Stack / Compute & physical / sub-layer 2
Hyperscalers
Indicators
Venture flow
Form D filings
Primary-round equity per calendar quarter: Form D amount sold where the entity files, Epoch's press-compiled rounds where the entity has no filing in the same quarter or within 45 days. Amendments replace their originals; SPVs and secondaries are excluded; Form D debt is listed in the table, not drawn.
Derived (venture_dollars_by_source) from: SEC EDGAR Form D (private offerings). SEC EDGAR Form D data sets.
The numbers
| quarter | source | kind | dollars | record |
|---|---|---|---|---|
| Q3 2026 | Form D filings | equity | $3.7B | reported |
| Q2 2026 | Form D filings | equity | $730M | reported |
| Q1 2026 | Form D filings | equity | $450M | reported |
| Q4 2025 | Form D filings | equity | $1.0B | reported |
| Q2 2025 | Form D filings | equity | $100M | reported |
| Q4 2024 | Form D filings | equity | $686M | reported |
| Q2 2024 | Form D filings | equity | $1.1B | reported |
| Q4 2023 | Form D filings | debt | $192M | reported |
Entities · 27
| Entity | Role | Since | Verified | Latest observation |
|---|---|---|---|---|
| Alphabet Inc.CIK 0001652044 | primary | — | ● yes | $11.1B · cloud.operating_income.q · 2026-09-30 |
| Amazon.com Inc.CIK 0001018724 | primary | — | ● yes | $17.8B · aws.operating_income.q · 2026-09-30 |
| Armada Own site armada.ai, read 5 Oct 2026: Sells ruggedised mobile data centres and the software to run GPU compute at remote industrial and defence sites. Its containerised units also resemble modular data centres; placed here because the product is compute at the edge. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| Compute Exchange Own site compute.exchange, read 5 Oct 2026: Runs a marketplace for reserved GPU rental terms and forward contracts on future GPU capacity, alongside a used-hardware market. Also a marketplace; placed here for its forward-contract line. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| CoreWeave Inc.CIK 0001769628 | primary | — | ● yes | $-626M · net_income.q · 2026-06-30 |
| CrusoeCIK 0001924674 | primary | — | ● yes | $3.1B · amount_sold_usd.pt · 2026-08-31 |
| Firmus | primary | — | ○ not yet | none |
| FluidstackCIK 0002104151 | primary | — | ● yes | $1.5B · offering_amount_usd.pt · 2026-06-15 |
| Hyperstack Market map: dallasvc_inference_map (dallas_inference: clusters / GPU marketplaces), read 28 Sep 2026 | primary | — | ○ not yet | none |
| Lambda | primary | — | ○ not yet | none |
| Microsoft CorpCIK 0000789019 | primary | — | ● yes | $39.4B · capex.q · 2026-09-30 |
| Nebius Group N.V.CIK 0001513845 | primary | — | ● yes | 5.2% · debt_effective_rate.pt · 2026-06-30 |
| Nscale | primary | — | ○ not yet | $44.6B · contract_usd.pt · 2026-09-18 |
| Oracle CorpCIK 0001341439 | primary | — | ● yes | $4.8B · net_income.q · 2026-08-31 |
| Ori Cloud Market map: dallasvc_inference_map (dallas_inference: clusters / GPU marketplaces), read 28 Sep 2026 | primary | — | ○ not yet | none |
| Ornn Own site ornn.com, read 5 Oct 2026: Runs a GPU compute price index and market tools so that compute can be priced, financed and hedged. Own homepage names hedging and settlement but does not list each contract type. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| Oxide Computer Own site oxide.computer, read 5 Oct 2026: Sells an integrated rack of compute, storage and networking that gives a company a cloud-like system on its own premises. General on-premise cloud hardware rather than an AI-only product. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| Salad Cloud Market map: dallasvc_inference_map (dallas_inference: clusters / GPU marketplaces), read 28 Sep 2026 | primary | — | ○ not yet | none |
| Sims Lifecycle Services Own site simslifecycle.com, read 5 Oct 2026: Decommissions data-centre equipment and refurbishes and resells used servers and components. A division of Sims Limited, which is listed in Australia. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| TensorWaveCIK 0002066342 Market map: dallasvc_inference_map, read 28 Sep 2026 | primary | — | ● yes | $100M · amount_sold_usd.pt · 2025-04-08 |
| Vast.ai Market map: dallasvc_inference_map (dallas_inference: clusters / GPU marketplaces), read 28 Sep 2026 | primary | — | ○ not yet | none |
| Verda Market map: dallasvc_inference_map (dallas_inference: clusters / GPU marketplaces), read 28 Sep 2026; renamed from Datacrunch on review (28 Sep 2026) | primary | — | ○ not yet | none |
| Voltage Park | primary | — | ○ not yet | none |
| Vultr | primary | — | ○ not yet | none |
| Zymtrace Own site zymtrace.com, read 5 Oct 2026: Sells self-hosted profiling and monitoring software that finds wasted GPU and CPU time in AI workloads. Found in the Part 39 search for the map's empty parts and kept by the staff review; searched for acquisitions under the ledger's rule on 5 Oct 2026. | primary | — | ○ not yet | none |
| Meta PlatformsCIK 0001326801 | secondary | — | ● yes | $9.9B · net_income.q · 2026-09-30 |
| Weights & BiasesCIK 0001987275 Acquired by CoreWeave, completed 5 May 2025 (CoreWeave release); developer tools continue. | secondary | 2025-05-05 | ● yes | $50.0M · amount_sold_usd.pt · 2023-06-29 |
Seed lists come from the capture brief and are verified against filings one by one. A name here is not a claim about size or funding until an observation attaches.