{
  "name": "AI Compute Deal Ledger",
  "publisher": "Regards of Wallstreet",
  "url": "https://www.regardsofwallstreet.com/data/ai-deals",
  "methodology": "https://www.regardsofwallstreet.com/data/ai-deals/methodology",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "cite_as": "AI Compute Deal Ledger, Regards of Wallstreet, https://www.regardsofwallstreet.com/data/ai-deals",
  "last_updated": "2026-07-27",
  "generated_at": "2026-08-03T18:27:44.346Z",
  "aggregates": {
    "bindingValueUsd": 627100000000,
    "bindingMw": 7214,
    "bindingCount": 20,
    "nonBindingValueUsd": 350000000000,
    "nonBindingCount": 2,
    "optionUpsideUsd": 32600000000,
    "dealCount": 25,
    "entityCount": 21,
    "mwByDeliveryYear": {
      "2026": 1200,
      "2027": 4500,
      "2028": 352,
      "unknown": 1162
    }
  },
  "entities": [
    {
      "id": "hut-8",
      "name": "Hut 8",
      "ticker": "HUT",
      "kind": "provider",
      "aliases": [
        "Hut 8 Corp"
      ]
    },
    {
      "id": "iren",
      "name": "IREN",
      "ticker": "IREN",
      "kind": "provider",
      "aliases": [
        "IREN Limited",
        "Iris Energy"
      ]
    },
    {
      "id": "applied-digital",
      "name": "Applied Digital",
      "ticker": "APLD",
      "kind": "provider",
      "aliases": [
        "Applied Digital Corporation"
      ]
    },
    {
      "id": "super-micro",
      "name": "Super Micro Computer",
      "ticker": "SMCI",
      "kind": "hardware",
      "aliases": [
        "Supermicro"
      ]
    },
    {
      "id": "nvidia",
      "name": "Nvidia",
      "ticker": "NVDA",
      "kind": "chipmaker",
      "aliases": [
        "NVIDIA Corporation"
      ]
    },
    {
      "id": "microsoft",
      "name": "Microsoft",
      "ticker": "MSFT",
      "kind": "hyperscaler",
      "aliases": [
        "Microsoft Azure",
        "Azure"
      ]
    },
    {
      "id": "oracle",
      "name": "Oracle",
      "ticker": "ORCL",
      "kind": "hyperscaler",
      "aliases": [
        "Oracle Cloud Infrastructure",
        "OCI"
      ]
    },
    {
      "id": "coreweave",
      "name": "CoreWeave",
      "ticker": "CRWV",
      "kind": "provider",
      "aliases": []
    },
    {
      "id": "openai",
      "name": "OpenAI",
      "ticker": null,
      "kind": "ai_lab",
      "aliases": []
    },
    {
      "id": "anthropic",
      "name": "Anthropic",
      "ticker": null,
      "kind": "ai_lab",
      "aliases": []
    },
    {
      "id": "sb-energy",
      "name": "SB Energy",
      "ticker": null,
      "kind": "provider",
      "aliases": [
        "SoftBank Energy"
      ]
    },
    {
      "id": "undisclosed-ig-tenant-hut8",
      "name": "Undisclosed investment-grade tenant (Hut 8)",
      "ticker": null,
      "kind": "undisclosed",
      "aliases": []
    },
    {
      "id": "undisclosed-hyperscaler-apld",
      "name": "Undisclosed hyperscaler (Applied Digital)",
      "ticker": null,
      "kind": "undisclosed",
      "aliases": []
    },
    {
      "id": "various-ai-developers",
      "name": "Various AI developers",
      "ticker": null,
      "kind": "undisclosed",
      "aliases": []
    },
    {
      "id": "meta",
      "name": "Meta",
      "ticker": "META",
      "kind": "hyperscaler",
      "aliases": [
        "Meta Platforms"
      ]
    },
    {
      "id": "google",
      "name": "Google",
      "ticker": "GOOGL",
      "kind": "hyperscaler",
      "aliases": [
        "Alphabet",
        "Google Cloud"
      ]
    },
    {
      "id": "amazon",
      "name": "Amazon",
      "ticker": "AMZN",
      "kind": "hyperscaler",
      "aliases": [
        "AWS",
        "Amazon Web Services"
      ]
    },
    {
      "id": "nebius",
      "name": "Nebius",
      "ticker": "NBIS",
      "kind": "provider",
      "aliases": [
        "Nebius Group"
      ]
    },
    {
      "id": "dell",
      "name": "Dell",
      "ticker": "DELL",
      "kind": "hardware",
      "aliases": [
        "Dell Technologies",
        "Dell Marketing L.P."
