spend $3 billion US annually to deploy OpenAI's solutions across its group companies' (Cristal intelligence; SB OpenAI Japan JV).","announced":"2025-02-03","status":"announced","source":"https://group.softbank/en/news/press/20250203_0","sourceLabel":"SoftBank Group press release","confidence":"high"},{"id":"35c7c48f0c77","from":"amazon","to":"anthropic","type":"equity_investment","amountUsdB":8,"amountNote":"$4B (announced 2023-09-25) + $4B (2024-11-22), largely via convertible notes; Amazon a minority, non-voting holder. Amazon's Q2 2026 results booked $53.4B of non-operating gains mainly from Anthropic marks.","announced":"2023-09-25","status":"closed","source":"https://www.cnbc.com/2024/11/22/amazon-to-invest-another-4-billion-in-anthropic-openais-biggest-rival.html","sourceLabel":"CNBC","confidence":"high"},{"id":"c049c5ab526f","from":"amazon","to":"anthropic","type":"equity_investment","amountUsdB":25,"amountNote":"Up to: $5B invested at $380B valuation (2026-04-20) + up to $20B 'tied to certain commercial milestones'. Anthropic's Series H (May 2026) counts the $5B among '$15B of previously committed investments from hyperscalers'.","announced":"2026-04-20","status":"partial","source":"https://www.aboutamazon.com/news/company-news/amazon-invests-additional-5-billion-anthropic-ai","sourceLabel":"Amazon newsroom","altSource":"https://www.cnbc.com/2026/04/20/amazon-invest-up-to-25-billion-in-anthropic-part-of-ai-infrastructure.html","confidence":"high"},{"id":"db4e9320df16","from":"anthropic","to":"amazon","type":"compute_contract","amountUsdB":100,"amountNote":"'More than $100 billion over the next ten years on AWS'; up to 5 GW of Trainium/Graviton capacity.","announced":"2026-04-20","status":"announced","source":"https://www.aboutamazon.com/news/company-news/amazon-invests-additional-5-billion-anthropic-ai","sourceLabel":"Amazon newsroom","confidence":"high"},{"id":"54d280db3eb3","from":"google","to":"anthropic","type":"equity_investment","amountUsdB":3,"amountNote":"Approx.: ~$300M early 2023 (~10%), up to $2B committed Oct 2023 ($500M upfront + $1.5B), >$1B more Jan 2025. NYT reported (Sept 2025) a ~14% stake with no voting rights; Google capped at 15%.","announced":"2023-10-27","status":"closed","source":"https://www.cnbc.com/2023/10/27/google-commits-to-invest-2-billion-in-openai-competitor-anthropic.html","sourceLabel":"CNBC","altSource":"https://www.cnbc.com/2025/01/22/google-agrees-to-new-1-billion-investment-in-anthropic.html","confidence":"high"},{"id":"7e0d07514777","from":"google","to":"anthropic","type":"equity_investment","amountUsdB":40,"amountNote":"Up to: $10B in cash now at a $350B valuation + $30B contingent on performance milestones; paired with about 5 GW of TPU capacity coming online from 2027.","announced":"2026-04-24","status":"partial","source":"https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/","sourceLabel":"TechCrunch","altSource":"https://www.cnbc.com/2026/04/24/google-to-invest-up-to-40-billion-in-anthropic-as-search-giant-spreads-its-ai-bets.html","confidence":"high"},{"id":"db57716d014b","from":"anthropic","to":"google","type":"compute_contract","amountNote":"'Tens of billions of dollars' (companies' phrasing, no figure): access to up to 1 million TPUs, >1 GW online in 2026.","announced":"2025-10-23","status":"announced","source":"https://www.googlecloudpresscorner.com/2025-10-23-Anthropic-to-Expand-Use-of-Google-Cloud-TPUs-and-Services","sourceLabel":"Google Cloud press release","altSource":"https://www.cnbc.com/2025/10/23/anthropic-google-cloud-deal-tpu.html","confidence":"high"},{"id":"9fc98b28b870","from":"anthropic","to":"google","type":"compute_contract","amountNote":"'Multiple gigawatts' of next-generation TPU capacity from 2027, with Broadcom; Anthropic's Series H release (May 2026) cites 'five gigawatts of next-generation TPU capacity'. No dollar