7 segments · 112 companies · as of Sep 18, 2026
AI Capital & Financing
The investors, lenders and contracts funding AI infrastructure
Where it sits
Fed by: Servers & Systems · Data Center InfrastructureFeeds: Models & Platforms
AI infrastructure is financed through corporate cash, sponsor equity, private credit, bank syndicates and asset-backed leases. The same cloud contract can support several financing layers. Entries identify concrete transactions; program targets, loan commitments and drawn cash are not interchangeable.
Why now
Large 2026 GPU loans and rack-finance platforms extend credit beyond hyperscaler balance sheets. Aligned and STT GDC acquisitions have closed, while other deals remain pending. September fundraising and reported TPU financing show how quickly this capital map changes.
Private credit and preferred capital
Alternative managers lend against contracted campuses and accelerator assets or supply preferred equity. Scale refers to the named facility or project, not necessarily the manager's own check. Conditional commitments and undrawn loans are distinct from cash already funded.
With PIMCO, provides IREN $2.4B GPU financing (est.); separately finances Nscale and Meta/Crusoe infrastructure
leaderLeads $35B AI XPV initial transaction (est.) with Broadcom/Blackstone for Anthropic capacity on Fluidstack sites
majorArranges Vantage $2.4B debt facility (est.); Ares commitment $1.6B (est.), only $330M funded at February close (est.)
majorCredit & Insurance anchors Broadcom/Apollo $35B AI XPV tranche (est.) funding Anthropic compute
majorVia PIMCO, anchors debt in Related/Oracle $16B Michigan financing (est.); release retains closing conditions
majorMAM preferred-equity program for Applied Digital targets up to $5B (est.); not fully drawn debt
majorCo-leads Nscale $1.4B GPU-backed DDTL (est.) with PIMCO/Blue Owl; supports contracted European deployments
nicheInfrastructure debt platform supplies Crusoe's $750M credit facility (est.) to expand AI cloud infrastructure
challengerVia HPS, HLEND saw ~$1.2B Q1 redemption requests (9.3% NAV); payouts reached its 5% NAV quarterly limit
nicheLeads Crusoe's $225M asset-backed facility (est.); proceeds restricted to Nvidia GPUs and supporting cloud infrastructure
challengerUS Growth Capital unit joins Crusoe's $225M Nvidia-equipment credit syndicate (est.); own allocation undisclosed
nicheLeads August HoldCo loan for Nexus's Hubbard AI campus, helping first phase reach final investment decision
challengerVictory Park Capital supplies Crusoe's $175M Iceland ICE02 GPU facility (est.), supporting liquid-cooled Blackwell systems
niche
Sources: nscale.com, ir.apollo.com, eqs-news.com, reuters.com, crusoe.ai
Digital infrastructure sponsors
Infrastructure sponsors own development platforms and fund equity beneath project debt. Fund-owned portfolio companies are distinguished from corporate subsidiaries. Acquisitions are dated and identified as completed or pending, and multi-year program targets are not funded assets.
GIP/AIP with MGX closes Aligned $40B EV acquisition (est.) in July, with $5B additional growth commitment (est.)
leaderExclusive capital partner for Naver's Gak Sejong AI factory; up to $9B financing under a nonbinding term sheet
majorQTS/AirTrunk sponsor; Related/Oracle Michigan $16B financing (est.) includes Blackstone equity
majorWith Singtel, closes STT GDC buyout at $10.9B EV (est.); KKR funds own 75%, Singtel 25%
majorVantage sponsor; SoftBank $4B EV acquisition (est.) remains pending after April shareholder approval
majorAmpere $6.5B acquisition (est.) closed November 2025; DigitalBridge $4B EV deal (est.) still pending
majorSponsors Applied Digital with up to $5B preferred capital (est.); exits Aligned through July AIP acquisition
majorEdgeConneX sponsor; reported Texas/CoreWeave financing talks up to $4B (est.), no confirmed debt close
majorCommits $1.5B equity (est.) to Montera, a hyperscale AI campus platform launched in 2025
challengerLaunches Saragon in August; closes $225M Cogent DC purchase (est.) with up to $1B platform commitment (est.)