      ]
    },
    {
      "id": "softbank",
      "name": "SoftBank",
      "ticker": null,
      "kind": "financier",
      "aliases": [
        "SoftBank Group"
      ]
    },
    {
      "id": "mgx",
      "name": "MGX",
      "ticker": null,
      "kind": "financier",
      "aliases": []
    }
  ],
  "deals": [
    {
      "id": "apld-contracted-backlog-fy2026",
      "announced": "2026-07-27",
      "disclosed_via": "earnings_call",
      "deal_type": "capacity_lease",
      "status": "binding",
      "parties": [
        {
          "entity": "applied-digital",
          "role": "provider"
        },
        {
          "entity": "various-ai-developers",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 36000000000,
        "kind": "company_stated",
        "basis": "total_backlog",
        "qualifier": null,
        "max_with_options_usd": null,
        "as_of": "2026-07-27"
      },
      "term_years": null,
      "capacity": {
        "mw_it": 1410,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.globenewswire.com/news-release/2026/07/27/3333871/0/en/Applied-Digital-Reports-Fiscal-Fourth-Quarter-and-Full-Year-2026-Results.html",
          "type": "primary",
          "date": "2026-07-27"
        },
        {
          "url": "https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year",
          "type": "primary",
          "date": "2026-07-27"
        },
        {
          "url": "https://seekingalpha.com/news/4619106-applied-digital-expects-1b-noi-run-rate-a-year-from-now-as-contracted-lease-value-reaches-36b",
          "type": "other",
          "date": "2026-07-27"
        }
      ],
      "articles": [
        "applied-digital-apld-fq4-2026-earnings-36-billion-backlog",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "SNAPSHOT ROW, excluded from summed aggregates: Applied Digital's total contracted long-term lease value of $36B across 1.41 GW of contracted critical IT load for all campuses, as restated at fiscal Q4 2026 results. Approximately $20B of this was added in the quarter (see apld-hyperscaler-leases-2026-07, which IS a countable deal row inside this total).",
      "revisions": []
    },
    {
      "id": "apld-hyperscaler-leases-2026-07",
      "announced": "2026-07-27",
      "disclosed_via": "press_release",
      "deal_type": "capacity_lease",
      "status": "binding",
      "parties": [
        {
          "entity": "applied-digital",
          "role": "provider"
        },
        {
          "entity": "undisclosed-hyperscaler-apld",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 20200000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "approximately",
        "max_with_options_usd": null,
        "as_of": "2026-07-27"
      },
      "term_years": 15,
      "capacity": {
        "mw_it": 810,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.globenewswire.com/news-release/2026/07/27/3333871/0/en/Applied-Digital-Reports-Fiscal-Fourth-Quarter-and-Full-Year-2026-Results.html",
          "type": "primary",
          "date": "2026-07-27"
        },
        {
          "url": "https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year",
          "type": "primary",
          "date": "2026-07-27"
        },
        {
          "url": "https://www.benzinga.com/markets/earnings/26/07/60711412/applied-digital-stock-climbs-on-q4-double-beat",
          "type": "other",
          "date": "2026-07-27"
        }
      ],
      "articles": [
        "applied-digital-apld-fq4-2026-earnings-36-billion-backlog",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "Three 15-year take-or-pay lease agreements with a single investment-grade hyperscaler, ~$20.2B combined revenue over 810 MW, disclosed with fiscal Q4 2026 results. Treated as one package row because the three leases were announced together with a single counterparty and combined value.",
      "revisions": []
    },
    {
      "id": "nvidia-openai-backstop-talks-2026-07",
      "announced": "2026-07-27",
      "disclosed_via": "tier1_media",
      "deal_type": "backstop_guarantee",
      "status": "reported",
      "parties": [
        {
          "entity": "nvidia",
          "role": "financier"
        },
        {
          "entity": "openai",
          "role": "buyer"
        },
        {
          "entity": "sb-energy",
          "role": "developer"
        }
      ],
      "value": {
        "amount_usd": 250000000000,
        "kind": "media_reported",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2026-07-27"
      },
      "term_years": null,
      "capacity": {
        "mw_it": 10000,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Early talks per WSJ reporting; nothing signed. Backstop would cover lease and construction financing so OpenAI can lease a planned $500B, 10 GW SB Energy campus in Pike County, Ohio (800 MW first phase targeted 2028). Parallel talks reportedly cover up to $350B of chip financing."
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2026/07/27/nvidia-and-openai-in-talks-for-up-to-250-billion-dollar-ai-backstop.html",
          "type": "tier1",
          "date": "2026-07-27"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/nvidia-considers-250bn-backstop-for-openais-planned-10gw-ohio-data-center-report/",
          "type": "other",
          "date": "2026-07-27"
        }
      ],
      "articles": [
        "stock-market-today-july-27-2026-close-nvidia-openai-backstop",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "REPORTED ONLY, excluded from binding aggregates: Nvidia in talks to guarantee up to $250B of financing so OpenAI can lease the SoftBank-subsidiary SB Energy 10 GW Ohio campus. Circular by construction: the guarantor's chips are the campus's payload. Nvidia fell 5% on the report.",
      "revisions": []
    },
    {
      "id": "smci-record-orders-fq4-2026",
      "announced": "2026-07-22",
      "disclosed_via": "press_release",
      "deal_type": "chip_purchase",
      "status": "binding",
      "parties": [
        {
          "entity": "super-micro",
          "role": "provider"
        },
        {
          "entity": "various-ai-developers",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 60000000000,
        "kind": "company_stated",
        "basis": "order_intake",
        "qualifier": "at_least",
        "max_with_options_usd": null,
        "as_of": "2026-07-22"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.bloomberg.com/news/articles/2026-07-21/super-micro-jumps-after-preliminary-outlook-shows-rising-backlog",
          "type": "tier1",
          "date": "2026-07-21"
        },
        {
          "url": "https://www.fool.com/coverage/stock-market-today/2026/07/22/stock-market-today-july-22-super-micro-computer-surges-on-record-q4-orders-and-surprise-margin-beat/",
          "type": "other",
