Circular financing ledger
Money that goes round the stack instead of out of it: suppliers investing in, guaranteeing, or buying capacity back from their own customers. Every row is a filed or announced instrument with its verbatim snippet; reported-only rows are flagged. The cumulative signed total feeds the circular financing scale indicator; letters of intent, talks and self-reported aggregates are shown but not summed.
| Date | Parties | Instrument | Amount | Grade | Source | Flags | Snippet |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | NscaleAnthropic | take-or-pay contract | $44.6B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The Anthropic Services Agreements provide for aggregate payments to us of up to approximately $44.6 billion | |
| 2026-09-18 | NVIDIA CorpNscale | take-or-pay contract | $1.2B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In July 2025, we entered into a master cloud services agreement with NVIDIA Corporation (the “NVIDIA MSA”), pursuant to which we provide GPU cloud computing services across data center locations in Iceland, the United Ki… | |
| 2026-09-18 | NVIDIA CorpNscale | equity round | $777M | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In connection with the Series C Financing, NVIDIA entered into Pre-Series C SAFEs for a principal amount of $300.0 million, which converted into 16,346,160 Series C preferred shares. NVIDIA subscribed for a further 23,41… | |
| 2026-09-18 | NVIDIA CorpNscale | equity | $1.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | On September 15, 2026, we entered into a Subscription Agreement for subscriptions in an aggregate principal amount of a minimum of $3.1 billion, comprising of $2.1 billion of unsecured convertible loan notes (the “Conver… | |
| 2026-09-18 | NVIDIA CorpNscale | guarantee | $860M | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In consideration for the Non-Default and Default warrants, NVIDIA agreed to guarantee up to $860.3 million of our obligations under a lease agreement for a facility in Ward County, Texas | |
| 2026-08-17 | NVIDIA CorpOpenAI | guarantee | — | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | guarantee announced; no amount in the 8-K. OpenAI will be the customer. SB Energy will build, own and operate the data center under a 20-year lease to OpenAI. | |
| 2026-08-17 | NVIDIA CorpOpenAI | guarantee | $105B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an aff… | |
| 2026-07-31 | NVIDIA CorpSharon AI | take-or-pay contract | $4.9B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In June 2026, we announced a six-year strategic compute collaboration with NVIDIA pursuant to a Master Cloud Services Agreement and Order Form 1 dated June 8, 2026 (the “NVIDIA Agreement”), which has a contract value of … | |
| 2026-07-27 | NVIDIA CorpOpenAI | backstop (talks) | $250B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | OpenAI is in discussions with Nvidia about a backstop of up to $250 billion that would help fund its plans to lease a new AI data center, CNBC has confirmed |
| 2026-07-27 | NVIDIA Corp | 5-year CDS | 82.0 bps | grade C, evidence tier 5 | Yahoo Finance (syndicated Investing.com) | Nvidia's five-year credit default swap surged to a record 82 basis points on Monday, July 27, its largest single-day intraday gain since the contract began actively trading in November 2025, according to ICE Data Service… | |
| 2026-07-06 | TeraWulfAnthropic | take-or-pay contract | $19.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The Company has executed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky. The lease is expected to generate approximately $19 billion of contracted revenue over the initial l… | |
| 2026-06-30 | Microsoft Corp | commercial RPO | $678B | grade B, evidence tier 4 | Microsoft investor relations (earnings calls) | Commercial remaining performance obligation grew 84% to $678 billion | |
| 2026-05-07 | IRENNVIDIA Corp | take-or-pay contract | $3.4B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnership | |
| 2026-05-07 | NVIDIA CorpIREN | equity | $2.1B | grade B, evidence tier 4 | NVIDIA Newsroom | As part of the partnership, IREN issued to NVIDIA a five-year right to purchase up to 30 million shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1 billion, subject … | |
| 2026-04-24 | Alphabet Inc.Anthropic | equity | $40.0B | grade C, evidence tier 5 | CNBC | Google plans to invest up to $40 billion in Anthropic, the companies confirmed on Friday | |
| 2026-04-20 | Amazon.com Inc.Anthropic | AWS commitment | $100B | grade B, evidence tier 4 | About Amazon company news | a commitment from Anthropic to spend more than $100 billion over the next ten years on AWS technologies | |
