Who Pays for AI, Part 2: The Sellers Finance the Payers
Most AI revenue above end use is paid by customers the sellers themselves have put equity or credit behind. Four readings, taken every quarter, say whether that is unwinding or tightening.
Part 1 read the AI Absorption Ledger's 58 companies layer by layer and found that almost all the AI money the filings can trace is capital moving among the builders, while companies absorbing AI into their own work spend 0.08% of revenue on it. This part asks one narrower question of the same filings: who is financing the customers at the top of the chain? The filings answer it more often than they name a customer, because a stake, a purchase commitment, a guarantee or an extended payment term is a disclosed fact about the seller, whoever the customer is.
The reading: at compute, 64% of AI revenue is paid by labs the sellers hold equity in; at hardware, 44% is paid by clouds and labs Nvidia has put equity, purchase commitments or guarantees behind, and a further 54% is sold on extended payment terms. The sellers' gains on those customers, $60B in the quarter, are 3.0 times what the customers paid them for compute. None of this is hidden or irregular. A supplier financing its customers is lawful, disclosed, and what a buildout ahead of end demand looks like. The point of measuring it is that it has a direction, and the same filings give four figures each quarter that show which way it is moving.
Who finances the payers
Seller by seller, the share of AI revenue above end use that comes from customers the seller has financed. Nvidia: 45% of its $84B is bought by AI clouds, model makers and sovereigns it has put about $50.0B of equity into, committed $36.0B of capacity purchases to, and backs with land, power and credit guarantees; the other 54%, the hyperscale clouds, is sold on terms its 10-Q calls financing arrangements, with receivables at 60 days of sales. Microsoft: 100% of its $7B of compute revenue is the frontier-lab line, paid by labs it has put $11.9B into to date. Amazon: its AI run rate, $6B, includes labs it put $23.7B into in the quarter alone, and the metric is not split.
Two sellers show the structure in reverse or not at all. CoreWeave is financed by its payers and its supplier: a customer put equity in, Nvidia bought shares, and the fleet is paid for with prepayments and equipment-maker credit. Oracle has no pinned stake in any of its payers; its exposure is the build itself.
A payer the seller finances is not a payer paying with the seller's money. Money is fungible and the ledger does not pretend otherwise. It is a payer whose ability to pay the seller has underwritten, which makes the seller's revenue depend on the payer's funding twice over.
How much of each seller's AI revenue comes from payers the seller finances
Sellers above end use, each bar the seller's hardware and compute AI revenue in its latest quarter. Light: paid by customers the seller holds equity in, has committed to buy from, guarantees or lends to. Mid: sold on extended payment terms the seller's filing calls financing arrangements, to customers it names only as investment-grade. The rest: no filing pins the seller's money to the payer. Shares are of the seller's own revenue; the sellers are not added.
At compute, 64% of $20B is paid by labs the sellers hold equity in. At hardware, 44% of $85B is paid by clouds and labs Nvidia has put equity, purchase commitments or guarantees behind, and a further 54% is sold on extended payment terms. A payer the seller finances is not a payer paying with the seller's money, since money is fungible; it is a payer whose ability to pay the seller has underwritten.
- Nvidia hardware AI revenue $84.4B45% equity or credit · 54% payment terms
extended payment terms the 10-Q calls financing arrangements, for certain investment-grade customers; equity in the labs; capacity purchase commitments to the AI clouds; land, power and shell guarantees; credit support. The customers on those terms are named only as investment-grade, so the whole hyperscale channel is shaded.
- Microsoft compute AI revenue $6.5B100% equity or credit
equity in OpenAI and Anthropic.
- Amazon compute AI revenue $6.2B100% equity or credit
equity in Anthropic and OpenAI; a financing facility that opens as AWS delivers compute. The financed payers are part of an unsplit metric, so the whole channel is shaded.
- Oracle compute AI revenue $4.5Bnone pinned
No filing pins this seller's money to any of its payers.
