with the full round possibly reaching $20B, and it is courting dentists for more capital. Anthropic is pressing ahead with its pre-Thanksgiving IPO despite a tech selloff, now targeting a $1.25–1.75T valuation, while Big Tech bond issuance has hit a US record $1.88T in 2026.
it is reportedly funding SPIL's CoWoS packaging expansion with billions, and a Chinese feature describes it offering payment terms and buying customer stock. On export controls, the US has cleared Nvidia chip sales to China-linked firms that the New York Times says include companies with empty offices and troubling ties, even as Nvidia tightens chip tracking in Southeast Asia over smuggling concerns.
Core Scientific says about 92% of its revenue now comes from renting capacity to AI customers, and TeraWulf says AI leasing is 83% of its revenue. Site and buyer shifts continued too, with Drax's data-center campus becoming the first deal for the $20B Brookfield–Qatar AI venture, Google buying the Wyoming data center that Crusoe could not finish alone, and EuroHPC requiring AI Gigafactory bidders to recreate and resubmit their tenders.
OpenAI first tranche $11B · OpenAI valuation $1.25T · OpenAI full round up to $20B · Anthropic IPO valuation target $1.25–1.75T · Big Tech bond issuance 2026 $1.88T (US record) · Core Scientific AI revenue ~92% · TeraWulf AI leasing 83% of revenue · Brookfield–Qatar AI venture $20B · H200 stockpile in Hong Kong ~600,000 chips
OpenAI has secured $11 billion in fresh capital as the first tranche of a round valuing it at $1.25 trillion, and the full round could swell to $20 billion or more while the company is still courting further investors.
OpenAI has received roughly $11 billion in new funding, the first tranche of a round that values the company at $1.25 trillion. Bloomberg reports that the money was wired on Friday. The full round could grow to $20 billion, with the rest expected in the coming weeks. OpenAI originally sought $30 billion at a $1.4 trillion valuation but scaled back after an AI-sector selloff. Anthropic's valuation is also under pressure ahead of its planned IPO.
Investors include Coatue Management, T. Rowe Price, SoftBank, Sequoia Capital, Founders Fund, Andreessen Horowitz, and a consortium from the United Arab Emirates. OpenAI is also working with investment banks to bring in wealthy individual investors. If OpenAI is already courting dentists to scrape together more capital, it suggests the AI funding market is either tapped out or too concentrated on OpenAI and Anthropic. Anthropic's strong business-to-business success with Claude Code is making OpenAI's position even harder.
Microsoft Q3 Capex Falls Well Short of Expectations; Bloomberg Reports Company Is Reviewing Neocloud Partnerships as CoreWeave Halves in a Month to Record Low
CoreWeave Debt Alarm: 2031 Bond Yield at 16.33%, Spread More Than 10 Percentage Points Above Meta; $10.6 Billion in Debt Due by End-2027, November 10 Earnings Decisive
IREN Q1 Earnings Defy Trend: Total Revenue of $228 Million (+66% YoY), AI Cloud Revenue of Approximately $200 Million (Nearly Triple Quarter-over-Quarter), Shares Up 20% in Single Day
GPU-backed debt reached $48.4 billion in 2026, up 7.3 times from $6.6 billion for full-year 2025. Musk warned that more than 200 neoclouds face "small fish death," and Gartner forecasts that 80% will be acquired or shut down by 2030.
Nuclear power projects are expected to attract about $20 billion in new investment in 2026, with over 100 projects being tracked in North America; investment could rise to $50 billion by 2029. Korea's Kori Units 3 and 4 life extension adds 1,900 MW.
IDC Raises 2026 AI Infrastructure Spending Forecast to $521.0 Billion; Hyperscaler Combined Capex Expected at $720-740 Billion
NVIDIA Rubin GPU 2026 Capacity Constrained by Approximately 200,000–300,000 Units: HBM4 Shortage and TSMC N3 Packaging Throughput Limits Both Weigh; TrendForce Upgrades GPU Supply-Demand Status to "Tight"
Google announces $17 billion Wyoming data center: initial 2.7 GW, including 702 MW of Bloom Energy natural gas fuel cells with carbon capture, with long-term expansion to 10 GW
Anthropic IPO roadshow to launch next week: S-1 filed, targeting a listing before Thanksgiving, with valuation talks narrowed to a $1.2T–$1.75T range
OpenAI Unveils Post-Election Data Center Policy: Full Self-Funding of Power and Infrastructure Costs, Establishes "Local Compact" Community Mechanism
2026 Midterm Elections: 40 of 41 data center restriction proposals passed (77% opposition vote); New York State subsequently enacted a one-year permit moratorium
Core Scientific is exiting Bitcoin mining, with about 92% of its revenue now coming from renting capacity to AI customers.
The near-complete pivot of a former Bitcoin miner to AI hosting shows that converted mining sites are becoming a core source of high-density AI capacity.
Reports say roughly 600,000 Nvidia H200 chips have accumulated in Hong Kong, with Beijing reportedly holding them to boost local technology.
If accurate, this is a large pool of export-licensed H200 supply in Asia that could shape Chinese accelerator availability and pricing in the coming quarters.
TeraWulf says AI leasing now generates 83% of its revenue, as Bitcoin mining recedes.
With AI leasing at 83% of revenue, TeraWulf's economics now depend on lease terms and tenant credit rather than hash-rate, which re-rates the miner-to-AI-host peer group.
Australia is weighing safeguards for AI data centres.
Any federal safeguards would add approval and grid-connection conditions for data-center projects in Australia, affecting site selection for hyperscale and neocloud builders.
Data Centers
SpaceX is behind a proposed 6 GW AI data center campus in Cochise County, Arizona.
A 6 GW proposal of this scale would rank among the largest planned AI campuses in the US, implying a major power-procurement and grid-interconnection effort and a new non-hyperscaler entrant in AI compute siting.
Drax's data-center campus is the first deal for the $20 billion AI venture between Brookfield and Qatar.
xAI has installed eight refurbished jet-engine generators at its Mississippi facility to supply on-site power.
Chips & Hardware
NVIDIA Rubin GPU 2026 Capacity Constrained by Approximately 200,000–300,000 Units: HBM4 Shortage and TSMC N3 Packaging Throughput Limits Both Weigh; TrendForce Upgrades GPU Supply-Demand Status to "Tight"
Nvidia is reportedly funding SPIL's CoWoS packaging expansion with billions.
Reports say roughly 600,000 Nvidia H200 chips have accumulated in Hong Kong, with Beijing reportedly holding them to boost local technology.
Capital Markets
Microsoft Q3 Capex Falls Well Short of Expectations; Bloomberg Reports Company Is Reviewing Neocloud Partnerships as CoreWeave Halves in a Month to Record Low
CoreWeave Debt Alarm: 2031 Bond Yield at 16.33%, Spread More Than 10 Percentage Points Above Meta; $10.6 Billion in Debt Due by End-2027, November 10 Earnings Decisive
IREN Q1 Earnings Defy Trend: Total Revenue of $228 Million (+66% YoY), AI Cloud Revenue of Approximately $200 Million (Nearly Triple Quarter-over-Quarter), Shares Up 20% in Single Day
Anthropic is pressing ahead with its pre-Thanksgiving IPO despite a tech selloff, now targeting a valuation of $1.25 to $1.75 trillion, well below the $2 trillion it had previously pursued.
A valuation range 12.5% to 37.5% below the $2 trillion target resets the pricing benchmark for AI-lab IPOs and changes how much capital is available for compute commitments.
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