challengerCo-sponsors Vantage with DigitalBridge; completed $9.2B equity round (est.) supports the current AI campus pipeline
majorCommits up to INR88.2B (est.) to TCS HyperVault, backing OpenAI-linked Indian AI campuses
majorCommits $240M to Nxtra's announced $1B equity round (est.); Airtel disclosure makes closing subject to approvals
challengerVia ECP, partners with KKR on $50B power/DC program (est.); initial CyrusOne/Calpine Bosque project ~$4B (est.)
nicheCo-sponsors Crusoe/Blue Owl Abilene $15B JV (est.); project is Oracle/OpenAI infrastructure
nicheSponsors Oracle/OpenAI Saline campus with Blackstone; $16B financing package (est.) secured in April
nicheInfrastructure Fund V sponsors Brazil's OMNIA data center; AIIB co-investment supports planned 300 MW gross (est.)
challengerOwns 49.72% of CDC (est.), not 48%; funds Australasian hyperscale expansion and holds a majority of UK Kao Data
majorControls EdgeCore and funds expansion across Phoenix, Reno, Ashburn and other US hyperscale campuses
majorVerne owner plans a 500 MW French AI/HPC campus (est.); first 200+ MW targeted by 2030, not current operating capacity
challengerMinority EdgeConneX equity investor supporting global AI-ready campuses; this disclosed exposure is ownership, not a named loan
nicheInfrastructure at Goldman Sachs Alternatives closes QScale acquisition in May; Quebec hydro-powered AI campuses are the assets
challengerCo-acquires Yondr with DigitalBridge in July 2025; owns exposure to a global hyperscale data-center development platform
niche
Sources: aligneddc.com, malaymail.com, isquaredcapital.com, stonepeak.com, aiib.org, nvidianews.nvidia.com
Sovereign and pension investors
State and pension pools anchor infrastructure funds, operating platforms and frontier AI rounds. Quoted figures are total transactions unless explicitly identified as an investor allocation. Registry size for these noncorporate investors is an asset-pool proxy, not market capitalization.
With AIP/GIP, closes Aligned $40B EV deal (est.) in July; also joins OpenAI/Anthropic rounds, own checks undisclosed
leaderOwns Qai's Brookfield AI infrastructure venture and participates in Crusoe's September Series F; own checks undisclosed
majorCapital arm co-leads Crusoe $3.9B Series F (est.) at September initial close; own allocation undisclosed
majorThrough HUMAIN, funds $3B xAI investment (est.) converted into SpaceX shares after the February acquisition
majorInvests $3B in xAI Series E (est.); holding converts to SpaceX equity, alongside Saudi compute partnership
majorCo-leads Anthropic $65B Series H (est.); separately backs Vantage APAC $1.6B round (est.) with ADIA
majorParticipates in Anthropic $65B round (est.) and OpenAI March financing; own allocations undisclosed
nicheFounding investor in Brookfield $10B target AI fund (est.); initial pool $5B (est.), KIA allocation undisclosed
nicheWith Blackstone, owns AirTrunk under A$24B deal (est.); platform adds $30B India expansion plan (est.) in 2026
majorWith GIC, closes Vantage APAC $1.6B equity round (est.) and Johor acquisition in November 2025
majorHolds Vantage EMEA stake from EUR1.5B investment (est.) in 2023; no new same-sized 2026 round verified
nicheTeachers' Venture Growth participates in Neysa's February AI-cloud equity financing, alongside Blackstone and other investors
nicheCo-lends to Crusoe in Upper90's $225M GPU facility (est.); direct institutional credit exposure to Nvidia equipment
nicheCampus AI co-owner with MGX/Mistral/Nvidia; June expands French development target to up to 3 GW (est.)