figure.","announced":"2026-04-06","status":"announced","source":"https://www.anthropic.com/news/google-broadcom-partnership-compute","sourceLabel":"Anthropic","altSource":"https://www.anthropic.com/news/series-h","confidence":"high"},{"id":"ae00a67b041d","from":"anthropic","to":"broadcom","type":"chip_supply","amountUsdB":21,"amountNote":"TPU (Ironwood) rack orders: $10B (disclosed Q3 FY25) + $11B (Q4 FY25), delivery into late 2026; Broadcom identified Anthropic as the customer on its 2025-12-11 earnings call.","announced":"2025-12-11","status":"announced","source":"https://www.cnbc.com/2025/12/11/broadcom-avgo-q4-earnings-2025.html","sourceLabel":"CNBC (Broadcom Q4 FY25 call)","confidence":"high"},{"id":"e3c675ef4f71","from":"microsoft","to":"anthropic","type":"equity_investment","amountUsdB":5,"amountNote":"Up to $5B committed 2025-11-18; a portion closed inside the February 2026 Series G. Microsoft booked a $3.2B gain on the stake in its quarter to June 2026.","announced":"2025-11-18","status":"closed","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://techcrunch.com/2026/07/29/microsoft-logs-3-2b-from-anthropic-investment-but-openai-was-a-mixed-bag/","confidence":"high"},{"id":"093c8530a8b2","from":"nvidia","to":"anthropic","type":"equity_investment","amountUsdB":10,"amountNote":"Up to $10B committed 2025-11-18; the Series G release (February 2026) says the round 'includes a portion' of it. Funded amount not disclosed.","announced":"2025-11-18","status":"partial","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation","confidence":"medium"},{"id":"8f18857cdffc","from":"anthropic","to":"microsoft","type":"compute_contract","amountUsdB":30,"amountNote":"'Committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt.'","announced":"2025-11-18","status":"announced","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","altSource":"https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/","confidence":"high"},{"id":"c04541d8ef14","from":"anthropic","to":"nvidia","type":"chip_supply","amountNote":"'Initially up to one gigawatt of compute capacity with NVIDIA Grace Blackwell and Vera Rubin systems.' No dollar figure.","announced":"2025-11-18","status":"announced","source":"https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships","sourceLabel":"Anthropic","confidence":"high"},{"id":"d59e7232abba","from":"nvidia","to":"xai","type":"equity_investment","amountUsdB":2,"amountNote":"Strategic investor in the $20B Series E closed 2026-01-06 (Nvidia and Cisco named by xAI); 'as much as $2B' per CNBC; valuation about $230B, reported.","announced":"2026-01-06","status":"closed","source":"https://www.cnbc.com/2026/01/06/elon-musk-xai-raises-20-billion-from-nvidia-cisco-investors.html","sourceLabel":"CNBC","altSource":"https://x.ai/news/series-e","confidence":"medium"},{"id":"1fa4f0848c3c","from":"tesla","to":"xai","type":"equity_investment","amountUsdB":2,"amountNote":"About $2B of Series E preferred, disclosed in Tesla's Q4 2025 shareholder letter (2026-01-28) as 'expected to close in the first quarter'. xAI was folded into SpaceX weeks later.","announced":"2026-01-28","status":"announced","source":"https://techcrunch.com/2026/01/28/tesla-invested-2b-in-elon-musks-xai/","sourceLabel":"TechCrunch (Tesla shareholder letter)","confidence":"high"},{"id":"55a5daf8b4b6","from":"spacex","to":"xai","type":"equity_investment","amountUsdB":2,"amountNote":"Reported by WSJ as part of a $5B equity round (July 2025); superseded by the Feb 2026 merger.","announced":"2025-07-13","status":"reported","source":"https://techcrunch.com/2025/07/13/elon-musks-spacex-might-invest-2-billion-in-musks-xai/","sourceLabel":"TechCrunch, citing WSJ","confidence":"medium"},{"id":"8f7c99b51a31","from":"spacex","to":"xai","type":"acquisition","amountUsdB":250,"amountNote":"All-stock merger: SpaceX about $1T + xAI about $250B = about $1.25T combined. SpaceX then listed on 2026-06-12 at $135 a share, raising about $75B.","announced":"2026-02-02","status":"closed","source":"https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html","sourceLabel":"CNBC","altSource":"https://www.investing.com/news/stock-market-news/spacex-prices-ipo-at-135-per-share-for-june-12-nasdaq-debut-432SI-4738217","confidence":"high"},{"id":"a2b10c3e2618","from":"capital_markets","to":"xai","type":"debt","amountUsdB":5,"amountNote":"Morgan Stanley-led loans and secured bonds (~12% yields, unrated) alongside a $5B strategic equity raise; orders ~1.5x, described as tepid demand.","announced":"2025-07-01","status":"closed","source":"https://www.cnbc.com/2025/06/17/musks-xai-on-track-to-raise-5-billion-in-fresh-debt-following-modest-demand.html","sourceLabel":"CNBC","confidence":"high"},{"id":"4fb8d2e34bb9","from":"capital_markets","to":"xai","type":"debt","amountUsdB":12.5,"amountNote":"Reported debt component of the $20B Series E, structured through a GPU-secured SPV (lenders' security is the Nvidia hardware).","announced":"2026-01-06","status":"reported","source":"https://www.bloomberg.com/news/articles/2026-01-06/musk-s-xai-closed-20-billion-funding-round-with-nvidia-backing","sourceLabel":"Bloomberg","confidence":"medium"},{"id":"df8398f6bfca","from":"meta","to":"scale_ai","type":"equity_investment","amountUsdB":14.3,"amountNote":"49% non-voting stake at a $29B valuation; CEO Alexandr Wang moved to Meta. Several Scale customers (Google, OpenAI, xAI) subsequently cut work with Scale (reported).","announced":"2025-06-12","status":"closed","source":"https://www.cnbc.com/2025/06/12/scale-ai-founder-wang-announces-exit-for-meta-part-of-14-billion-deal.html","sourceLabel":"CNBC","confidence":"high"},{"id":"ffae15d179b9","from":"meta","to":"coreweave","type":"compute_contract","amountUsdB":14.2,"amountNote":"Six-year GB300 capacity contract with option to extend to 2032-12-14.","announced":"2025-09-30","status":"announced","source":"https://www.cnbc.com/2025/09/30/coreweave-meta-deal-ai.html","sourceLabel":"CNBC","confidence":"high"},{"id":"8ecef36172e9","from":"meta","to":"coreweave","type":"compute_contract","amountUsdB":21,"amountNote":"Expanded agreement through December 2032 (about $21B), inference-focused, with early deployments of Nvidia's Vera Rubin platform.","announced":"2026-04-09","status":"announced","source":"https://investors.coreweave.com/news/news-details/2026/CoreWeave-and-Meta-Announce-21-Billion-Expanded-AI-Infrastructure-Agreement/default.aspx","sourceLabel":"CoreWeave IR","altSource":"https://www.bloomberg.com/news/articles/2026-04-09/coreweave-expands-meta-deal-for-ai-computing-to-21-billion","confidence":"high"},{"id":"76d530fbd071","from":"meta","to":"nebius","type":"compute_contract","amountUsdB":27,"amountNote":"Up to ~$27B over five years: $12B of dedicated Vera Rubin capacity from early 2027 + up to $15B of additional capacity on upcoming clusters.","announced":"2026-03-16","status":"announced","source":"https://nebius.com/newsroom/nebius-signs-new-ai-infrastructure-agreement-with-meta","sourceLabel":"Nebius newsroom","altSource":"https://www.cnbc.com/2026/03/16/meta-nebius-ai-infrastructure.html","confidence":"high"},{"id":"b414ebfe4882","from":"meta","to":"oracle","type":"compute_contract","amountUsdB":20,"amountNote":"Reported (~$20B, multiyear) by Bloomberg 2025-09-19; Oracle confirmed a Meta cloud deal on 2025-10-16 without disclosing value. Oracle's Feb 2026 financing release lists Meta among contracted customers.","announced":"2025-09-19","status":"reported","source":"https://news.bloomberglaw.com/artificial-intelligence/oracle-in-talks-with-meta-on-20-billion-ai-cloud-computing-deal","sourceLabel":"Bloomberg","altSource":"https://www.cnbc.com/2025/10/16/oracle-confirms-meta-cloud-deal-.html","confidence":"medium"},{"id":"09ddb2084260","from":"meta","to":"google","type":"compute_contract","amountUsdB":10,"amountNote":"'Over $10B' six-year Google Cloud deal, reported by The Information; not confirmed by either company.","announced":"2025-08-21","status":"reported","source":"https://www.cnbc.com/2025/08/21/google-scores-six-year-meta-cloud-deal-worth-over-10-billion.html","sourceLabel":"CNBC, citing The Information","confidence":"medium"},{"id":"babe9c5e4208","from":"meta","to":"amd","type":"chip_supply","amountNote":"Up to 6 GW of AMD GPUs; first GW of custom MI450 + EPYC shipping 2H 2026. Value undisclosed.","announced":"2026-02-24","status":"announced","source":"https://ir.amd.com/news-events/press-releases/detail/1279/amd-and-meta-announce-expanded-strategic-partnership-to-deploy-6-gigawatts-of-amd-gpus","sourceLabel":"AMD press release","altSource":"https://www.sec.gov/Archives/edgar/data/2488/000000248826000045/amd-20260223.htm","confidence":"high"},{"id":"6e26684f7345","from":"amd","to":"meta","type":"equity_investment","amountNote":"Performance-based warrant for up to 160M AMD shares (the same size as OpenAI's), vesting on gigawatt-purchase milestones plus AMD share-price thresholds.","announced":"2026-02-24","status":"announced","source":"https://ir.amd.com/news-events/press-releases/detail/1279/amd-and-meta-announce-expanded-strategic-partnership-to-deploy-6-gigawatts-of-amd-gpus","sourceLabel":"AMD press release","altSource":"https://www.sec.gov/Archives/edgar/data/2488/000000248826000045/amd-20260223.htm","confidence":"high"},{"id":"4f3e66c90c03","from":"meta","to":"nvidia","type":"chip_supply","amountNote":"Multiyear, multigenerational agreement to deploy 'millions' of Blackwell and Rubin GPUs, Grace CPUs and Spectrum-X networking; financial value not disclosed.","announced":"2026-02-17","status":"announced","source":"https://nvidianews.nvidia.com/news/meta-builds-ai-infrastructure-with-nvidia","sourceLabel":"NVIDIA newsroom","altSource":"https://www.cnbc.com/2026/02/17/meta-nvidia-deal-ai-data-center-chips.html","confidence":"high"},{"id":"2d24eedc9292","from":"blue_owl","to":"meta","type":"debt","amountUsdB":27,"amountNote":"Off-balance-sheet JV project financing for the >2 GW Hyperion campus (Louisiana): Blue Owl funds own 80%, Meta 20%; ~$27B total development cost funded pro rata; Blue Owl contributed ~$7B cash and Meta took a ~$3B one-time distribution.","announced":"2025-10-21","status":"closed","source":"https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Announces-Joint-Venture-with-Funds-Managed-by-Blue-Owl-Capital-to-Develop-Hyperion-Data-Center/default.aspx","sourceLabel":"Meta IR","altSource":"https://www.cnbc.com/2025/10/21/meta-blue-owl-capital-partner-on-27-billion-ai-data-center-project-.html","confidence":"high"},{"id":"4f6651df32b1","from":"nvidia","to":"coreweave","type":"equity_investment","amountUsdB":0.25,"amountNote":"$250M anchor order in the IPO at $40/share (IPO raised $1.5B, priced below range). Nvidia was already an early investor (2023) and held ~$900M of CoreWeave stock as of 2025-03-31 (13F).","announced":"2025-03-28","status":"closed","source":"https://www.cnbc.com/2025/03/27/nvidia-to-anchor-coreweave-ipo-at-40-a-share-source-says.html","sourceLabel":"CNBC","altSource":"https://www.cnbc.com/2025/05/15/nvidia-owned-900-million-worth-of-coreweave-shares-q1-filing-shows.html","confidence":"high"},{"id":"df704ddb1b15","from":"nvidia","to":"coreweave","type":"compute_contract","amountUsdB":6.3,"amountNote":"Initial value; order form under the 2023 MSA: Nvidia is 'obligated to purchase the residual unsold capacity' through 2032-04-13, i.e. a demand backstop for CoreWeave's Nvidia-GPU fleet.","announced":"2025-09-09","status":"closed","source":"https://www.sec.gov/Archives/edgar/data/1769628/000176962825000047/crwv-20250909.htm","sourceLabel":"CoreWeave 