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The Markets Desk — Week 44 · Sat 31 Oct 2026
Compute / the Ledger · 7 deals

Who is paying whom for compute.

Every deal dated, typed in plain words, and linked to the document it comes from.

The compute board
A steel receipt spike with a copper collar, holding a roll of paper slips.
The LedgerRead against its source

Deals with alphabet as a party. Show every company

Compute deals, newest first
AnnouncedDealPartiesTypeValueTermsSource
5 Jun 2026Google contracts SpaceX compute capacity, about 110,000 NVIDIA GPUs, $920M a month from October 2026 through June 2029SignedCloud Service Agreement between SpaceX and Google LLC entered 2026-06-05. Compute includes approximately 110,000 NVIDIA GPUs plus CPUs, memory and related components. Fee $920M per month from October 2026 through June 2029; capacity ramps through September at a reduced fee. If SpaceX does not deliver the committed GPUs by 2026-09-30, after a one-month grace period Google may terminate or accept the GPUs delivered with a pro rata fee reduction. After 2026-12-31 either party may terminate on 90 days' notice. Total value and GPU model not stated. Source: SpaceX free writing prospectus (Rule 433), filed 2026-06-05.Capacity contractundisclosed$920M per month from October 2026 through June 2029, ramping through September 2026 at a reduced fee110,000 × GPUsSpaceX free writing prospectus, 2026-06-05Regulatory filing
6 Apr 2026Anthropic to access ~3.5 GW of next-generation TPU capacity through Broadcom from 2027; Broadcom signs long-term TPU supply with GoogleSignedBroadcom-Google Long Term Agreement for custom TPUs and a Supply Assurance Agreement through up to 2031. Broadcom notes consumption depends on Anthropic's continued commercial success, and that the parties are in discussions with operational and financial partners. Accelerator as stated: Google TPU (next generation).Chip supplyundisclosedNo dollar value disclosed.3,500 MWBroadcom 8-K, 2026-04-06Regulatory filing
17 Dec 2025Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstopSignedTriple-net lease; Google provides a financial backstop for the 15-year base term; Fluidstack holds a right of first offer on up to 1,000 MW more. Financed by $3.25B of 6.192% senior secured notes due 2042 (Hut 8 8-K 2026-05-01).Site lease$7B$7.0B over the base term (including a 3% annual escalator); up to $17.7B if all renewal options are exercised.15 years245 MWHut 8 8-K Ex. 99.1, 2025-12-17Regulatory filing
28 Oct 2025TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3BSignedTeraWulf 50.1% (rising to 51%), Fluidstack 49.9%. Serves 'a global hyperscale AI platform developing frontier-scale foundation models'. Delivery expected H2 2026. On 2026-07-06 TeraWulf agreed to sell its entire 50.1% interest to an investor group led by Fluidstack (TeraWulf 8-K Ex. 99.1, 2026-07-06).Site lease$9.5B25 years168 MWTeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing
23 Oct 2025Anthropic expands its Google Cloud TPU use to up to one million TPUs, over a gigawatt online in 2026AnnouncedAccelerator as stated: Google TPU.Capacity contractundisclosed'Tens of billions of dollars' per Anthropic; no exact figure or term. MW is 'well over a gigawatt' in 2026.1,000 MWAnthropic announcement, 2025-10-23Company press release
25 Sept 2025Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of CipherSignedRecognition agreement: on Fluidstack payment default or insolvency, Google may pay rent and assume the lease, or pay a termination fee in exchange for equity in the project entity. Warrants for 24,178,576 Cipher shares at $0.01, with a $430M minimum-value make-whole. Increased by $333M on 2025-11-20.Backstop$1.4BCipher Mining 8-K, 2025-09-25Regulatory filing
14 Aug 2025Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulfSignedWarrants for ~41M TeraWulf shares. On Fluidstack default or insolvency Google may pay rent and assume the lease or pay a termination fee. Raised to ~$3.2B total with CB-5 on 2025-08-17.Backstop$1.8BTeraWulf 8-K, 2025-08-14Regulatory filing

chip named on 0 of 7 · term on 2 · price on 0

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How the Ledger is kept

  • Every row is a deal read in its source, and links to that source.
  • Every row says what kind of document it comes from: a regulatory filing, the company’s own release, an earnings call, or a news report. A news report stays a news report until a filing confirms it.
  • Values are the headline figures as the parties disclosed them, in US dollars, unadjusted. “Undisclosed” means they did not say.
  • The end date is the start plus the term, worked out here — it is not a reported figure.
  • Facts only. The Ledger holds no view on any deal.