- CoreWeave compute AI revenue $2.6Bnone pinned
The direction runs the other way: equity from a customer (Jane Street), equity from its chip supplier (Nvidia), customer prepayments, equipment-maker financing.
- Alphabet hardware AI revenue $790Mnone pinned
No filing pins this seller's money to any of its payers.
The financing, by what kind of money it is
Diagrams of this circle usually put every number on the same kind of arrow. The filings carry the status of each one, and sorted that way the pattern repeats in every pinned pair: the largest number is a commitment, a cap or a mark, and the cash is well below it. Anthropic's commitment to AWS is a floor of $100B; Amazon's cash into Anthropic and OpenAI in the quarter was $23.7B; its gain on Anthropic's later rounds, $51B, is a mark. Nvidia's credit support for an OpenAI site is capped at $105B and pays nothing before fiscal 2029. Across the pairs, $333B is committed or capped, $51B is marks, and $24B is cash that moved back to payers in the latest quarter.
The one lab payment to a seller the ledger can size runs the other way: $6.5B from the frontier labs to Microsoft in the quarter, the ledger's estimate from the CFO's share. Set against Amazon's $23.7B into two labs in the same quarter, more money is on the record moving up the chain, as stakes, than the ledger can see coming down it as compute payments. The two are different companies and are not netted; the order of magnitude is the reading.
The financing, by what kind of money each number is
One row per payer-seller pair a filing pins. Every dollar between the two sits on one log scale by size and is coloured by what it is: revenue recognized, cash that moved, a commitment not yet paid, a cap or guarantee with no cash yet, or a non-cash mark on a stake. Circles move toward the seller, the way the product goes; diamonds move back from the seller to its payer. Hover a marker for its figure.
In every pair the largest number is a commitment, a cap or a mark. Across the pairs $333B is committed or capped and $51B is marks; the cash that moved back from sellers to their payers in the latest quarter is $24B, nearly all Amazon's. Sums across pairs are for scale; the ledger does not net them.
- The frontier labs and NVDAlargest number $105B, a cap or guarantee
- $105B a cap or guarantee; back to the payer, at 2026-08-26. Cap on credit support for site leases to an OpenAI affiliate, entered after the quarter; first effective fiscal 2029.
- $50.0B cash paid to date; back to the payer, at 2026-08-26. Invested in the frontier labs, cumulative to the call date, as the CFO gave it; no lab named.
- $13.4B recognized in the quarter, the ledger's estimate, overlapping the counting channels; toward the seller, calendar Q3 2026. Compute bought by and for the labs in the quarter, the ledger's estimate; it overlaps the two counting hardware channels and is not in totals.
- Anthropic and AMZNlargest number $100B, committed, not yet paid
- $100B committed, not yet paid; toward the seller, at 2026-06-30. Anthropic's commitment to AWS, a floor; no quarter's revenue from it is given.
- $50.5B a non-cash mark; back to the payer, calendar Q2 2026. Upward adjustment on Anthropic's later rounds, non-cash.
- $15.0B committed, not yet paid; back to the payer, at 2026-06-30. Financing facility remaining, drawn as AWS delivers compute.
- $10.0B cash in the quarter; back to the payer, calendar Q2 2026. Preferred stock bought in the quarter (Series G and H).
- Data-centre builders and GOOGLlargest number $43.8B, a cap or guarantee
- $43.8B a cap or guarantee; back to the payer, at 2026-06-30. Maximum potential payments under data-centre credit backstops.
- $24.1B a cap or guarantee; back to the payer, at 2026-06-30. Further backstops agreed, the company's estimate.
- The AI clouds and NVDAlargest number $37.9B, recognized in the quarter
- $37.9B recognized in the quarter, the ledger's estimate; toward the seller, calendar Q3 2026. Systems bought by AI clouds, model makers, sovereigns and enterprises together in the quarter, the ledger's estimate; one unsplit group.
- $36.0B committed, not yet paid; back to the payer, at 2026-07-26. Committed purchases of capacity from the AI clouds, a take-or-pay floor that lets lenders finance the cloud.
