Methodology and sources
AI Fund Flows maps the money that moves between the companies building artificial intelligence: who invests in whom, who buys chips, cloud capacity and power from whom, and who lends to whom. It is an independent project.
What is included
- Deals announced from November 2024 onwards (a few earlier landmark deals are kept for context).
- Amounts of $1 billion or more, plus large chip, cloud and equity deals whose amount was not disclosed (shown with dashed arrows).
- Only the main connected network: deals that do not touch the rest of the loop are left out (126 smaller or disconnected deals at the last update).
How amounts are counted
- Arrows always go from the party that pays to the party that receives.
- Amounts are as announced, in US dollars. Multi-year commitments and "up to" figures are counted at their headline value, so totals measure announcements, not money that has already changed hands.
- Deals called off or still in talks are shown but not added to totals.
- Non-USD amounts are converted at the exchange rate of the deal date.
Statuses
- announced: officially announced by at least one party; closed: completed; reported: reported by major outlets but not confirmed; in talks; called off.
Market values
Circle sizes follow each month's value: month-end market capitalisation for listed companies (from monthly prices, converted to dollars at that month's exchange rate) and the latest known round valuation for private companies.
Sources
Company press releases and filings (SEC), and major outlets such as Reuters, Bloomberg, CNBC, the Financial Times, the Wall Street Journal, The Information, Nikkei and TechCrunch. Every deal page links to its sources. The full dataset is available as JSON.
Loops
A loop is a closed chain of payments that returns to where it started. Its strength is the smallest step in the chain, the amount that can actually go all the way round. Anonymous nodes such as bond markets are excluded from loops.