8-K","altSource":"https://www.cnbc.com/2025/09/15/coreweave-stock-jumps-on-disclosure-of-6point3-billion-order-from-nvidia.html","confidence":"high"},{"id":"0f8258c3aa7b","from":"nvidia","to":"coreweave","type":"equity_investment","amountUsdB":2,"amountNote":"Class A shares at $87.20; tied to a plan to add >5 GW of capacity by 2030 and early access to new Nvidia products.","announced":"2026-01-26","status":"closed","source":"https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx","sourceLabel":"CoreWeave IR","altSource":"https://www.bloomberg.com/news/articles/2026-01-26/nvidia-invests-another-2-billion-in-coreweave-offers-new-chip","confidence":"high"},{"id":"bd8573042b0e","from":"microsoft","to":"coreweave","type":"compute_contract","amountUsdB":10,"amountNote":"'More than $10B' across five contracts through 2030 per CoreWeave's S-1, which also disclosed Microsoft was 62% of 2024 revenue (35% in 2023). Exact contract values not itemised.","announced":"2025-03-03","status":"closed","source":"https://www.sec.gov/Archives/edgar/data/1769628/000119312525044231/d899798ds1.htm","sourceLabel":"CoreWeave S-1","altSource":"https://www.theregister.com/2025/03/04/coreweave_ipo/","confidence":"medium"},{"id":"5f20701cd506","from":"capital_markets","to":"coreweave","type":"debt","amountUsdB":10,"amountNote":"'Raised more than $10 billion of unsecured debt and convertible bonds' in 2026 (incl. inaugural Eurobond) plus a $3.1B term loan and a $1B strategic investment from Jane Street; Q2 2026 interest expense $640M.","announced":"2026-08-11","status":"closed","source":"https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx","sourceLabel":"CoreWeave IR (Q2 2026 results)","confidence":"high"},{"id":"9a1302b28ab0","from":"coreweave","to":"core_scientific","type":"acquisition","amountUsdB":9,"amountNote":"All-stock offer announced July 2025; Core Scientific shareholders voted it down and the merger agreement was terminated 2025-10-30.","announced":"2025-07-07","status":"cancelled","source":"https://www.cnbc.com/2025/10/30/core-scientific-shareholders-reject-9-billion-coreweave-offer-deal-terminated.html","sourceLabel":"CNBC","altSource":"https://investors.corescientific.com/news-events/press-releases/detail/124/core-scientific-announces-termination-of-merger-agreement-with-coreweave","confidence":"high"},{"id":"7ea4d5d55ee7","from":"microsoft","to":"nebius","type":"compute_contract","amountUsdB":17.4,"amountNote":"Five-year dedicated GPU capacity (Vineland, NJ); up to $19.4B with options.","announced":"2025-09-08","status":"announced","source":"https://nebius.com/newsroom/nebius-announces-multi-billion-dollar-agreement-with-microsoft-for-ai-infrastructure","sourceLabel":"Nebius newsroom","altSource":"https://www.cnbc.com/2025/09/09/nebius-nbis-soars-after-ai-infrastructure-deal-with-microsoft-msft.html","confidence":"high"},{"id":"4e49784e0d6c","from":"nvidia","to":"nebius","type":"equity_investment","amountUsdB":2,"amountNote":"Strategic investment toward more than 5 GW of Nebius capacity by 2030. On 2026-07-21 Nvidia disclosed a 9.3% stake (shares plus a warrant from the deal).","announced":"2026-03-11","status":"closed","source":"https://nvidianews.nvidia.com/news/nvidia-and-nebius-partner-to-scale-full-stack-ai-cloud","sourceLabel":"NVIDIA newsroom","altSource":"https://www.cnbc.com/2026/07/21/nebius-stock-nvidia-stake-neocloud.html","confidence":"high"},{"id":"6cd02bacf01c","from":"microsoft","to":"lambda","type":"compute_contract","amountNote":"'Multibillion-dollar' multi-year deal for tens of thousands of GB300 GPUs; value undisclosed.","announced":"2025-11-03","status":"announced","source":"https://techcrunch.com/2025/11/03/lambda-inks-multi-billion-dollar-ai-infrastructure-deal-with-microsoft/","sourceLabel":"TechCrunch","confidence":"medium"},{"id":"e029f90f9ed1","from":"nvidia","to":"lambda","type":"compute_contract","amountUsdB":1.5,"amountNote":"Reported (The Information): Nvidia leases back ~18,000 of its own GPUs from Lambda over four years ($1.3B + $0.2B contracts), making Nvidia Lambda's largest customer; Nvidia is also a Lambda investor.","announced":"2025-09-08","status":"reported","source":"https://www.datacenterdynamics.com/en/news/nvidia-signs-15bn-deal-to-lease-its-gpus-back-from-lambda-report/","sourceLabel":"DCD, citing The Information","confidence":"medium"},{"id":"b492ef7d8771","from":"nvidia","to":"crusoe","type":"equity_investment","amountNote":"Nvidia participated in Crusoe's $600M Series D (Dec 2024) and $1.375B Series E (Oct 2025, >$10B valuation); Nvidia's cheque size undisclosed. Date approximate (October 2025).","announced":"2025-10-01","status":"closed","source":"https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-e-funding","sourceLabel":"Crusoe newsroom","confidence":"high"},{"id":"c294c4ebd5e7","from":"microsoft","to":"iren","type":"compute_contract","amountUsdB":9.7,"amountNote":"Five-year GB300 cloud contract with a 20% prepayment (IREN 8-K).","announced":"2025-11-03","status":"announced","source":"https://www.sec.gov/Archives/edgar/data/1878848/000114036125040072/ef20058139_ex99-1.htm","sourceLabel":"IREN 8-K","confidence":"high"},{"id":"df8f9470ffe8","from":"microsoft","to":"nscale","type":"compute_contract","amountUsdB":23,"amountNote":"Approximate aggregate of several 2025 agreements (Norway ~$6.2B Sept 2025, Texas ~$14B Oct 2025, UK/Portugal) per DCD's tally; individual contracts partly undisclosed. DCD put Microsoft's total neocloud commitments above $60B by Nov 2025.","announced":"2025-10-15","status":"announced","source":"https://www.datacenterdynamics.com/en/news/microsofts-neocloud-spending-surpasses-60bn/","sourceLabel":"DCD","confidence":"medium"},{"id":"9dc70eefed01","from":"nvidia","to":"intel","type":"equity_investment","amountUsdB":5,"amountNote":"Common stock at $23.28/share (~4% of Intel); FTC cleared 2025-12-18, closed 2025-12-26; paired with joint NVLink-based x86/RTX product development.","announced":"2025-09-18","status":"closed","source":"https://nvidianews.nvidia.com/news/nvidia-and-intel-to-develop-ai-infrastructure-and-personal-computing-products","sourceLabel":"NVIDIA newsroom","altSource":"https://www.cnbc.com/2025/12/29/nvidia-takes-5-billion-stake-in-intel-under-september-agreement.html","confidence":"high"},{"id":"eee91884c03c","from":"us_gov","to":"intel","type":"government_stake","amountUsdB":8.9,"amountNote":"433.3M shares at $20.47 = 9.9% stake, funded from $5.7B of undisbursed CHIPS grants + $3.2B Secure Enclave; passive (no board seat), votes with the board; plus a 5-year warrant for a further 5% at $20 exercisable only if Intel's foundry ownership falls below 51%.","announced":"2025-08-22","status":"closed","source":"https://newsroom.intel.com/corporate/intel-and-trump-administration-reach-historic-agreement","sourceLabel":"Intel newsroom","confidence":"high"},{"id":"6310f294a99a","from":"softbank","to":"intel","type":"equity_investment","amountUsdB":2,"amountNote":"Common stock at $23/share (~2% of Intel).","announced":"2025-08-18","status":"closed","source":"https://group.softbank/en/news/press/20250819","sourceLabel":"SoftBank Group press release","altSource":"https://newsroom.intel.com/corporate/softbank-group-and-intel-corporation-sign-2b-investment-agreement","confidence":"high"},{"id":"b50529297add","from":"us_gov","to":"tsmc","type":"government_stake","amountUsdB":6.6,"amountNote":"Taxonomy stretch: CHIPS Act GRANT (up to $6.6B direct funding, milestone-based) plus up to $5B of proposed loans for TSMC Arizona; no equity taken.","announced":"2024-11-15","status":"closed","source":"https://www.commerce.gov/news/press-releases/2024/11/biden-harris-administration-announces-chips-incentives-award-tsmc","sourceLabel":"US