An experiment, unfinished on purpose. It may be wrong, broken or unhelpful, and it changes without notice.
The version number and update time above tell you whether you are looking at the latest.
Where the AI buildout's money comes from, who is spending it, and what it is spent on. Every row opens to the claims behind it.
Dark bars are money reported as paid; grey bars are pledged (contracted, committed or announced); dashed bars are guided or estimated figures (a company's guidance, a floor or a ceiling), which are not firm, are shown apart and are never added to a total. Almost all firm money is still pledged.
1 · Where it comes from
Outside financing: who funds whom, and how. Companies' own revenue and profit going into their own builds are not here yet.
2 · Who is spending it
The box ends at atoms: a payment for something physical counts when its supplier receives it.
3 · What it is spent on
By layer: construction, hardware, and above.
What this version does and does not do
- Year is when a claim was recorded, not when the money is spent. A multi-year commitment recorded in 2026 is not 2026 spending. An estimate of real spending is planned.
- Box 1 is outside financing only. It counts the financing claims that the money-flow page leaves out of its totals. Rounds and facilities whose funders are not itemized are grouped by instrument. A company funding its own build from its own revenue is not shown yet.
- The line between suppliers and players is a short list kept by hand (TSMC, memory makers, construction and power companies are suppliers; labs, hyperscalers and chip designers are players). It will come from the research data when that exists.
- Guided or estimated figures can overlap the pledges beside them (for example two reports of one commitment), and several are floors or ceilings. They show rough scale only. Hyperscaler capex guidance, such as Microsoft's and Amazon's, is not shown yet: those claims sit in the category the money page is waiting on research-ops to reclassify.
- Counts are all-time totals of recorded claims, with a settled dollar figure, as of the update time above. Pledged money may never be spent.
