The AI trade in twelve numbers
verified 2026-09-27How each figure is built →
Who pays for the build-out, and out of what? Where did the risk go, what does the money cost, and when does it have to come back?
One row per company, computed from the figures in this site's ledgers. Nothing here is rated, scored or forecast. Every figure states its own arithmetic, and a figure a company does not report is absent rather than estimated.
Median self-funding
1.31×
across the 40 of 46 companies that report it; below 1× the build-out is financed, not earned
how it is counted
operating cash flow ÷ capex over the four newest quarters the filer reports; below 1 the build-out is financed, not earned
- Median off balance sheetacross 23 companies
how it is counted
(leases signed but not yet commenced + unrecorded purchase obligations) ÷ (those + long-term debt), from the newest balance sheet
- 41.9%
- Median floating-rate shareacross 40 companies
how it is counted
floating principal ÷ all debt raised: floating-rate notes plus facilities priced off SOFR
- 0%
- Median secured share of new facilitiesacross 24 companies
how it is counted
secured ÷ all new facility commitments; commitments whose announcement does not say are reported separately, never assumed unsecured
- 0%
- Median refinancing burdenacross 23 companies
how it is counted
principal due within two years on the filer's own maturity schedule ÷ operating cash flow over four quarters
- 0.15×
- Debt per kW of capacity · across the chain →median of 5 rated deals stating both debt and megawatts (range $6,500–$14,904/kW)
how it is counted
deal debt ÷ contracted critical IT load, median across the rated securitisations that state both
- $11,008/kW
- Arranger concentration · across the chain →Herfindahl index over $86.0B arranged by 13 agents; the largest is MUFG Bank, Ltd. with 30%
how it is counted
Herfindahl index over the commitments each administrative agent or named lender arranged; 10 000 is one arranger, under 1 500 is competitive
- 1,957 HHI
How each number is computed
Not covered: no KPI here is a rating, a score or a forecast; a figure a filer does not state is absent rather than estimated.
- Self-funding · cash flow ÷ capex
- operating cash flow ÷ capex over the four newest quarters the filer reports; below 1 the build-out is financed, not earned
- Funding mix · the share from operations
- each source ÷ the same four quarters of capex: cash from operations, debt raised (notes priced + new facility commitments), equity sold (announced raises + ATM proceeds). Shares can exceed 100 %: money raised is not always spent in the quarter it arrives
- Off balance sheet · of all obligations
- (leases signed but not yet commenced + unrecorded purchase obligations) ÷ (those + long-term debt), from the newest balance sheet
- Committed · facilities since 2024
- the sum of new facility commitments since 2024 — a ceiling, not a draw — and how many times the long-term debt it represents
- Marginal cost · priced last 12m
- principal-weighted coupon of the debt priced in the last twelve months, beside the blended rate the income statement shows
- New-issue spread · over the 10-year
- median of (coupon − the 10-year Treasury on the pricing date) across the USD tranches priced in the window, in basis points; non-USD tranches are excluded and counted, because a euro coupon against a US Treasury measures currency, not credit
- Floating · of debt raised
- floating principal ÷ all debt raised: floating-rate notes plus facilities priced off SOFR
- Rate shock · +100 bp on floating, a year
- the floating balance × 100 basis points — what a one-point move adds to the annual interest bill, and interest cover after it
- Secured · of new facilities
- secured ÷ all new facility commitments; commitments whose announcement does not say are reported separately, never assumed unsecured
- Refi burden · 2 years ÷ cash flow
- principal due within two years on the filer's own maturity schedule ÷ operating cash flow over four quarters
- Runway · cash + committed
- (cash and cash equivalents as reported + committed facilities) ÷ the average quarter of capex and interest, in quarters; short-term investments are not counted as cash, so a company that parks tens of billions there looks shorter than it is
- Debt per kW of capacity · across the chain
- deal debt ÷ contracted critical IT load, median across the rated securitisations that state both
- Arranger concentration · across the chain
- Herfindahl index over the commitments each administrative agent or named lender arranged; 10 000 is one arranger, under 1 500 is competitive
The AI trade · one row per company
41 rows
The 41 of the 46 companies that report enough to compare — a self-funding ratio or a marginal cost of debt. Nothing here is rated, scored or forecast: a figure a company does not report is a dash, and its reason is in the table below. In amber: self-funding below 1× (financed, not earned) and a refinancing burden above 1× (more due within two years than four quarters of operating cash flow). Window: 365 days. Hover a column's name for its formula; every formula is listed above, and each figure's own arithmetic below.
| # | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AMD chipmaker | 6.01× | 601.1% | 91.5% | $5.0B | 5.05% | 50 bp | 0% | — | 0% | 0.09× | 22.1q |
| 2 | Microsoft hyperscaler | 1.58× | 157.8% | 89.1% | — | — | — | — | — | — | 0.05× | 0.7q |
| 3 | Meta hyperscaler | 1.46× | 145.9% | 76.9% | — | 5.41% | 112 bp | 0% | — | — | 0.03× | 0.7q |
| 4 | Oracle hyperscaler | 0.62× | 62% | 70.1% | — | 5.82% | 141 bp | 1.8% | $10M | — | 0.37× | 1.8q |
| 5 | Broadcom chipmaker | 32.52× | 3252.2% | 68.1% | — | 4.95% | 62 bp | 0% | — | — | 0.13× | 22q |
| 6 | NVIDIA chipmaker | 18.27× | 1827% | 58.8% | — | 4.83% | 28 bp | 0% | — | — | — | 11.5q |
| 7 | Micron chipmaker | 2.04× | 203.6% | 57.8% | $6.0B | — | — | 0% | — | 0% | 0× | 4.9q |
| 8 | Amazon hyperscaler | 0.93× | 93.3% | 56.2% | $17.5B | 4.84% | 64 bp | 4.3% | $55M | 0% | 0.07× | 2.2q |
| 9 | CoreWeave neocloud | 0.34× | 33.6% | 50.3% | $16.8B | 9.27% | 545 bp | 52.9% | $142M | 0% | 1.53× | 4q |
| 10 | Alphabet hyperscaler | 1.4× | 140.2% | 46% | — | 4.73% | 60 bp | 1.6% | $18M | — | 0.02× | 1.7q |
| 11 | Core Scientific neocloud | 0.35× | 35.3% | 41.9% | $1.2B | 7.75% | 339 bp | 57.7% | $47M | 59.7% | — | 7.8q |
| 12 | Apple platform | 14.61× | 1461.2% | 25.5% | — | — | — | 0% | — | — | 0.15× | 11.3q |
| 13 | Intel chipmaker | 1.23× | 123.4% | 11.7% | — | 5.45% | 95 bp | 0% | — | — | 0.42× | 3.9q |
| 14 | Tesla platform | 1.45× | 144.6% | 8.3% | — | — | — | — | — | — | 0.15× | 4.6q |
| 15 | Equinix datacenter | 0.73× | 72.9% | 3.5% | — | 4.83% | 50 bp | 0% | — | — | 0.63× | 0.7q |
| 16 | Supermicro server | -42.3× | -4229.8% | 2.7% | $4.3B | 1.81% | — | 11.7% | $5M | 0% | — | 132.7q |
| 17 | IREN neocloud | 0.7× | 70% | 2.5% | $1.5B | — | — | 100% | $15M | 0% | 0.21× | 9.7q |
| 18 | TeraWulf neocloud | -0.13× | -12.6% | 1.7% | — | 7.61% | 344 bp | 0% | — | — | — | 4.3q |
| 19 | Blue Owl lender | 24.21× | 2421.1% | 0.7% | $9.4B | 6.75% | 205 bp | 0% | — | 0% | — | 165q |
| 20 | Cipher neocloud | -0.21× | -20.7% | 0.5% | $300M | 6.48% | 248 bp | 6.4% | $3M | 0% | — | 3.2q |
| 21 | Applied Digital neocloud | 0.03× | 3.1% | 0.3% | $860M | 7.78% | 260 bp | 18.6% | $16M | 0% | — | 3.4q |