majorProvides the entire CAD240M senior financing for Cologix's AI-ready Montreal MTL8 campus (est.), agreed March 2026
nicheECP partnership targets $25B of new power for data centers (est.); capital program is not energized AI compute
challenger
Sources: aligneddc.com, qia.qa, gic.com.sg, crusoe.ai, blackstone.com
Strategic and circular capital
Chip suppliers and hyperscalers invest in customers, guarantee obligations or become long-term tenants. These links support construction but can concentrate risk. Conditional follow-on investments, warrants and residual-value guarantees are not equivalent to cash already invested.
PORTS-Pike: $1.5B SB Energy equity plus conditional OpenAI lease backstop, capped at $105B for initial 4.25 GW IT
leaderCommits $30B to OpenAI March round (est.); $40B bridge facility (est.) finances investment and related needs
majorAnthropic April pact: $5B now, up to $20B conditional (est.), paired with >$100B AWS commitment (est.)
majorReported Anthropic pact: $10B initial plus $30B conditional equity (est.); capacity growth ties investment to TPU demand
majorCommits up to $5B Anthropic equity against $30B Azure purchases (est.); remains an OpenAI shareholder
majorOpenAI/Meta each receive up to 160M warrant shares against separate 6 GW purchase programs (est.), not cash funding
challengerAI XPV with Apollo/Blackstone launches $35B Anthropic tranche (est.); disclosed lease backstop ceiling $29B (est.)
majorFebruary $25B bonds plus $20B equity ATM completed in FY27 Q1 (est.) fund OCI expansion; separate from campus project debt
majorEl Paso SPV issued ~$12.55B bonds at ~7.5% (+287.5bp); separate Hyperion support includes a 16-year residual-value guarantee
majorInvests $500M in SB Energy and signs 1.2 GW Milam County lease (est.), linking developer equity and offtake
majorCommits $350M cash (est.) to Nscale Series C plus JV roll-up; supplies strategic equity for Microsoft-linked builds
nicheAramco Ventures leads Together AI $800M Series C (est.) in July; own contribution not disclosed
nicheReceives $2B SoftBank equity in September 2025 and $5B Nvidia equity in December (est.); completed strategic funding
nicheFounding investor in AMD/HUMAIN Saudi AI infrastructure JV; equity allocation undisclosed, alongside networking supply
nicheLeads Mistral's September EUR3B Series D (est.), taking strategic equity tied to semiconductor engineering collaboration
challenger
Sources: openai.com, anthropic.com, sec.gov, nvidianews.nvidia.com, bitget.com, about.fb.com
Banks and debt arrangers
Banks arrange secured GPU facilities, campus debt and corporate issuance. Named roles distinguish lead arrangers from syndicate participants. Reported syndication or financing discussions remain medium-confidence until a primary completion disclosure confirms the transaction.
Largest tracked DC lender: ~$26.8B exposure, including $14.8B direct mortgages and 79 syndications (est.)
leaderArranges Lambda $1B secured facility (est.) in May and co-leads CoreWeave $2.6B facility (est.) in August
leaderCo-structures CoreWeave GPU DDTL: $7.5B initially, expandable to $8.5B (est.); co-leads August $2.6B loan
majorCo-structures CoreWeave March GPU DDTL: $7.5B initial commitment, expandable to $8.5B (est.)
