The capital

Building AI capacity takes more money than any one balance sheet holds, so the build-out is also a story about capital: who spends it, who lends it and on what terms. The largest spenders report it every quarter. Microsoft, Alphabet, Amazon and Meta paid

This track follows the money from those budgets to the debt behind the neoclouds. It starts with hyperscaler capex, read from the filings rather than from guidance, and with the deals register, where every deal, listing and set of talks we log is kept with its source. It then explains GPU-backed financing, the asset-backed securities, equipment loans and leases that fund clusters against their customer contracts, and it closes with the economics of datacentre REITs, the landlords that own the buildings.

Sources

• Microsoft, Alphabet, Amazon and Meta: quarterly and annual reports (10-Q and 10-K, SEC EDGAR), purchases of property and equipment; how we compute it.
• Compute Terminal deals register; Capital Markets.