| 22 | Apollo lender | — | — | — | — | 5.23% | 98 bp | 0% | — | — | — | 40.1q |
| 23 | Arm chipmaker | 3.56× | 356.1% | — | — | — | — | — | — | — | — | 20.8q |
| 24 | Astera Labs chipmaker | 5.69× | 569.5% | — | — | — | — | — | — | — | — | 7.5q |
| 25 | Bit Digital neocloud | -0.57× | -57.2% | — | $100M | 6.34% | -16 bp | 0% | — | 0% | — | 1.5q |
| 26 | Blackstone lender | 50.43× | 5043.2% | — | — | 4.62% | 64 bp | 0% | — | — | 0.28× | 15.5q |
| 27 | Brookfield AM lender | 106.41× | 10640.9% | — | — | 4.98% | 80 bp | 41.7% | $25M | — | 0.05× | 222.7q |
| 28 | CleanSpark neocloud | -5.74× | -573.9% | — | $100M | 7.87% | 276 bp | 4.2% | $1M | 0% | — | 11.5q |
| 29 | Constellation power | 1.08× | 107.9% | — | $5.3B | 4.93% | -40 bp | 0% | — | 33.3% | 0.18× | 5.1q |
| 30 | Credo chipmaker | 8.06× | 806.5% | — | — | — | — | — | — | — | — | 30.1q |
| 31 | Dell server | 3.38× | 338.3% | — | $6.5B | 5.31% | 55 bp | 0% | — | 0% | 0.67× | 14q |
| 32 | Digital Realty datacenter | 0.78× | 78% | — | — | 3.36% | — | 0% | — | — | 1.48× | 2.6q |
| 33 | Galaxy neocloud | -0.23× | -23.3% | — | $1.4B | — | — | 71.4% | $35M | 100% | — | 5.7q |
| 34 | GE Vernova equipment | 8.31× | 831.2% | — | — | 4.97% | 59 bp | 0% | — | — | — | 30.9q |
| 35 | Hut 8 neocloud | -0.13× | -12.5% | — | $200M | 6.16% | 169 bp | 0% | — | 0% | — | 2.2q |
| 36 | MARA neocloud | -2.6× | -260.2% | — | $785M | 8.51% | 62 bp | 0% | — | 0% | — | 12.5q |
| 37 | Riot neocloud | -1.74× | -173.6% | — | $573M | — | — | 100% | $6M | 100% | — | 14.7q |
| 38 | Talen power | 3.49× | 349.1% | — | $6.0B | 6.33% | 236 bp | 10.8% | $12M | 20% | 0.07× | 34.3q |
| 39 | Vertiv equipment | 7.91× | 791.3% | — | $2.4B | 5.31% | 170 bp | 0% | — | 0% | 0.01× | 44q |
| 40 | Vistra power | 1.79× | 178.7% | — | $700M | 5.37% | 89 bp | 4.8% | $7M | 100% | 0.91× | 1.1q |
| 41 | WhiteFiber neocloud | 0.29× | 29.2% | — | $100M | 9.5% | — | 0% | — | 0% | — | 1.3q |
Every figure with its arithmetic
451 rows
One row per company and KPI: the figure, the date or quarter it is as of, and the arithmetic the pipeline wrote on it with its parts — or, where the figure is absent, the reason, with the formula it would use. Pick a KPI, or type a company.
