List of AI compute deals

This list covers agreements for AI computing capacity announced or credibly reported between January 2023 and October 2026: cloud capacity contracts, chip supply agreements, data center leases and builds, the debt and equity financing tied to them, and power bought for AI data centers. Disclosed values range from a GPU-backed loan facility of up to $500 million to OpenAI's incremental $250 billion purchase of Microsoft Azure services and the Stargate Project's stated intention to invest $500 billion over four years.^[1][2][3] The figures are not like-for-like: some are signed contract values, while others are investment plans, "up to" ceilings, guarantee caps or press reports that the parties never confirmed, and many rows overlap. As a measure of the totals involved, Reuters reported in September 2026 that Anthropic's confidential IPO prospectus showed at least $518 billion of planned AI infrastructure spending over a decade with six partners.^[4]

Scope and how to read the figures

The list includes agreements between named parties to buy, supply, build, finance or power AI computing capacity. That covers cloud capacity bought from hyperscalers and neoclouds, chip and system supply, data center leases and campus developments, the loans, equity and guarantees that pay for them, and power agreements tied to AI data centers. Each row is dated to the first announcement by a party or, for a deal that was never announced, to the first credible press report; a month without a day means no source gave the day. Leases with unnamed tenants, such as the two 352 MW leases at Hut 8's Beacon Point campus in Texas, are left out, as are multi-customer totals, deals that were only in talks, small contracts and ordinary bond or convertible note offerings.^[5] Company-wide spending is covered in AI capex, and exchange-traded contracts on GPU rental prices in compute derivatives.

The Value column mixes figures of different kinds, so the Basis column says what each one is.

"Up to" marks a ceiling: the most that a contract, investment or option can reach. Monthly figures are the rates given in SpaceX's filings, which did not state totals.^[12][13] Values also overlap from row to row. CoreWeave's three OpenAI contracts add up to about $22.4 billion, for example, and Meta's 2025 CoreWeave order was folded into a larger 2026 agreement, so adding up the column double counts.^[14][15]

Capacity appears as the parties stated it, either as electrical power in gigawatts (GW) or megawatts (MW), where 1 GW equals 1,000 MW, or as a count of chips. Power figures are not uniform. Some companies quote critical IT load and others gross or utility capacity, and chip agreements usually describe the power of the systems to be deployed rather than a particular building. For scale, Anthropic said that more than 300 MW at the Colossus 1 data center gave it over 220,000 NVIDIA GPUs, and Nscale planned about 104,000 GB300 GPUs for Microsoft at a Texas campus of roughly 240 MW.^[16][17] Approximate wording such as "close to a gigawatt" is not converted into a number.

Status is as of October 2026. Signed means a definitive agreement or a contract disclosed by a party; in progress means construction or delivery is under way; announced covers letters of intent, term sheets and plans without disclosed final terms; reported means press accounts that the parties had not confirmed; amended means the deal was later changed or folded into another; and operating means in service.

Deals, 2023-2026

Buyer is the party buying capacity or receiving the financing or investment. Provider is the party supplying the capacity, chips, site, power or capital. Status is as of October 2026.

Largest deals by stated value

Ranked by headline figure alone, the ten largest entries are below. Only three of them, Microsoft's $250 billion OpenAI contract and the two Amazon Web Services (AWS) commitments, are contract values stated by a buyer or seller; the others are plans, ceilings, a guarantee, an aggregate scope or unconfirmed press figures.^[2][84][92]

The next largest figures are Anthropic's reported $45 billion Nscale deal, Broadcom's reported offer to lend Anthropic up to $42 billion, OpenAI's $38 billion AWS contract, Anthropic's reported $35 billion Lambda deal and its $30 billion Azure commitment.^{[104][107][65][105][68]}

Deals by buyer

OpenAI

At the start of 2023 Azure was OpenAI's exclusive cloud provider, under a multiyear, multibillion-dollar investment that Microsoft announced on January 23, 2023.^[18] On January 21, 2025 that exclusivity on new capacity became a Microsoft right of first refusal, and Microsoft approved OpenAI building additional capacity, mainly for research and training.^[28] The restructured partnership of October 28, 2025 ended the right of first refusal, and OpenAI contracted to buy an incremental $250 billion of Azure services.^[2]

