Capital flow drill-down
Money in, revenue out: the full breakdown.
Issue 20 · Week 36 of 2026.
The four-category capital scorecard expanded with named transactions, burn-to-revenue context, and per-category trends across recent issues. Each row corresponds to a row in the summary table on the issue page.
Capital flow scorecard
Capital in, revenue out, burn ratio, and movement.
| Category | Capital in | Revenue out | Burn to revenue | Movement |
|---|---|---|---|---|
| Frontier LabsOpenAI, Anthropic, Google DeepMind, xAI | UnknownPrior Unknown · Flat | UnknownPrior Unknown · Flat | n/a | No reproducible W36 constituent ledger supports a category point estimate; no in-window financing or annual revenue disclosure establishes one. |
| Hyperscaler-HostedAzure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI | UnknownPrior Unknown · Flat | UnknownPrior Unknown · Flat | n/a | No reproducible W36 constituent ledger supports a category point estimate; Google's Fervo agreement has no disclosed consideration. |
| NeocloudsCoreWeave, Nscale, Crusoe, Lambda, Fluidstack, IREN | UnknownPrior Unknown · Flat | UnknownPrior Unknown · Flat | n/a | Nscale added up to $3.05B of delayed-draw commitments, but the unreproduced carried base prevents an honest category total or direction. |
| On-Prem / HybridEnterprise GPU clusters, sovereign and national programs, Cisco / Dell / HPE | UnknownPrior Unknown · Flat | UnknownPrior Unknown · Flat | n/a | No reproducible W36 constituent ledger supports a category point estimate; the atNorth deal changes ownership rather than measuring new category capital. |
Category
Frontier Labs.
OpenAI, Anthropic, Google DeepMind, xAI
- Capital in
- Unknownvs Unknown · Flat
- Revenue out
- Unknownvs Unknown · Flat
- Burn / rev
- n/aLower means more capital out than in.
The read
Prior rolling estimates are not reproduced because this issue's artifact set lacks the constituent list, valuation date, and formula inputs. Astra pricing and Anthropic's safeguards remain product signals, not category capital or revenue totals.
This week's transactions
Trend across recent issues
- Capital in
- $95B, $95B, $95B, $95B, $95B, $95B, $95B, n/a
- Revenue out
- $21B, $21B, $21B, $21B, $21B, $21B, $21B, n/a
Category
Hyperscaler-Hosted.
Azure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI
- Capital in
- Unknownvs Unknown · Flat
- Revenue out
- Unknownvs Unknown · Flat
- Burn / rev
- n/aLower means more capital out than in.
The read
Google contracted the firm Fervo geothermal capacity noted above and received an option for approximately 600 MW of conditional expansion. If accepted under a definitive agreement, total contracted capacity would be not less than approximately 950 MW, with June 2030 as the expansion's guaranteed commercial-operation date. None belongs in a capital total without disclosed consideration.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 1 | Google Energy signs 396 MW, 15-year Fervo power-purchase agreement; initial delivery targeted Q3 2028 | Not disclosed | Fervo filing mirror |
| Aug 31 | AWS-Azure private multicloud interconnect enters four-region preview | Not disclosed | AWS |
Trend across recent issues
- Capital in
- $210B, $230B, $250B, $250B, $250B, $250B, $250B, n/a
- Revenue out
- $62B, $62B, $70B, $70B, $70B, $70B, $70B, n/a
Category
Neoclouds.
CoreWeave, Nscale, Crusoe, Lambda, Fluidstack, IREN
- Capital in
- Unknownvs Unknown · Flat
- Revenue out
- Unknownvs Unknown · Flat
- Burn / rev
- n/aLower means more capital out than in.
The read
Nscale closed $1.85B for Texas and $1.20B for North Carolina. These are maximum commitments available against future deployment milestones, not cash funded on August 31. They are shown as a transaction, not added to a fabricated rolling ledger.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Aug 31 | Nscale closes two investment-grade delayed-draw facilities | Up to $3.05B | Nscale |
| Sep 3 | Firmus reserves future APX East capacity for its Australian AI-factory program | ~$300M | Firmus and SUBCO |
Trend across recent issues
- Capital in
- $17B, $17B, $17B, $17B, $19.6B, $24.6B, $25.5B, n/a
- Revenue out
- $5B, $5B, $5B, $5B, $8B, $8B, $8B, n/a
Category
On-Prem / Hybrid.
Enterprise GPU clusters, sovereign and national programs, Cisco / Dell / HPE
- Capital in
- Unknownvs Unknown · Flat
- Revenue out
- Unknownvs Unknown · Flat
- Burn / rev
- n/aLower means more capital out than in.
The read
CPP Investments and Equinix completed the atNorth acquisition, and AMD-Cisco-HUMAIN announced a live Saudi cluster. Neither supplies a reproducible aggregate for this category.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 2 | CPP Investments and Equinix complete atNorth acquisition | ~$4.0B | Equinix and CPP Investments |
| Aug 31 | AMD-Cisco-HUMAIN production MI355X and 800G cluster goes live; scale undisclosed | Not disclosed | AMD |
Trend across recent issues
- Capital in
- $101B, $101B, $101B, $101B, $103B, $103B, $103B, n/a
- Revenue out
- $36B, $36B, $36B, $36B, $38B, $38B, $38B, n/a