- $3.5B a cap or guarantee; back to the payer, at 2026-07-26. Maximum exposure under land, power and shell guarantees for AI clouds.
- OpenAI and MSFTlargest number $24.1B, recognized over the fiscal year
- $24.1B recognized over the fiscal year; toward the seller, FY2026. Revenue from commercial arrangements with OpenAI, fiscal 2026, revenue-sharing payments included (annual report).
- $11.9B cash paid to date; back to the payer, at 2026-06-30. Funding of OpenAI commitments paid to date.
- $6.5B recognized in the quarter, the ledger's estimate; toward the seller, calendar Q2 2026. Cloud revenue from the frontier labs together in the quarter, the ledger's estimate from the CFO's share; OpenAI and Anthropic are not split.
- $632M a non-cash mark; back to the payer, calendar Q2 2026. Equity-method gain on the OpenAI stake in the quarter, non-cash.
- OpenAI and AMZNlargest number $21.3B, cash after the quarter end
- $21.3B cash after the quarter end; back to the payer, at 2026-07-31. The rest of the commitment, funded after the quarter end.
- $13.7B cash in the quarter; back to the payer, calendar Q2 2026. Series C preferred stock bought in the quarter.
- Jane Street and CRWVlargest number $6.0B, committed, not yet paid
- $6.0B committed, not yet paid; toward the seller, at 2026-06-30. The customer's contract commitment.
- $1.0B cash in the quarter; toward the seller, calendar Q2 2026. The same customer's equity investment in its supplier: money moving the same way as its payments.
- $2.0B cash in the quarter, from the quote; back to the payer, calendar Q1 2026. Private placement of Class A shares to Nvidia, January 2026; the dollar is in the quote, not in a figure, and the quarter is the first of 2026.
- $927M recognized in the quarter, share times revenue; toward the seller, calendar Q2 2026. Customer A's share of the quarter's revenue, pinned to Microsoft by arithmetic on the 2025 10-K.
Four readings to take every quarter
None of this needs a counterparty named. The same filings give, every quarter, four figures that say whether the structure is unwinding toward customers who pay from their own operations, or tightening around customers the sellers fund.
Receivables and payment terms. A seller carrying its customers' purchases on its own balance sheet shows up as receivables rising faster than revenue. Nvidia's stand at 60 days of sales, up from 45 days a quarter earlier, on terms the 10-Q calls financing arrangements. Microsoft's receivables from activities to facilitate the purchase of server components rose to $27.8B from $17.8B in one quarter.
Delivered capacity and its use. The build is being used where it is delivered: Oracle reports GPU utilization of 97.9% and that 92% of GPUs coming up for renewal were renewed by the same customers, at a premium. Depreciation is the build reaching the income statement, and it is growing fast: CoreWeave's $1.4B in the quarter against $560M a year earlier, AWS's $8.1B against $4.8B. Revenue has to grow into that.
Backlog and its conversion. CoreWeave's backlog, the one all-AI stock, grew to $104B from $99.4B in the quarter and stands at 40 quarters of revenue; the 41% due within 24 months implies about $5.3B a quarter against $2.6B now, and at least 50% of it is on contracts delivering. The clouds' obligations are an order of magnitude larger and none states an AI share.
The marks. $60B of gains on stakes in AI companies in the quarter, 3.0 times compute revenue, set by later funding rounds. They rise when the labs raise at higher prices, and a round at a lower price would reverse them in the same place, below operating income, before any flow total moved.
The readings to take every quarter
Each row is one traced figure from the latest exhibit, with the prior reading where an earlier exhibit holds one. None of these needs a counterparty named. Together they say whether the structure above is unwinding toward absorption or tightening.
Nvidia's receivables stand at 60 days of sales on extended terms its filing calls financing arrangements; Microsoft's receivables from facilitating server purchases rose to $27.8B from $17.8B a quarter earlier. Oracle's delivered GPUs run at 97.9% utilization. CoreWeave's backlog grew to $104B while at least 50% of it is on contracts delivering.
