Who is committing capital to AI compute, GPUs and data centres: hyperscalers, sovereign funds, telcos, labs, asset managers and banks. Every figure is de-duplicated and linked to its source.
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Use the switch above to show capital committed, compute contracts, or both together. Top: the running total by quarter for the selected view. Bottom: every deal as a circle at its announcement date, its area proportional to the deal size; hollow rings are compute contracts and colours group investors into four families. The five largest deals are numbered and listed below. Drag across the running total to zoom, hover a circle to trace an investor, click to open a deal.
Treemap of capital committed: each tile is one deal, grouped by investor type. Click a group to zoom in, click a deal to open it, use the breadcrumb to go back.
Capital by lead investor, USD.
Each deal is classed by its lead investor. Click a bar, a table row or a matrix row to filter the whole dashboard to that investor type.
USD bn in the period.
Share of capital, deals and the largest investor of each type.
| Investor type | USD bn | Share | Deals |
|---|
Capital from each investor type (rows) into each recipient type (columns), USD bn.
Capital per announcement quarter, stacked by investor type. Year-only dates are left out.
USD bn by deal type; contracts at contract value.
How capital moves from investors to recipients. Switch between the largest individual links and the totals by investor type.
Thicker means more dollars; dashed lines are compute contracts. Hover a name to isolate it, click a line to open the deal.
When the investor is also the supplier, money can travel in a loop: it leaves as an investment and comes back as revenue. These deals are marked ↻ across the dashboard.
Follow the money around the system. Bigger planets and thicker lines mean more dollars. Pick a loop to light it up, or tap any line or planet for the deal.
Headline amounts, including pledges that the dashboard totals leave out. Click a row to trace the loop above.
| Loop | Type | Invested | Spent back | Deals |
|---|
High-resolution world map (Natural Earth 1:50m, Mercator projection). Scroll or pinch to zoom, drag to pan, click a country for its deals. Multi-country deals are split evenly; rounds with no destination are not mapped.
Click a country on the map or below.
Capital by destination region, USD bn.
USD bn, multi-country deals split evenly.
Company-wide capital expenditure, 2025 actual vs latest 2026 guidance. Not AI-only and it overlaps country programmes, so it is never added to capital committed.
USD bn. Microsoft 2025 implied for the calendar year; Oracle compares fiscal 2026 with fiscal 2027; ByteDance reported, AI-only; Tencent 2026 is H1 actual. Whiskers show guided ranges.
Every record led by a telecom operator, sovereign fund, state-owned company or government. Click a row for details.
| Date | Type | Investor | Recipient | USD bn |
|---|
Every record was checked against others with the same investor, recipient, amount, source or related group. Fixes change what is counted; the original rows stay in the register with their audit note.
USD bn, 2025–26. Each red step is one fix; hover for the reason.
| # | Issue | Verdict | Action | Capital Δ |
|---|
High: company release, filing or Reuters. Medium: trade or secondary reporting, up-to amounts, unresolved dates. Low: unconfirmed.
Headline amounts are announced or reported figures, not cash spent. Capital committed counts equity, debt, country and state programmes, projects and growth capital. Umbrella targets, conditional tranches and rights, guarantees, acquisitions of existing assets, superseded figures, milestones and low-confidence items stay in the register but are not counted. Amounts are converted at the rates below.
| Currency | USD per unit | Basis |
|---|
| Date | Project | Amount |
|---|
Every record in view. Counted USD uses the de-duplicated amount. Click a row for the full record and its source.