A live, sourced map of how the world's biggest AI companies finance each other through equity, compute and venture deals. Hover or click any node to follow the cash.
Nvidia takes equity in an AI lab. The lab uses that money, plus compute deals with Oracle, AMD, CoreWeave and Broadcom, to buy GPUs. Most come from Nvidia. Nvidia's revenue rises (Q1 FY27 hit $81.6B, up 85% year-on-year), its share price rises, and it uses the proceeds to take equity in more AI companies, who buy more GPUs.
The same loop runs through the hyperscalers. Microsoft owns 27% of OpenAI; OpenAI just committed $250B back to Azure. Amazon has now put $83B+ into Anthropic and OpenAI combined; between them, they've committed $238B+ of compute back to AWS ($138B from OpenAI across two tranches, $100B+ from Anthropic). Google has put $40B+ into Anthropic; Anthropic will deploy a million Google TPUs. Most of these deals are still letters of intent.
Hover any line to see the deal. Click any company to see every flow it's in. Use the filters to isolate the equity flows from the compute flows.
Bubble size is roughly proportional to current valuation or market cap. Many headline figures are letters of intent, not signed contracts; status is shown in each deal's detail. The Nvidia–OpenAI $100B was, per Nvidia's own CFO, still a non-binding letter of intent as of December 2025.
Fortune ran the numbers in late April 2026. Once you back out the paper gains on Anthropic equity from Google and Amazon's earnings reports, the underlying AI business is meaningfully less profitable than it appears.
Bloomberg has been running a permanent graphic called "AI Circular Deals" since early 2026. The IMF flagged AI investment reassessment as a key downside risk in its April 2026 World Economic Outlook. Q1 earnings reports show investors increasingly drawing a distinction between revenue from third parties and revenue from companies the supplier itself has just invested in.
On 12 June 2026 SpaceX began trading on Nasdaq (SPCX) at a $1.77T valuation, raising $75B in the largest IPO in history. Its S-1 disclosed that Anthropic pays $1.25B/month and Google pays $920M/month for Colossus compute access — $2.17B per month, $26B per year, flowing from two of the world's most-funded AI labs directly into a newly public rocket company.
"OpenAI has guaranteed the private equity investors a 17.5% annual return over five years."
Bloomberg / OpenAI, on the structure of the DeployCo JV, May 2026
"Anthropic has agreed to pay SpaceX $1.25 billion every month through May 2029 for the Colossus 1 and Colossus 2 superclusters. Roughly $15 billion a year. Roughly $45 billion over the term."
From SpaceX's S-1 filing with the SEC, disclosed late May 2026
"The AI ecosystem requires $2 trillion in annual revenue by 2030 to justify current infrastructure spending. The trajectory falls roughly $800 billion short."
Bain & Company, Global Technology Report, September 2025
"It was the internet then. It is AI now. Whether a market correction follows, I don't think anyone can tell for sure."
Pierre-Olivier Gourinchas, IMF chief economist, Oct 2025 — reiterated as a key downside risk in the April 2026 World Economic Outlook
In rough chronological order. Status tags show whether something is signed, completed, a letter of intent, or paused. Click any source to read the original reporting.