Capital flow drill-down
Money in, revenue out: the full breakdown.
Issue 22 · Week 38 of 2026.
The four-category capital scorecard expanded with named transactions, burn-to-revenue context, and per-category trends across recent issues. Each row corresponds to a row in the summary table on the issue page.
Capital flow scorecard
Capital in, revenue out, burn ratio, and movement.
| Category | Capital in | Revenue out | Burn to revenue | Movement |
|---|---|---|---|---|
| Frontier LabsOpenAI, Anthropic, Google DeepMind, DeepSeek | No disclosed primary financing in the observation windowPrior Unknown · Flat | UndisclosedPrior Unknown · Flat | Unknown | Flat on disclosed financing; Anthropic's possible model release and IPO timing remain reported deliberations, not transactions |
| Hyperscaler-HostedAzure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI | No new category-wide financing disclosedPrior Unknown as a category total; two constituents disclosed $28.5B of quarterly capital expenditure and an announced plan of at least EUR 13B over two years respectively · Flat | No new AI-segment revenue disclosurePrior Unknown as a category total; one constituent disclosed triple-digit cloud infrastructure revenue growth and $664B of contracted backlog · Flat | Unknown | Down in credit quality for one project: $18B of Oracle-leased campus loans were reported at 89-91 cents |
| NeocloudsCoreWeave, Nscale, Crusoe, Lambda, IREN, Zankore, NEXTDC | $3.0B convertible notes, with a $500M buyer optionPrior Unknown as a category total; in-window instruments comprise an up-to-$3.1B undrawn facility, A$1.1B of subordinated convertible notes, and $375M firm of an $875M headline · Flat | No new revenue disclosurePrior Unknown · Flat | Unknown; financing need is disclosed, operating cash conversion is not | Up sharply as CoreWeave returned to debt and opened an at-the-market equity program |
| On-Prem / HybridEnterprise GPU clusters, sovereign and national programs, open-weight and on-device deployment | No comparable disclosed program in the windowPrior Unknown · Flat | IndirectPrior Indirect · Flat | Not applicable | Flat on disclosed capital; up in architectural emphasis as vendors stressed portability and private deployment |
Category
Frontier Labs.
OpenAI, Anthropic, Google DeepMind, DeepSeek
- Capital in
- No disclosed primary financing in the observation windowvs Unknown · Flat
- Revenue out
- Undisclosedvs Unknown · Flat
- Burn / rev
- UnknownLower means more capital out than in.
The read
No frontier lab disclosed a financing or segment revenue figure during the window. Reuters reported investor scrutiny and possible release timing at Anthropic, but those are market signals rather than ledger inputs.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 19 | No qualifying disclosed transaction | Not disclosed | Reuters |
Trend across recent issues
- Capital in
- $95B, $95B, $95B, $95B, $95B, n/a, n/a, $0B
- Revenue out
- $21B, $21B, $21B, $21B, $21B, n/a, n/a, n/a
Category
Hyperscaler-Hosted.
Azure-OpenAI, AWS-Anthropic, Google Cloud-Gemini, Oracle-OCI
- Capital in
- No new category-wide financing disclosedvs Unknown as a category total; two constituents disclosed $28.5B of quarterly capital expenditure and an announced plan of at least EUR 13B over two years respectively · Flat
- Revenue out
- No new AI-segment revenue disclosurevs Unknown as a category total; one constituent disclosed triple-digit cloud infrastructure revenue growth and $664B of contracted backlog · Flat
- Burn / rev
- UnknownLower means more capital out than in.
The read
The week's category signal came from secondary trading rather than a new hyperscaler capital budget. Loans tied to an Oracle-leased New Mexico campus reportedly traded below par amid construction, environmental, and credit concerns.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 18 | Project Jupiter loans quoted below par | $18B outstanding | Reuters citing Financial Times |
Trend across recent issues
- Capital in
- $250B, $250B, $250B, $250B, $250B, n/a, n/a, $18B
- Revenue out
- $70B, $70B, $70B, $70B, $70B, n/a, n/a, n/a
Category
Neoclouds.
CoreWeave, Nscale, Crusoe, Lambda, IREN, Zankore, NEXTDC
- Capital in
- $3.0B convertible notes, with a $500M buyer optionvs Unknown as a category total; in-window instruments comprise an up-to-$3.1B undrawn facility, A$1.1B of subordinated convertible notes, and $375M firm of an $875M headline · Flat
- Revenue out
- No new revenue disclosurevs Unknown · Flat
- Burn / rev
- Unknown; financing need is disclosed, operating cash conversion is notLower means more capital out than in.
The read
CoreWeave's financing is the category's fact home this week. The company launched $3 billion of convertible notes, an option for another $500 million, and an at-the-market program for up to 35 million shares, showing that capacity expansion remains capital intensive even with contracted demand.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 17 | CoreWeave convertible debt offering | $3.0B plus $500M option | CoreWeave, Reuters |
Trend across recent issues
- Capital in
- $17B, $17B, $19.6B, $24.6B, $25.5B, n/a, n/a, $3B
- Revenue out
- $5B, $5B, $8B, $8B, $8B, n/a, n/a, n/a
Category
On-Prem / Hybrid.
Enterprise GPU clusters, sovereign and national programs, open-weight and on-device deployment
- Capital in
- No comparable disclosed program in the windowvs Unknown · Flat
- Revenue out
- Indirectvs Indirect · Flat
- Burn / rev
- Not applicableLower means more capital out than in.
The read
No government or enterprise on-premises program supplied a comparable financing number. AMD's portability argument and Salesforce's plan for controlled model deployment are product and architecture signals, not capital commitments.
This week's transactions
| Date | Transaction | Amount | Source |
|---|---|---|---|
| Sep 17 | No qualifying disclosed transaction | Not disclosed | AMD |
Trend across recent issues
- Capital in
- $101B, $101B, $103B, $103B, $103B, n/a, n/a, $0B
- Revenue out
- $36B, $36B, $38B, $38B, $38B, n/a, n/a, n/a