Who finances the compute buildout — for the lender, analyst or counterparty underwriting compute as an asset class. A dated record of third-party-reported financing commitments — borrower, lender or guarantor, instrument, amount, status — each quoted verbatim from the stored source and cited to it, while rental-price series with no attributable source circulate elsewhere. The Ledger’s sibling: it records, it does not measure.
What this is. A record of dated, third-party-reported financing commitments in the compute supply chain — who is financed, by whom or on whose guarantee, through what instrument, for how much, as of when. Every row is quoted verbatim from a stored source (a news item or a commentator’s stated claim), cited to that source’s name and date, and entered the day it was captured. Rows are never edited into a different claim; a correction is a new entry, same discipline as the corrections log.
What this is not. Not a measure, not an assessment, not an index, and not an endorsement of any amount, structure, or counterparty. The Grid does not verify a commitment by recording it: an ANNOUNCED row says a source reported it, an UNVERIFIEDrow says a source described talks, plans, or a claim. Amounts are the source’s figures, not the Grid’s. The totals above the table are register arithmetic — a count and a sum of stated figures — not a reading of the market.
What moves a status. Only a stored regulatory filing (an 8-K or equivalent held in the Grid’s own store) promotes a row from ANNOUNCED to REPORTED; press coverage never does. Status walks forward only. Nothing here has been promoted yet — the store holds no corroborating filing for any row — and the register says so rather than inferring.
| ANNOUNCED27 on record | the source reports the commitment as made, raised, agreed, or completed — a press report or a specific dated event |
| REPORTED0 on record | corroborated by a stored regulatory filing (8-K or equivalent) on record; the only promotion from announced |
| CLOSED0 on record | a closing or effective date is on the record |
| WITHDRAWN0 on record | the source, or a later stored source, records the commitment as withdrawn or lapsed |
| UNVERIFIED20 on record | the source describes talks, exploration, plans, or a commentator's structural or forward claim — including undated claims held under the ruled LEVEL-TRIGGERED / STANDING WATCH conventions |
| Announced | Borrower | Lender / guarantor | Instrument | Amount | Status | Source (stored verbatim) |
|---|---|---|---|---|---|---|
| 2026-08-13 | Vantage Data Centers | public markets or acquirer (exploring) | EQUITY-LINKED | unstated | UNVERIFIEDSTANDING WATCH: scores on filing, sale, or lapse | “Sources: Vantage Data Centers, a major hyperscale developer, is exploring options including a sale or an IPO at a valuation of about $100B as soon as next year (Reuters)”— via techmeme · 2026-08-13 |
| 2026-08-13 | AMD | investment-grade bond buyers | DEBT | $5B | UNVERIFIEDSTANDING WATCH: scores on pricing of the bond sale | “Sources: AMD plans to raise as much as $5B in what could be the chipmaker's biggest-ever investment-grade bond sale, as it ramps up spending to meet AI demand (Brian W Smith/Bloomberg)”— via techmeme · 2026-08-13 |
| 2026-08-11 | Compute buyers (10-year horizon) | compute markets (via Ornn or similar) | DEBT | unstated | UNVERIFIEDSTANDING WATCH: 10-year horizon claim | “In 10 years, if you take out a loan it's not for your car or house but to buy compute to run more AI—through Orin or similar markets.”— Dave Blundin · moonshots · 2026-08-11extraction confidence: speculative |
| 2026-08-11 | Hyperscalers (class)node d2_dc_credit | unstated | UNSTATED INSTRUMENT | unstated | UNVERIFIEDSTANDING WATCH: the objective's corroborating claim (Ornn CEO episode) | “The biggest moat for the hyperscalers isn't access to compute and ability to scale compute very well, it's the fact that they can pay for the GPUs very quickly and have the cash flows to do so—the hyperscaler is just a financing system.”— Kush Bavaria · moonshots · 2026-08-11extraction confidence: strong |
