Capital flow drill-down
Money in, revenue out: the full breakdown.
Issue 23 · Week 39 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, DeepSeek | No disclosed primary financing in the observation windowPrior No disclosed primary financing in the observation window · Flat | UndisclosedPrior Undisclosed · Flat | Unknown | Flat on disclosed financing. The week's lab fact is a product pause and two model launches, not a raise. |
| Hyperscaler-HostedAzure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI | No new category-wide financing disclosedPrior No new category-wide financing disclosed · Flat | No new AI-segment revenue disclosurePrior No new AI-segment revenue disclosure · Flat | Unknown | Flat on disclosed dollars. Alibaba Cloud announced new regions without a capital figure. |
| NeocloudsCoreWeave, Nscale, Crusoe, Lambda, IREN, Zankore, NEXTDC | $4.2B of 2.875% convertible notes due 2033, option exercised in fullPrior $3.0B convertible notes, with a $500M buyer option · Up | No new revenue disclosurePrior No new revenue disclosure · Flat | Unknown; principal and coupon are disclosed, operating cash conversion is not | Up. The September 17 announcement closed above the original $3 billion, with the $500 million option taken. |
| On-Prem / HybridEnterprise GPU clusters, sovereign and national programs, open-weight and on-device deployment | No comparable disclosed program in the windowPrior No comparable disclosed program in the window · Flat | IndirectPrior Indirect · Flat | Not applicable | Flat on disclosed capital. Up in product surface: a handset platform and a Chinese accelerator both aimed at local or domestic compute. |
Category
Frontier Labs.
OpenAI, Anthropic, Google DeepMind, DeepSeek
- Capital in
- No disclosed primary financing in the observation windowvs No disclosed primary financing in the observation window · Flat
- Revenue out
- Undisclosedvs Undisclosed · Flat
- Burn / rev
- UnknownLower means more capital out than in.
The read
No frontier lab disclosed a primary financing or a segment revenue figure. Anthropic and SpaceXAI shipped models, and OpenAI paused tool-use work on its most capable tier. None of those is a ledger entry for capital in or revenue out.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 22 | No qualifying disclosed lab financing | Not disclosed | Anthropic launch post |
Trend across recent issues
- Capital in
- $95B, $95B, $95B, $95B, n/a, n/a, $0B, $0B
- Revenue out
- $21B, $21B, $21B, $21B, n/a, n/a, n/a, n/a
Category
Hyperscaler-Hosted.
Azure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI
- Capital in
- No new category-wide financing disclosedvs No new category-wide financing disclosed · Flat
- Revenue out
- No new AI-segment revenue disclosurevs No new AI-segment revenue disclosure · Flat
- Burn / rev
- UnknownLower means more capital out than in.
The read
The category did not publish a new AI-segment revenue number or a new capex total. Alibaba Cloud said it will add first regions in Turkey, Finland, and the Netherlands over twelve months and expand capacity in five existing footprints. That is a location list, not a spend figure, so it stays out of the capital-in column.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 23 | Alibaba Cloud region plan, no dollar figure | Not disclosed | Alibaba Cloud |
Trend across recent issues
- Capital in
- $250B, $250B, $250B, $250B, n/a, n/a, $18B, $0B
- Revenue out
- $70B, $70B, $70B, $70B, n/a, n/a, n/a, n/a
Category
Neoclouds.
CoreWeave, Nscale, Crusoe, Lambda, IREN, Zankore, NEXTDC
- Capital in
- $4.2B of 2.875% convertible notes due 2033, option exercised in fullvs $3.0B convertible notes, with a $500M buyer option · Up
- Revenue out
- No new revenue disclosurevs No new revenue disclosure · Flat
- Burn / rev
- Unknown; principal and coupon are disclosed, operating cash conversion is notLower means more capital out than in.
The read
CoreWeave's September 22 filing is the category's fact home. The company completed $4.2 billion aggregate principal of 2.875% convertible senior notes due 2033, including the purchasers' option. Reported net proceeds are about $4.137 billion before a capped-call outlay. Coupon, size, and close are known. What the cash does to delivered megawatts is not in the filing.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 22 | CoreWeave convertible notes closed | $4.2B principal | CoreWeave 8-K |
Trend across recent issues
- Capital in
- $17B, $19.6B, $24.6B, $25.5B, n/a, n/a, $3B, $4.2B
- Revenue out
- $5B, $8B, $8B, $8B, n/a, n/a, n/a, n/a
Category
On-Prem / Hybrid.
Enterprise GPU clusters, sovereign and national programs, open-weight and on-device deployment
- Capital in
- No comparable disclosed program in the windowvs No comparable disclosed program in the window · Flat
- Revenue out
- Indirectvs Indirect · Flat
- Burn / rev
- Not applicableLower means more capital out than in.
The read
Qualcomm's new phone platforms and T-Head's V900 are product announcements, not financed programs with a disclosed dollar size. They belong in the hardware lens. They do not change this row's capital-in figure.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 22 | No qualifying disclosed on-prem financing | Not disclosed | TechCrunch |
Trend across recent issues
- Capital in
- $101B, $103B, $103B, $103B, n/a, n/a, $0B, $0B
- Revenue out
- $36B, $38B, $38B, $38B, n/a, n/a, n/a, n/a