Oracle's role began on June 11, 2024, when Oracle, Microsoft and OpenAI agreed to extend the Azure AI platform to Oracle Cloud Infrastructure to give OpenAI more capacity.^[21] On January 21, 2025 OpenAI, SoftBank, Oracle and MGX launched the Stargate Project, a new company that intends to invest $500 billion over four years in AI infrastructure for OpenAI in the United States, starting with $100 billion.^[3] Oracle disclosed on June 30, 2025 that it had signed a cloud contract, with a customer it did not name, expected to bring in more than $30 billion a year from its fiscal 2028, and on July 22 OpenAI announced an agreement with Oracle to develop 4.5 GW of additional Stargate capacity in the US.^[110][39] Five more US sites followed on September 23, 2025: Shackelford County, Texas, Doña Ana County, New Mexico, and a Midwest site later named as Port Washington, Wisconsin, all with Oracle, plus two SoftBank sites in Lordstown, Ohio and Milam County, Texas. The partners said this brought Stargate to nearly 7 GW of planned capacity and more than $400 billion of investment over three years.^[50][58] A campus of more than a gigawatt in Saline Township, Michigan, developed by Related Digital for Oracle, was announced on October 30, 2025.^[61]

The flagship Abilene, Texas campus is a 1.2 GW site built by Crusoe and funded through a $15 billion joint venture with Blue Owl and Primary Digital Infrastructure; Oracle began delivering the first NVIDIA GB200 racks there in June 2025.^[32][111] On its September 10, 2026 earnings call Oracle said that six of the eight Abilene buildings, 618 MW or 75% of total capacity, had been delivered to the customer.^[112] Two weeks later Reuters reported that Oracle had sent a force majeure notice to the Blue Owl unit developing Project Jupiter, a New Mexico campus that is part of Oracle's agreement with OpenAI, citing possible delays in securing power. Oracle said the project remained on its planned schedule, and Blue Owl said the notice left its financial commitments unchanged.^[113]

SB Energy took on the Milam County site. OpenAI and SoftBank Group each invested $500 million in SB Energy on January 9, 2026, and OpenAI signed a 1.2 GW lease for the site, which SB Energy will build and operate.^[76] On August 17, 2026 NVIDIA announced that SB Energy would build, own and operate the PORTS-Pike campus in Pike County, Ohio under a 20-year lease to OpenAI, starting with 4.25 GW of IT load for NVIDIA systems. NVIDIA guaranteed the lease obligations, with its payments capped at $105 billion for that initial commitment, took an option on the remaining 3.75 GW and agreed to invest $1.5 billion in SB Energy.^[9][103]

Outside the US, OpenAI announced Stargate UAE on May 22, 2025 with G42, Oracle, NVIDIA, Cisco and SoftBank: a 1 GW cluster in Abu Dhabi, with the first 200 MW expected in 2026. G42 said in October 2025 that it was building the first 200 MW on an accelerated timeline.^[33][114] Stargate Norway, announced on July 31, 2025, is a 230 MW project in Narvik by Nscale and Aker with OpenAI as an initial offtaker. Under Stargate UK, announced on September 16, 2025, OpenAI said it would explore offtake of up to 8,000 GPUs in the first quarter of 2026, with the potential to reach 31,000 over time.^[41][48] In India, OpenAI said on February 19, 2026 that it would become the first customer of Tata Consultancy Services' HyperVault data center business, starting with 100 MW and potentially reaching 1 GW.^[81] Stargate Argentina, a letter of intent with Sur Energy for up to 500 MW and up to $25 billion of investment, had not been presented to the Argentine government more than six months later, the Buenos Aires Times reported in May 2026.^[56][115]

OpenAI's three main chip agreements are stated in gigawatts. NVIDIA and OpenAI signed a letter of intent on September 22, 2025 for at least 10 GW of NVIDIA systems, with NVIDIA intending to invest up to $100 billion in OpenAI as each gigawatt is deployed.^[49] AMD agreed on October 6, 2025 to supply 6 GW of Instinct GPUs over several generations, starting with 1 GW of MI450 GPUs in the second half of 2026, and issued OpenAI a warrant for up to 160 million AMD shares that vests as deployment milestones are met.^[55] Broadcom and OpenAI signed a term sheet on October 13, 2025 to deploy 10 GW of OpenAI-designed accelerators, in racks to be deployed from the second half of 2026 through the end of 2029.^[57] OpenAI also signed letters of intent with Samsung and SK in Seoul on October 1, 2025 covering memory supply; Samsung said OpenAI's demand was projected to reach up to 900,000 DRAM wafers a month.^[54]

