Capital
Where money moves in the AI economy.
Funding rounds, compute contracts and capital spending across AI labs, clouds, chips and power. Every number has a source, a date and a status.
36 companies · 30 investors · 42 events · Reviewed Oct 21, 2026
Four money types
Equity · 2026 So Far
$237B
4 closed equity rounds by AI labs Tokscale tracks · plus €3B in EUR (not converted)
Compute Deals · 2026
8 deals
Largest stated value more than $100B (Anthropic ↔ Amazon). Values use different measures and bases, so they are not added.
Cash Capex · Q2 2026
$175B
12 companies, cash paid for property and equipment, Apr–Jun 2026; 11 derived from year-to-date filings
Largest Valuation
$965B
Anthropic, post-money, May 28, 2026 (announced by the company)
These four numbers are different money types. They are never added together. How we count →
Latest events
- Sep 22, 2026DebtCoreWeave $4.2 billion convertible senior notes due 2033CoreWeave$4.2BClosed 8-K ↗
- Sep 18, 2026ComputeAnthropic and Akamai cloud capacity contractsAnthropic ↔ Akamaiabout $11.6BSigned 8-K ↗
- Sep 18, 2026ComputeMicrosoft and Nscale GPU statements of workMicrosoft ↔ Nscaleup to about $43.8BSigned S-1 ↗
- Sep 18, 2026FilingNscale files for a US initial public offeringNscaleNo amount stated in the sourceFiled S-1 ↗
- Sep 17, 2026FilingCrusoe Form D for an equity offeringCrusoe$3.11BFiled Form D ↗
- Sep 8, 2026RoundMistral AI Series DMistral AI€3Bat more than €21B postClosed Mistral AI ↗
- Aug 25, 2026ComputeAnthropic and Nscale GPU services agreementsAnthropic ↔ Nscaleup to about $44.6BSigned S-1 ↗
- Aug 17, 2026InvestmentNVIDIA invests in SB EnergySB Energy$3BSigned S-1 ↗
Follow the money down the stack
- Investors → equity → AI labs13 rounds
- AI labs → contracts → clouds and chips10 deals
- Clouds → capex → chips and data centers19 companies
- Data centers → leases and power → landlords and utilities2 leases
Counts of events and companies Tokscale tracks, not market totals.
Cash paid for property and equipment
Amazon$54.21B
FY26 Q2Apr–Jun 2026
Alphabet$44.92B
FY26 Q2Apr–Jun 2026 · derived
Microsoft$35.8B
FY26 Q4Apr–Jun 2026 · derived
Meta$30.12B
FY26 Q2Apr–Jun 2026 · derived
Oracle$28.5B
FY27 Q1Jun–Aug 2026
CoreWeave$6.42B
FY26 Q2Apr–Jun 2026 · derived
Reported quarter Derived: year to date minus the earlier year to date
Sectors
Totals exist only inside one money type, one currency and one basis. Money already counted in a later round is linked to it and counted once. Press-reported numbers are labeled with the outlet and never enter totals.