The four-category capital scorecard expanded with named transactions, burn-to-revenue context, and a per-category trend across recent issues. Each row corresponds to a row in the summary table on the issue page.
Category
Frontier Labs.
OpenAI, Anthropic, Google DeepMind, xAI
Capital in
~$90B↑
vs ~$52B
Revenue out
~$20B↑
vs ~$48B
Burn / rev
~1.3x
Lower means more capital out than in.
The read
The dominant 90-day inflow is Anthropic's $65B Series H (closed May 28, $965B post-money), now the most valuable private AI company — but note ~$15B is previously-committed hyperscaler capital, not all fresh cash. Mistral added a ~$830M debt facility and reaffirmed a ~EUR 4B France+Sweden buildout while signaling custom-chip ambitions. Revenue is accelerating (Anthropic guided a >$50B annualized run-rate by end-June); operationally the category is still capital-hungry but converging toward breakeven for the leader.
This week’s transactions
May 28
Anthropic Series H
Company release, TechCrunch, Bloomberg
$65B ($965B post-money)
May 28
Mistral debt facility + EU buildout reaffirmed
Mistral AI summit coverage
~$830M
Trend across recent issues
Capital inRevenue out/$B per issue
Category
Hyperscaler-Hosted.
Azure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI
Capital in
~$180B↑
vs ~$60B
Revenue out
~$60B↑
vs ~$20B
Burn / rev
~0.3x
Lower means more capital out than in.
The read
Top-4 hyperscaler 2026 capex guidance (~$725B) was set at late-April earnings; no new prints landed in-window, so this is deployment run-rate rather than a fresh commitment. Demand stays strong (one cloud unit grew 63% YoY to ~$20B/quarter with a ~$460B backlog). This cohort is cash-generative (capex ~30% of revenue), unlike the pure-play categories; the most consequential in-window item is the confirmation that hyperscaler capital is now embedded directly in frontier-lab cap tables.
Within-window: IREN booked a ~$9.7B Microsoft contract (~$1.94B annualized, 20% prepaid) alongside a $3.4B NVIDIA contract and a $2.1B NVIDIA investment option. Recent 90-day capital includes Nscale's $2B Series C ($14.6B valuation) and Nebius lifting 2026 capex guidance to $20-25B. Revenue is scaling fast (sector leader ~$2.1B/quarter) but capex dwarfs revenue, keeping burn-to-revenue ~3x — backlogs, not current cash flow, are the real asset here.
This week’s transactions
May 29
IREN-Microsoft AI-cloud contract
Company release, Reuters
~$9.7B
May 2026
Nscale Series C
Company release
$2B ($14.6B valuation)
Trend across recent issues
Capital inRevenue out/$B per issue
Category
On-Prem / Hybrid.
Enterprise GPU clusters, sovereign and national programs, Cisco / Dell / HPE
Capital in
~$90B↑
vs ~$45B
Revenue out
~$35B↑
vs Indirect
Burn / rev
~2x
Lower means more capital out than in.
The read
The marquee in-window event is a ~EUR 75B / 5GW France commitment announced May 30, the largest single European AI-infrastructure pledge to date (phase 1 ~EUR 45B / 3.1GW by 2031). Sovereign and national programs continue to dominate gross commitments, though these are largely pre-revenue, nation-building capital. Enterprise/OEM AI-server revenue (Dell/HPE/Cisco class) is the monetized layer, growing but harder to isolate; burn-to-revenue is elevated because sovereign capacity is built years ahead of demand.