          "date": "2026-07-22"
        }
      ],
      "articles": [
        "smci-up-20-percent-60-billion-orders-july-22",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "SNAPSHOT ROW, excluded from summed aggregates: more than $60B of new AI server orders received in fiscal Q4, taking Super Micro's backlog to a record, per the company's preliminary FQ4 update (which also roughly doubled gross margin guidance to 15-17%). Order intake across unnamed customers, not a single contract; orders deliver over multiple future quarters.",
      "revisions": []
    },
    {
      "id": "hut8-beacon-point-phase2-2026-07",
      "announced": "2026-07-20",
      "disclosed_via": "press_release",
      "deal_type": "capacity_lease",
      "status": "binding",
      "parties": [
        {
          "entity": "hut-8",
          "role": "provider"
        },
        {
          "entity": "undisclosed-ig-tenant-hut8",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 9800000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": 25100000000,
        "as_of": "2026-07-20"
      },
      "term_years": 15,
      "capacity": {
        "mw_it": 352,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": "2028-04-01",
        "revenue_start_precision": "quarter"
      },
      "flags": {
        "expansion_of": "hut8-beacon-point-phase1-2026-05",
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.prnewswire.com/news-releases/hut-8-fully-commercializes-1-gw-beacon-point-ai-data-center-campus-with-second-352-mw-it-lease-bringing-campus-level-base-term-contract-value-to-19-6-billion-302829514.html",
          "type": "primary",
          "date": "2026-07-20"
        },
        {
          "url": "https://www.hut8.com/news-insights/press-releases/hut-8-fully-commercializes-1-gw-beacon-point-ai-data-center-campus-with-second-352-mw-it-lease",
          "type": "primary",
          "date": "2026-07-20"
        },
        {
          "url": "https://www.benzinga.com/trading-ideas/movers/26/07/60547501/hut-8-stock-rises-after-signing-second-lease-that-fully-commercializes-beacon-point-campus",
          "type": "other",
          "date": "2026-07-20"
        }
      ],
      "articles": [
        "hut-8-9-8-billion-lease-beacon-point-fine-print",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "Second 352 MW lease at Beacon Point with the same investment-grade tenant as Phase 1, fully commercializing the 1 GW campus: $19.6B campus base-term value, up to $50.2B with all renewals. 3.0% annual escalator, triple net, built to Nvidia's DSX reference architecture. First Phase 2 data hall delivery expected Q2 2028.",
      "revisions": []
    },
    {
      "id": "iren-ai-cloud-contracts-2026-07",
      "announced": "2026-07-20",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "iren",
          "role": "provider"
        },
        {
          "entity": "various-ai-developers",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 2800000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": null,
        "as_of": "2026-07-20"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.globenewswire.com/news-release/2026/07/20/3329624/0/en/IREN-Signs-2-8bn-in-New-Customer-Contracts-with-Leading-AI-Developers-Raises-2026-ARR-Target-to-over-4bn.html",
          "type": "primary",
          "date": "2026-07-20"
        },
        {
          "url": "https://iren.gcs-web.com/news-releases/news-release-details/iren-signs-28bn-new-customer-contracts-leading-ai-developers",
          "type": "primary",
          "date": "2026-07-20"
        },
        {
          "url": "https://finance.yahoo.com/technology/ai/articles/iren-signs-2-8b-ai-010000618.html",
          "type": "other",
          "date": "2026-07-20"
        }
      ],
      "articles": [
        "iren-2-8-billion-ai-contracts-arr-target",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "Batch of new multi-year AI cloud contracts totaling $2.8B TCV with leading AI developers, including one new unnamed customer. Disclosed customer roster spans Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI and Hume AI. Announced alongside a raised 2026 AI Cloud ARR target of over $4B (~85% under contract), with customer prepayments covering roughly 45% of related GPU capex. Term lengths per contract not broken out.",
      "revisions": []
    },
    {
      "id": "hut8-beacon-point-phase1-2026-05",
      "announced": "2026-05-06",
      "disclosed_via": "press_release",
      "deal_type": "capacity_lease",
      "status": "binding",
      "parties": [
        {
          "entity": "hut-8",
          "role": "provider"
        },
        {
          "entity": "undisclosed-ig-tenant-hut8",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 9800000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": 25100000000,
        "as_of": "2026-05-06"
      },
      "term_years": 15,
      "capacity": {
        "mw_it": 352,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": true,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.prnewswire.com/news-releases/hut-8-commercializes-first-phase-of-1-gw-beacon-point-ai-data-center-campus-with-15-year-352-mw-it-lease-with-base-term-contract-value-of-9-8-billion-302763484.html",
          "type": "primary",
          "date": "2026-05-06"
        },
        {
          "url": "https://www.hut8.com/news-insights/press-releases/hut-8-commercializes-first-phase-of-1-gw-beacon-point-ai-data-center-campus-with-15-year-352-mw",
          "type": "primary",
          "date": "2026-05-06"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/hut-8-signs-352mw-lease-with-unnamed-hyperscaler-in-texas/",
          "type": "other",
          "date": "2026-05-06"
        }
      ],
      "articles": [
        "hut-8-9-8-billion-lease-beacon-point-fine-print",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "First phase of the 1 GW Beacon Point campus in Nueces County, Texas. 15-year triple-net IT lease with a high-investment-grade tenant; up to $25.1B if all three five-year renewal options are exercised. Tenant undisclosed.",
      "revisions": []
    },
    {
      "id": "amazon-anthropic-investment-2026-04",
      "announced": "2026-04-20",
      "disclosed_via": "press_release",
      "deal_type": "compute_equity",
      "status": "binding",
      "parties": [
        {
          "entity": "amazon",
          "role": "financier"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 25000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2026-04-20"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": "amazon-anthropic-investment-2024-11",
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Staged: $5B immediate, up to a further $20B tied to milestones. Announced alongside Anthropic's ten-year AWS spend commitment (anthropic-aws-commitment-2026-04)."