majorSole structuring/placement agent on Nscale $1.4B GPU DDTL (est.); also joins CoreWeave lenders
majorStructuring agent for Related/Oracle $16B Michigan financing (est.); package includes PIMCO-backed debt
majorJoins SoftBank $40B bridge (est.) for OpenAI-related funding; separate campus syndicate exposure
majorLends in SoftBank $40B bridge (est.) announced March; also participates in OpenAI credit facility
majorFinancial adviser on Related/Oracle $16B Saline financing (est.); no claim to underwrite the whole package
majorGlobal coordinator on Oracle February $25B bond financing (est.) supporting AI/cloud expansion
majorGlobal coordinator on Oracle February $25B bond financing (est.); corporate debt, not campus project debt
majorJoins seven-bank Mistral $830M GPU debt facility (est.) in March for the French Nvidia cluster
nicheReported lender on Blackstone/Alphabet Crux AI $22B chip facility (est.); final closing unverified
challengerJoins OpenAI $4.7B revolving facility (est.) expanded in March; facility was undrawn at that announcement
nicheJoins OpenAI $4.7B revolving-credit syndicate (est.); own allocation undisclosed, no September draw claim
nicheCo-finances KKR/Singtel STT GDC acquisition through SGD5B sustainability-linked facility (est.) closed by August
nicheCo-lends SGD5B STT GDC acquisition facility (est.) to KKR/Singtel consortium; individual allocation undisclosed
nicheCo-lends SGD5B STT GDC acquisition facility (est.) to KKR/Singtel consortium; individual allocation undisclosed
nicheCo-arranges Vantage's $2B revolving development facility (est.), closed September 14 with institutional lenders
nicheJoins OpenAI's March-expanded $4.7B revolving-credit syndicate (est.); facility was undrawn at the announcement
nicheCIB is bookrunner and mandated lead arranger for Mistral's $830M GPU financing (est.); also documentation/security agent
nicheProvides OpenAI revolving credit in the $4.7B March syndicate (est.), distinct from rumored campus bond allocations
nicheCo-finances Mainz Green Rocks data center; dedicated green loan backs Rhine cooling and a planned late-2026 first phase
nicheFinances Singtel Nxera DC Tuas through SGD643M green loan (est.); 58 MW AI-ready design (est.) is project capacity
niche
Sources: sec.gov, lambda.ai, reuters.com, newsroom.bankofamerica.com, vantage-dc.com, bisnow.com
Compute finance and public vehicles
Compute assets reach investors through GPU leases, secured facilities, sponsor-controlled companies and listed vehicles. The borrower, lessor, sponsor and public holding company are separate roles. Their exposure must not be summed as separate physical capacity.
Provides $3.5B financing (est.) for Valor $5.4B GPU lease transaction (est.) with xAI, now inside SpaceX
leaderValor Compute Infrastructure buys $5.4B GPUs (est.) leased to xAI/SpaceX; Apollo finances $3.5B (est.)
majorCo-leads Nscale $1.4B GPU-backed DDTL (est.); debt finances contracted clusters rather than unsecured software growth
majorPIMCO co-leads Nscale $1.4B DDTL and IREN $2.4B GPU financing (est.); individual fund allocations undisclosed
majorCoreWeave unused-capacity backstop initially $6.3B (est.) through April 2032; conditional purchases, not a cash grant
majorStructures CoreWeave GPU debt against equipment and customer contracts; March facility supports phased asset deployment
majorAffiliates to arrange Volta's ~$1.3B letters-of-credit backstop for Bitdeer; issuance remains conditional
majorMay IPO raises ~$2.01B gross including overallotment (est.); BXDC buys completed hyperscale assets, separate from Blackstone
emergingRetains control of listed WhiteFiber, operator of Nscale $865M NC-1 lease (est.); indirect holding exposure
nicheReceives Ares-arranged $2.4B debt facility (est.) for North American campuses; only part funded at closing
nicheAIP/MGX/GIP completes $40B EV acquisition (est.) in July; $5B growth commitment (est.) backs campus expansion
nicheProvides Nexgen's $34M three-year nonrecourse Sweden B200 facility (est.), secured by GPUs and contracted cashflows
challengerMay equity/business alliance with Morgenrot combines GPU-sharing technology with equipment finance; deployment size undisclosed
emergingFinances 121 MW IT at Bitdeer Tydal for reported Anthropic ~$10B/six-year deal; delivery targets Dec 2026/Mar 2027
emerging
Sources: ir.apollo.com, sec.gov, nscale.com, volta.com, nexgencloud.com, stocktitan.net
Frontier and infrastructure equity
Growth investors supply equity beneath large compute commitments. Round amounts describe the entire syndicate, not each participant's investment. Direct AI infrastructure rounds receive priority, with frontier-lab rounds included because they fund the principal compute buyers.
