Off the Books: Hyperscaler Capex & Financing
How the largest builders are funding the buildout — capex trajectories, off-balance-sheet structures, PPAs, and the financing strategies behind the headline numbers.
What this report covers
- Capex trajectory and guidance across the major hyperscalers
- Off-balance-sheet JV & SPV structures
- Power purchase agreements as a financing lever
- What the SEC filings actually disclose
The data behind it
The analyst research builds on our live capital & markets data, shown here in full. The interpretation, outlook, and models are the part you can’t auto-generate — that’s the premium report.
Recent tracked deals, financings & PPAs · live site data as of Nov 12, 2026
| Company | Event | Date |
|---|---|---|
| Orbital / Anthropic | Redwire Pivoted to Orbital Computing Right as Anthropic Said It Wants Gigawat… | 2026-11-12 |
| Microsoft | Microsoft Vows to Pay Its Own Way to Power Data Centers | 2026-11-11 |
| — | BloombergNEF warned data center gas plants could raise U.S. power emissions 10% | 2026-11-11 |
| Google’s Utah Deal Puts Geothermal Power on the Data Center Map | 2026-11-11 | |
| Scale AI | Consortium to develop 400MW hyperscale AI data center in Oman | 2026-11-11 |
| — | FuelCell Energy Advances AI Data Center Power With New Testbed | 2026-11-11 |
| — | Kraft Group is proposing a $16 billion data center campus in a small Massachu… | 2026-11-11 |
| — | AI datacentres plan on-site power stations on huge scale despite climate risk… | 2026-11-11 |
| Company | Form | Date |
|---|---|---|
| CoreWeave, Inc. CRWV | 10-Q | 2026-11-12 |
| IRON MOUNTAIN INC IRM | 8-K | 2026-11-05 |
| Core Scientific, Inc./tx | 10-Q | 2026-11-05 |
| IREN Ltd IREN | 8-K | 2026-11-05 |
| Core Scientific, Inc./tx | 8-K | 2026-11-05 |
| IRON MOUNTAIN INC IRM | 10-Q | 2026-11-05 |
Off the Books: Hyperscaler Capex & Financing
How the largest builders are funding the buildout — capex trajectories, off-balance-sheet structures, PPAs, and the financing strategies behind the headline numbers.
- Capex trajectory and guidance across the major hyperscalers
- Off-balance-sheet JV & SPV structures
- Power purchase agreements as a financing lever
- What the SEC filings actually disclose
Included with a paid plan — built for analyst, investor & institutional users.
About “Off the Books: Hyperscaler Capex & Financing”
How the largest builders are funding the buildout — capex trajectories, off-balance-sheet structures, PPAs, and the financing strategies behind the headline numbers. It is part of our premium analyst research — interpretation, forward outlooks, and models that go beyond the free data reports, included with a paid plan. Explore the underlying data on the power, policy, markets, and map pages.