Method
How we count
Capital tracks money in the AI economy as typed events. These rules decide what becomes a number on a page, and what never does.
One event, one page
A funding round, a compute contract, an IPO or a filing is one event with one ID and one page. Every company and investor in it links to that page, so the same money is never listed twice under different names.
Every number has a type
A number is stored with a money type, a currency, a basis, a status, a date and the sentence it comes from. Totals exist only inside one money type, one currency and one basis family. Tokscale’s build fails if a page tries to add different types together, so “total raised” never mixes equity, debt, commitments and contract values.
Money types
| Type | Can be added up | Notes |
|---|---|---|
| Equity raised | Yes, within one currency and basis | Size of a primary equity round, as the company states it. |
| Debt raised | Yes, within one currency and basis | Loans, notes and credit facilities. |
| Secondary sale | Yes, within one currency and basis | |
| IPO proceeds | Yes, within one currency and basis | |
| Post-money valuation | Never | A level, not a flow. Never added up. |
| Pre-money valuation | Never | |
| Equity investment | Yes, within one currency and basis | One investor's stated investment. Often already counted in a round. |
| Investment commitment | Yes, within one currency and basis | Money promised for later, often with conditions. |
| Invested to date | Never | “Has invested $X to date.” Never added to new money. |
| Contract value | Yes, within one currency and basis | Stated total over a multi-year term, not annual spend. |
| Compute commitment | Yes, within one currency and basis | What a lab commits to spend on a cloud or chip supplier. |
| Purchase price | Yes, within one currency and basis | |
| Cash paid for property and equipment | Yes, within one currency and basis | Cash paid for property and equipment, from SEC XBRL. |
| Capex guidance | Never | |
| Revenue | Yes, within one currency and basis | |
| Run-rate revenue | Never | Company-stated annualized revenue. Never added up. |
| Amount sold (Form D) | Yes, within one currency and basis | Amount sold under an SEC Form D notice. Not a round size. |
| Offering amount (Form D) | Yes, within one currency and basis | |
| Fund mark | Never | A fund's fair-value mark of private shares. Not a valuation. |
| Estimated capital cost | Never | An estimate from a dataset. Never in totals. |
| Price per share | Never |
Statuses
- Announced
- The company said it, in its own announcement.
- Signed
- A contract is signed, usually disclosed in an SEC filing.
- Closed
- The company says the money was raised.
- Filed
- The number is in an SEC filing.
- Reported
- Only the press reports it. The outlet is named, and the number never enters totals or header facts.
- Estimate
- An estimate from a dataset. Never in totals.
- Undisclosed
- Not public. Shown as “Undisclosed”, never as zero.
Rumors and talks are not a status. If the only source says “in talks”, there is no event.
Basis
- =
- Exact, as stated
- ≈
- about
- ≤
- up to
- ≤≈
- up to about
- >
- more than
- ≥
- at least
“Up to” values are maximums and “more than” values are minimums. They are added only to values of the same kind.
Money counted once
Companies often announce an investment and later fold it into a round. Anthropic’s Series H, for example, “includes $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon”. Amazon’s $5 billion from April 20, 2026 is linked to the round it is part of, and every total counts it once.
- “Included in”: a later event already counts this money.
- “Part of”: a component of a larger number in the same event.
- “Alternative”: another figure for the same thing, such as a contract value with options.
Equity raised
Equity raised is the sum of closed primary equity rounds Tokscale tracks, per currency. It excludes debt, secondary sales, Form D amounts and money counted inside a later round. Other trackers use other definitions, so their totals differ; some add debt or commitments. Tokscale states its definition next to every total.
Sources and quotes
Every number links to a document and carries the sentence it was copied from. Primary sources come first: company announcements, SEC filings (8-K, 6-K, S-1, 10-Q, Form D) and exchange filings. Paid databases are not used as sources. A script checks that every quote still appears in the cached source document.
Epoch AI’s data on AI companies and data centers (CC BY 4.0) is imported into a review inbox with attribution. An Epoch row is published only after an editor checks it against a primary source; the published event then cites that source. Company identifiers come from Wikidata (CC0), SEC EDGAR, Hugging Face and GitHub. Hong Kong exchange filings are not used, because their terms do not allow linking or copying without written consent.
Cash capex
The spending tracker uses cash paid for property and equipment as tagged in SEC XBRL filings. It is not capex guidance and it excludes finance leases. Fiscal labels are kept (Microsoft’s fiscal year ends in June, Oracle’s in May). 10-Q cash flows are year to date, so most quarters are derived: the six-month figure minus the three-month figure, and so on. Derived quarters are marked. Each value is the first figure the company filed for that period. Some companies’ line items also include other assets, such as intangible assets or nuclear fuel; the table shows each company’s own line item. Quarters are added across companies only when they cover the same calendar quarter in the same currency.
Tokscale usage
AI-lab profiles show how Tokscale users use the lab’s models: active users, adoption and tokens in public Tokscale submissions. These numbers describe Tokscale users only. They are not market share.
Coverage
Capital follows a reviewed list of AI-economy companies and investors, plus organizations named in the events it tracks. A “—” means Tokscale has not tracked the number yet. Pages without a sourced fact stay out of search results.
Corrections
Corrections are listed on the page they change, with the date. Found an error? Contact us and we will fix it.
Nothing on these pages is investment advice.