Money in, revenue out — the full breakdown.

The read

Frontier-lab capital was quiet in-window. No new mega-round priced, and both OpenAI (Jun 8) and Anthropic (Jun 1) remain at the confidential-draft-S-1 stage with nothing publicly visible on EDGAR. The competitive pressure this week came from the open-weight side — GLM-5.2's MIT release at ~1/6 the cost of comparable frontier models — rather than from new financing. Treat this row as capital already committed; the next regime change is a public S-1.

The read

Hyperscaler build-out continued with two incremental campus commitments — Amazon's $10B Montgomery County, MO site and Google's $1.5B Jackson County, AL expansion — both framed around paying full interconnection cost so ratepayers are not burdened. That framing is now standard messaging under FERC's cost-shift scrutiny. The aggregate ~$725-805B 2026 capex guide is carried flat (no new top-4 print in-window); these are demand-led capacity adds, not a strategy change.

The read

The neocloud row held flat on fresh capital but the backlog signal firmed: company-adjacent reporting puts CoreWeave's backlog at ~$100B as of mid-June (vs the $99.4B Q1 figure), with Cantor Fitzgerald modeling ~$131B by end-Q2 — analyst-estimated, not company-guided. Meta's reported ~1.6GW Crusoe deal (Childress TX + Warrenton MO) remained unconfirmed with both parties declining comment. Operators should keep weighting conversion velocity over headline backlog.

The read

The on-prem/sovereign row is increasingly a power-and-permitting story. FERC's Jun 18 orders force every major RTO/ISO to rewrite large-load interconnection within 60 days, while developers keep building their own generation — Cummins will supply 2GW of behind-the-meter gas to Circe's West Texas campuses, bypassing the ERCOT queue. In Europe, TensorX and Solstice lined up an up-to-$1B GPU/data-center financing facility (capacity, not a drawn commitment). Sovereign and on-prem buyers should assemble firm power and permitting before announcing GPU counts.