Receivables and payment terms
Sellers carrying their customers' purchases on their own balance sheets: receivables rising faster than revenue, extended terms the filings call financing arrangements.
| NVDA | 60 days | at 2026-07-26 | “Accounts receivable was $63.1 billion with 60 days sales outstanding (DSO), up from 45 days sequentially, due to extended payment terms on l” | Receivables rose to 60 days on extended payment terms granted to certain investment-grade customers; the 10-Q calls them financing arrangements under large, multi-quarter agreements. |
| MSFT | $27.8B | at 2026-06-30 | from $17.8B at 2026-03-31 (+56%) | Other receivables from activities to facilitate the purchase of server components. |
| MSFT | $6.0B | at 2026-06-30 | no earlier reading | Owed by OpenAI at the fiscal year end. |
Delivered capacity and its use
Whether the capacity the build pays for is delivered and used: megawatts and GPUs delivered, utilization, renewals, and depreciation growth, which is the build reaching the income statement.
| ORCL | 97.9% | calendar Q3 2026 | +0.4 points from 97.5% (calendar Q2 2026) | GPU utilization. |
| ORCL | 850 MW | calendar Q3 2026 | no earlier reading | AI capacity delivered since the prior quarter end, megawatts. |
| ORCL | 300,000 | calendar Q3 2026 | no earlier reading | GPUs delivered since the prior quarter end, a floor. |
| ORCL | 20% | calendar Q3 2026 | no earlier reading | Price premium on GPUs renewed or resold at the end of their terms. |
| ORCL | 92% | calendar Q2 2026 | no earlier reading | Share of GPUs coming up for renewal that the same customers renewed, prior quarter. |
| CRWV | 50% | at 2026-06-30 | no earlier reading | Share of CoreWeave's backlog on contracts where delivery has begun, a floor. |
| CRWV | $1.4B | calendar Q2 2026 | from $560M calendar Q2 2025 (+149%) | CoreWeave depreciation and amortization in the quarter against the prior-year quarter. |
| AMZN | $8.1B | calendar Q2 2026 | from $4.8B calendar Q2 2025 (+67%) | AWS depreciation and amortization in the quarter against the prior-year quarter. |
Backlog and its conversion
Whether promised money becomes revenue at the rate the filings imply, or accumulates ahead of delivery.
| CRWV | $104B | at 2026-06-30 | from $99.4B at 2026-03-31 (+5%) | CoreWeave revenue backlog, quarter end against the prior quarter end. |
| CRWV | $2.6B | calendar Q2 2026 | no earlier reading | CoreWeave revenue in the quarter. |
| ORCL | $26.0B | calendar Q3 2026 | no earlier reading | Oracle remaining performance obligations, increase on the prior quarter; AI share unsplit. |
| GOOGL | $51.6B | calendar Q2 2026 | no earlier reading | Google Cloud backlog, change over the prior quarter end; AI share unsplit. |
Promised and not yet paid, and whether an AI share is stated
Contracted money at the latest quarter end. These are stocks of promises, never a quarter's flow, so they are listed and never added: the same lab's commitment can sit in several sellers' obligations at once. Where the filing gives a window, the implied quarterly rate is set against the current quarter.
Only CoreWeave's backlog is all AI: 40 quarters of its revenue, with the 41% due within 24 months implying about $5.3B a quarter against $2.6B now. The clouds' obligations are an order of magnitude larger and none states an AI share.