OpenAI also rents capacity from other clouds. CoreWeave signed a contract worth up to $11.9 billion on March 10, 2025, under which OpenAI also received $350 million of CoreWeave stock; an expansion of up to $4 billion in May 2025 and an order of up to $6.5 billion on September 25, 2025 brought the total to about $22.4 billion.^[29][14] Reuters reported in June 2025 that OpenAI would add Google Cloud capacity.^[36] AWS signed a $38 billion agreement on November 3, 2025 covering hundreds of thousands of NVIDIA GB200 and GB300 GPUs. On February 27, 2026 the companies expanded it by $100 billion over eight years, including about 2 GW of Trainium capacity, and Amazon agreed to invest $50 billion in OpenAI, $15 billion at first and $35 billion more once certain conditions are met.^{[65][84][116]} On January 14, 2026 OpenAI agreed to add 750 MW of low-latency inference compute from Cerebras, delivered in tranches through 2028. Reuters put that deal at more than $10 billion; Cerebras's IPO filing of May 2026 described it as valued at more than $20 billion and disclosed a $1.0 billion working capital loan from OpenAI at 6% interest.^{[77][117][78]}

For Project Camellia, a data center it is designing and developing itself in Effingham County, Georgia, OpenAI said on July 22, 2026 that it was contracting with Georgia Power for 3.2 GW, delivered in phases from 2028 to 2032.^[100]

Anthropic

Amazon agreed on September 25, 2023 to invest up to $4 billion in Anthropic, with AWS becoming its primary cloud provider for mission-critical workloads, and invested another $4 billion on November 22, 2024, when AWS also became its primary training partner.^[6][25] AWS announced Project Rainier, a cluster of Trainium2 UltraServers built with Anthropic, on December 3, 2024, and said on October 29, 2025 that it was in use with nearly half a million Trainium2 chips.^[26][27] On April 20, 2026 Anthropic committed more than $100 billion over ten years to AWS technologies, securing up to 5 GW of new capacity, with nearly 1 GW of Trainium2 and Trainium3 capacity due by the end of 2026; Amazon invested a further $5 billion, with up to $20 billion more in the future.^[92]

The second large relationship is with Google. Anthropic said on October 23, 2025 that it would expand its use of Google Cloud to up to one million TPUs, an expansion worth tens of billions of dollars that would bring well over a gigawatt of capacity online in 2026.^[59] Broadcom, which sells the TPU racks, said on its December 2025 earnings call that Anthropic was the customer behind a $10 billion order for Ironwood racks and had placed a further $11 billion order for delivery in late 2026.^[71] An agreement with Google and Broadcom announced on April 6, 2026 for multiple gigawatts of next-generation TPU capacity from 2027 was described by Anthropic a month later as a 5 GW agreement. The Information reported that Anthropic had committed to spend about $200 billion with Google Cloud over five years and that Alphabet would invest up to $40 billion in the company; neither company confirmed the $200 billion figure.^[88][16][89]

On November 18, 2025 Anthropic committed to buy $30 billion of Azure compute capacity and to contract up to 1 GW more on NVIDIA Grace Blackwell and Vera Rubin systems, while NVIDIA and Microsoft committed to invest up to $10 billion and up to $5 billion in the company.^[68][69] Six days earlier it had announced a $50 billion investment in US data centers to be built with Fluidstack in Texas and New York.^[67] Hut 8 agreed on December 17, 2025 to develop at least 245 MW and up to 2,295 MW for Anthropic, starting at its River Bend campus in Louisiana, which Anthropic described as an expansion of its work with Fluidstack.^[72] Anthropic also signed a 20-year lease directly with TeraWulf on July 6, 2026 for about 401 MW at the Justified Data campus in Hawesville, Kentucky, which TeraWulf expects to bring in about $19 billion over the initial term.^[98]

From April 2026 Anthropic added capacity from many more providers. CoreWeave signed a multiyear agreement on April 10.^[90] On May 6 Anthropic agreed to use all of the compute at Colossus 1, more than 300 MW and over 220,000 NVIDIA GPUs; SpaceX's IPO filings later described agreements covering about 325,000 GPUs across Colossus and Colossus II at $1.25 billion a month through May 2029, which either party may end on 90 days' notice after the first three months.^[16][12][94] AMD agreed on July 22 that Anthropic would deploy up to 2 GW of MI450 Series GPUs in Helios racks, with the first gigawatt starting in the first half of 2027, and committed to invest up to $5 billion in Anthropic.^[99] Press reports also tied Anthropic to three large neocloud contracts. Volta Infra announced a $10 billion contract with an unnamed AI company on August 4, and Bloomberg reported that the customer was Anthropic and that the deal covered a 133 MW Bitdeer data center in Norway.^[102] Reports later in August said Anthropic would pay Nscale about $45 billion over six years for 460 MW at its West Virginia campus, and Reuters reported a $35 billion deal with Lambda for about 350 MW in Texas; the companies did not announce either deal.^[104][105] Akamai disclosed on September 24, 2026 a seven-year, $11.6 billion commitment for Anthropic's CPU workloads on Akamai Cloud, with room for up to $9 billion more.^[106]

