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Nscale

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$0B committed out across 0 live deal(s) · $23B received across 1. Face value, as announced; undisclosed amounts count as deals and add nothing.

Equity investmentCompute / cloud contractChip supply dealRevenue shareAcquisitionGovernment stake / grantDebt, guarantee or project financedashed: reported, not confirmedthin: amount undisclosedlisted companyprivate companygovernmentjoint venturemany lendersMicrosoft → OpenAI: $13B · Equity investment · 2023-01-23 · closed / funded — $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).OpenAI → Microsoft: $250B · Compute / cloud contract · 2025-10-28 · announced — '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.OpenAI → Microsoft: $38B · Revenue share · 2026-04-27 · closed / funded — 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.OpenAI → Nvidia: amount undisclosed · Chip supply deal · 2025-09-22 · announced — At least 10 GW of Nvidia systems; first GW on Vera Rubin targeted 2H 2026. Dollar value undisclosed; LOI-level commitment, equity leg dropped.Nvidia → OpenAI: $30B · Equity investment · 2026-02-27 · closed / funded — 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.Nvidia → OpenAI: $105B · Debt, guarantee or project finance · 2026-08-17 · announced — 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.OpenAI → Oracle: $300B · Compute / cloud contract · 2025-09-10 · reported, not confirmed by the parties — 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.Oracle → Nvidia: $40B · Chip supply deal · 2025-05-23 · reported, not confirmed by the parties — Reported (FT): ~400,000 GB200 chips for the 1.2 GW Abilene Stargate site leased to OpenAI for 15 years.Oracle → Crusoe: amount undisclosed · Compute / cloud contract · 2025-05-21 · partly funded — 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.Blue Owl → Crusoe: $15B · Debt, guarantee or project finance · 2025-05-21 · closed / funded — 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).SoftBank → Stargate JV: $19B · Equity investment · 2025-01-21 · reported, not confirmed by the parties — 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.OpenAI → Stargate JV: $19B · Equity investment · 2025-01-21 · reported, not confirmed by the parties — Reported (The Information); see softbank->stargate.Oracle → Stargate JV: $7B · Equity investment · 2025-01-21 · reported, not confirmed by the parties — Reported (The Information).OpenAI → Broadcom: amount undisclosed · Chip supply deal · 2025-10-13 · announced — 10 GW of OpenAI-designed accelerators and Broadcom Ethernet racks; deployment 2H 2026 through end-2029. No dollar figure disclosed.OpenAI → CoreWeave: $22.4B · Compute / cloud contract · 2025-03-10 · announced — Up to; cumulative: $11.9B (Mar 2025, OpenAI also received ~$350M of CoreWeave stock) + $4B (May 2025) + $6.5B (Sept 2025).OpenAI → Amazon: $38B · Compute / cloud contract · 2025-11-03 · announced — Seven-year AWS agreement; hundreds of thousands of Nvidia GPUs; all capacity targeted before end-2026.OpenAI → Amazon: $100B · Compute / cloud contract · 2026-02-27 · announced — Expansion of the $38B agreement 'by $100 billion over 8 years', including ~2 GW of Trainium capacity.Amazon → OpenAI: $50B · Equity investment · 2026-02-27 · closed / funded — $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.SoftBank → OpenAI: $30B · Equity investment · 2025-03-31 · closed / funded — 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.SoftBank → OpenAI: $30B · Equity investment · 2026-02-27 · closed / funded — Co-led the 2026 round ($110B announced 2026-02-27; closed 2026-03-31 at $122B and $852B post-money).SoftBank → OpenAI: $3B · Compute / cloud contract · 2025-02-03 · announced — 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).Amazon → Anthropic: $8B · Equity investment · 2023-09-25 · closed / funded — $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.Amazon → Anthropic: $25B · Equity investment · 2026-04-20 · partly funded — 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'.Anthropic → Amazon: $100B · Compute / cloud contract · 2026-04-20 · announced — 'More than $100 billion over the next ten years on AWS'; up to 5 GW of Trainium/Graviton capacity.Google → Anthropic: $3B · Equity investment · 2023-10-27 · closed / funded — 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%.Google → Anthropic: $40B · Equity investment · 2026-04-24 · partly funded — 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.Anthropic → Google: amount undisclosed · Compute / cloud contract · 2025-10-23 · announced — 'Tens of billions of dollars' (companies' phrasing, no figure): access to up to 1 million TPUs, >1 GW online in 2026.Anthropic → Google: amount undisclosed · Compute / cloud contract · 2026-04-06 · announced — '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.Anthropic → Broadcom: $21B · Chip supply deal · 2025-12-11 · announced — 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.Microsoft → Anthropic: $5B · Equity investment · 2025-11-18 · closed / funded — 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.Nvidia → Anthropic: $10B · Equity investment · 2025-11-18 · partly funded — 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.Anthropic → Microsoft: $30B · Compute / cloud contract · 2025-11-18 · announced — 'Committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt.'Anthropic → Nvidia: amount undisclosed · Chip supply deal · 2025-11-18 · announced — 'Initially up to one gigawatt of compute capacity with NVIDIA Grace Blackwell and Vera Rubin systems.' No dollar figure.Nvidia → xAI: $2B · Equity investment · 2026-01-06 · closed / funded — 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.SpaceX → xAI: $2B · Equity investment · 2025-07-13 · reported, not confirmed by the parties — Reported by WSJ as part of a $5B equity round (July 2025); superseded by the Feb 2026 merger.SpaceX → xAI: $250B · Acquisition · 2026-02-02 · closed / funded — 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.Bond & loan markets → xAI: $5B · Debt, guarantee or project finance · 2025-07-01 · closed / funded — Morgan Stanley-led loans and secured bonds (~12% yields, unrated) alongside a $5B strategic equity raise; orders ~1.5x, described as tepid demand.Bond & loan markets → xAI: $12.5B · Debt, guarantee or project finance · 2026-01-06 · reported, not confirmed by the parties — Reported debt component of the $20B Series E, structured through a GPU-secured SPV (lenders' security is the Nvidia hardware).Meta → CoreWeave: $14.2B · Compute / cloud contract · 2025-09-30 · announced — Six-year GB300 capacity contract with option to extend to 2032-12-14.Meta → CoreWeave: $21B · Compute / cloud contract · 2026-04-09 · announced — Expanded agreement through December 2032 (about $21B), inference-focused, with early deployments of Nvidia's Vera Rubin platform.Meta → Nebius: $27B · Compute / cloud contract · 2026-03-16 · announced — Up to ~$27B over five years: $12B of dedicated Vera Rubin capacity from early 2027 + up to $15B of additional capacity on upcoming clusters.Meta → Oracle: $20B · Compute / cloud contract · 2025-09-19 · reported, not confirmed by the parties — 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.Meta → Google: $10B · Compute / cloud contract · 2025-08-21 · reported, not confirmed by the parties — 'Over $10B' six-year Google Cloud deal, reported by The Information; not confirmed by either company.Meta → Nvidia: amount undisclosed · Chip supply deal · 2026-02-17 · announced — Multiyear, multigenerational agreement to deploy 'millions' of Blackwell and Rubin GPUs, Grace CPUs and Spectrum-X networking; financial value not disclosed.Blue Owl → Meta: $27B · Debt, guarantee or project finance · 2025-10-21 · closed / funded — 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.Nvidia → CoreWeave: $0.25B · Equity investment · 2025-03-28 · closed / funded — $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).Nvidia → CoreWeave: $6.3B · Compute / cloud contract · 2025-09-09 · closed / funded — 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.Nvidia → CoreWeave: $2B · Equity investment · 2026-01-26 · closed / funded — 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.Microsoft → CoreWeave: $10B · Compute / cloud contract · 2025-03-03 · closed / funded — '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.Bond & loan markets → CoreWeave: $10B · Debt, guarantee or project finance · 2026-08-11 · closed / funded — '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.Microsoft → Nebius: $17.4B · Compute / cloud contract · 2025-09-08 · announced — Five-year dedicated GPU capacity (Vineland, NJ); up to $19.4B with options.Nvidia → Nebius: $2B · Equity investment · 2026-03-11 · closed / funded — 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).Nvidia → Crusoe: amount undisclosed · Equity investment · 2025-10-01 · closed / funded — 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).Microsoft → Nscale: $23B · Compute / cloud contract · 2025-10-15 · announced — 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.Nvidia → Intel: $5B · Equity investment · 2025-09-18 · closed / funded — 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.US government → Intel: $8.9B · Government stake / grant · 2025-08-22 · closed / funded — 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%.SoftBank → Intel: $2B · Equity investment · 2025-08-18 · closed / funded — Common stock at $23/share (~2% of Intel).Nvidia → US government: amount undisclosed · Revenue share · 2025-08-11 · announced — 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.OpenAI → US government: $42.6B · Government stake / grant · 2026-07-02 · reported, not confirmed by the parties — 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.Nvidia → Groq: $20B · Acquisition · 2025-12-24 · closed / funded — ~$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.Bond & loan markets → Oracle: $50B · Debt, guarantee or project finance · 2026-02-01 · partly funded — 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.OpenAI — open its pageOpenAIAnthropic — open its pageAnthropicxAI — open its pagexAIMicrosoft — open its pageMicrosoftAmazon — open its pageAmazonAlphabet (Google) — open its pageGoogleMeta Platforms — open its pageMetaOracle — open its pageOracleCoreWeave — open its pageCoreWeaveNebius Group — open its pageNebiusCrusoe — open its pageCrusoeNscale — open its pageNscaleStargate JV (OpenAI, SoftBank, Oracle, MGX) — open its pageStargate JVNVIDIA — open its pageNvidiaBroadcom — open its pageBroadcomIntel — open its pageIntelGroq — open its pageGroqSoftBank Group — open its pageSoftBankBlue Owl Capital (managed funds) — open its pageBlue OwlBond, loan & private-credit markets — open its pageBond & loan marketsSpaceX — open its pageSpaceXUS federal government — open its pageUS government

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Counterparties

CounterpartyNscale pays / investsNscale receivesDeals
Microsoft—$23B1

Announced per month

$23B/mo 0 $0.0T total 2025-10: $23B announced across 1 deal(s)2025-11: $0B announced across 0 deal(s)2025-12: $0B announced across 0 deal(s)2026-01: $0B announced across 0 deal(s)2026-02: $0B announced across 0 deal(s)2026-03: $0B announced across 0 deal(s)2026-04: $0B announced across 0 deal(s)2026-05: $0B announced across 0 deal(s)2026-06: $0B announced across 0 deal(s)2026-07: $0B announced across 0 deal(s)2026-08: $0B announced across 0 deal(s) 2025-102026-042026-08 bars: announced per month, square-root scale (grey: later cancelled) · line: cumulative face value, linear

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Nscale receives

DealAmount ▾TypeAnnouncedSource
Microsoft → Nscale$23B
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.		Compute / cloud contract2025-10-15
announced		DCD
single-source figure
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