| Company | Stock | Side | Level | AI share | Against the quarter |
|---|---|---|---|---|---|
| MSFT | Commercial remaining performance obligation including OpenAI at 2026-06-30 | owed to it | $678B | not stated | 25% commercial remaining performance obligation growth excluding openai; 10% commercial bookings growth including azure commitments from openai |
| ORCL | Remaining performance obligations at 2026-08-31 | owed to it | $664B | not stated | 13% due within 12 months is about $21.6B a quarter, against the current $7.4B of cloud infrastructure revenue; the obligations span the whole company and the AI part is unknown |
| GOOGL | Google Cloud remaining performance obligations at 2026-06-30 | owed to it | $514B | not stated | $51.6B google cloud backlog, change over the prior quarter end |
| AMZN | Remaining performance obligations, primarily AWS at 2026-06-30 | owed to it | $496B | not stated | $100B expansion of the anthropic commitment to aws, floor |
| CRWV | Revenue backlog at 2026-06-30 | owed to it | $104B | all AI | 40 quarters of revenue; 41% due within 24 months is about $5.3B a quarter, 2.1× the current $2.6B; up from $99.4B at 2026-03-31 |
| IBM | Generative AI consulting backlog, the stated share applied to reported backlog, floor at 2026-06-30 | owed to it | $9.2B | stated share | $30.8B consulting backlog at quarter end; 30% generative ai share of consulting backlog, floor |
| META | Non-cancelable contractual commitments, mostly third-party cloud capacity, servers, network infrastructure and data centers at 2026-06-30 | it owes | $349B | not stated | no window given |
| MSFT | Purchase commitments, mainly datacenters, including take-or-pay contracts at 2026-06-30 | it owes | $194B | not stated | no window given |
| NVDA | AI cloud agreements: committed purchases of capacity from AI clouds, total at 2026-07-26 | it owes | $36.0B | all AI | no window given |
Unwinding or tightening
The structure unwinds when the shaded share of sellers' revenue falls because customers who pay from their own operations grow faster than the financed ones, when receivables return toward revenue, when backlog converts at or above the implied rate, and when marks are joined by cash from the labs. It tightens when the shaded share rises, when more of the sellers' own capital goes into their payers, when terms extend and receivables grow faster than sales, when backlog grows faster than delivery, and when the gains outrun the revenue they are meant to anticipate. In this quarter's filings the first group has utilization and renewals; the second has everything else.
The ledger re-reads each company as it reports. Carrying the seller-financed flag and these four readings in the ledger itself, so that a change in any of them is recorded as a step, is designed and not yet built.
A note on names
Part of this question was why the ledger so rarely names a counterparty. The answer is that filings are not required to. A customer above a tenth of revenue must be disclosed, not named, and no rule requires a seller to split revenue by payer at all. At hardware no dollar of $85B has a company named as the buyer; at compute 40% of $20B does, both cases by arithmetic. That is a limit on the method, and the sections above are built so that it does not matter: a stake, a commitment, a guarantee, a receivable, a utilization rate and a backlog are all disclosed about the seller, whoever the customer is.
How much of each layer's AI revenue has a payer the filings name
Each bar is one layer's AI revenue in the quarter, on one scale, split by what the filings say about who pays: a company a filing pins (solid), a class of payer only (faint), or an unsplit mix the filing does not separate (dashed outline). The layers are never added together.