Reuters reviewed Anthropic's confidential IPO prospectus and reported on September 29, 2026 that the company expected to spend at least $518 billion over a decade on AI infrastructure with six partners, about 80% of it non-cancelable or payable regardless of use. The breakdown it gave was about $111.1 billion with Google (April 2026 to July 2033), about $110 billion with Amazon (May 2026 to April 2036), $31.4 billion with Microsoft (November 2026 to May 2033), about $161.2 billion of equipment lease obligations with Broadcom, up to $84.5 billion through 2029 for NVIDIA-based capacity from xAI under agreements that are largely cancelable on 90 days' notice, and AMD capacity expected to exceed $20 billion.^[4] A second Reuters report on the filing said Anthropic had $54.6 billion of non-cancelable hosting and computing commitments at the end of 2025, and that by early 2026 its long-term commitments exceeded $417 billion, covering 3.5 GW of dedicated computing capacity.^[118] On October 1 Reuters reported that the prospectus also showed Broadcom agreeing to lend Anthropic up to $42 billion through convertible notes, enough to finance about a third of a $125.2 billion commitment for a five-year lease of TPU capacity. Broadcom did not comment, and Anthropic declined to comment.^[107]

Meta

Meta buys capacity from clouds and neoclouds and finances its own largest campuses through joint ventures. Reuters reported on August 21, 2025 that Google had signed a six-year cloud deal with Meta worth more than $10 billion.^[43][119] CoreWeave disclosed a Meta order of up to $14.2 billion through December 14, 2031 on September 30, 2025, and an expanded agreement worth about $21 billion through December 2032, including some of the first Vera Rubin deployments, on April 9, 2026.^[52][15] Nebius signed a $3 billion, five-year deal in November 2025 and a second agreement on March 16, 2026: $12 billion of dedicated Vera Rubin capacity from early 2027 plus up to $15 billion of capacity on later clusters, for up to about $27 billion in all.^[66][87] NVIDIA announced a multiyear partnership on February 17, 2026 covering millions of Blackwell and Rubin GPUs, standalone Grace CPUs and Spectrum-X switches, and AMD signed a definitive agreement on February 24, 2026 for up to 6 GW of Instinct GPUs, with a warrant for up to 160 million AMD shares that vests as shipments scale.^[80][82] The Information reported on February 26, 2026 that Meta had also agreed to rent Google Cloud TPUs.^[83]

Funds managed by Blue Owl own 80% of the venture developing the Hyperion campus in Richland Parish, Louisiana, announced on October 21, 2025 with about $27 billion of development costs; Meta holds the other 20% and leases the campus.^[8] Meta said on July 13, 2026 that it was expanding the Louisiana site to 5 GW.^[120] On July 28, 2026 it used the same 80/20 structure with BlackRock funds for a 1 GW campus in El Paso, Texas, with about $14 billion of development costs.^[101] For power, Meta signed a 20-year agreement with Constellation on June 3, 2025 for the output of the 1,121 MW Clinton nuclear plant in Illinois from June 2027, and on January 9, 2026 announced agreements with Vistra, TerraPower and Oklo supporting up to 6.6 GW of new and existing nuclear capacity by 2035, including power for the grids that serve its Prometheus cluster in Ohio.^[35][75]