Co-leads OpenAI $122B March financing (est.); individual allocation undisclosed, funding supports compute expansion
majorParticipates in OpenAI $122B March round (est.); whole-round size is not Thrive own check
majorLeads Anthropic $65B Series H (est.) in May to fund Claude scale and compute; own allocation undisclosed
majorLeads Anthropic $65B May round (est.); frontier-model equity supports contracted infrastructure demand
majorCo-leads Anthropic $65B round and backs Firmus $2B August round (est.); individual allocations undisclosed
majorCo-leads Crusoe $3.9B Series F (est.) at September initial close, separate from its leased-GPU vehicles
majorCo-leads Crusoe $3.9B Series F (est.) announced September 17; platform TCV spans campuses and compute
majorCo-leads TensorWave $350M Series B (est.) with AMD backing, financing an Instinct-focused GPU cloud
nicheParticipates in Crusoe $3.9B Series F (est.) at September initial close; own investment amount undisclosed
challengerJoins Crusoe $3.9B September round (est.) and co-leads OpenAI financing, alongside its HyperVault infrastructure stake
majorParticipates in Crusoe $3.9B September Series F (est.); direct AI infrastructure equity, not generic private credit
nicheParticipates in Crusoe $3.9B September round (est.) and frontier-lab financings; individual checks undisclosed
nicheNamed in Crusoe $1.375B Series E (est.) in 2025; holding context retained, new Series F participation not verified
nicheEvergreen Private Assets Fund holds OpenAI: 1.97% of NAV at May 31, 2026 (est.), not a direct parent-level stake
nicheLeads Anthropic's $65B Series H (est.) in May; capital funds Claude research and compute commitments
majorCo-leads Anthropic's $65B Series H (est.); disclosed round size is not Greenoaks' individual investment
majorCo-leads Anthropic Series H alongside its existing frontier-model portfolio; own allocation is undisclosed
majorParticipates in Anthropic Series H; also backs Together AI's July GPU-cloud financing
majorParticipates in Anthropic Series H and Fireworks Series D, linking frontier-model equity with inference infrastructure
majorJoins Anthropic's Series H through managed funds; funding supports compute demand, with individual checks undisclosed
nicheParticipates in Crusoe's September Series F initial close, financing its integrated campus and GPU-cloud platform
nicheNamed investor in Anthropic's $65B Series H (est.); direct frontier-lab equity is separate from its campus partnerships
nicheAffiliated funds participate in OpenAI's $122B March round (est.); frontier-lab equity is separate from GIP campus ownership
nicheNamed investor in Crusoe's September $3.9B Series F initial close; funds AI infrastructure, with its own check undisclosed
niche
Sources: anthropic.com, openai.com, crusoe.ai, stockexpert-api.krungsrisecurities.com
Glossary
- DDTL
- A delayed-draw term loan supplies debt as eligible assets or project milestones arrive, rather than all cash at signing.
- Backstop
- A promise to cover specified obligations or unused capacity; its ceiling is not an immediate cash investment.
- SPV
- A special-purpose vehicle holding assets and debt; its risks depend on tenant guarantees and recourse terms.
- Preferred equity
- Capital with priority distributions or repayment rights, but legally different from a bank loan.
- Circular financing
- An investor also sells chips or cloud services to the funded company; revenues and funding are economically linked.
Heat, spend, exposure and shares are editorial estimates. How to read the map ↗