Compute market / 13 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 |
|---|---|---|---|---|---|---|
| 24 Sept 2026 | Anthropic commits $11.6B over seven years to Akamai Cloud for CPU workloads; Akamai issues Anthropic a warrant for up to ~5%SignedWarrant for up to ~5% of Akamai's common stock, ~2% expected to vest with this commitment; exercise price $111.33 per common share (per press coverage of the 8-K). |
| Capacity contract | $11.6B$11.6B contractual commitment; potential expansion of up to $9B more (~$20B total). | 7 years | Akamai 8-K Ex. 99.1, 2026-09-24Regulatory filing |
| 7 May 2026 | Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at ChildressSignedDeployed within 60 MW of existing Childress data centers, ramp targeted from early 2027; supports Nvidia's internal workloads (Q3 FY26 call). Part of a 5 GW strategic partnership under which IREN issued Nvidia a five-year right to buy up to 30M IREN shares at $70 (up to $2.1B), vesting as Nvidia GPU infrastructure is deployed. Accelerator as stated: NVIDIA Blackwell (air-cooled). | Capacity contract | $3.4B | 5 years60 MW | IREN 8-K Ex. 99.1 (Q3 FY26 results), 2026-05-07Regulatory filing | |
| 15 Apr 2026 | Jane Street commits ~$6B to CoreWeave's AI cloud and buys $1B of CoreWeave stock at $109.00SignedExpands an existing relationship; capacity across multiple facilities including Nvidia Vera Rubin. Separate $1.0B private placement of 9,174,311 Class A shares at $109.00 closed 2026-04-15. |
| Capacity contract | $6B | CoreWeave 8-K Ex. 99.1, 2026-04-15Regulatory filing | |
| 9 Apr 2026 | Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032AmendedOrder form under the December 10, 2023 MSA, entered 2026-03-31. Capacity includes initial Nvidia Vera Rubin deployments. Expands meta-coreweave-capacity-2025-09. | Capacity contract | $21B~$21B is inclusive of the exercise of an existing option under the previous (September 2025) order form, so it is not wholly incremental. | CoreWeave 8-K, 2026-04-09Regulatory filing | ||
| 16 Mar 2026 | Meta signs a five-year Nebius agreement: $12B of dedicated Vera Rubin capacity plus up to $15B of unsold-capacity purchasesSignedDedicated GPU clusters across multiple locations, deployed in tranches from early 2027. The $15B order is a backstop: Meta buys unsold capacity on certain clusters for five years from deployment. Accelerator as stated: NVIDIA Vera Rubin. | Capacity contract | $12B$12B firm dedicated-capacity orders; total contract value up to ~$27B including an order obliging Meta to buy up to $15B of capacity Nebius does not sell to third parties. | 5 years | Nebius 6-K, 2026-03-16Regulatory filing | |
| 27 Feb 2026 | OpenAI expands its AWS agreement by $100B over eight years, including ~2 GW of Trainium capacityAmendedExpands the November 2025 $38B agreement (see openai-aws-capacity-2025-11). AWS becomes exclusive third-party cloud distributor for OpenAI Frontier. Accelerator as stated: AWS Trainium. |
| Capacity contract | $100B | 8 years2,000 MW | Amazon 8-K Ex. 99.1, 2026-02-27Regulatory filing |
| 14 Jan 2026 | OpenAI agrees to deploy 750 MW of Cerebras inference compute; Cerebras's S-1 values the deal at more than $20BSignedTranches through 2028. OpenAI receives a warrant for 33,445,026 Cerebras Class N shares subject to vesting (S-1). | Capacity contract | $20B'More than $20 billion' per Cerebras's S-1 (a floor, not a ceiling); OpenAI's announcement states no value. | 750 MW | Cerebras S-1, April 2026Regulatory filing | |
| 3 Nov 2025 | Microsoft contracts IREN for Nvidia GB300 capacity at Childress, Texas: ~$9.7B over a five-year average termSignedPartner Statement of Work with IREN subsidiary IE US Hardware 3; Horizon 1-4 facilities, ~200 MW IT load, tranches targeted for 2026. 20% of each tranche's value prepaid. IREN agreed the same day to buy ~$5.8B of GPUs and ancillary equipment from Dell for the contract. Financed in May 2026 (see iren-microsoft-contract-financing-2026-05). Accelerator as stated: NVIDIA GB300. | Capacity contract | $9.7B | 5 years · to 2 Nov 2030200 MWGB300 | IREN 8-K, 2025-11-03Regulatory filing | |
| 30 Sept 2025 | Meta commits up to ~$14.2B through December 14, 2031 for CoreWeave cloud capacitySignedOrder form under the December 10, 2023 Meta MSA (filed as Exhibit 10.1). Expanded 2026-03-31 (see meta-coreweave-capacity-2026-03). | Capacity contract | $14.2BInitially committed to pay up to approximately $14.2B (a ceiling), with an option to materially expand through 2032. | CoreWeave 8-K, 2025-09-30Regulatory filing | ||
| 25 Sept 2025 | OpenAI commits up to ~$6.5B more through May 31, 2031 in a new CoreWeave order formAmendedOrder form under the May 8, 2025 MSA, filed as Exhibit 10.1. Expands openai-coreweave-capacity-2025-03 and openai-coreweave-expansion-2025-05. | Capacity contract | $6.5BUp to approximately $6.5B (a ceiling); CoreWeave puts total OpenAI contract value at up to ~$22.4B after this order. | CoreWeave 8-K, 2025-09-25Regulatory filing | ||
| 8 Sept 2025 | Microsoft contracts Nebius for dedicated GPU capacity at Vineland, New Jersey: ~$17.4B through 2031, up to ~$19.4BSignedFive-year term, GPU services deployed in tranches during 2025 and 2026. Microsoft may terminate a tranche if delivery dates are missed after a grace period and no alternative capacity is provided. Obligations commence once Nebius confirms it has secured the financing for the capex. | Capacity contract | $17.4B~$17.4B total contract value through 2031; up to ~$19.4B if Microsoft acquires additional services/capacity. | 5 years | Nebius 6-K, 2025-09-08Regulatory filing | |
| 30 Jun 2025 | Oracle discloses a cloud services agreement expected to contribute more than $30B of annual revenue starting in fiscal 2028SignedThe filing does not name the customer. OpenAI announced on 2025-07-22 an agreement with Oracle to develop 4.5 GW of additional Stargate capacity (openai.com/index/stargate-advances-with-partnership-with-oracle/). A ~$300B, ~five-year OpenAI-Oracle contract was reported by the WSJ on 2025-09-10 and has not been confirmed by either party. |
| Capacity contract | undisclosed>$30B is annual revenue from FY28, not total contract value; counterparty and term not disclosed. | Oracle 8-K, 2025-06-30Regulatory filing | |
| 10 Mar 2025 | OpenAI commits up to ~$11.9B through October 2030 for CoreWeave cloud capacity; CoreWeave issues OpenAI $350M of stockSignedMaster services agreement with OpenAI OpCo. Condition: CoreWeave to establish an SPV holding the infrastructure, financed with SPV-level debt. CoreWeave agreed to issue OpenAI Class A shares worth $350.0M at the IPO price. OpenAI may terminate all or part of the commitment on repeated availability failures (Q1 2025 10-Q). Expanded May 2025 and September 2025. | Capacity contract | $11.9BUp to approximately $11.9B through October 2030 (a ceiling), subject to delivery and availability requirements. | CoreWeave S-1/A, 2025-03-12Regulatory filing |
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