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2026/04/20/amazon-invest-up-to-25-billion-in-anthropic-part-of-ai-infrastructure.html",
          "type": "tier1",
          "date": "2026-04-20"
        },
        {
          "url": "https://www.anthropic.com/news/anthropic-amazon-compute",
          "type": "primary",
          "date": "2026-04-20"
        },
        {
          "url": "https://www.aboutamazon.com/news/company-news/amazon-invests-additional-5-billion-anthropic-ai",
          "type": "primary",
          "date": "2026-04-20"
        }
      ],
      "articles": [],
      "notes": "Amazon's April 2026 expansion: up to $25B of further investment in Anthropic ($5B immediate, up to $20B milestone-tied), on top of the $8B invested through November 2024. The up-to figure is recorded with its qualifier and the staged structure in conditions; only time will tell how much funds. Circular: announced in the same breath as Anthropic committing over $100B of spend back to AWS.",
      "revisions": []
    },
    {
      "id": "anthropic-aws-commitment-2026-04",
      "announced": "2026-04-20",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "amazon",
          "role": "provider"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 100000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "at_least",
        "max_with_options_usd": null,
        "as_of": "2026-04-20"
      },
      "term_years": 10,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": "AWS Trainium"
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Includes deployment of up to 5 GW of new Trainium compute capacity for training and serving Claude, with significant Trainium3 capacity expected online in 2026. The 5 GW is an up-to ceiling, so no MW is recorded on this row; the ledger only counts capacity floors."
      },
      "sources": [
        {
          "url": "https://www.anthropic.com/news/anthropic-amazon-compute",
          "type": "primary",
          "date": "2026-04-20"
        },
        {
          "url": "https://www.aboutamazon.com/news/company-news/amazon-invests-additional-5-billion-anthropic-ai",
          "type": "primary",
          "date": "2026-04-20"
        },
        {
          "url": "https://www.cnbc.com/2026/04/20/amazon-invest-up-to-25-billion-in-anthropic-part-of-ai-infrastructure.html",
          "type": "tier1",
          "date": "2026-04-20"
        }
      ],
      "articles": [],
      "notes": "Anthropic's commitment of more than $100B over ten years to AWS technologies, announced with Amazon's up-to-$25B investment (amazon-anthropic-investment-2026-04) and up to 5 GW of new Trainium capacity. Sits alongside Anthropic's $30B Azure commitment and the Google TPU agreement as the third leg of its stated multi-cloud strategy. Circular: buyer and provider are cross-invested.",
      "revisions": []
    },
    {
      "id": "meta-coreweave-expansion-2026-04",
      "announced": "2026-04-09",
      "disclosed_via": "8-k",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "coreweave",
          "role": "provider"
        },
        {
          "entity": "meta",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 21000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "approximately",
        "max_with_options_usd": null,
        "as_of": "2026-04-09"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": "meta-coreweave-initial-2025-09",
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2026/04/09/meta-commits-to-spending-additional-21-billion-with-coreweave-.html",
          "type": "tier1",
          "date": "2026-04-09"
        },
        {
          "url": "https://thenextweb.com/news/meta-coreweave-21-billion-ai-cloud-deal",
          "type": "other",
          "date": "2026-04-09"
        }
      ],
      "articles": [],
      "notes": "Meta committed approximately $21B of additional spend with CoreWeave in April 2026, exercising the expansion-through-2032 option in the September 2025 agreement and taking the disclosed Meta-CoreWeave total to roughly $35B. Counted separately from the parent row; the $35B cumulative figure is never stored.",
      "revisions": []
    },
    {
      "id": "anthropic-azure-commitment-2025-11",
      "announced": "2025-11-18",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "microsoft",
          "role": "provider"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 30000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "at_least",
        "max_with_options_usd": null,
        "as_of": "2025-11-18"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Announced alongside an option to contract additional compute capacity of up to 1 GW on Nvidia Grace Blackwell and Vera Rubin systems."
      },
      "sources": [
        {
          "url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
          "type": "primary",
          "date": "2025-11-18"
        },
        {
          "url": "https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships",
          "type": "primary",
          "date": "2025-11-18"
        },
        {
          "url": "https://www.cnbc.com/2025/11/18/anthropic-ai-azure-microsoft-nvidia.html",
          "type": "tier1",
          "date": "2025-11-18"
        }
      ],
      "articles": [
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "Anthropic committed to purchase at least $30B of Azure compute capacity as part of a three-way alliance with Microsoft and Nvidia. Circular: the compute provider (Microsoft, up to $5B) and the chip supplier (Nvidia, up to $10B) simultaneously agreed to invest in the buyer; see msft-nvda-anthropic-investment-2025-11.",
      "revisions": []
    },
    {
      "id": "msft-nvda-anthropic-investment-2025-11",
      "announced": "2025-11-18",
      "disclosed_via": "press_release",
      "deal_type": "compute_equity",
      "status": "binding",
      "parties": [
        {
          "entity": "microsoft",
          "role": "financier"
        },
        {
          "entity": "nvidia",
          "role": "financier"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 15000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-11-18"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Combined figure: Microsoft up to $5B and Nvidia up to $10B, staged investments announced as part of the Azure compute alliance."
