Compute market / 11 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 |
|---|---|---|---|---|---|---|
| 25 Sept 2026 | An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phasedAmendedBinding commitment with 'a leading AI lab' (not named) on terms substantially consistent with the Fluidstack lease. Delivery re-phased to Q4 2026-Q1 2027; Cipher bears the first $359.3M of cost overruns, 50% of the excess reimbursed by the tenant over 20 years. |
| Site lease | $5.2B~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years. | 10 years · to 24 Sept 2036 | Cipher Digital 8-K, 2026-09-25Regulatory filing |
| 28 Jul 2026 | AMD leases 377 MW from Core Scientific for 15 years and backs 152 MW of neocloud leases, with rights to ~1.9 GW moreSignedAMD leases at Pecos TX, Muskogee OK and Hunt County TX; an unnamed neocloud leases 152 MW at Auburn AL and Dalton GA with AMD credit support (AMD may cure defaults). AMD holds a reservation right on 1,925 MW more through 2028-12-28 (up to 2.5 GW total) and receives market-priced Core Scientific warrants. Three five-year options. Accelerator as stated: AMD Instinct. |
| Site lease | undisclosedCore Scientific: more than $14B of potential base contracted revenue across ~530 MW at five sites. | 15 years · to 27 Jul 2041529 MW | Core Scientific 8-K, 2026-07-28Regulatory filing |
| 6 Jul 2026 | Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenueSignedDeveloped in phases; initial capacity in service H2 2027, full 401 MW by early 2028. TeraWulf says the lease is expected to be supported by an investment-grade credit. Signed directly with Anthropic, not via Fluidstack. | Site lease | $19B | 20 years401 MW | TeraWulf 8-K Ex. 99.1, 2026-07-06Regulatory filing | |
| 17 Dec 2025 | Fluidstack 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 MW | Hut 8 8-K Ex. 99.1, 2025-12-17Regulatory filing |
| 3 Nov 2025 | AWS signs a ~$5.5B, 15-year lease for 300 MW at a Cipher siteSignedDelivered in two phases from July 2026 to Q4 2026, rent from August 2026. Cipher's first direct hyperscaler lease. |
| Site lease | $5.5B | 15 years300 MW | Cipher Mining 8-K Ex. 99.1, 2025-11-03Regulatory filing |
| 28 Oct 2025 | TeraWulf 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 | $9.5B | 25 years168 MW | TeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing |
| 21 Oct 2025 | Meta and Blue Owl form an 80/20 JV for the Hyperion campus in Louisiana; Meta leases it from 2029 with a residual value guaranteeSignedBlue Owl affiliate holds 80% and contributed $7.0B cash; Meta holds 20%, contributed $4.3B of assets and received a $2.6B distribution (Meta's release says ~$3B). Meta's 16-year residual value guarantee threshold begins at $28B. JV debt: $27.3B 6.581% Beignet Investor bonds due 2049 (reported, 144A, not filed). | Site lease | $12.3B$12.3B is Meta's initial four-year lease commitment (renewable to 20 years). Meta's release puts total development cost at ~$27B. | Meta 10-Q (Q3 2025), Note 13Regulatory filing | ||
| 25 Sept 2025 | Fluidstack leases Cipher's 168 MW Barber Lake site for 10 years, ~$3B of contracted revenueSignedColorado City, Texas; up to 244 MW gross. Google backstops the lease (see google-cipher-backstop-2025-09). Expanded 2025-11-20; follow-on lease with an AI lab 2026-09-24. |
| Site lease | $3B~$3B over the initial 10-year term; ~$7B if two five-year extensions are exercised. | 10 years · to 24 Sept 2035168 MW | Cipher Mining 8-K Ex. 99.1, 2025-09-25Regulatory filing |
| 14 Aug 2025 | Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenueSignedTwo leases (CB-3, CB-4) in Barker, New York, delivered in two phases in 2026. Google backstop: see google-terawulf-backstop-2025-08. On 2025-08-17 Fluidstack added the 160 MW CB-5 building on the same terms, taking its Lake Mariner total to ~360 MW (8-K 2025-08-18). |
| Site lease | $3.7B~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'. | 10 years · to 13 Aug 2035200 MW | TeraWulf 8-K Ex. 99.1, 2025-08-14Regulatory filing |
| 2 Jun 2025 | CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7BSignedPolaris Forge 1. On 2025-08-28 CoreWeave added a 150 MW Building 4 lease (~$4.0B), taking its Ellendale total to 400 MW and Applied Digital's contracted lease revenue to ~$11B (8-K 2025-08-29). |
| Site lease | $7B~$3B (Building 2, 100 MW) plus ~$4B (Building 3, 150 MW) over the initial ~15-year terms; three five-year extension options. | 15 years · to 28 May 2040250 MW | Applied Digital 8-K, 2025-06-02Regulatory filing |
| 28 Mar 2025 | CoreWeave leases Galaxy's Helios campus in West Texas for 15 years, growing to 526 MW of critical ITSignedInitial 15-year, 133 MW lease (2025-03-28); CoreWeave exercised Phase II (260 MW, April 2025) and Phase III (133 MW, August 2025) options. Galaxy financed Phase I with a $1.4B Deutsche Bank term loan at SOFR (2.50% floor) + 4.75% (8-K 2025-08-15). |
| Site lease | undisclosedGalaxy: anticipated average annual revenue of over $1B for the three phases combined; no total stated. | 15 years526 MW | Galaxy Digital 8-K Ex. 99.2 (Q2 2025 overview), 2025-08-05Regulatory filing |
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