- Hardware$85.2B ($77.6B to $90.0B) · company 0%, class 54%, unsplit 46%
Unsplit: NVDA Data center AI infrastructure bought by AI clouds, AI model makers, sovereigns, industrial and enterprise customers $37.9B; GOOGL TPU system sales $790M; NVDA AI workstations and deskside systems $720M
- Compute$19.8B ($15.2B to $26.7B) · company 40%, class 4%, unsplit 56%
Unsplit: AMZN AWS AI revenue $6.2B; ORCL AI infrastructure $4.5B; CRWV AI cloud capacity rented by AI labs and AI-native companies $438M
- End use$10.1B ($5.0B to $22.2B) · company 0%, class 98%, unsplit 2%
Unsplit: DDOG Revenue from the AI-native customer cohort $157M; VZ Fiber transport sold for AI infrastructure $7.2M; HD Sales gained through Magic Apron, the AI assistant for customers $7.2M and 1 more
Every figure on this page, with its ids
| Who | What | Kind | Amount | Period | Figures |
|---|---|---|---|---|---|
| NVDA | Data center AI infrastructure bought by the hyperscale clouds and the | Hardware revenue, payer clouds, seller-financed (payment-terms) | $45.8B ($44.7B to $47.3B) | calendar Q3 2026 | hyperscale-ai-infrastructure · inferred |
| NVDA | Data center AI infrastructure bought by AI clouds, AI model makers, so | Hardware revenue, payer mixed payers the filings do not split, seller-financed (equity-or-credit) | $37.9B ($32.4B to $39.1B) | calendar Q3 2026 | acie-ai-infrastructure · inferred |
| NVDA | AI workstations and deskside systems (RTX PRO workstations, DGX Spark, | Hardware revenue, payer mixed payers the filings do not split | $720M ($259M to $1.6B) | calendar Q3 2026 | edge-ai-workstations · inferred |
| MSFT | Cloud revenue from frontier model companies, OpenAI first among them | Compute revenue, payer AI labs, seller-financed (equity-or-credit) | $6.5B ($5.3B to $8.3B) | calendar Q2 2026 | frontier-lab-cloud-revenue · inferred |
| AMZN | AWS AI revenue: the annual revenue run rate management gives for the A | Compute revenue, payer mixed payers the filings do not split, seller-financed (equity-or-credit) | $6.2B ($5.0B to $9.4B) | calendar Q2 2026 | aws-ai-revenue · inferred |
| ORCL | AI infrastructure: GPU and accelerator capacity sold for training and | Compute revenue, payer mixed payers the filings do not split | $4.5B ($3.3B to $5.2B) | calendar Q3 2026 | ai-infrastructure-revenue · inferred |
| CRWV | AI cloud capacity rented by hyperscalers and large technology platform | Compute revenue, payer mixed payers the filings do not split | $1.4B ($927M to $1.7B) | calendar Q2 2026 | hyperscaler-platform-capacity-revenue · inferred |
| CRWV | AI cloud capacity rented by established enterprises | Compute revenue, payer enterprises | $721M ($386M to $979M) | calendar Q2 2026 | enterprise-capacity-revenue · inferred |
| CRWV | AI cloud capacity rented by AI labs and AI-native companies | Compute revenue, payer mixed payers the filings do not split | $438M ($258M to $1.1B) | calendar Q2 2026 | ai-native-capacity-revenue · inferred |
| GOOGL | TPU system sales: TPU hardware delivered to customer and third-party d | Hardware revenue, payer mixed payers the filings do not split | $790M ($245M to $2.0B) | calendar Q2 2026 | tpu-system-sales · inferred |
| The frontier labs and NVDA | Invested in the frontier AI labs, cumulative to the call date (nearly) | cash paid to date, back to the payer | $50.0B | at 2026-08-26 | nvda-2026-cq3-f27 |
| The frontier labs and NVDA | Cap on credit support for the OpenAI site leases at SB Energy’s campus, entered | a cap or guarantee, back to the payer | $105B | at 2026-08-26 | nvda-2026-cq3-f28 |
| The frontier labs and NVDA | Compute bought by and for the frontier AI labs, directly and through clouds | recognized in the quarter, toward the seller | $13.4B ($7.1B to $22.3B) | calendar Q3 2026 | frontier-lab-compute |
