Funding and compute deals
The biggest AI funding rounds, acquisitions, chip and cloud agreements, data centers, and power deals, with the terms behind the headline number.
| Date | Company | Type | Amount | Terms | Sources |
|---|---|---|---|---|---|
| LegoraWith Atreides Management, Fidelity, Capital Group, J.P. Morgan | Funding | $550 million (Series E)Valuation $8.8bn | Series E led by Atreides Management at an $8.8 billion post-money valuation. How much is new money for the company versus purchases of existing shares was not disclosed. Legora's revenue figures (annual recurring revenue above $200 million) are company-reported and unaudited.Figure: company | 1 2 | |
| Flapping AirplanesWith Index Ventures, Lux Capital | Funding | $1 billion (Series A)Valuation $6bn | Series A co-led by Index and Lux for a research lab founded about a year earlier. The $6 billion valuation is reported, not confirmed by the company.Figure: reported | 1 2 | |
| ASIWith Spark Capital | Funding | $325 million (Series C)Valuation $3bn | Series C led by Spark Capital for a military and aviation AI company. Other investors and the pre- or post-money basis of the valuation were not given in the coverage we reviewed.Figure: reported | 1 | |
| MicrosoftWith Nscale | Data center | Not disclosed (planned 50 MW, scalable to 90 MW); withdrawn | Withdrawn deal. Microsoft was the anchor customer for Nscale's planned 50 MW Azure data center in Loughton, England. Reuters reported on 19 October that Microsoft had pulled out after UK Power Networks reportedly told Nscale that sufficient grid power might not be available until the early to mid-2030s. Microsoft said the decision relates to a single site; Nscale said its other Microsoft contracts (Norway, Portugal, United States) are unaffected. The contract value was never disclosed.Figure: reported | 1 2 | |
| AmazonWith American Electric Power, X-energy | Power | Not disclosed (proposed 960 MW, 12 Xe-100 reactors) | Joint development agreement for feasibility work on a proposed 12-unit, 960 MW small modular reactor plant in Sullivan County, Indiana. Amazon provides development funding; Utility Dive reports Amazon would buy the power under a long-term agreement if the plant is built. No funding amount, construction date, or operating date was given.Figure: company | 1 2 | |
| ArenaWith Lightspeed Venture Partners, Khosla Ventures | Funding | $200 million (Series B)Valuation $3.1bn | Series B led by Lightspeed and Khosla for the operator of a popular AI model leaderboard. Arena's rankings are widely cited in model launches, so investor backing is relevant to how its results are read.Figure: reported | 1 | |
| GoogleWith Constellation Energy | Power | Not disclosed (890 MW of uprates over 20 years, plus 2,700 MW over 15 years) | 20-year power purchase agreement tied to 890 MW of uprates at 11 existing reactor units at six plants in the PJM region; first uprate expected by 2028, all by the end of 2032, subject to Nuclear Regulatory Commission approvals. A separate 15-year agreement covers 2,700 MW of existing Constellation generation. Prices were not disclosed. Constellation says it will invest more than $4.3 billion in the uprates (company figure).Figure: company | 1 2 | |
| SalesforceWith Listen Labs | Acquisition | Not disclosed; reported at about $2 billion | Definitive agreement to acquire Listen Labs, an AI customer-research company, to become part of Salesforce AI Labs. Price not disclosed by either company; the $2 billion figure was first reported by Business Insider. Expected to close in Salesforce's fiscal fourth quarter of 2027, pending regulatory clearance.Figure: reported | 1 2 | |
| EliseAIWith Andreessen Horowitz, Bessemer Venture Partners | Funding | $350 millionValuation $4bn | Round co-led by existing investors Andreessen Horowitz and Bessemer for an AI company serving housing and health care. Reported first by Fortune; the valuation basis (pre- or post-money) was not stated in the coverage we reviewed.Figure: reported | 1 | |
| AMDWith World Labs | Acquisition | About $8.2 billion, in AMD stock | Merger agreement signed 26 September and announced 28 September. Paid entirely in AMD common stock, with the share count set by AMD's volume-weighted average price over ten trading days before closing; no cash component was disclosed. Expected to close by the end of 2026, subject to regulatory approval. AMD was already an investor in World Labs.Figure: filing | 1 2 3 | |
| SpaceXWith Undisclosed customer | Compute | About $1.11 billion a month (about $13.3 billion annualized) | Disclosed by SpaceX's chief financial officer at an investor conference on 10 September; payments reportedly start 1 December. The customer was not named. The full term is unclear; reports describe roughly 90-day commitments with 90-day exit rights, so the annualized figure is a pace, not contracted backlog.Figure: company | 1 2 | |