| AMD | Self-funding | 6.01× | 2026Q2 4 quarters | operating cash flow $10.1B ÷ capex $1.7B over 4 quarters to 2026Q2 |
| AMD | Funding mix | 601.1% | 2026Q2 4 quarters | of $1.7B of capex over 4 quarters to 2026Q2: operations 601.1%, new debt 581.4% ($4.8B notes + $5.0B facilities), equity 0.0% |
| AMD | Off balance sheet | 91.5% | 2026-06-27 | $34.8B off the balance sheet ÷ (that + $3.2B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-27, longTermDebt 2026-06-27, unrecordedPurchaseObligations 2026-06-27) |
| AMD | Committed facilities | $5.0B | 2026-06-27 | $5.0B committed across 1 new facilities, 1.55× the $3.2B of long-term debt on the balance sheet |
| AMD | Marginal cost of debt | 5.05% | — | principal-weighted coupon of $4.8B priced in the last twelve months; the book carries 4.59%, a gap of +0.46 points |
| AMD | New-issue spread | 50 bp | — | median of 4 USD tranches: coupon less the 10-year Treasury on each pricing date (range -3–87 bp) |
| AMD | Floating-rate share | 0% | — | $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $11.2B raised |
| AMD | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| AMD | Secured share of new facilities | 0% | — | $0.0B secured ÷ $5.0B committed |
| AMD | Refinancing burden | 0.09× | 2025-12-27 4 quarters | $0.9B due within two years (the filer's own schedule as of 2025-12-27) ÷ $10.1B of operating cash flow over 4 quarters |
| AMD | Liquidity runway | 22.1q | 2026Q2 4 quarters | ($5.1B cash and equivalents as tagged — short-term investments are not included — + $5.0B committed) ÷ $0.5B a quarter of capex and interest, as of 2026Q2 |
| Microsoft | Self-funding | 1.58× | 2026Q2 4 quarters | operating cash flow $182.9B ÷ capex $115.9B over 4 quarters to 2026Q2 |
| Microsoft | Funding mix | 157.8% | 2026Q2 4 quarters | of $115.9B of capex over 4 quarters to 2026Q2: operations 157.8%, new debt 0.0% ($0.0B notes + $0.0B facilities), equity 0.0% |
| Microsoft | Off balance sheet | 89.1% | 2026-06-30 | $329.1B off the balance sheet ÷ (that + $40.3B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30) |
| Microsoft | Committed facilities | — | — | no facility announced formula: sum of new facility commitments since 2024 |
| Microsoft | Marginal cost of debt | — | — | nothing priced with a fixed coupon in the window formula: principal-weighted coupon of debt priced in the last twelve months |
| Microsoft | New-issue spread | — | — | no USD fixed-coupon tranche priced in the window formula: coupon − 10-year Treasury on the pricing date, USD tranches only |
| Microsoft | Floating-rate share | — | — | nothing raised in scope formula: floating principal ÷ all debt raised |
| Microsoft | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| Microsoft | Secured share of new facilities | — | — | no facility announced formula: secured commitments ÷ all new commitments |
| Microsoft | Refinancing burden | 0.05× | 2026-06-30 4 quarters | $9.2B due within two years (the filer's own schedule as of 2026-06-30) ÷ $182.9B of operating cash flow over 4 quarters |
| Microsoft | Liquidity runway | 0.7q | 2026Q2 4 quarters | ($20.9B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $29.7B a quarter of capex and interest, as of 2026Q2 |
| Meta | Self-funding | 1.46× | 2026Q2 4 quarters | operating cash flow $130.3B ÷ capex $89.3B over 4 quarters to 2026Q2 |
| Meta | Funding mix | 145.9% | 2026Q2 4 quarters | of $89.3B of capex over 4 quarters to 2026Q2: operations 145.9%, new debt 61.6% ($55.0B notes + $0.0B facilities), equity 0.0% |
| Meta | Off balance sheet | 76.9% | 2026-06-30 | $279.0B off the balance sheet ÷ (that + $83.7B long-term debt); the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced; each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30, unrecordedPurchaseObligations 2026-06-30) the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced |
| Meta | Committed facilities | — | — | no facility announced formula: sum of new facility commitments since 2024 |
| Meta | Marginal cost of debt | 5.41% | — | principal-weighted coupon of $55.0B priced in the last twelve months; the book carries 4.24%, a gap of +1.17 points |
| Meta | New-issue spread | 112 bp | — | median of 12 USD tranches: coupon less the 10-year Treasury on each pricing date (range 9–205 bp) |
| Meta | Floating-rate share | 0% | — | $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $65.5B raised |
| Meta | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| Meta | Secured share of new facilities | — | — | no facility announced formula: secured commitments ÷ all new commitments |
| Meta | Refinancing burden | 0.03× | 2026-06-30 4 quarters | $4.2B due within two years (the filer's own schedule as of 2026-06-30) ÷ $130.3B of operating cash flow over 4 quarters |
| Meta | Liquidity runway | 0.7q | 2026Q2 4 quarters | ($15.5B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $22.7B a quarter of capex and interest, as of 2026Q2 |
| Oracle | Self-funding | 0.62× | 2026Q3 4 quarters | operating cash flow $46.9B ÷ capex $75.7B over 4 quarters to 2026Q3 |
| Oracle | Funding mix | 62% | 2026Q3 4 quarters | of $75.7B of capex over 4 quarters to 2026Q3: operations 62.0%, new debt 33.0% ($25.0B notes + $0.0B facilities), equity 0.0% |
| Oracle | Off balance sheet | 70.1% | 2026-08-31 | $294.1B off the balance sheet ÷ (that + $125.3B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-05-31, longTermDebt 2026-08-31, unrecordedPurchaseObligations 2026-08-31) |
| Oracle | Committed facilities | — | — | no facility announced formula: sum of new facility commitments since 2024 |
| Oracle | Marginal cost of debt | 5.82% | — | principal-weighted coupon of $24.5B priced in the last twelve months; the book carries 4.2%, a gap of +1.62 points |
| Oracle | New-issue spread | 141 bp | — | median of 7 USD tranches: coupon less the 10-year Treasury on each pricing date (range 26–256 bp) |
| Oracle | Floating-rate share | 1.8% | — | $1.0B floating ($1.0B notes + $0.0B facilities off SOFR) ÷ $57.0B raised |
| Oracle | Rate shock (+100 bp) | $10M | — | $1.0B of floating debt × 100 bp = $0.01B more interest a year; interest cover would be 4.7× on the latest quarter annualised |
| Oracle | Secured share of new facilities | — | — | no facility announced formula: secured commitments ÷ all new commitments |
| Oracle | Refinancing burden | 0.37× | 2026-05-31 4 quarters | $17.4B due within two years (the filer's own schedule as of 2026-05-31) ÷ $46.9B of operating cash flow over 4 quarters |
| Oracle | Liquidity runway | 1.8q | 2026Q3 4 quarters | ($36.4B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $20.2B a quarter of capex and interest, as of 2026Q3 |
| Broadcom | Self-funding | 32.52× | 2026Q2 4 quarters | operating cash flow $40.7B ÷ capex $1.2B over 4 quarters to 2026Q2 |
| Broadcom | Funding mix | 3252.2% | 2026Q2 4 quarters | of $1.2B of capex over 4 quarters to 2026Q2: operations 3252.2%, new debt 360.0% ($4.5B notes + $0.0B facilities), equity 0.0% |
| Broadcom | Off balance sheet | 68.1% | 2026-08-02 | $126.8B off the balance sheet ÷ (that + $59.4B long-term debt); each figure as the filer last stated it (longTermDebt 2026-08-02, unrecordedPurchaseObligations 2026-08-02) |
| Broadcom | Committed facilities | — | — | no facility announced formula: sum of new facility commitments since 2024 |
| Broadcom | Marginal cost of debt | 4.95% | — | principal-weighted coupon of $4.5B priced in the last twelve months; the book carries 5.01%, a gap of -0.06 points |
| Broadcom | New-issue spread | 62 bp | — | median of 4 USD tranches: coupon less the 10-year Treasury on each pricing date (range 15–155 bp) |
| Broadcom | Floating-rate share | 0% | — | $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $28.5B raised |