Microsoft

Microsoft sells AI capacity on a large scale, through its $250 billion OpenAI contract and $30 billion Anthropic commitment, and also buys it.^[2][68] CNBC reported in June 2023 that Microsoft had agreed to spend potentially billions of dollars over multiple years on CoreWeave capacity to meet demand from OpenAI.^[19] Nebius agreed on September 8, 2025 to supply dedicated capacity from Vineland, New Jersey for about $17.4 billion through 2031, or about $19.4 billion with additional services.^[46] On November 3, 2025 Microsoft signed with IREN, for about $9.7 billion over five years including a 20% prepayment, for NVIDIA GB300 capacity at Childress, Texas, and with Lambda, for a multibillion-dollar deployment of tens of thousands of NVIDIA GPUs.^[63][64] Nscale contracted about 200,000 GB300 GPUs for Microsoft across Texas, Portugal, the UK and Norway on October 15, 2025, then added more than 30,000 Rubin GPUs at Narvik, Norway for 2027 on April 14, 2026, and more than 66,000 Rubin GPUs at the Sines campus in Portugal, starting in late 2027, on May 5, 2026.^[17][91][93] Bloomberg reported in November 2025 that Microsoft's commitments to neocloud companies had passed $60 billion, the largest share, about $23 billion, with Nscale.^[121] Microsoft also signed the 20-year power purchase agreement under which Constellation is restarting Three Mile Island Unit 1 as the Crane Clean Energy Center, about 835 MW expected online in 2028; Microsoft will buy its energy to help match the power its data centers in the PJM region use with carbon-free energy.^[22]

xAI

xAI built and financed its own clusters before renting capacity out. NVIDIA said on October 28, 2024 that xAI's Colossus cluster in Memphis held 100,000 Hopper GPUs, had been built in 122 days and was being doubled to 200,000.^[24] Morgan Stanley said on June 30, 2025 that xAI had raised $5 billion of secured notes and term loans and $5 billion of strategic equity. Bloomberg reported in October 2025 that xAI was raising about $20 billion through a special-purpose vehicle that would buy NVIDIA chips and lease them to xAI for five years for its Colossus 2 data center, with NVIDIA providing about $2 billion of the equity.^[38][53] xAI closed a $20 billion Series E on January 6, 2026 with NVIDIA and Cisco Investments as strategic investors, and said Colossus I and II had ended 2025 with more than one million H100 GPU equivalents.^[74] In November 2025 HUMAIN and xAI agreed to develop a network of data centers in Saudi Arabia anchored by a flagship facility of 500 MW or more.^[70] SpaceX, which acquired xAI in February 2026, describes these rentals as a way to monetize a portion of its compute capacity while keeping the option to reallocate it: Anthropic pays $1.25 billion a month for capacity across Colossus and Colossus II, and Google agreed to pay $920 million a month from October 2026 through June 2029 for compute including about 110,000 NVIDIA GPUs.^[12][94][13]

Other buyers

Google's purchases in the list are mainly power and GPU capacity rented from SpaceX. Under the agreement SpaceX disclosed on June 5, 2026, Google could end the contract or take fewer GPUs if SpaceX missed a September 30, 2026 delivery target, and either party may terminate on 90 days' notice after 2026.^[13] AWS leased 300 MW of gross capacity from Cipher Mining for 15 years and contracted 1,920 MW of nuclear power from Talen Energy.^[62][37] Saudi Arabia's HUMAIN announced plans with NVIDIA on May 13, 2025 for AI factories of up to 500 MW, beginning with an 18,000-GPU GB300 supercomputer, and the same day AMD and HUMAIN said they would invest up to $10 billion to deploy 500 MW of AI compute capacity over five years; in November 2025 HUMAIN expanded its NVIDIA partnership with plans to deploy up to 600,000 NVIDIA GPUs over three years.^[30][31][70] SK Group and NVIDIA signed letters of intent in July 2026 for a partnership described as worth more than $500 billion, covering SK Telecom's planned 2 GW AI cloud in South Korea on Vera Rubin systems and long-term high-bandwidth memory supply from SK hynix.^[11] Thinking Machines Lab said on March 10, 2026 that it would procure at least 1 GW of Vera Rubin systems from early 2027 under a multiyear partnership that also brought a significant NVIDIA investment.^[85]

Neoclouds and data-center developers

CoreWeave

CoreWeave committed its $2.3 billion debt facility of August 2023 entirely to hardware for contracts it had already signed.^[20] Its largest contracts by disclosed value are with OpenAI, about $22.4 billion across three agreements, and Meta, about $21 billion.^[14][15] NVIDIA is a supplier, customer and shareholder: its $6.3 billion order of September 2025 covers any reserved capacity that CoreWeave's own customers leave unused through April 13, 2032, and in January 2026 it bought $2 billion of CoreWeave stock at $87.20 a share as the two set a goal of more than 5 GW of AI factories by 2030.^[47][79] CoreWeave leases 400 MW at Applied Digital's Polaris Forge 1 campus in North Dakota, signed a multiyear agreement with Anthropic in April 2026, and said on October 6, 2026 that it would be the sole tenant of 240 MW of AdaniConneX data center capacity across three buildings in Navi Mumbai, India, with the first phase expected in mid-2028 and the opportunity to double the capacity.^{[44][90][109]}