      },
      "sources": [
        {
          "url": "https://blogs.microsoft.com/blog/2025/11/18/microsoft-nvidia-and-anthropic-announce-strategic-partnerships/",
          "type": "primary",
          "date": "2025-11-18"
        },
        {
          "url": "https://www.anthropic.com/news/microsoft-nvidia-anthropic-announce-strategic-partnerships",
          "type": "primary",
          "date": "2025-11-18"
        },
        {
          "url": "https://www.cnbc.com/2025/11/18/anthropic-ai-azure-microsoft-nvidia.html",
          "type": "tier1",
          "date": "2025-11-18"
        }
      ],
      "articles": [
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "Compute-linked equity: Microsoft (up to $5B) and Nvidia (up to $10B) investing in Anthropic alongside Anthropic's $30B-plus Azure purchase commitment (anthropic-azure-commitment-2025-11). The investments reportedly lifted Anthropic's valuation to around $350B. Circular by definition: suppliers funding their own customer.",
      "revisions": []
    },
    {
      "id": "iren-dell-gpu-purchase-2025-11",
      "announced": "2025-11-03",
      "disclosed_via": "8-k",
      "deal_type": "chip_purchase",
      "status": "binding",
      "parties": [
        {
          "entity": "dell",
          "role": "provider"
        },
        {
          "entity": "iren",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 5800000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": null,
        "as_of": "2025-11-03"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": "NVIDIA GB300"
      },
      "dates": {
        "revenue_start": "2026-03-01",
        "revenue_start_precision": "month"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Deliveries scheduled in tranches from March 2026."
      },
      "sources": [
        {
          "url": "https://iren.gcs-web.com/news-releases/news-release-details/iren-secures-97bn-ai-cloud-contract-microsoft",
          "type": "primary",
          "date": "2025-11-03"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/microsoft-signs-97bn-cloud-capacity-deal-with-iren/",
          "type": "other",
          "date": "2025-11-03"
        },
        {
          "url": "https://techinformed.com/microsoft-signs-9-7-billion-iren-deal-for-nvidia-gb300-capacity/",
          "type": "other",
          "date": "2025-11-03"
        }
      ],
      "articles": [],
      "notes": "The supply side of IREN's Microsoft contract: a $5.8B purchase agreement with Dell Marketing L.P. for GPUs and ancillary equipment to build out the Childress GB300 capacity, disclosed alongside iren-microsoft-gb300-2025-11. Recorded as its own row because it is a distinct binding commitment with a different counterparty; the demand-side and supply-side dollars are never netted or combined.",
      "revisions": []
    },
    {
      "id": "iren-microsoft-gb300-2025-11",
      "announced": "2025-11-03",
      "disclosed_via": "8-k",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "iren",
          "role": "provider"
        },
        {
          "entity": "microsoft",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 9700000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "approximately",
        "max_with_options_usd": null,
        "as_of": "2025-11-03"
      },
      "term_years": 5,
      "capacity": {
        "mw_it": 200,
        "chip_count": null,
        "chip_type": "NVIDIA GB300"
      },
      "dates": {
        "revenue_start": "2026-01-01",
        "revenue_start_precision": "year"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Includes a 20% prepayment. Capacity delivered in tranches during 2026 across four Horizon data centers at Childress, Texas (~200 MW IT load), with contract value running through 2031."
      },
      "sources": [
        {
          "url": "https://iren.gcs-web.com/news-releases/news-release-details/iren-secures-97bn-ai-cloud-contract-microsoft",
          "type": "primary",
          "date": "2025-11-03"
        },
        {
          "url": "https://finance.yahoo.com/news/iren-signs-microsoft-9-7-132523930.html",
          "type": "other",
          "date": "2025-11-03"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/microsoft-signs-97bn-cloud-capacity-deal-with-iren/",
          "type": "other",
          "date": "2025-11-03"
        }
      ],
      "articles": [
        "iren-2-8-billion-ai-contracts-arr-target"
      ],
      "notes": "IREN's anchor contract: five-year, ~$9.7B GPU cloud agreement giving Microsoft access to Nvidia GB300 capacity at Childress, Texas. Predates and is separate from the July 2026 $2.8B contract batch (iren-ai-cloud-contracts-2026-07), which is why Microsoft appears in that row's customer roster. Funded in part by the $5.8B Dell GPU purchase disclosed the same day (iren-dell-gpu-purchase-2025-11).",
      "revisions": []
    },
    {
      "id": "google-anthropic-tpu-2025-10",
      "announced": "2025-10-23",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "google",
          "role": "provider"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": null,
      "term_years": null,
      "capacity": {
        "mw_it": 1000,
        "chip_count": 1000000,
        "chip_type": "Google TPU"
      },
      "dates": {
        "revenue_start": "2026-01-01",
        "revenue_start_precision": "year"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Dollar value never disclosed by either party; contemporaneous tier-1 reporting put it at tens of billions of dollars. Capacity recorded at the disclosed floor: over 1 GW of compute coming online in 2026, with access to up to one million TPUs."
      },
      "sources": [
        {
          "url": "https://www.googlecloudpresscorner.com/2025-10-23-Anthropic-to-Expand-Use-of-Google-Cloud-TPUs-and-Services",
          "type": "primary",
          "date": "2025-10-23"
        },
        {
          "url": "https://www.anthropic.com/news/expanding-our-use-of-google-cloud-tpus-and-services",
          "type": "primary",
          "date": "2025-10-23"
        },
        {
          "url": "https://www.cnbc.com/2025/10/23/anthropic-google-cloud-deal-tpu.html",
          "type": "tier1",
          "date": "2025-10-23"
        }
      ],
      "articles": [],
      "notes": "Anthropic's expanded Google Cloud TPU commitment: access to up to one million TPUs and over 1 GW of capacity online in 2026, announced 2025-10-23. The row demonstrates the MW-only inclusion path: no dollar value was ever disclosed, so none is recorded, and the reported tens-of-billions figure stays out of every total. Part of Anthropic's stated multi-cloud approach across Google TPUs, Amazon Trainium and Nvidia GPUs.",
      "revisions": []
    },
    {
      "id": "meta-oracle-cloud-2025-10",
      "announced": "2025-10-16",
      "disclosed_via": "tier1_media",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "oracle",
          "role": "provider"
        },
        {
          "entity": "meta",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 20000000000,
        "kind": "media_reported",
        "basis": "base_term",
        "qualifier": "approximately",
        "max_with_options_usd": null,
        "as_of": "2025-09-19"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Oracle confirmed the existence of a Meta cloud deal on 2025-10-16 without disclosing terms; the ~$20B multi-year value comes from Bloomberg's reporting of the talks on 2025-09-19 and was never officially stated."
