OpenAI

AI lab behind ChatGPT and the GPT models; a primary driver of global compute demand.

Issue #132: Anthropic's Profit Is Gone. Its $895bn Bill Isn't.

The amended S-1 shows a $567m operating loss in the September quarter and $895.4bn of compute commitments.

TeraWulf

+29

Issue #131: Anthropic's Operating Profit Arrived Before Its Compute Did

Anthropic's public S-1 shows a $974m quarterly operating profit, earned while most of its compute is still on order.

Apollo

+23

Issue #130: Anthropic Lost $80.7bn in Six Months. Most of It Was on Paper.

Anthropic's draft prospectus shows $16.3bn of revenue and $450bn of cloud contracts it cannot cancel.

DeepSeek

+30

Issue #127: Firmus Wanted $30.6B for 46MW. The Market Said No.

Australia's biggest float in years asked public buyers for nearly three times the last private price. They said no.

Firmus

+36

Issue #126: Anthropic's Leaked Draft Shows $518bn of Compute, Mostly Locked In

Under $5bn of sales. A $42bn loss. $518bn of compute. None of it adds up today. All of it is already signed.

Firmus

+24

Issue #125: Oracle Cites Force Majeure on Stargate's Biggest Site

Five thousand two hundred feet of New Mexico dirt is holding up 2.45 gigawatts.

OpenAI

+23

Issue #123: OpenAI Might Have "Stolen" A New Math Proof

Because not training on customer data only applies to enterprises.

Firmus

+12

Issue #122: NVIDIA Paid $16B to Stop Being Optional

$3.5bn into MediaTek and $12.93bn for Hugging Face. Because all roads lead to Jensen.

Baidu

+12

Issue #121: NVIDIA Wants the Home of Open-Source AI

A reported $12.9bn bid for Hugging Face. NVIDIA systems 15% dearer the same week.

z.ai

Issue #118: A Two-Year-Old With Nothing to Sell Just Raised $312M

At a $3.3bn valuation. Arm and Netflix's co-founder are in. First chip: 2027.

DeepSeek

+27

Issue #117: Meta Just Became a Tenant in Its Own Data Centre

Sale and leaseback becomes the model.

SK Group

+25

Issue #116: NVIDIA now owns a big slice of Nebius

9.3%. No press release. Locked up until September.

Tata

+26

Issue #115: Anthropic and OpenAI have a serious problem

The frontier model race is opening up

Apollo

+26

Issue #114: SambaNova Said No to a $1.6b Buyout

And for good reason.

Together AI

+33

Issue #113: Is Meta Quietly Dropping Out of the Frontier Model Race?

Built to compete. Now for rent.

Together AI

+29

Issue #112: 60 People Are on the Hook for $6.3B of Compute

And the model they plan to train doesn't exist yet.

OpenAI

+12

Issue #110: SpaceX Lists at Record $75B as Apollo Writes $35B for Anthropic Without NVIDIA, & SoftBank's $6B Loan Stalls

The largest IPO in history just priced one of the largest AI compute landlords on earth

Apollo

+10

Issue #108: Anthropic Raises $65B at $965B, Releases Opus 4.8 the Same Day, & Groq Returns as a Neocloud After Licensing to NVIDIA

New funding and a new model. On the same day. Dario spoils us.

OpenAI

+16

Issue #107: Iran Wants to Charge for Subsea Cables, Anthropic's Monthly Colossus Bill, & Data Centre Curtailment

Subsea cables were built as public goods. Four American companies turned them into private infrastructure.

OpenAI

+18

Issue #106: Cerebras IPOs, OpenAI Buys a $4B Consulting Army, & Fermi Burns $189M Without a Tenant

NVIDIA still owns training. This week the market priced the bet against it owning anything else.

OpenAI

+11

Issue #102: Shoe Company Pivots to GPUaaS, Microsoft Takes Stargate Norway From OpenAI, & Jane Street Puts $6B Into CoreWeave

OpenAI closes another Stargate. Sustainable footwear provider becomes neocloud. Totally normal week.

OpenAI

+11

Issue #101: OpenAI Cancels the UK, Meta Ships Muse Spark, & CoreWeave Lands A Bigger Meta Contract & Anthropic

$122B raised nine days ago. Four pullbacks in six weeks. A New Yorker profile asking if the CEO can be trusted. The UK press blamed Britain.

Firmus

+10

Issue #100: Anthropic Leaks Claude Code & Mythos, CoreWeave Closes First A3-Rated GPU Debt, & Sharon AI Lands Aussie Decacorn Customer

OpenClaw is now only the second most-starred GitHub repo in history

OpenAI

Issue #99: Nscale's Past Loan Defaults, Musk's $25B Chip Factory He Can Smoke Cigars In, & Meta's Fifth Silicon Partner

The ambition keeps scaling. The due diligence keeps lagging behind.

OpenAI

+11

Issue #95: Washington Wants to Approve Every GPU Sale on Earth, Anthropic Gets Blacklisted, & AWS Takes Drone Strikes

The US government had the busiest week in AI infrastructure history. None of it was good for free markets.

OpenAI