| Broadcom | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| Broadcom | Secured share of new facilities | — | — | no facility announced formula: secured commitments ÷ all new commitments |
| Broadcom | Refinancing burden | 0.13× | 2026-08-02 4 quarters | $5.1B due within two years (the filer's own schedule as of 2026-08-02) ÷ $40.7B of operating cash flow over 4 quarters |
| Broadcom | Liquidity runway | 22q | 2026Q2 4 quarters | ($24.0B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $1.1B a quarter of capex and interest, as of 2026Q2 |
| NVIDIA | Self-funding | 18.27× | 2026Q2 4 quarters | operating cash flow $134.4B ÷ capex $7.4B over 4 quarters to 2026Q2 |
| NVIDIA | Funding mix | 1827% | 2026Q2 4 quarters | of $7.4B of capex over 4 quarters to 2026Q2: operations 1827.0%, new debt 340.0% ($25.0B notes + $0.0B facilities), equity 0.0% |
| NVIDIA | Off balance sheet | 58.8% | 2026-07-26 | $47.7B off the balance sheet ÷ (that + $33.4B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-07-26, longTermDebt 2026-07-26, unrecordedPurchaseObligations 2026-01-25) |
| NVIDIA | Committed facilities | — | — | no facility announced formula: sum of new facility commitments since 2024 |
| NVIDIA | Marginal cost of debt | 4.83% | — | principal-weighted coupon of $25.0B priced in the last twelve months; the book carries 4.34%, a gap of +0.49 points |
| NVIDIA | New-issue spread | 28 bp | — | median of 7 USD tranches: coupon less the 10-year Treasury on each pricing date (range -22–113 bp) |
| NVIDIA | Floating-rate share | 0% | — | $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $25.0B raised |
| NVIDIA | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| NVIDIA | Secured share of new facilities | — | — | no facility announced formula: secured commitments ÷ all new commitments |
| NVIDIA | Refinancing burden | — | — | the filer tags no maturity schedule formula: debt due within two years ÷ operating cash flow over four quarters |
| NVIDIA | Liquidity runway | 11.5q | 2026Q2 4 quarters | ($22.4B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $2.0B a quarter of capex and interest, as of 2026Q2 |
| Micron | Self-funding | 2.04× | 2026Q2 4 quarters | operating cash flow $51.4B ÷ capex $25.3B over 4 quarters to 2026Q2 |
| Micron | Funding mix | 203.6% | 2026Q2 4 quarters | of $25.3B of capex over 4 quarters to 2026Q2: operations 203.6%, new debt 0.0% ($0.0B notes + $0.0B facilities), equity 0.0% |
| Micron | Off balance sheet | 57.8% | 2026-05-28 | $7.8B off the balance sheet ÷ (that + $5.7B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2025-11-27, longTermDebt 2026-05-28, unrecordedPurchaseObligations 2023-08-31) |
| Micron | Committed facilities | $6.0B | 2026-05-28 | $6.0B committed across 2 new facilities, 1.05× the $5.7B of long-term debt on the balance sheet |
| Micron | Marginal cost of debt | — | — | nothing priced with a fixed coupon in the window formula: principal-weighted coupon of debt priced in the last twelve months |
| Micron | New-issue spread | — | — | no USD fixed-coupon tranche priced in the window formula: coupon − 10-year Treasury on the pricing date, USD tranches only |
| Micron | Floating-rate share | 0% | — | $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $9.8B raised |
| Micron | Rate shock (+100 bp) | — | — | no floating debt found formula: floating balance × 100 bp |
| Micron | Secured share of new facilities | 0% | — | $0.0B secured ÷ $6.0B committed; $6.0B does not say |
| Micron | Refinancing burden | 0× | 2025-11-27 4 quarters | $0.0B due within two years (the filer's own schedule as of 2025-11-27) ÷ $51.4B of operating cash flow over 4 quarters |
| Micron | Liquidity runway | 4.9q | 2026Q2 4 quarters | ($25.0B cash and equivalents as tagged — short-term investments are not included — + $6.0B committed) ÷ $6.4B a quarter of capex and interest, as of 2026Q2 |