| Anthropic and AMZN | Expansion of the Anthropic commitment to AWS, floor | committed, not yet paid, toward the seller | $100B | at 2026-06-30 | amzn-2026-cq2-f35 |
| Anthropic and AMZN | Investments in Anthropic preferred stock in the quarter (Series G plus Series H) | cash in the quarter, back to the payer | $10.0B | calendar Q2 2026 | amzn-2026-cq2-f79 |
| Anthropic and AMZN | Anthropic financing facility remaining after the Series H investment | committed, not yet paid, back to the payer | $15.0B | at 2026-06-30 | amzn-2026-cq2-f38 |
| Anthropic and AMZN | Upward adjustment to the Anthropic nonvoting preferred stock on Anthropic's fund | a non-cash mark, back to the payer | $50.5B | calendar Q2 2026 | amzn-2026-cq2-f41 |
| Data-centre builders and GOOGL | Maximum potential future payments under data center credit backstops | a cap or guarantee, back to the payer | $43.8B | at 2026-06-30 | googl-2026-cq2-f23 |
| Data-centre builders and GOOGL | Further backstops agreed for data center and energy supply build-out, estimated | a cap or guarantee, back to the payer | $24.1B | at 2026-06-30 | googl-2026-cq2-f24 |
| The AI clouds and NVDA | Data center AI infrastructure bought by AI clouds, AI model makers, sovereigns, | recognized in the quarter, toward the seller | $37.9B ($32.4B to $39.1B) | calendar Q3 2026 | acie-ai-infrastructure |
| The AI clouds and NVDA | AI cloud agreements: committed purchases of capacity from AI clouds, total | committed, not yet paid, back to the payer | $36.0B | at 2026-07-26 | nvda-2026-cq3-f30 |
| The AI clouds and NVDA | Maximum exposure under land, power and shell guarantees for AI clouds | a cap or guarantee, back to the payer | $3.5B | at 2026-07-26 | nvda-2026-cq3-f29 |
| OpenAI and MSFT | Revenue from commercial arrangements with OpenAI, revenue-sharing payments inclu | recognized over the fiscal year, toward the seller | $24.1B | FY2026 | msft-2026-cq2-f27 |
| OpenAI and MSFT | Cloud revenue from frontier model companies, OpenAI first among them | recognized in the quarter, toward the seller | $6.5B ($5.3B to $8.3B) | calendar Q2 2026 | frontier-lab-cloud-revenue |
| OpenAI and MSFT | Funding of OpenAI commitments paid to date | cash paid to date, back to the payer | $11.9B | at 2026-06-30 | msft-2026-cq2-f58 |
| OpenAI and MSFT | Net gain from investments in OpenAI for the quarter (fiscal year less the first | a non-cash mark, back to the payer | $632M | calendar Q2 2026 | msft-2026-cq2-f56 |
| OpenAI and AMZN | Investment in OpenAI Series C preferred stock in the quarter | cash in the quarter, back to the payer | $13.7B | calendar Q2 2026 | amzn-2026-cq2-f39 |
| OpenAI and AMZN | OpenAI commitment funded after the quarter | cash after the quarter end, back to the payer | $21.3B | at 2026-07-31 | amzn-2026-cq2-f40 |
| Jane Street and CRWV | Jane Street commitment (contract value, not revenue) | committed, not yet paid, toward the seller | $6.0B | at 2026-06-30 | crwv-2026-cq2-f43 |
| Jane Street and CRWV | Equity investment by Jane Street, a customer | cash in the quarter, toward the seller | $1.0B | calendar Q2 2026 | crwv-2026-cq2-f44 |
| NVDA and CRWV | Private placement to Nvidia | cash in the quarter, back to the payer | $2.0B | calendar Q1 2026 | crwv-2026-cq2-c12 |
| MSFT and CRWV | Share of revenue from Customer A (the filing does not name the customer) × Reven | recognized in the quarter, toward the seller | $927M | calendar Q2 2026 | crwv-2026-cq2-f10, crwv-2026-cq2-f1 |
| NVDA | Days sales outstanding | indicator · receivables and payment terms | 60 days | at 2026-07-26 | nvda-2026-cq3-f42, nvda-2026-cq3-c16 |