Nebius

Nebius's largest disclosed contracts are with Microsoft, about $17.4 billion through 2031 (September 2025), and with Meta: $3 billion over five years (November 2025) and up to about $27 billion (March 2026).^[46][66][87] NVIDIA agreed on March 11, 2026 to invest $2 billion in Nebius, in a partnership under which Nebius would deploy more than 5 GW of NVIDIA systems by the end of 2030.^[86]

Nscale

Nscale is a partner in OpenAI's Stargate projects in Norway, with Aker, and in the UK.^[41][48] For Microsoft it contracted about 200,000 GB300 GPUs across four countries in October 2025, including about 52,000 at Narvik through the Aker-Nscale joint venture. After rolling up that venture, it added more than 30,000 Rubin GPUs at Narvik in April 2026 and more than 66,000 at the Sines campus in Portugal in May 2026, with additional investments there of €230 million in shared infrastructure and €465 million in a second 200 MW building.^[17][91][93] Press reports in August 2026 said Anthropic would pay about $45 billion over six years for 460 MW at Nscale's Monarch campus in West Virginia, a site for which Microsoft had earlier signed a letter of intent before leaving it.^[104]

Lambda

Lambda secured a GPU-backed special-purpose financing vehicle of up to $500 million, led by Macquarie, in April 2024.^[1] The Information reported in September 2025 that NVIDIA, an investor in Lambda, would lease back about 18,000 of its own GPUs from Lambda for about $1.5 billion in total.^[45] Lambda announced a multibillion-dollar agreement with Microsoft in November 2025, and Reuters reported on September 1, 2026 that Anthropic had signed a $35 billion deal with Lambda for about 350 MW at a data center Hut 8 is developing in Nueces County, Texas.^[64][105]

Fluidstack

Fluidstack leases capacity from data center developers, with Google guaranteeing part of the rent. TeraWulf signed two 10-year agreements with it on August 14, 2025 for more than 200 MW at Lake Mariner, New York, worth about $3.7 billion and up to $8.7 billion with extensions, and added a 160 MW building four days later.^[42][122] Cipher signed a 168 MW, 10-year agreement at Barber Lake, Texas on September 25, 2025, worth about $3 billion, and added 39 MW of critical IT load in November 2025.^[51][123] On September 25, 2026 Cipher extended the Barber Lake lease to 20 years, raising contracted revenue at the site from $3.8 billion to more than $9 billion, through an amendment to the Fluidstack lease coupled with a binding commitment from an unnamed leading AI lab to lease the facility for a further 10 years.^[124] Hut 8's 15-year, $7.0 billion River Bend lease for Anthropic's capacity is also signed with Fluidstack.^[73]

IREN

IREN's disclosed contracts are for GPU cloud services rather than building leases. Its five-year Microsoft contract of November 3, 2025 is worth about $9.7 billion, including a 20% prepayment, for GB300 GPUs in new data centers supporting 200 MW at Childress, Texas, and IREN agreed to buy the GPUs and equipment from Dell for about $5.8 billion.^[63] On May 7, 2026 it signed a five-year, $3.4 billion managed GPU cloud contract with NVIDIA, using about 60 MW at Childress.^[96] The same day NVIDIA and IREN announced plans to support up to 5 GW of NVIDIA DSX-aligned infrastructure, centered on IREN's 2 GW Sweetwater campus in Texas, and IREN gave NVIDIA a five-year right to buy up to 30 million shares at $70 each, or up to $2.1 billion.^[95]

Cipher Mining

Cipher Mining, which renamed itself Cipher Digital in 2026, signed a 15-year lease with AWS on November 3, 2025 for 300 MW of gross capacity, delivered in two phases in 2026, with an estimated contract value of about $5.5 billion.^[62] Its Barber Lake site is leased to Fluidstack. Cipher raises project debt through site subsidiaries: it proposed $2.0 billion of senior secured notes to finish its Black Pearl data center in Wink, Texas in February 2026 and $810 million for its Stingray facility in June 2026.^[125][126]

TeraWulf

TeraWulf's Lake Mariner campus in New York is leased to Fluidstack. On July 6, 2026 TeraWulf signed a 20-year lease with Anthropic for about 401 MW of critical IT load at its Justified Data campus in Hawesville, Kentucky, expected to bring in about $19 billion over the initial term with first capacity in the second half of 2027, and agreed to sell its majority interest in a joint venture at Abernathy, Texas to Fluidstack.^[98]