Commerce Department","confidence":"high"},{"id":"4cbbb320cb1a","from":"nvidia","to":"us_gov","type":"revenue_share","amountNote":"15% of H20 China sales as a condition of export licences (August 2025); H200 later allowed with a 25% cut (December 2025). Realised payments not disclosed.","announced":"2025-08-11","status":"announced","source":"https://www.cbsnews.com/news/nvidia-amd-chip-sales-china-15-percent-h20-mi308","sourceLabel":"CBS News (Reuters/FT-reported, confirmed by Trump)","altSource":"https://www.cnbc.com/2026/02/26/nvidia-china-chip-sales-export-controls-ai-competition.html","confidence":"medium"},{"id":"d3900f9977b1","from":"amd","to":"us_gov","type":"revenue_share","amountNote":"15% of MI308 China sales as an export-licence condition; realised amounts not disclosed.","announced":"2025-08-11","status":"announced","source":"https://www.cbsnews.com/news/nvidia-amd-chip-sales-china-15-percent-h20-mi308","sourceLabel":"CBS News","confidence":"medium"},{"id":"082e42a928a5","from":"openai","to":"us_gov","type":"government_stake","amountUsdB":42.6,"amountNote":"PROPOSAL ONLY (Financial Times, 2026-07-02): a 5% stake - about $42.6B at $852B - in a public-wealth vehicle. Early stage, would need Congress; not executed.","announced":"2026-07-02","status":"reported","source":"https://www.cnbc.com/2026/07/02/openai-proposes-us-government-own-5percent-stake-to-address-political-blowback.html","sourceLabel":"CNBC, citing Financial Times","altSource":"https://www.bloomberg.com/news/articles/2026-07-02/openai-proposes-giving-the-us-government-a-5-stake-ft-says","confidence":"medium"},{"id":"53ec56383d0e","from":"nvidia","to":"groq","type":"acquisition","amountUsdB":20,"amountNote":"~$20B cash for Groq assets + non-exclusive licence to its inference technology + hiring of CEO and senior team; Groq continues as an independent company. ~3x Groq's Sept 2025 valuation ($6.9B). Nvidia's largest deal ever.","announced":"2025-12-24","status":"closed","source":"https://www.cnbc.com/2025/12/24/nvidia-buying-ai-chip-startup-groq-for-about-20-billion-biggest-deal.html","sourceLabel":"CNBC","confidence":"high"},{"id":"81f4afc12c0f","from":"softbank","to":"ampere","type":"acquisition","amountUsdB":6.5,"amountNote":"All-cash; announced 2025-03-19/20, FTC cleared Nov 2025, closed 2025-11-25.","announced":"2025-03-20","status":"closed","source":"https://group.softbank/en/news/press/20250320","sourceLabel":"SoftBank Group press release","altSource":"https://www.forbes.com/sites/ywang/2025/11/26/softbank-completes-65-billion-purchase-of-ampere-computing/","confidence":"high"},{"id":"4443c5b828e4","from":"openai","to":"io","type":"acquisition","amountUsdB":6.5,"amountNote":"All-stock; announced 2025-05-21 (reported $6.4-6.5B), closed 2025-07-09. OpenAI's largest acquisition.","announced":"2025-05-21","status":"closed","source":"https://www.bloomberg.com/news/articles/2025-07-09/openai-closes-6-5-billion-deal-to-buy-jony-ive-s-device-startup","sourceLabel":"Bloomberg","altSource":"https://www.cnbc.com/2025/05/21/openai-buys-iphone-designer-jony-ive-device-startup-for-6point4-billion.html","confidence":"high"},{"id":"4f9395dd4747","from":"apple","to":"google","type":"compute_contract","amountUsdB":1,"amountNote":"PER YEAR, reported (~$1B/yr, Bloomberg) for a custom 1.2T-parameter Gemini model powering the rebuilt Siri; the companies confirmed the multi-year partnership on 2026-01-12 without financial terms. Taxonomy stretch: model licensing, not compute.","announced":"2025-11-05","status":"reported","source":"https://www.bloomberg.com/news/articles/2025-11-05/apple-plans-to-use-1-2-trillion-parameter-google-gemini-model-to-power-new-siri","sourceLabel":"Bloomberg","altSource":"https://www.cnbc.com/2026/01/12/apple-google-ai-siri-gemini.html","confidence":"medium"},{"id":"6a5d38b61822","from":"asml","to":"mistral","type":"equity_investment","amountUsdB":1.5,"amountNote":"EUR 