| MSFT | Other receivables from activities to facilitate the purchase of server component | indicator · receivables and payment terms | $27.8B | at 2026-06-30 | msft-2026-cq2-f70, msft-2026-cq1-f63 |
| MSFT | Accounts receivable from OpenAI | indicator · receivables and payment terms | $6.0B | at 2026-06-30 | msft-2026-cq2-f28 |
| ORCL | GPU utilization | indicator · delivered capacity and its use | 97.9% | calendar Q3 2026 | orcl-2026-cq3-f62, orcl-2026-cq2-f66 |
| ORCL | AI capacity delivered to customers since the end of the prior quarter, megawatts | indicator · delivered capacity and its use | 850 MW | calendar Q3 2026 | orcl-2026-cq3-f58 |
| ORCL | GPUs delivered to customers since the end of the prior quarter (a floor) | indicator · delivered capacity and its use | 300,000 | calendar Q3 2026 | orcl-2026-cq3-f59 |
| ORCL | Price premium at which GPUs coming up for renewal were renewed or resold | indicator · delivered capacity and its use | 20% | calendar Q3 2026 | orcl-2026-cq3-f63 |
| ORCL | Share of those GPUs renewed by the same customers | indicator · delivered capacity and its use | 92% | calendar Q2 2026 | orcl-2026-cq2-f65 |
| CRWV | Share of backlog on contracts where delivery has commenced (a floor) | indicator · delivered capacity and its use | 50% | at 2026-06-30 | crwv-2026-cq2-f56 |
| CRWV | Depreciation and amortization (first half less Q1) | indicator · delivered capacity and its use | $1.4B | calendar Q2 2026 | crwv-2026-cq2-f20, crwv-2026-cq2-f22 |
| AMZN | AWS segment depreciation and amortization | indicator · delivered capacity and its use | $8.1B | calendar Q2 2026 | amzn-2026-cq2-f14, amzn-2026-cq2-f15 |
| CRWV | Revenue backlog (not revenue) | indicator · backlog and its conversion | $104B | at 2026-06-30 | crwv-2026-cq2-f37, crwv-2026-cq1-f33 |
| CRWV | Revenue | indicator · backlog and its conversion | $2.6B | calendar Q2 2026 | crwv-2026-cq2-f1 |
| ORCL | Remaining performance obligations, increase on the prior quarter | indicator · backlog and its conversion | $26.0B | calendar Q3 2026 | orcl-2026-cq3-f55 |
| GOOGL | Google Cloud backlog, change over the prior quarter end | indicator · backlog and its conversion | $51.6B | calendar Q2 2026 | googl-2026-cq2-f17 |
| Microsoft | Commercial remaining performance obligation including OpenAI | rpo, receivable, AI share unsplit | $678B | at 2026-06-30 | msft-2026-cq2-f30, msft-2026-cq2-f31, msft-2026-cq2-f33 |
| Microsoft | Purchase commitments, mainly datacenters, including take-or-pay contracts | purchase-commitment, payable, AI share unsplit | $194B | at 2026-06-30 | msft-2026-cq2-f69 |
| Alphabet | Google Cloud remaining performance obligations (backlog) | rpo, receivable, AI share unsplit | $514B | at 2026-06-30 | googl-2026-cq2-f16, googl-2026-cq2-f17 |
| Amazon | Remaining performance obligations, primarily AWS | rpo, receivable, AI share unsplit | $496B | at 2026-06-30 | amzn-2026-cq2-f34, amzn-2026-cq2-f35 |
| Oracle | Remaining performance obligations | rpo, receivable, AI share unsplit | $664B | at 2026-08-31 | orcl-2026-cq3-f50, orcl-2026-cq3-f55 |
| CoreWeave | Revenue backlog (not revenue) | backlog, receivable, AI share all | $104B | at 2026-06-30 | crwv-2026-cq2-f37, crwv-2026-cq2-f35, crwv-2026-cq2-f56, crwv-2026-cq2-f38 |
| Nvidia | AI cloud agreements: committed purchases of capacity from AI clouds, total | capacity-commitment, payable, AI share all | $36.0B | at 2026-07-26 | nvda-2026-cq3-f30 |
| Meta Platforms | Non-cancelable contractual commitments, mostly third-party cloud capacity, serve | purchase-commitment, payable, AI share unsplit | $349B | at 2026-06-30 | meta-2026-cq2-f27 |
| IBM | Generative AI consulting backlog, the stated share applied to reported backlog, | backlog, receivable, AI share stated | $9.2B | at 2026-06-30 | ibm-2026-cq2-f58, ibm-2026-cq2-f32, ibm-2026-cq2-f56 |