| 2026-04-20 | Amazon.com Inc.Anthropic | equity | $25.0B | grade B, evidence tier 4 | About Amazon company news | Amazon will invest $5 billion in Anthropic today and up to an additional $20 billion in the future tied to certain commercial milestones | |
| 2026-04-17 | CerebrasOpenAI | take-or-pay contract | $20.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In January 2026, we announced a multi-year deal with OpenAI valued at more than $20 billion dollars. OpenAI has agreed to deploy 750 megawatts of Cerebras’s high-speed AI compute | |
| 2026-04-09 | CoreWeave Inc.Meta Platforms | take-or-pay contract | $21.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Meta has initially committed to pay the Company approximately $21 billion, inclusive of (i) access to new computing capacity under the Order Form through December 20, 2032 and (ii) the exercise of an existing option to a… | |
| 2026-03-31 | Microsoft Corp | commercial RPO | $627B | grade B, evidence tier 4 | Microsoft investor relations (earnings calls) | RPO increased to $627 billion and was up 99% year-over-year | |
| 2026-03-31 | NVIDIA CorpOpenAI | equity | $30.0B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | Amazon agreed to invest up to $50 billion in the startup, Nvidia invested $30 billion, and SoftBank invested $30 billion |
| 2026-03-16 | Nebius Group N.V.Meta Platforms | backstop | $15.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Meta has committed to purchase additional available compute capacity across certain upcoming Nebius clusters up to a total of $15 billion over a five-year period | |
| 2026-03-16 | Nebius Group N.V.Meta Platforms | take-or-pay contract | $12.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | today announced a new long-term AI infrastructure supply agreement with Meta, strengthening the collaboration between the companies. Under the five-year agreement, Nebius will provide $12 billion of dedicated capacity ac… | |
| 2026-03-11 | NVIDIA CorpNebius Group N.V. | equity | $2.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Nebius Group N.V. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with NVIDIA Corporation (the “Purchaser”). Pursuant to the Securities Purchase Agreement, the Company a… | |
| 2026-02-27 | Amazon.com Inc.OpenAI | commitment | $100B | grade B, evidence tier 4 | About Amazon company news | OpenAI and AWS are expanding their existing $38 billion multi-year agreement by $100 billion over 8 years | |
| 2026-02-27 | Amazon.com Inc.OpenAI | equity | $50.0B | grade B, evidence tier 4 | About Amazon company news | Amazon will also invest $50 billion in OpenAI, starting with an initial $15 billion investment and followed by another $35 billion in the coming months when certain conditions are met | |
| 2026-02-27 | SoftBank GroupOpenAI | equity | $30.0B | grade B, evidence tier 4 | SoftBank Group press releases | it entered into a definitive agreement with OpenAI Group PBC (“OpenAI”), a U.S.-based company, to participate in OpenAI’s fundraising round, and to make follow-on investments of USD 30.0 billion | |
| 2026-02-20 | OpenAI | stated total | $600B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | OpenAI is telling investors that it's now targeting roughly $600 billion in total compute spend by 2030, months after CEO Sam Altman touted $1.4 trillion in infrastructure commitments |
| 2026-01-26 | NVIDIA CorpCoreWeave Inc. | equity | $2.0B | grade B, evidence tier 4 | NVIDIA Newsroom | NVIDIA has invested $2 billion in CoreWeave Class A common stock at a purchase price of $87.20 per share | |
| 2025-12-31 | Microsoft Corp | commercial RPO | $625B | grade B, evidence tier 4 | Microsoft investor relations (earnings calls) | Commercial remaining performance obligation, which continues to be reported net of reserves, increased to $625 billion and was up 110% year-over-year | |
| 2025-12-31 | Microsoft CorpOpenAI | rpo | 45.0% | grade B, evidence tier 4 | Microsoft investor relations (earnings calls) | Approximately 45% of our commercial RPO balance is from OpenAI | |
| 2025-12-17 | Hut 8Fluidstack | take-or-pay contract | $7.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | today announced that it has signed a 15-year, $7.0 billion lease (the “Agreement”) with Fluidstack for 245 megawatts (MW) of IT capacity at its River Bend data center campus in Louisiana | |
| 2025-11-20 | Cipher MiningFluidstack | take-or-pay contract | $830M | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Cipher Mining Signs Additional 56 MW, 10-Year AI Hosting Agreement with Fluidstack Transaction Secures ~$830 Million in Contracted Revenue Over Initial 10-Year Term | |
