Circular financing ledger
Money that goes round the stack instead of out of it: suppliers investing in, guaranteeing, or buying capacity back from their own customers. Every row is a filed or announced instrument with its verbatim snippet; reported-only rows are flagged. The cumulative signed total feeds the circular financing scale indicator; letters of intent, talks and self-reported aggregates are shown but not summed.
| Date | Parties | Instrument | Amount | Grade | Source | Flags | Snippet |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Nvidia → OpenAI | guarantee | — | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | guarantee announced; no amount in the 8-K. OpenAI will be the customer. SB Energy will build, own and operate the data center under a 20-year lease to OpenAI. | |
| 2026-08-17 | Nvidia → OpenAI | guarantee | $105B | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp. (SB Energy) on behalf of a customer, an aff… | |
| 2026-07-27 | Nvidia → OpenAI | backstop (talks) | $250B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | OpenAI is in discussions with Nvidia about a backstop of up to $250 billion that would help fund its plans to lease a new AI data center, CNBC has confirmed |
| 2026-07-27 | Nvidia | 5-year CDS | 82.0 bps | grade C, evidence tier 5 | Yahoo Finance (syndicated Investing.com) | Nvidia's five-year credit default swap surged to a record 82 basis points on Monday, July 27, its largest single-day intraday gain since the contract began actively trading in November 2025, according to ICE Data Service… | |
| 2026-04-20 | Amazon → Anthropic | AWS commitment | $100B | grade A, evidence tier 4 | About Amazon company news | a commitment from Anthropic to spend more than $100 billion over the next ten years on AWS technologies | |
| 2026-04-20 | Amazon → Anthropic | equity | $25.0B | grade A, evidence tier 4 | About Amazon company news | Amazon will invest $5 billion in Anthropic today and up to an additional $20 billion in the future tied to certain commercial milestones | |
| 2026-03-31 | Nvidia → OpenAI | equity | $30.0B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | Amazon agreed to invest up to $50 billion in the startup, Nvidia invested $30 billion, and SoftBank invested $30 billion |
| 2026-02-20 | OpenAI | stated total | $600B | grade C, evidence tier 5 | CNBC | ⚑ reported / disputed | OpenAI is telling investors that it's now targeting roughly $600 billion in total compute spend by 2030, months after CEO Sam Altman touted $1.4 trillion in infrastructure commitments |
| 2026-01-26 | Nvidia → CoreWeave | equity | $2.0B | grade A, evidence tier 4 | NVIDIA Newsroom | NVIDIA has invested $2 billion in CoreWeave Class A common stock at a purchase price of $87.20 per share | |
| 2025-12-31 | Microsoft | commercial RPO | $625B | grade A, evidence tier 4 | Microsoft investor relations (earnings calls) | Commercial remaining performance obligation, which continues to be reported net of reserves, increased to $625 billion and was up 110% year-over-year | |
| 2025-12-31 | Microsoft → OpenAI | rpo | 45.0% | grade A, evidence tier 4 | Microsoft investor relations (earnings calls) | Approximately 45% of our commercial RPO balance is from OpenAI | |
| 2025-11-18 | Microsoft → Anthropic | Azure commitment | $30.0B | grade A, evidence tier 4 | Official Microsoft Blog | Anthropic has committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt | |
| 2025-11-18 | Microsoft → Anthropic | equity | $5.0B | grade A, evidence tier 4 | Official Microsoft Blog | NVIDIA and Microsoft are committing to invest up to $10 billion and up to $5 billion respectively in Anthropic | |
| 2025-11-18 | Nvidia → Anthropic | equity | $10.0B | grade A, evidence tier 4 | Official Microsoft Blog | NVIDIA and Microsoft are committing to invest up to $10 billion and up to $5 billion respectively in Anthropic | |
| 2025-11-06 | OpenAI | stated total | $1.4T | grade D, evidence tier 7 | TechCrunch | We are looking at commitments of about $1.4 trillion over the next 8 years | |
| 2025-10-28 | Microsoft → OpenAI | Azure commitment | $250B | grade A, evidence tier 4 | Official Microsoft Blog | OpenAI has contracted to purchase an incremental $250B of Azure services, and Microsoft will no longer have a right of first refusal to be OpenAI’s compute provider | |
| 2025-10-06 | AMD → OpenAI | commitment | 6.00 GW | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | AMD (NASDAQ: AMD) and OpenAI today announced a 6 gigawatt agreement to power OpenAI’s next-generation AI infrastructure across multiple generations of AMD Instinct GPUs | |
| 2025-10-05 | AMD → OpenAI | warrant | 160,000,000 shares | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | issued to OpenAI OpCo, LLC (“Warrantholder”) a warrant (the “Warrant”) to purchase up to an aggregate of 160 million shares of common stock of the Company (the “Warrant Shares”) at an exercise price of $0.01 per share | |
| 2025-09-25 | Meta → CoreWeave | take-or-pay contract | $14.2B | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | Meta has initially committed to pay the Company up to approximately $14.2 billion through December 14, 2031 under the Order Form | |
| 2025-09-22 | Nvidia → OpenAI | letter of intent | $100B | grade A, evidence tier 4 | NVIDIA Newsroom | NVIDIA intends to invest up to $100 billion in OpenAI progressively as each gigawatt is deployed | |
| 2025-09-10 | Oracle → OpenAI | take-or-pay contract | $300B | grade C, evidence tier 5 | SiliconANGLE | ⚑ reported / disputed | OpenAI today confirmed that it has signed an agreement to purchase computing infrastructure worth $300 billion from Oracle Corp. over a period of roughly five years |
| 2025-09-09 | CoreWeave → Nvidia | backstop | $6.3B | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | which has an initial value of $6.3 billion, that establishes an arrangement with respect to the sale by the Company of reserved cloud computing capacity to its customers and provides NVIDIA access to any residual unsold … | |
| 2025-09-08 | Microsoft → Nebius | take-or-pay contract | $17.4B | grade A, evidence tier 4 | SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) | the total contract value is about $17.4 billion through 2031 | |
| 2024-11-22 | Amazon → Anthropic | equity | $8.0B | grade A, evidence tier 4 | Anthropic newsroom | This expanded partnership includes a new $4 billion investment from Amazon and establishes AWS as our primary cloud and training partner. This will bring Amazon's total investment in Anthropic to $8 billion |