| 2026-08-11 | xAI Terafab | public markets (IPO proceeds; pension flows) | EQUITY-LINKED | unstated | UNVERIFIEDSTANDING WATCH: founder-named row-236 anchor; stated range $16B-$100B | “Who's footing the bill for chip fabs and chip design? The public through pension plans funding Elon's $16-100 billion Tera-fab and other fabs, and through taxes subsidizing Intel's fabs.”— Dave Blundin · moonshots · 2026-08-11extraction confidence: strong |
| 2026-08-11 | OpenAI | share purchasers | EQUITY-LINKED | $7B | ANNOUNCED | “OpenAI wraps $7B share sale ahead of potential IPO”— via hackernews · 2026-08-11 |
| 2026-08-10 | Lambdanode d2_neocloud | leveraged-loan buyers (Bloomberg: sale in progress) | DEBT | $917M | ANNOUNCED | “Sources: AI cloud computing provider Lambda is selling a $917M leveraged loan to finance the purchase of GPUs as part of a contract with Nvidia (Bloomberg)”— via techmeme · 2026-08-10 |
| 2026-08-09 | SpaceX (10-gigawatt build)node d2_dc_credit | NVIDIA | VENDOR FINANCING | unstated | UNVERIFIEDSTANDING WATCH: scores on confirmation or lapse | “NVIDIA is likely to step in as a financing partner for SpaceX's 10-gigawatt build due to the profitability of the deals.”— Reyk Knuhtsen · semianalysis-weekly · 2026-08-09extraction confidence: moderate |
| 2026-08-09 | US data-center operators (HUD 8 leases, 704 MW)node d2_dc_credit | NVIDIA | GUARANTEE | unstated | UNVERIFIEDSTANDING WATCH | “NVIDIA backstops (HUD 8 leases) total 704 megawatts in the US, with additional direct data center leases and overseas deployments.”— Reyk Knuhtsen · semianalysis-weekly · 2026-08-09cites 2 stored source rowsextraction confidence: strong |
| 2026-08-09 | NVIDIA GPU buyers (neocloud class)node d2_neocloud | NVIDIA | VENDOR FINANCING | unstated | UNVERIFIEDSTANDING WATCH: the founder-named enabling-economics claim | “GPU costs are recoverable in under one year at $50 million per megawatt per year revenue, enabling vendor financing with NVIDIA.”— Jeremie Eliahou Ontiveros · semianalysis-weekly · 2026-08-09extraction confidence: moderate |
| 2026-08-04 | American AI stack exporters | US Export-Import Bank / Development Finance Corporation | GUARANTEE | unstated | ANNOUNCED | “We launched the American AI Exports Program to create turnkey American AI stack options for the world, backed by government financing organizations like the Export-Import Bank and Development Finance Corporation.”— Michael Kratsios · moonshots · 2026-08-04extraction confidence: strong |
| 2026-07-31 | Aschenbrenner hedge fund (3.5x levered semis/AI) | prime brokers | DEBT | unstated | ANNOUNCED | “Leopold Ashen was running a hedge fund with massive leverage on semiconductor and AI stocks; he had about three and a half times leveraged exposure which got him margin called.”— allin · 2026-07-31cites 2 stored source rowsextraction confidence: strong |
| 2026-07-31 | MediaTek | unstated | UNSTATED INSTRUMENT | $5B | ANNOUNCED | “MediaTek says its board has approved a discretionary $5B financing budget to support long-term growth, including its expansion into AI chips for data centers (Wen-Yee Lee/Reuters)”— via techmeme · 2026-07-31 |
| 2026-07-30 | GPU provider (unnamed; 110K GB200/GB300) | LEASE | unstated | UNVERIFIEDSTANDING WATCH | “Google is reportedly paying $900 million a month for 110K GPUs that are a blend of GB200s and GB300s. That's roughly 2x the spot price per hour for those GPUs.”— Dwarkesh Patel · dwarkesh · 2026-07-30extraction confidence: strong | |
| 2026-07-30 | Nexusnode d2_dc_credit | bank group (WSJ) | DEBT | $15B | ANNOUNCED | “Sources: a group of banks is in talks to lend $15B to Nexus to build a Texas data center; Anthropic will lease it and Google has provided financial guarantees (Anissa Gardizy/Wall Street Journal)”— via techmeme · 2026-07-30— via hackernews · 2026-07-30— via hackernews · 2026-08-05 |