| 2025-11-18 | Microsoft CorpAnthropic | Azure commitment | $30.0B | grade B, evidence tier 4 | Official Microsoft Blog | Anthropic has committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt | |
| 2025-11-18 | Microsoft CorpAnthropic | equity | $5.0B | grade B, evidence tier 4 | Official Microsoft Blog | NVIDIA and Microsoft are committing to invest up to $10 billion and up to $5 billion respectively in Anthropic | |
| 2025-11-18 | NVIDIA CorpAnthropic | equity | $10.0B | grade B, evidence tier 4 | Official Microsoft Blog | NVIDIA and Microsoft are committing to invest up to $10 billion and up to $5 billion respectively in Anthropic | |
| 2025-11-11 | Nebius Group N.V.Meta Platforms | take-or-pay contract | $2.9B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The Order has a total contract value of approximately $2.9 billion | |
| 2025-11-06 | OpenAI | stated total | $1.4T | grade D, evidence tier 7 | TechCrunch | We are looking at commitments of about $1.4 trillion over the next 8 years | |
| 2025-11-03 | Amazon.com Inc.OpenAI | take-or-pay contract | $38.0B | grade B, evidence tier 4 | About Amazon company news | Under this new $38 billion agreement, which will have continued growth over the next seven years, OpenAI is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs | |
| 2025-11-03 | Cipher MiningAmazon.com Inc. | take-or-pay contract | $5.5B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Cipher today announced an approximately $5.5 billion, 15-year lease agreement with Amazon Web Services to provide turnkey space and power for AI workloads. | |
| 2025-11-03 | IRENMicrosoft Corp | take-or-pay contract | $9.7B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7 billion, including a 20% prepayment | |
| 2025-10-28 | Microsoft CorpOpenAI | Azure commitment | $250B | grade B, evidence tier 4 | Official Microsoft Blog | OpenAI has contracted to purchase an incremental $250B of Azure services, and Microsoft will no longer have a right of first refusal to be OpenAI’s compute provider | |
| 2025-10-28 | TeraWulfFluidstack | take-or-pay contract | $9.5B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | TeraWulf Expands Strategic Partnership with Fluidstack Through New 168 MW AI Compute Joint Venture 25-year lease agreement represents approximately $9.5 billion in contracted revenue | |
| 2025-10-06 | Advanced Micro DevicesOpenAI | commitment | 6.00 GW | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | AMD (NASDAQ: AMD) and OpenAI today announced a 6 gigawatt agreement to power OpenAI’s next-generation AI infrastructure across multiple generations of AMD Instinct GPUs | |
| 2025-10-05 | Advanced Micro DevicesOpenAI | warrant | 160,000,000 shares | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | issued to OpenAI OpCo, LLC (“Warrantholder”) a warrant (the “Warrant”) to purchase up to an aggregate of 160 million shares of common stock of the Company (the “Warrant Shares”) at an exercise price of $0.01 per share | |
| 2025-09-25 | Cipher MiningFluidstack | take-or-pay contract | $3.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Cipher Mining Signs 168 MW, 10-Year AI Hosting Agreement with Fluidstack Transaction Secures ~$3 Billion in Contracted Revenue over 10-Year Term | |
| 2025-09-25 | CoreWeave Inc.OpenAI | take-or-pay contract | $6.5B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | OpenAI has committed to pay the Company up to approximately $6.5 billion through May 31, 2031 under the Order Form | |
| 2025-09-25 | Meta PlatformsCoreWeave Inc. | take-or-pay contract | $14.2B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Meta has initially committed to pay the Company up to approximately $14.2 billion through December 14, 2031 under the Order Form | |
| 2025-09-22 | NVIDIA CorpOpenAI | letter of intent | $100B | grade B, evidence tier 4 | NVIDIA Newsroom | NVIDIA intends to invest up to $100 billion in OpenAI progressively as each gigawatt is deployed | |
| 2025-09-10 | Oracle CorpOpenAI | take-or-pay contract | $300B | grade C, evidence tier 5 | SiliconANGLE | ⚑ reported / disputed | OpenAI today confirmed that it has signed an agreement to purchase computing infrastructure worth $300 billion from Oracle Corp. over a period of roughly five years |
| 2025-09-09 | CoreWeave Inc.NVIDIA Corp | backstop | $6.3B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | which has an initial value of $6.3 billion, that establishes an arrangement with respect to the sale by the Company of reserved cloud computing capacity to its customers and provides NVIDIA access to any residual unsold … | |
| 2025-09-08 | Microsoft CorpNebius Group N.V. | take-or-pay contract | $17.4B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | the total contract value is about $17.4 billion through 2031 | |