Hut 8

Hut 8 agreed on December 17, 2025 to develop at least 245 MW and up to 2,295 MW of AI data center capacity for Anthropic. The first 245 MW, at River Bend in Louisiana, is leased to Fluidstack for 15 years for $7.0 billion over the base term, or up to $17.7 billion if all renewal options are exercised, with Google providing a financial backstop for the base term.^[72][73] At its 1 GW Beacon Point campus in Nueces County, Texas, Hut 8 signed two 15-year leases of 352 MW each with a high-investment-grade tenant it did not name, the second on July 20, 2026 for $9.8 billion, bringing the campus's base-term contract value to $19.6 billion.^[5] Because the tenant is unnamed, those leases are not in the main table.

Applied Digital

Applied Digital leases its Polaris Forge 1 campus in Ellendale, North Dakota to CoreWeave. Two leases of about 15 years each, signed in May 2025, and a third 150 MW lease signed in August 2025 bring CoreWeave's capacity there to 400 MW and the anticipated lease revenue to about $11 billion.^[44]

Financing structures

Joint ventures and special-purpose vehicles

Several large campuses are owned by financing ventures rather than by the companies that use them. Meta's Hyperion venture is 80% owned by funds managed by Blue Owl, and part of the capital Blue Owl raised is funded by debt issued to PIMCO and other bond investors. Meta leases the campus on four-year initial terms with options to extend and gave the venture a residual value guarantee covering the first 16 years of operations.^[8] The El Paso venture with BlackRock repeats the 80/20 split, with part of BlackRock's investment funded by a $12.5 billion debt financing; Meta's leases there run four years with four extension options, for a potential 20-year term, and its residual value guarantees have an aggregate threshold of about $13 billion that declines over time.^[101] Blue Owl is also a partner, with Primary Digital Infrastructure, in the $15 billion joint venture funding Crusoe's Abilene campus.^[32] The xAI vehicle described by Bloomberg in October 2025 would buy NVIDIA chips with about $7.5 billion of equity and up to $12.5 billion of debt and lease them to xAI for five years.^[53]

NVIDIA guarantees, purchase commitments and equity

NVIDIA supports its customers' buildouts in several ways. It buys cloud capacity: under the $6.3 billion order it signed with CoreWeave in September 2025, NVIDIA must buy any reserved capacity that CoreWeave's customers do not use, and it later signed cloud contracts with IREN ($3.4 billion over five years) and Sharon AI (up to $4.88 billion over six years), besides the Lambda leaseback reported in 2025.^{[47][96][97][45]} Its quarterly report for the period ended July 26, 2026 put its commitments under such AI cloud agreements, typically six years long, at $36 billion, and listed land, power and shell guarantees of select AI cloud partners' data center leases with a notional value of about $3.5 billion.^[127] In August 2026 NVIDIA agreed to guarantee lease obligations at the PORTS-Pike campus, with its payments capped at $105 billion for the initial commitment; it said OpenAI had agreed to reimburse and indemnify it for certain losses, but that it might not recover such amounts promptly or in full.^[9][127] NVIDIA also takes equity: $2 billion of CoreWeave stock in January 2026, a $2 billion investment in Nebius in March 2026, a right to buy up to $2.1 billion of IREN shares in May 2026, a commitment of up to $10 billion in Anthropic and the intended investment of up to $100 billion in OpenAI.^{[79][86][95][68][49]} In August 2026 it signed memoranda of understanding with large capital providers to set up independent financing platforms meant to mobilize more than $500 billion of third-party capital over time, and said these might not lead to definitive agreements.^[127]

GPU-backed debt

Neoclouds have borrowed against GPUs and the customer contracts the GPUs serve. CoreWeave committed its $2.3 billion facility of August 2023 entirely to buying hardware for contracts it had already signed, described its $7.5 billion facility of May 2024 as one of the largest private financings in history, and used a $2.6 billion delayed draw term loan in July 2025 to buy equipment for its OpenAI contract.^[20][7][40] Lambda's vehicle of up to $500 million in April 2024 was also GPU-backed.^[1] Bond and convertible note offerings are not listed in the table; CoreWeave, for example, completed a sale of $4.2 billion of 2.875% convertible senior notes due 2033 on September 22, 2026, on top of several series of senior notes due between 2030 and 2032.^[128]