| 2026-07-29 | Korean leveraged retail accounts (1.2M) | margin lenders | DEBT | unstated | ANNOUNCED | “1.2 million leverage trading accounts in South Korea have been hit with margin calls; around 350,000 of them were fully liquidated already (data two weeks old, suggesting closer to 1 million liquidated today).”— Doug O'Laughlin · semianalysis-weekly · 2026-07-29— David Friedberg · allin · 2026-07-31extraction confidence: strong |
| 2026-07-29 | Hyperscalers (class)node d2_dc_credit | global bond markets | DEBT | $450B | UNVERIFIEDSTANDING WATCH | “Year-to-date, hyperscalers have raised $450 billion in debt, making them the third-largest debt issuer globally after the U.S. government and China, indicating they are hitting capital supply constraints.”— Doug O'Laughlin · semianalysis-weekly · 2026-07-29cites 2 stored source rowsextraction confidence: strong |
| 2026-07-29 | ChipAgents | B Capital (led) | EQUITY-LINKED | $60M | ANNOUNCED | “ChipAgents, which uses AI agents to help speed up the process of chip design, raised a $60M Series A2 led by B Capital, bringing the expanded round to $134M (Max A. Cherney/Reuters)”— via techmeme · 2026-07-29 |
| 2026-07-28 | Texas data centre (operator unnamed)node d2_dc_credit | NVIDIA (behind the lease) | LEASE | $50B | ANNOUNCED | “Nvidia behind $50B lease on Texas data centre that will use its chips”— via hackernews · 2026-07-28 |
| 2026-07-27 | OpenAInode d2_dc_credit | NVIDIA | GUARANTEE | $250B | UNVERIFIEDSTANDING WATCH (event-dated): confirmation, restructuring, or lapse of the guarantee | “Nvidia in Talks with OpenAI to Guarantee $250B Financing for Data Center”— via hackernews · 2026-07-27— via hackernews · 2026-08-01cites 4 stored source rows↳ also on the Ledger (forward claim, OPEN) · STANDING WATCH (event-dated): scores on confirmation, restructuring, or lapse of the guarantee |
| 2026-07-23 | APAC data-center operators (class)node d2_dc_credit | backstop guarantors | GUARANTEE | unstated | UNVERIFIEDSTANDING WATCH | “Backstops (financial guarantees on GPU loans) are important right now for enabling data center build-outs in the Asia-Pacific region.”— semianalysis-weekly · 2026-07-23cites 3 stored source rowsextraction confidence: strong |
| 2026-07-23 | C-Square (tier-2 data center) | public markets | EQUITY-LINKED | unstated | ANNOUNCED | “C-Square, a tier-2 data center company leveraging AI, IPO'd at $3 billion market cap with $1 billion run rate growing at 16%, showing market expectations for data center growth.”— Jason Lemkin · 20vc · 2026-07-23extraction confidence: strong |
| 2026-07-17 | Anthropic | Meta (computing power) | LEASE | $10B | UNVERIFIEDSTANDING WATCH: scores on deal confirmation or lapse | “Meta in Talks to Lease Computing Power to Anthropic in Potential $10B Deal”— via hackernews · 2026-07-17 |
| 2026-07-17 | General Computenode d2_neocloud | Upper90 (inference chips as collateral) | DEBT | $400M | ANNOUNCED | “AI inference startup General Compute gets a $400M loan from tech investment firm Upper90, seemingly the first deal to use inference-specific chips as collateral (Tim Fernholz/TechCrunch)”— via techmeme · 2026-07-17 |
| 2026-07-14 | Switch | public markets | EQUITY-LINKED | $10B | UNVERIFIEDSTANDING WATCH: scores on filing or lapse | “Sources: data center operator Switch has hired investment banks for a US IPO that could raise up to $10B and value it at $80B, set for as soon as Q4 (Reuters)”— via techmeme · 2026-07-14 |
| 2026-07-09 | NVIDIA (contingent liabilities)node d2_dc_credit | unstated | VENDOR FINANCING | unstated | UNVERIFIEDSTANDING WATCH | “NVIDIA's contingent liabilities from revenue-recognition-upfront financing deals will look horrible if compute demand slows and there is excess capacity.”— Rory O'Driscoll · 20vc · 2026-07-09extraction confidence: moderate |
| 2026-07-09 | Vantage (Texas project)node d2_dc_credit | DigitalBridge | UNSTATED INSTRUMENT | $25B | ANNOUNCED | “Oracle with Stack in New Mexico and Vantage in Texas are gigawatt-scale deals. Financing for the whole project takes place shortly after the lease is signed. Digital Bridge raised $25 billion of financing just maybe a month after the lease was signed for Vantage.”— Jeremie Eliahou Ontiveros · semianalysis-weekly · 2026-07-09extraction confidence: strong |