| 2025-08-29 | Applied DigitalCoreWeave Inc. | take-or-pay contract | $4.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | This new lease agreement with CoreWeave brings Applied Digital’s total anticipated contracted lease revenue to approximately $11B, which includes $7B in revenue from the initial two approximately 15-year leases executed … | |
| 2025-08-18 | TeraWulfFluidstack | take-or-pay contract | $3.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | TeraWulf Announces Fluidstack Expansion with 160 MW CB-5 Lease at Lake Mariner Total Contracted Capacity Increases to Over 360 MW of Critical IT Load Represents $6.7 Billion in Contracted Revenue | |
| 2025-08-14 | TeraWulfFluidstack | take-or-pay contract | $3.7B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The agreements represent approximately $3.7 billion in contracted revenue over the initial 10-year terms and include two five-year extension options | |
| 2025-06-02 | Applied DigitalCoreWeave Inc. | take-or-pay contract | $7.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | has entered into two approximately 15-year lease agreements with CoreWeave, the AI Hyperscaler™. Under the lease agreements, Applied Digital will deliver 250 megawatts (MW) of critical IT load to host CoreWeave’s artific… | |
| 2025-05-15 | CoreWeave Inc.OpenAI | take-or-pay contract | $4.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | OpenAI has committed to pay the Company up to $4.0 billion through April 2029 related to this agreement | |
| 2025-03-31 | SoftBank GroupOpenAI | equity | $30.0B | grade B, evidence tier 4 | SoftBank Group press releases | SBG is planning to syndicate out USD 10.0 billion of the up to USD 40.0 billion investment to co-investors. Accordingly, SBG’s effective investment amount is expected to be up to USD 30.0 billion | |
| 2025-03-10 | CoreWeave Inc.OpenAI | take-or-pay contract | $11.9B | grade B, evidence tier 4 | CoreWeave newsroom | CoreWeave today announced a deal to deliver AI infrastructure to OpenAI, expanding OpenAI's compute capacity for training and delivering its latest models at scale to its hundreds of millions of users around the world. T… | |
| 2025-02-26 | Core ScientificCoreWeave Inc. | take-or-pay contract | $1.2B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | today announced an expansion of its relationship with CoreWeave, an AI Hyperscaler. The new agreement brings $1.2 billion in contracted revenue across Core Scientific’s Denton TX location | |
| 2024-11-22 | Amazon.com Inc.Anthropic | equity | $4.0B | grade B, evidence tier 4 | Anthropic newsroom | This expanded partnership includes a new $4 billion investment from Amazon and establishes AWS as our primary cloud and training partner. This will bring Amazon's total investment in Anthropic to $8 billion | |
| 2024-10-22 | Core ScientificCoreWeave Inc. | take-or-pay contract | $2.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The new contract with CoreWeave is expected to add approximately $2.0 billion in projected additional cumulative revenue over the hosting contract’s 12-year term | |
| 2024-08-06 | Core ScientificCoreWeave Inc. | take-or-pay contract | $2.0B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | The new contract with CoreWeave is expected to add approximately $2.0 billion in projected additional cumulative revenue over the hosting contract’s 12-year term | |
| 2024-06-25 | Core ScientificCoreWeave Inc. | take-or-pay contract | $1.2B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | the new contract with CoreWeave is expected to enhance earnings power and drive shareholder value, adding an additional $1.225 billion in projected cumulative revenue over the 12-year contract timeline | |
| 2024-06-04 | Core ScientificCoreWeave Inc. | take-or-pay contract | $3.5B | grade B, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Once the approximately 200 MW of HPC infrastructure is operational, the project is estimated to generate total cumulative revenue for Core Scientific of over $3.5 billion during the initial 12-year terms of the contracts… | |
| 2024-04-16 | Microsoft CorpG42 | equity | $1.5B | grade B, evidence tier 4 | Microsoft Source (news.microsoft.com) | G42, the leading UAE-based artificial intelligence (AI) technology holding company, and Microsoft Corp. today announced a $1.5 billion strategic investment by Microsoft in G42 | |
| 2024-02-27 | Microsoft CorpMistral AI | equity | $16.3M | grade C, evidence tier 5 | TechCrunch | As part of the partnership, Microsoft is investing €15 million ($16.3 million at today’s exchange rate) in the French startup. Mistral AI says that this an addition to the Series A funding round |