Customer backstops and vendor financing

Google guaranteed part of Fluidstack's rent at three developers to support their project debt, and took warrants or equity in TeraWulf and Cipher in return. At TeraWulf the backstop started at $1.8 billion and rose to about $3.2 billion, with a pro forma stake of about 14%, after the August 2025 expansion; at Cipher it started at $1.4 billion, with a stake of about 5.4%, and rose to $1.73 billion in November 2025; and at Hut 8's River Bend campus it covers the 15-year base lease term.^{[42][122][51][123][73]} Suppliers also use their own securities and balance sheets to win orders. AMD issued OpenAI and Meta warrants for up to 160 million shares each that vest with deployments, Akamai issued Anthropic a warrant for up to about 5% of its stock that vests as the commitment grows, Cerebras's filing lists a warrant for about 33.4 million shares issued to OpenAI alongside OpenAI's $1.0 billion loan to Cerebras, and Reuters reported Broadcom's offer to lend Anthropic up to $42 billion.^{[55][82][106][78][107]} Buyers sometimes pay in advance: Microsoft's IREN contract includes a 20% prepayment.^[63]

Power agreements

AI developers and cloud companies have signed long-term power agreements, many of them for nuclear output, to support their data centers. The power deals in the main table are below; AI energy consumption covers demand estimates.

Several of these agreements pay for new capacity on a regional grid rather than for power delivered to one building. Google's Constellation agreement funds uprates that add 890 MW to the PJM grid, alongside a separate 15-year supply agreement for 2,700 MW from Constellation's existing PJM fleet, and Constellation said the deal represented more than $4.3 billion of new investment by Constellation and supports the growth of artificial intelligence and digital infrastructure.^[108] NextEra expects the restarted Duane Arnold plant to deliver electricity onto the grid by the first quarter of 2029 and said the power would help Google's cloud and AI infrastructure in Iowa.^[60] Talen said its power would support AI and other cloud operations at Amazon's data center campus, and Google presented its Kairos agreement as a response to the grid's need for new electricity sources to support AI.^[37][23] Meta's January 2026 agreements include 20-year power purchase agreements for 2,176 MW from Vistra plants, funding for up to eight TerraPower Natrium reactors and a 1.2 GW Oklo campus in Pike County, Ohio.^[75] Six days before the Google deal, on September 30, 2026, Constellation announced a 20-year agreement with Amazon covering 690 MW from the Calvert Cliffs plant in Maryland, including a 190 MW uprate due between 2030 and 2032. That release did not describe an AI use, so the deal is not in the main table.^[129]

Reported deals that were denied or never confirmed

Some of the largest figures in circulation come from press reports that the parties never confirmed, and one report was denied. The reported deals in this list stood as follows in October 2026.

The Oracle figure is the largest of these. The Wall Street Journal reported on September 10, 2025 that OpenAI had signed a contract to buy about $300 billion of Oracle computing power over roughly five years starting in 2027, citing people familiar with the agreement, and neither company confirmed it.^[10] What Oracle had disclosed, on June 30, 2025, was a contract with an unnamed customer expected to contribute more than $30 billion of annual revenue from fiscal 2028, and OpenAI's announcement of July 22, 2025 described the Oracle partnership as 4.5 GW without a dollar value.^[110][39] Accounts of the capacity also differ: The Register's report on the contract gave five gigawatts.^[10]

In late June 2025 Reuters and other outlets reported that OpenAI had begun renting Google TPUs; OpenAI then said it was only in early testing with some TPUs and had no active plans to deploy them at scale.^[34] Press reports in September 2025 attributed a new $10 billion custom chip order at Broadcom to OpenAI, but Broadcom said in December 2025 that the customer was Anthropic.^[130][71]

OpenAI's letter of intent with NVIDIA had not become a definitive agreement by February 25, 2026, when NVIDIA's annual report said it was still finalizing an investment and partnership agreement with OpenAI and that there was no assurance a transaction would be completed. Two days later OpenAI announced a $110 billion funding round that included $30 billion from NVIDIA, and Reuters said it was unclear whether this replaced the pledge of up to $100 billion.^[131][132] Stargate Argentina, signed as a letter of intent in October 2025, had not been presented to the Argentine government by late May 2026, according to the Buenos Aires Times.^[115]

See also

• AI compute
• AI capex
• Compute derivatives
• Neocloud
• Hyperscaler
• Stargate Project
• NVIDIA AI compute financing platforms
• GPU depreciation
• AI bubble
• AI energy consumption

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