| 2026-07-07 | Amazon | US bond market | DEBT | unstated | ANNOUNCED | “Amazon Returns to US Bond Market to Fund AI Infrastructure Build”— via hackernews · 2026-07-07 |
| 2026-07-02 | Valor Atomics (reactor buildout) | venture equity | EQUITY-LINKED | unstated | ANNOUNCED | “Valor funded its reactors through venture equity rather than project finance or debt, allowing faster execution than competitors trying to convince risk-averse financiers; once 5 reactors are proven, project finance becomes viable.”— Isaiah Taylor · no-priors · 2026-07-02cites 2 stored source rowsextraction confidence: strong |
| 2026-06-26 | Hyperscalers (class: Microsoft, Google, Amazon, Meta)node d2_dc_credit | debt and equity markets | DEBT | unstated | UNVERIFIEDSTANDING WATCH | “The big five companies Microsoft, Google, Amazon, Meta are spending on AI capex faster than they're earning cash flow, meaning it's being financed by debt and equity raises.”— moonshots · 2026-06-26— Peter Diamandis · moonshots · 2026-06-26— Dave Blundin · moonshots · 2026-06-26— Rory O'Driscoll · 20vc · 2026-07-09— Mark Cuban · allin · 2026-07-20extraction confidence: strong |
| 2026-06-25 | Kalshi | public markets | EQUITY-LINKED | unstated | UNVERIFIEDSTANDING WATCH: scores on filing or lapse | “Kalshi is at $2 billion run rate and prepping for IPO, with potential valuation of 10x revenue, having navigated regulatory arbitrage as a prediction market rather than betting.”— 20vc · 2026-06-25extraction confidence: strong |
| 2026-06-23 | SpaceX | bond market | DEBT | unstated | ANNOUNCED | “SpaceX turns to bond market to raise capital, reports $100.8B cash”— via hackernews · 2026-06-23 |
| 2026-06-18 | OpenAI | private investors | EQUITY-LINKED | $122B | ANNOUNCED | “OpenAI just raised $122 billion, bigger than the SpaceX IPO capital raise; they are so tanked up right now they don't need the IPO.”— moonshots · 2026-06-18— Dave Blundin · moonshots · 2026-06-29extraction confidence: strong |
| 2026-06-11 | Nexusnode d2_dc_credit | Google (power and lease obligations) | GUARANTEE | unstated | ANNOUNCED | “Sources: a group of banks is in talks to lend $15B to Nexus to build a Texas data center; Anthropic will lease it and Google has provided financial guarantees (Anissa Gardizy/Wall Street Journal)”— via techmeme · 2026-06-11— via techmeme · 2026-07-30— via hackernews · 2026-07-30— via hackernews · 2026-08-05 |
| 2026-06-11 | Anthropic | Nexus (Texas data center) | LEASE | unstated | ANNOUNCED | “Sources: a group of banks is in talks to lend $15B to Nexus to build a Texas data center; Anthropic will lease it and Google has provided financial guarantees (Anissa Gardizy/Wall Street Journal)”— via techmeme · 2026-06-11— via techmeme · 2026-07-30 |
| 2026-06-02 | CoreWeave-tied data centernode d2_neocloud | high-yield bond buyers (5-year, 7.5%) | DEBT | $900M | ANNOUNCED | “Source: a CoreWeave-tied data center raised $900M via five-year junk bonds, priced at par to yield 7.5%, as the sector increasingly turns to high-yield bonds (Gowri Gurumurthy/Bloomberg)”— via techmeme · 2026-06-02 |
| 2026-06-01 | Anthropic | public markets | EQUITY-LINKED | unstated | ANNOUNCED | “Anthropic says it has confidentially filed for an IPO, which could happen as soon as this fall, joining OpenAI and SpaceX in preparing to go public in 2026 (Mike Isaac/New York Times)”— via techmeme · 2026-06-01— via hackernews · 2026-06-01— via hackernews · 2026-08-13 |
| 2026-05-28 | CXMT | public markets (Shanghai STAR) | EQUITY-LINKED | $9.8B | ANNOUNCED | “CXMT, which raised $9.8B in a hugely oversubscribed Shanghai IPO, is poised for a debut pop that could lift its market cap several times above its initial ~$85B (Bloomberg)”— via digitimes · 2026-05-28— via techmeme · 2026-07-26— via digitimes · 2026-07-31— via digitimes · 2026-08-01— via digitimes · 2026-08-02 |