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2025/10/16/oracle-confirms-meta-cloud-deal-.html",
          "type": "tier1",
          "date": "2025-10-16"
        },
        {
          "url": "https://www.bloomberg.com/news/articles/2025-09-19/oracle-in-talks-with-meta-on-20-billion-ai-cloud-computing-deal",
          "type": "tier1",
          "date": "2025-09-19"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/meta-in-talks-to-sign-20bn-oracle-cloud-deal-report/",
          "type": "other",
          "date": "2025-09-19"
        }
      ],
      "articles": [],
      "notes": "Oracle to provide Meta with training and deployment capacity alongside Meta's existing cloud providers. Status is binding on the strength of Oracle's public confirmation (CNBC, 2025-10-16); the dollar value is Bloomberg's reported ~$20B from the September talks, kept at media_reported with its own as_of date since neither company has stated a figure. Announced the row's date as the confirmation date, not the talks date.",
      "revisions": []
    },
    {
      "id": "meta-coreweave-initial-2025-09",
      "announced": "2025-09-30",
      "disclosed_via": "8-k",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "coreweave",
          "role": "provider"
        },
        {
          "entity": "meta",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 14200000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-09-30"
      },
      "term_years": 6,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": "NVIDIA GB300"
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Runs through December 2031 per CoreWeave's SEC disclosure, which also gave Meta the option to materially expand its commitment through 2032; that option was exercised in April 2026 (see meta-coreweave-expansion-2026-04)."
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2025/09/30/coreweave-meta-deal-ai.html",
          "type": "tier1",
          "date": "2025-09-30"
        },
        {
          "url": "https://www.forbes.com/sites/kirkogunrinde/2025/09/30/coreweave-strikes-142-billion-deal-with-meta-to-boost-ai-capability/",
          "type": "other",
          "date": "2025-09-30"
        },
        {
          "url": "https://siliconangle.com/2025/09/30/meta-strikes-expanded-14-2b-ai-infrastructure-deal-coreweave/",
          "type": "other",
          "date": "2025-09-30"
        }
      ],
      "articles": [],
      "notes": "CoreWeave to supply Meta with up to $14.2B of AI computing capacity through December 2031, including access to Nvidia GB300 systems, per CoreWeave's SEC filing and same-day coverage. Announced days after the September OpenAI expansion, establishing Meta as CoreWeave's second anchor customer. Term shown as 6 years (2025 signing through December 2031).",
      "revisions": []
    },
    {
      "id": "coreweave-openai-expansion-2025-09",
      "announced": "2025-09-25",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "coreweave",
          "role": "provider"
        },
        {
          "entity": "openai",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 6500000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-09-25"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": "coreweave-openai-initial-2025-03",
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Expands-Agreement-with-OpenAI-by-up-to-6-5B/default.aspx",
          "type": "primary",
          "date": "2025-09-25"
        },
        {
          "url": "https://www.cnbc.com/2025/09/25/coreweave-openai-6point5-billion-deal.html",
          "type": "tier1",
          "date": "2025-09-25"
        }
      ],
      "articles": [],
      "notes": "Expansion of the March 2025 agreement by up to $6.5B, taking the cumulative CoreWeave-OpenAI contract value to roughly $22.4B per CoreWeave (a figure that includes a reported May 2025 expansion of up to $4B still sitting in the candidate queue). Circular flag inherited from the parent agreement's cross-shareholding.",
      "revisions": []
    },
    {
      "id": "nvidia-openai-loi-2025-09",
      "announced": "2025-09-22",
      "disclosed_via": "press_release",
      "deal_type": "compute_equity",
      "status": "loi_mou",
      "parties": [
        {
          "entity": "nvidia",
          "role": "financier"
        },
        {
          "entity": "openai",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 100000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-09-22"
      },
      "term_years": null,
      "capacity": {
        "mw_it": 10000,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": "2026-01-01",
        "revenue_start_precision": "year"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Letter of intent, not a definitive agreement: investment staged progressively as each gigawatt of at least 10 GW of Nvidia systems is deployed. First gigawatt targeted for H2 2026 on the Vera Rubin platform."
      },
      "sources": [
        {
          "url": "https://nvidianews.nvidia.com/news/openai-and-nvidia-announce-strategic-partnership-to-deploy-10gw-of-nvidia-systems",
          "type": "primary",
          "date": "2025-09-22"
        },
        {
          "url": "https://openai.com/index/openai-nvidia-systems-partnership/",
          "type": "primary",
          "date": "2025-09-22"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/openai-signs-loi-to-deploy-at-least-10gw-of-ai-data-centers-with-nvidia-hardware-nvidia-to-invest-up-to-100bn-in-openai/",
          "type": "other",
          "date": "2025-09-22"
        }
      ],
      "articles": [
        "stock-market-today-july-27-2026-close-nvidia-openai-backstop",
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "NON-BINDING, excluded from binding aggregates: LOI for Nvidia to invest up to $100B in OpenAI, staged as each gigawatt of at least 10 GW of Nvidia systems deploys. The archetypal circular AI deal: the investor is the chip supplier whose systems the investment buys. Context for the July 2026 backstop talks (nvidia-openai-backstop-talks-2026-07).",
      "revisions": []
    },
    {
      "id": "openai-oracle-stargate-2025-09",
      "announced": "2025-09-10",
      "disclosed_via": "tier1_media",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "oracle",
          "role": "provider"
        },
        {
          "entity": "openai",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 300000000000,
        "kind": "media_reported",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": null,
        "as_of": "2025-09-10"
      },
      "term_years": 5,
      "capacity": {
        "mw_it": 4500,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": "2027-01-01",
        "revenue_start_precision": "year"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Neither company has press-released the $300B figure; it was reported by WSJ on 2025-09-10 and subsequently confirmed by OpenAI per CNBC. March 2026: the planned 600 MW Abilene flagship expansion was scrapped after financing talks stalled (Bloomberg), with capacity redistributed across other sites; the 4.5 GW program and the contract itself remained in effect per the same reporting."
