Compute market / 4 dealsThe compute board
Who is paying whom for compute.
Capacity contracts, loans against chips, backstops, stakes, leases, chip supply, power and acquisitions. Every row is dated, says what kind of document it comes from, and links to it.
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 17 Aug 2026 | Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAISignedPORTS Technology Campus, Pike County, Ohio; an OpenAI affiliate is the tenant. Nvidia pays the shortfall versus guaranteed minimum value on OpenAI insolvency or non-payment. Obligations start when ready-for-service conditions are met, expected from 2028. The site will host Nvidia infrastructure. | Backstop | $105BCumulative cap of $105B on the initial commitment; Nvidia may, at its discretion, back ~3.8 GW more. | 4,250 MW | NVIDIA 8-K, 2026-08-17Regulatory filing | |
| 25 Sept 2025 | Google 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 | $1.4B | Cipher Mining 8-K, 2025-09-25Regulatory filing | |
| 15 Sept 2025 | Nvidia agrees to buy CoreWeave's residual unsold cloud capacity through April 13, 2032 under a $6.3B order formSignedNew order form under the April 10, 2023 MSA: where CoreWeave's capacity is not fully used by its own customers, Nvidia must purchase the residual unsold capacity through 2032-04-13, subject to delivery and availability requirements. Nvidia is also CoreWeave's GPU supplier and a stockholder. | Backstop | $6.3BInitial value of the order form: $6.3B. | CoreWeave 8-K, 2025-09-15Regulatory filing | ||
| 14 Aug 2025 | Google 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 | $1.8B | TeraWulf 8-K, 2025-08-14Regulatory filing |
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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.