One in Seven AI Deals Is Now a Compute Contract. One in Thirty Is an Acquisition.

Across 543 deals we tracked since October, acquisitions fell from 16.5% of AI dealmaking to 3.1% while compute contracts climbed from 3.9% to 14.6%. The buyers changed too: one in six recent compute deals has a government on one side.

Compute Is Becoming an Asset Class — and Nobody Has Priced the Downside Yet

Leases, debt facilities, revenue shares and now insurance: AI compute is being financialised faster than anyone has built a model for what it is worth when it stops being scarce.

Sovereign Compute: Why Governments Are Now Building the AI Factories

From Tarragona to Tokyo, public money is flowing into AI data centers. The race is no longer only about models — it is about who owns the machines that train them.