      },
      "sources": [
        {
          "url": "https://www.bloomberg.com/news/features/2025-12-12/oracle-s-300-billion-openai-deal-has-investors-worried-about-its-ai-spending",
          "type": "tier1",
          "date": "2025-12-12"
        },
        {
          "url": "https://www.cnbc.com/2025/09/13/openai-spending-spree-powering-much-of-tech-oracle-latest-example.html",
          "type": "tier1",
          "date": "2025-09-13"
        },
        {
          "url": "https://www.oracle.com/news/announcement/q1fy26-earnings-release-2025-09-09/",
          "type": "primary",
          "date": "2025-09-09"
        },
        {
          "url": "https://www.bloomberg.com/news/articles/2026-03-06/oracle-and-openai-end-plans-to-expand-flagship-data-center",
          "type": "tier1",
          "date": "2026-03-06"
        },
        {
          "url": "https://www.datacenterdynamics.com/en/news/openai-signs-300bn-cloud-deal-with-oracle-report/",
          "type": "other",
          "date": "2025-09-10"
        }
      ],
      "articles": [
        "ai-compute-deal-ledger-launch-free-dataset"
      ],
      "notes": "The largest verified compute contract on record: OpenAI to purchase $300B of computing power from Oracle over roughly five years starting 2027, part of the Stargate program, delivered from about 4.5 GW of capacity per the July 2025 Oracle-OpenAI development agreement (Bloomberg). Corroborated by Oracle's own FY26 Q1 release the day before the WSJ report: RPO up 359% to $455B on 'four multi-billion-dollar contracts with three different customers'. Held in the candidate queue at ledger launch until a primary source and two tier-1 URLs were captured; promoted the same day.",
      "revisions": []
    },
    {
      "id": "nebius-microsoft-2025-09",
      "announced": "2025-09-08",
      "disclosed_via": "8-k",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "nebius",
          "role": "provider"
        },
        {
          "entity": "microsoft",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 17400000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "approximately",
        "max_with_options_usd": 19400000000,
        "as_of": "2025-09-08"
      },
      "term_years": 5,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": "2025-01-01",
        "revenue_start_precision": "year"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": false,
        "conditions": "Total contract value subject to deployment and availability of the GPU services, delivered in tranches during 2025 and 2026 from the Vineland, New Jersey data center. Microsoft may acquire additional services and capacity, lifting the total to about $19.4B."
      },
      "sources": [
        {
          "url": "https://nebius.com/newsroom/nebius-announces-multi-billion-dollar-agreement-with-microsoft-for-ai-infrastructure",
          "type": "primary",
          "date": "2025-09-08"
        },
        {
          "url": "https://www.cnbc.com/2025/09/08/nebius-stock-soars-on-ai-infrastructure-deal-with-microsoft-.html",
          "type": "tier1",
          "date": "2025-09-08"
        },
        {
          "url": "https://finance.yahoo.com/news/nebius-signs-17-4-billion-211147146.html",
          "type": "other",
          "date": "2025-09-08"
        }
      ],
      "articles": [],
      "notes": "Five-year agreement for Nebius to provide Microsoft dedicated GPU infrastructure capacity at its Vineland, New Jersey site: about $17.4B through 2031, expandable to about $19.4B. Nebius shares jumped roughly 60% on the disclosure. Part of Microsoft's pattern of leasing third-party capacity (see also iren-microsoft-gb300-2025-11) rather than waiting on its own buildout.",
      "revisions": []
    },
    {
      "id": "coreweave-openai-expansion-2025-05",
      "announced": "2025-05-14",
      "disclosed_via": "earnings_call",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "coreweave",
          "role": "provider"
        },
        {
          "entity": "openai",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 4000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-05-14"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": "coreweave-openai-initial-2025-03",
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "OpenAI pays through 2029. Disclosed on CoreWeave's Q1 2025 earnings call as an unnamed 'enterprise AI company'; the counterparty was identified as OpenAI in the regulatory filing the following day."