| 2026-05-23 | SpaceX | public markets | EQUITY-LINKED | $75B | ANNOUNCED | “SpaceX filed for what's expected to be the largest IPO ever, $75 billion being raised at a valuation probably north of $1.75 trillion.”— Peter Diamandis · moonshots · 2026-05-23— Peter Diamandis · moonshots · 2026-06-18— Brad Gerstner · allin · 2026-07-11extraction confidence: strong |
| 2026-05-21 | Modal Labs | Series C investors | EQUITY-LINKED | $355M | ANNOUNCED | “Modal Labs, which offers a serverless cloud platform to build AI apps and run AI inference, raised a $355M Series C at a $4.65B valuation, up from $1.1B in 2025 (Deepa Seetharaman/Reuters)”— via techmeme · 2026-05-21 |
| 2026-05-20 | OpenAI | public markets | EQUITY-LINKED | unstated | ANNOUNCED | “OpenAI confidentially files for an IPO with the SEC and says it has "not decided on timing yet" (Ashley Capoot/CNBC)”— via techmeme · 2026-05-20— via techmeme · 2026-06-08 |
| 2026-05-17 | DayOne (GDS spinoff) | public markets (Singapore/NY) | EQUITY-LINKED | $5B | UNVERIFIEDSTANDING WATCH: scores on filing or lapse | “Sources: DayOne, the spinoff of China's largest data center operator GDS Holdings, plans dual IPO in Singapore and NY, seeking to raise $5B at a ~$20B valuation (Owen Walker/Financial Times)”— via techmeme · 2026-05-17 |
| 2026-05-14 | Cerebras | public markets (Nasdaq) | EQUITY-LINKED | $5.5B | ANNOUNCED | “Cerebras opens at $350, valuing the chipmaker at $100B+, after raising $5.5B by selling 30M shares at $185, the largest US tech IPO since Uber's debut in 2019 (Jordan Novet/CNBC)”— via techmeme · 2026-05-14 |
| 2026-05-08 | Baidu Kunlunxin | public markets (Shanghai STAR / Hong Kong) | EQUITY-LINKED | unstated | ANNOUNCED | “Filings: Baidu's AI chip unit Kunlunxin is planning a dual IPO on Shanghai's STAR Board and in Hong Kong; Baidu holds a 58% stake in Kunlunxin (Bloomberg)”— via techmeme · 2026-05-08— via hackernews · 2026-06-29 |
| 2026-05-08 | Broadcomnode d2_dc_credit | Apollo Global, Blackstone (private credit lenders) | PRIVATE CREDIT | $35B | UNVERIFIEDSTANDING WATCH: scores on deal confirmation or lapse | “Sources: Apollo Global and Blackstone are among private credit lenders in talks with Broadcom over a ~$35B financing deal to fund the development of AI chips (Bloomberg)”— via techmeme · 2026-05-08 |
| 2026-05-07 | Anthropic | SpaceX (Colossus 1) | LEASE | unstated | ANNOUNCED | “Anthropic leases Colossus 1 datacentre from Space X”— via hackernews · 2026-05-07— via hackernews · 2026-05-21— via techmeme · 2026-05-28 |
| 2026-02-26 | GPU cloud SPVs (class)node d2_neocloud | private lenders (collateral: contracted cash flows) | DEBT | unstated | UNVERIFIEDSTANDING WATCH | “Early debt structures for GPU clusters used SPV structures where the primary collateral was contracted cash flows from investment-grade counterparties like Microsoft and Meta, not the GPUs themselves.”— Neil Tiwari · no-priors · 2026-02-26cites 8 stored source rowsextraction confidence: strong |
| Filed | Company | Form | Items | Node (dated map) | Source |
|---|---|---|---|---|---|
| 2026-11-10 | CoreWeave, Inc. CRWV | 8-K | 2.02 · 9.01 | d2_neocloud_crwv | EDGAR ↗ |
| 2026-11-10 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TSM | 6-K · FPI | — | s2_2_foundry_capex | EDGAR ↗ |
| 2026-11-10 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TSM | 6-K · FPI | — | s2_2_foundry_capex | EDGAR ↗ |
| 2026-11-05 | Alphabet Inc. GOOGL | 8-K | 8.01 · 9.01 | d2_hyperscalers | EDGAR ↗ |
| 2026-11-05 | Meta Platforms, Inc. META | 8-K | 8.01 · 9.01 | d2_hyperscalers | EDGAR ↗ |
| 2026-11-04 | MICROSOFT CORP MSFT | 8-K | 8.01 · 9.01 | d2_hyperscalers | EDGAR ↗ |
| 2026-11-04 | ORACLE CORP ORCL | 8-K | 8.01 · 9.01 | d2_hyperscalers | EDGAR ↗ |
| 2026-11-03 | ADVANCED MICRO DEVICES INC AMD | 8-K | 2.02 · 7.01 · 9.01 | s1_gpu_accelerator | EDGAR ↗ |
The 8 most recent of 156 filings held. The register is repo-file storage (no database, by design); a filing enters the events calendar only by founder-run promotion, and a financing status walks forward only on a stored regulatory filing — this module shows the raw regulatory record beside the register, nothing more.