1.3B (~$1.5B) lead of the EUR 1.7B Series C at EUR 11.7B post-money; ~11% fully diluted stake.","announced":"2025-09-09","status":"closed","source":"https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerate-technological-progress-with-ai/","sourceLabel":"Mistral AI","altSource":"https://www.cnbc.com/2025/09/09/ai-firm-mistral-valued-at-14-billion-as-asml-takes-major-stake.html","confidence":"high"},{"id":"f8c05c266efc","from":"nvidia","to":"mistral","type":"equity_investment","amountNote":"Existing investor that 'committed more cash' in the Series C; amount undisclosed. Mistral also buys Nvidia systems (Mistral Compute, 2025).","announced":"2025-09-09","status":"closed","source":"https://mistral.ai/news/mistral-ai-raises-1-7-b-to-accelerate-technological-progress-with-ai/","sourceLabel":"Mistral AI","confidence":"high"},{"id":"685e01b062c8","from":"capital_markets","to":"oracle","type":"debt","amountUsdB":50,"amountNote":"Plan: $45-50B of gross proceeds in calendar 2026 - about half a one-time investment-grade bond issue, half equity and equity-linked (mandatory convertible preferred plus an at-the-market programme of up to $20B). Fiscal 2026 free cash flow was -$23.7B; S&P cut Oracle to BBB- in July 2026.","announced":"2026-02-01","status":"partial","source":"https://www.oracle.com/news/announcement/oracle-announces-equity-and-debt-financing-plan-2026-02-01/","sourceLabel":"Oracle press release","altSource":"https://www.sec.gov/Archives/edgar/data/1341439/000119312526032650/d36096dfwp.htm","confidence":"high"}],"bubbleReads":[{"title":"AI's $600B Question","org":"Sequoia Capital (David Cahn)","date":"2024-06-20","url":"https://sequoiacap.com/article/ais-600b-question","oneLine":"Annualised AI infrastructure spend implies about $600B of yearly AI revenue is needed to earn a return; most of it is missing."},{"title":"The GenAI Divide: State of AI in Business 2025","org":"MIT NANDA","date":"2025-07","url":"https://mlq.ai/media/quarterly_decks/v0.1_State_of_AI_in_Business_2025_Report.pdf","oneLine":"Despite $30-40B of enterprise GenAI spend, about 95% of pilots show no measurable P&L impact."},{"title":"Bridging a $1.5tr Data Center Financing Gap","org":"Morgan Stanley Research","date":"2025-08","url":"https://www.morganstanley.com/content/dam/msdotcom/en/assets/pdfs/Research_Bridging-Data-Center-Gap.pdf","oneLine":"About $2.9T of global data-center capex through 2028, only about half fundable from hyperscaler cash flow; the rest must come from bonds, private credit and securitisation."},{"title":"$2 trillion in new revenue needed to fund AI's scaling trend","org":"Bain & Company, 6th Global Technology Report","date":"2025-09-23","url":"https://www.bain.com/about/media-center/press-releases/20252/$2-trillion-in-new-revenue-needed-to-fund-ais-scaling-trend---bain--companys-6th-annual-global-technology-report/","oneLine":"Meeting projected 2030 compute demand needs about $2T of annual AI revenue; the industry is about $800B short."},{"title":"IMF and Bank of England join growing chorus warning of an AI bubble","org":"IMF Global Financial Stability Report / Bank of England FPC, via CNBC","date":"2025-10-09","url":"https://www.cnbc.com/2025/10/09/imf-and-bank-of-england-join-growing-chorus-warning-of-an-ai-bubble.html","oneLine":"Both flagged AI-concentrated equity valuations comparable to the 2000 dot-com peak and the risk of an abrupt correction."},{"title":"World Outlook: '1999 meets 1990'","org":"Deutsche Bank Research (Jim Reid), via Investing.com","date":"2026-06-06","url":"https://www.investing.com/news/economy-news/deutsche-bank-maps-out-volatile-1999-meets-1990-macro-outlook-for-investors-4729582","oneLine":"Frames 2026 as 1999-style tech enthusiasm colliding with a 1990-style oil shock, with an AI investment boom propping up US growth."}]}