      },
      "sources": [
        {
          "url": "https://www.bloomberg.com/news/articles/2025-05-15/openai-expands-coreweave-tie-up-with-new-4-billion-cloud-deal",
          "type": "tier1",
          "date": "2025-05-15"
        },
        {
          "url": "https://finance.yahoo.com/news/coreweave-signs-4-billion-deal-151429404.html",
          "type": "other",
          "date": "2025-05-15"
        }
      ],
      "articles": [],
      "notes": "The middle link of the CoreWeave-OpenAI chain: up to $4B of additional capacity through 2029, disclosed at Q1 2025 earnings, between the March initial agreement (up to $11.9B) and the September expansion (up to $6.5B). Promoted from the candidate queue on 2026-08-03 once the Bloomberg capture pinned the date. Circular flag inherited from the parent agreement's cross-shareholding.",
      "revisions": []
    },
    {
      "id": "coreweave-openai-initial-2025-03",
      "announced": "2025-03-10",
      "disclosed_via": "press_release",
      "deal_type": "cloud_services",
      "status": "binding",
      "parties": [
        {
          "entity": "coreweave",
          "role": "provider"
        },
        {
          "entity": "openai",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 11900000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-03-10"
      },
      "term_years": 5,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": null
      },
      "sources": [
        {
          "url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Announces-Agreement-with-OpenAI-to-Deliver-AI-Infrastructure/default.aspx",
          "type": "primary",
          "date": "2025-03-10"
        },
        {
          "url": "https://www.cnbc.com/2025/03/10/openai-to-pay-coreweave-11point9-billion-over-five-years-for-ai-tech.html",
          "type": "tier1",
          "date": "2025-03-10"
        }
      ],
      "articles": [],
      "notes": "Initial five-year agreement of up to $11.9B for CoreWeave to deliver AI infrastructure to OpenAI, signed just ahead of CoreWeave's IPO. Flagged circular: OpenAI simultaneously became a CoreWeave investor via $350M of stock issued as part of the deal. A further expansion of up to $4B was reported in May 2025; it sits in the candidate queue until a primary source with an exact date is captured.",
      "revisions": []
    },
    {
      "id": "stargate-framework-2025-01",
      "announced": "2025-01-21",
      "disclosed_via": "press_release",
      "deal_type": "build_contract",
      "status": "framework",
      "parties": [
        {
          "entity": "openai",
          "role": "buyer"
        },
        {
          "entity": "softbank",
          "role": "financier"
        },
        {
          "entity": "oracle",
          "role": "provider"
        },
        {
          "entity": "mgx",
          "role": "financier"
        }
      ],
      "value": {
        "amount_usd": 500000000000,
        "kind": "company_stated",
        "basis": "program_envelope",
        "qualifier": "up_to",
        "max_with_options_usd": null,
        "as_of": "2025-01-21"
      },
      "term_years": 4,
      "capacity": {
        "mw_it": 10000,
        "chip_count": null,
        "chip_type": null
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Intent to invest $500B over four years, $100B initially, targeting 10 GW. SoftBank holds financial responsibility, OpenAI operational responsibility; initial equity funders SoftBank, OpenAI, Oracle and MGX. By late 2025 the program reported nearly 7 GW of planned capacity and over $400B of investment across announced sites."
      },
      "sources": [
        {
          "url": "https://openai.com/index/announcing-the-stargate-project/",
          "type": "primary",
          "date": "2025-01-21"
        },
        {
          "url": "https://group.softbank/en/news/press/20250122",
          "type": "primary",
          "date": "2025-01-22"
        },
        {
          "url": "https://www.spglobal.com/market-intelligence/en/news-insights/research/softbabnk-openai-oracle-and-mgx-commit-to-100b-for-stargate-ai-infrastructure",
          "type": "other",
          "date": "2025-01-22"
        }
      ],
      "articles": [],
      "notes": "PROGRAM ENVELOPE, excluded from every summed total: the January 2025 Stargate announcement of intent to invest $500B over four years in US AI infrastructure. The discrete contracts inside it get their own rows as they sign, most notably the $300B OpenAI-Oracle compute contract (openai-oracle-stargate-2025-09); summing the envelope and its contents would double count by construction. Circular: the operational partner is the anchor customer of the capacity the JV builds.",
      "revisions": []
    },
    {
      "id": "amazon-anthropic-investment-2024-11",
      "announced": "2024-11-22",
      "disclosed_via": "press_release",
      "deal_type": "compute_equity",
      "status": "binding",
      "parties": [
        {
          "entity": "amazon",
          "role": "financier"
        },
        {
          "entity": "anthropic",
          "role": "buyer"
        }
      ],
      "value": {
        "amount_usd": 4000000000,
        "kind": "company_stated",
        "basis": "base_term",
        "qualifier": null,
        "max_with_options_usd": null,
        "as_of": "2024-11-22"
      },
      "term_years": null,
      "capacity": {
        "mw_it": null,
        "chip_count": null,
        "chip_type": "AWS Trainium"
      },
      "dates": {
        "revenue_start": null,
        "revenue_start_precision": "unknown"
      },
      "flags": {
        "expansion_of": null,
        "counterparty_unnamed": false,
        "circular": true,
        "conditions": "Doubled Amazon's total Anthropic investment to $8B; only the incremental $4B tranche is recorded on this row. Announced with AWS becoming Anthropic's primary cloud and training partner, training on AWS Trainium."
      },
      "sources": [
        {
          "url": "https://www.cnbc.com/2024/11/22/amazon-to-invest-another-4-billion-in-anthropic-openais-biggest-rival.html",
          "type": "tier1",
          "date": "2024-11-22"
        },
        {
          "url": "https://techcrunch.com/2024/11/22/anthropic-raises-an-additional-4b-from-amazon-makes-aws-its-primary-cloud-partner/",
          "type": "other",
          "date": "2024-11-22"
        }
      ],
      "articles": [],
      "notes": "The earliest row in the ledger and the template for compute-linked equity: Amazon's additional $4B investment (total $8B) announced alongside AWS becoming Anthropic's primary cloud and training partner on Trainium silicon. The compute relationship this seeded later produced Project Rainier (~500,000 Trainium2 chips activated October 2025, ~1M by year-end) and the April 2026 expansion (amazon-anthropic-investment-2026-04, anthropic-aws-commitment-2026-04). Circular: the compute provider funding its own customer.",
      "revisions": []
    }
  ]
}