| HarveyWith Diffusion, Lightspeed Venture Partners, Sequoia Capital, Andreessen Horowitz, Sapphire Ventures, Whale Rock | Funding | $550 millionValuation $15.5bn | Round co-led by Diffusion and Lightspeed. Reuters and TechCrunch report a $15.5 billion valuation; a Bloomberg-based summary gives $15.6 billion, so the exact figure is unsettled. The company says the money will fund its own legal models and agents. Revenue figures in coverage are reported, not company-confirmed.Figure: reported | 1 2 | |
| Mistral AIWith Samsung Electronics, PSG Equity, Scaleup Europe Fund, ASML | Funding | €3 billion (Series D) | Series D led by Samsung Electronics, with PSG Equity and the EU's Scaleup Europe Fund as co-leads, at a post-money valuation above €21 billion (stated as "more than", so no exact figure is recorded). Samsung's contribution was not disclosed. ASML reportedly invested about €400 million to keep its roughly 11% stake. Amounts are in euros; we do not convert them.Figure: company | 1 2 | |
| NvidiaWith Hugging Face | Acquisition | About $12.9 billion (about $11.9 billion cash plus up to $1 billion in retention equity) | Agreement signed 2 September and disclosed in an 8-K filing the next day. About $11.9 billion in cash goes to Hugging Face stockholders, plus up to $1 billion in equity retention awards for employees. Expected to close in the first half of 2027, subject to regulatory approval.Figure: filing | 1 2 | |
| AnthropicWith Lambda, Nvidia, Hut 8 | Compute | $35 billion (reported) | Reported by Reuters (citing a source) and the Wall Street Journal around 31 August to 1 September; no company has confirmed it. Covers a roughly 350 MW Hut 8 data center in Nueces County, Texas, where Nvidia reportedly holds the lease and Lambda deploys Nvidia chips for Anthropic. Term, GPU count, and payment schedule were not disclosed. Circular element - Nvidia is an investor in Lambda as well as the chip supplier and reported leaseholder.Figure: reported | 1 2 | |
| AnthropicWith Nscale | Compute | Up to about $44.6 billion | Four agreements between Anthropic and Nscale subsidiaries for dedicated GPU capacity at Nscale's Monarch campus in West Virginia, disclosed in Nscale's 18 September S-1. The figure is a maximum of aggregate payments, not money paid. Nscale says it has no binding commitments yet for the financing needed to perform, and Anthropic may terminate affected deployments without liability if delivery deadlines are missed. Bloomberg reported in October that the two are in talks on a second, roughly $45 billion deal for another Monarch building; that deal is not signed.Figure: filing | 1 2 3 | |
| Safe SuperintelligenceWith Nvidia | Funding | $5 billion (reported; some reports say "up to") | Bloomberg reported a $5 billion commitment, citing people familiar with the matter; the companies' joint statement did not give an amount, and DatacenterDynamics described it as up to $5 billion. SSI gets access to Nvidia's Vera Rubin systems. Circular element - Nvidia is both the investor and the supplier of the chips SSI will buy. Valuation not disclosed for this deal.Figure: reported | 1 2 | |
| Etched | Funding | $300 million (Series C)Valuation $10.3bn | Series C for an AI inference chip startup, reported by Reuters. Lead investor and other terms were not given in the coverage we reviewed.Figure: reported | 1 | |
| Reflection AIWith Nebius | Compute | More than $1 billion, through 2029 | Multi-year agreement for access to Nvidia GB300 chips on Nebius's cloud, running through 2029. Exact value, capacity, and exit terms were not disclosed. Nvidia led Reflection's $2 billion round in October 2025, so the chips it rents come from one of its own investors.Figure: reported | 1 | |
| SambaNovaWith General Atlantic | Funding | $1 billion (first close of Series F)Valuation $11bn | First close of a Series F led by General Atlantic for an AI chip company. Final round size and other investors were not given in the coverage we reviewed.Figure: reported | 1 | |
| MetaWith BlackRock | Data center | About $14 billion in total development costs | Date is the month of Meta's announcement; the exact day is not recorded here. Joint venture for Meta's El Paso, Texas, data center, 80% owned by BlackRock-managed funds and 20% by Meta, which keeps the debt off Meta's balance sheet. Reported contributions are about $4.9 billion in cash from BlackRock and about $2.3 billion in land and construction assets from Meta, with the rest financed by project debt (about $12.5 billion in reports; a BlackRock-controlled entity sold $12.3 billion of bonds). Meta's 10-Q records a one-time distribution of $1.04 billion to Meta. Sources do not reconcile the debt figures.Figure: company | 1 2 3 | |