| Amazon | Self-funding | 0.93× | 2026Q2 4 quarters | operating cash flow $161.4B ÷ capex $173.0B over 4 quarters to 2026Q2 |
| Amazon | Funding mix | 93.3% | 2026Q2 4 quarters | of $173.0B of capex over 4 quarters to 2026Q2: operations 93.3%, new debt 73.4% ($109.5B notes + $17.5B facilities), equity 0.0% |
| Amazon | Off balance sheet | 56.2% | 2026-06-30 | $169.6B off the balance sheet ÷ (that + $132.2B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30, unrecordedPurchaseObligations 2024-06-30) |
| Amazon | Committed facilities | $17.5B | 2026-06-30 | $17.5B committed across 1 new facilities, 0.13× the $132.2B of long-term debt on the balance sheet |
| Amazon | Marginal cost of debt | 4.84% | — | principal-weighted coupon of $104.0B priced in the last twelve months; the book carries 3.74%, a gap of +1.10 points |
| Amazon | New-issue spread | 64 bp | — | median of 22 USD tranches: coupon less the 10-year Treasury on each pricing date (range -30–190 bp); 16 non-USD tranche(s) excluded |
| Amazon | Floating-rate share | 4.3% | — | $5.5B floating ($5.5B notes + $0.0B facilities off SOFR) ÷ $127.0B raised |
| Amazon | Rate shock (+100 bp) | $55M | — | $5.5B of floating debt × 100 bp = $0.06B more interest a year; interest cover would be 20.68× on the latest quarter annualised |
| Amazon | Secured share of new facilities | 0% | — | $0.0B secured ÷ $17.5B committed |
| Amazon | Refinancing burden | 0.07× | 2025-12-31 4 quarters | $11.6B due within two years (the filer's own schedule as of 2025-12-31) ÷ $161.4B of operating cash flow over 4 quarters |
| Amazon | Liquidity runway | 2.2q | 2026Q2 4 quarters | ($78.2B cash and equivalents as tagged — short-term investments are not included — + $17.5B committed) ÷ $44.1B a quarter of capex and interest, as of 2026Q2 |
| CoreWeave | Self-funding | 0.34× | 2026Q2 4 quarters | operating cash flow $6.9B ÷ capex $20.6B over 4 quarters to 2026Q2 |
| CoreWeave | Funding mix | 33.6% | 2026Q2 4 quarters | of $20.6B of capex over 4 quarters to 2026Q2: operations 33.6%, new debt 99.6% ($6.3B notes + $14.2B facilities), equity 52.5% |
| CoreWeave | Off balance sheet | 50.3% | 2026-06-30 | $35.5B off the balance sheet ÷ (that + $35.1B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30) |
| CoreWeave | Committed facilities | $16.8B | 2026-06-30 | $16.8B committed across 4 new facilities, 0.48× the $35.1B of long-term debt on the balance sheet |
| CoreWeave | Marginal cost of debt | 9.27% | — | principal-weighted coupon of $6.3B priced in the last twelve months; the book carries 7.39%, a gap of +1.88 points |
| CoreWeave | New-issue spread | 545 bp | — | median of 3 USD tranches: coupon less the 10-year Treasury on each pricing date (range 516–549 bp); 1 non-USD tranche(s) excluded |
| CoreWeave | Floating-rate share | 52.9% | — | $14.2B floating ($0.0B notes + $14.2B facilities off SOFR) ÷ $26.8B raised |
| CoreWeave | Rate shock (+100 bp) | $142M | — | $14.2B of floating debt × 100 bp = $0.14B more interest a year; interest cover would be -0.08× on the latest quarter annualised |
| CoreWeave | Secured share of new facilities | 0% | — | $0.0B secured ÷ $16.8B committed; $16.8B does not say |
| CoreWeave | Refinancing burden | 1.53× | 2026-06-30 4 quarters | $10.6B due within two years (the filer's own schedule as of 2026-06-30) ÷ $6.9B of operating cash flow over 4 quarters |
| CoreWeave | Liquidity runway | 4q | 2026Q2 4 quarters | ($5.5B cash and equivalents as tagged — short-term investments are not included — + $16.8B committed) ÷ $5.5B a quarter of capex and interest, as of 2026Q2 |
| Alphabet | Self-funding | 1.4× | 2026Q2 4 quarters | operating cash flow $185.7B ÷ capex $132.4B over 4 quarters to 2026Q2 |
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