| SpaceXWith Cursor (Anysphere) | Acquisition | $60 billion implied equity value, all stock | Merger agreement signed 16 June; closed 14 August. Cursor shares converted into SpaceX Class A stock at a ratio set by the $60 billion implied equity value and SpaceX's volume-weighted price before closing. Purchase consideration was $42.5 billion on an accounting (GAAP) basis, because the share price moved. No cash component was disclosed. Cursor contributed $608 million of revenue from closing through 30 September and is reported in SpaceX's AI segment. OpenAI later said it would end model access through Cursor.Figure: filing | 1 2 | |
| MetaWith Reliance Industries | Data center | Not disclosed (initial 168 MW lease) | Meta will lease an AI data center that Reliance will build at its Jamnagar, Gujarat campus, with initial capacity of 168 MW and options to scale. Reliance handles design, construction, renewable power, and operations; Meta says it will cover energy and water costs. Value and lease term were not disclosed; the facility could be operating within about two years.Figure: company | 1 2 | |
| GoogleWith SpaceX | Compute | $920 million a month, October 2026 through June 2029 | Disclosed in SpaceX IPO materials. Google pays $920 million a month for compute at xAI data centers (about 110,000 Nvidia GPUs plus other hardware) from October 2026 through June 2029, with a reduced fee during the ramp-up. If SpaceX misses the 30 September 2026 GPU delivery deadline, Google may terminate after a one-month grace period or accept fewer GPUs at a lower fee. Either party may terminate on 90 days' notice after 31 December 2026 (one report says 2027). No total was stated; full-rate totals of about $30 billion are outside calculations.Figure: filing | 1 2 | |
| SpaceXWith Reflection AI | Compute | Up to about $6.3 billion ($150 million a month from 1 July through 2029) | Date is the month of reporting (late June 2026); the exact day is not recorded here. Reflection pays SpaceX's AI division about $150 million a month for Nvidia GB300 capacity at Colossus 2 in Memphis; the $6.3 billion total applies only if the contract runs its full term. Either side may exit on 90 days' notice after the first three months. Reports differ on whether the term ends in May 2029. Nvidia led Reflection's $2 billion round in October 2025.Figure: reported | 1 2 | |
| SpaceX | Funding | About $75 billion (IPO at $135 a share) | Date is the month of the offering; reports differ on the pricing date (2 to 3 June) and listing date, so no day is recorded. Initial public offering on Nasdaq under SPCX at $135 a share. Reported valuations at pricing range from about $1.75 trillion to $1.8 trillion, so no valuation figure is recorded here. SpaceX had combined with xAI earlier in 2026, so the offering also funds its AI business. Figures come from news reports; we have not checked them against the final prospectus.Figure: reported | 1 | |
| AnthropicWith Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital | Funding | $65 billion (Series H)Valuation $965bn | Series H at a $965 billion post-money valuation, led by Altimeter, Dragoneer, Greenoaks, and Sequoia. One report says the $65 billion includes $15 billion previously committed by cloud providers (including $5 billion from Amazon), which would mean part of the round comes from Anthropic's own compute suppliers; that detail is single-sourced. Revenue run-rate figures in coverage are company figures, not audited.Figure: reported | 1 2 | |
| AnthropicWith SpaceX | Compute | $1.25 billion a month through May 2029; up to $84.5 billion through 2029 (reported from Anthropic's draft prospectus) | Announced 6 May without financial terms - Anthropic takes all compute at Colossus 1 in Memphis (more than 300 MW, over 220,000 Nvidia GPUs) and later expanded into Colossus 2. SpaceX's IPO prospectus then said Anthropic would pay $1.25 billion a month through May 2029, at a reduced fee while capacity ramped in May and June 2026. Either side may exit on 90 days' notice; Elon Musk described it as a 180-day lease with mutual 90-day cancellation thereafter. Reuters later reported that Anthropic's confidential IPO prospectus shows agreements with SpaceX of up to $84.5 billion through 2029. Because the totals depend on how long the deal runs, no single amount is recorded.Figure: filing | 1 2 3 4 5 | |
| AnthropicWith Google, Broadcom | Compute | Not disclosed (about 3.5 GW of TPU capacity from 2027) | Agreement for multiple gigawatts of next-generation Google TPU capacity, supplied through Broadcom and coming online from 2027; reports put it at about 3.5 GW on top of about 1 GW in 2026. A Broadcom filing says Anthropic's use of the capacity depends on its continued commercial success. No dollar value was announced. Reuters later reported that Anthropic's draft prospectus lists about $161 billion in Broadcom equipment leases and $111 billion with Google among its long-term commitments; those figures have not been made public by the company. Circular element - Google is also an Anthropic shareholder.Figure: company | 1 2 3 |
Every row links to its sources (numbered links). Figures supplied by a company are marked as company figures. See How we report. Spotted an error? Reply to any newsletter issue.