Data Report
The State of AI Deals
An original analysis of the AI deal landscape built from Race to AGI's proprietary deal database. Figures cover 527 tracked transactions — investments, acquisitions, hardware and compute agreements, licensing and partnerships. Data and tables on this page are free to cite with attribution.
Last updated July 14, 2026 · Source: Race to AGI Deal Tracker
Total Deal Value
$453.4B
across 49 disclosed deals
Tracked Deals
527
9% with disclosed value
Avg. Disclosed Deal
$9.3B
mean across disclosed deals
2026 Activity
354
↓ 100% YoY value
What the Data Shows
Across the 527 deals in our database, disclosed value totals $453.4B. Roughly 9% of deals carry a disclosed figure; the remainder are strategic partnerships, integrations and undisclosed transactions whose terms were not made public — a reminder that headline totals understate the true scale of capital and commitment flowing through the AI sector.
Hardware dominates the landscape, accounting for $226.5B across 15 deals, ahead of Investment ($194.8B across 252 deals). This concentration reflects how the current cycle is being financed: large primary capital raises and infrastructure commitments rather than a wave of consolidation.
Year-over-year, 2026 disclosed deal value is down 100% versus 2025 (Undisclosed vs $400.7B). The trajectory underscores how quickly capital formation around frontier AI continues to compound.
On the demand side, capital is concentrated: Nvidia is the single most active source of disclosed capital ($163.5B across 35 deals), while OpenAI is the largest recipient ($185.1B across 25 deals). A small set of labs and infrastructure providers absorbs a disproportionate share of the sector's funding.
Deal Value by Type
| Deal Type | Deals | Disclosed Value |
|---|---|---|
| Hardware | 15 | $226.5B+7 undisclosed |
| Investment | 252 | $194.8B+220 undisclosed |
| Acquisition | 54 | $26.7B+48 undisclosed |
| Compute | 55 | $4.0B+54 undisclosed |
| Partnership | 104 | $1.4B+102 undisclosed |
| Integration | 14 | Undisclosed+14 undisclosed |
| Licensing | 10 | Undisclosed+10 undisclosed |
| Research | 23 | Undisclosed+23 undisclosed |
Deal Activity by Year
The Largest AI Deals on Record
Nvidia to invest up to $100B in OpenAI for 10GW AI infrastructure deployment starting 2026
Hardware · September 22, 2025
OpenAI to deploy 6GW of AMD GPUs, AMD issues warrant for up to 160M shares (10% stake)
Hardware · October 6, 2025
SoftBank leads OpenAI's $40B round at $300B valuation, contributing $7.5B
Investment · March 31, 2025
Amazon and Microsoft together committed over $52 billion to expand AI‑powered infrastructure, tools and workforce programs in India by 2030.
Investment · December 15, 2025
SoftBank is working to deliver a previously agreed $22.5 billion multi-tranche investment into OpenAI to fund large-scale AI data center projects.
Investment · December 22, 2025
Lease-to-own deal for AI chips, deploying 300,000-550,000 NVIDIA GB200/GB300 chips for Colossus 2 data center
Hardware · October 1, 2025
Microsoft is committing $17.5 billion to build out AI-ready cloud infrastructure, sovereign cloud solutions and large-scale skilling initiatives in India.
Investment · December 9, 2025
Microsoft will invest US$17.5 billion over four years to expand AI and cloud infrastructure, sovereign cloud solutions and AI skilling programs across India.
Investment · December 9, 2025
Samsung supplies AI6 chips for Tesla vehicles and robots
Hardware · January 1, 2025
Microsoft invests $13B in OpenAI for Azure compute partnership and exclusive cloud provider rights
Investment · January 23, 2023
Fidelity, ICONIQ, and Lightspeed lead Anthropic's $13B Series F at $183B valuation
Investment · September 2, 2025
IBM will acquire Confluent in an all‑cash $11 billion deal to provide a unified real‑time data platform underpinning enterprise generative and agentic AI.
Acquisition · December 8, 2025
Most Active Investors
| 1 | Nvidia35 deals | $163.5B |
| 2 | OpenAI20 deals | $66.5B |
| 3 | Microsoft22 deals | $66.2B |
| 4 | SoftBank11 deals | $62.5B |
| 5 | Amazon25 deals | $35.0B |
| 6 | Samsung4 deals | $16.5B |
| 7 | Fidelity Investments1 deals | $13.0B |
| 8 | IBM2 deals | $11.0B |
| 9 | Salesforce5 deals | $8.0B |
| 10 | Thrive Capital1 deals | $6.6B |
Largest Recipients of Capital
| 1 | OpenAI25 deals | $185.1B |
| 2 | AMD1 deals | $60.0B |
| 3 | Amazon India operations1 deals | $35.0B |
| 4 | Microsoft India cloud and AI infrastructure projects2 deals | $35.0B |
| 5 | Anthropic25 deals | $29.0B |
| 6 | xAI10 deals | $26.0B |
| 7 | Tesla3 deals | $21.5B |
| 8 | Microsoft India and South Asia operations1 deals | $17.5B |
| 9 | Confluent1 deals | $11.0B |
| 10 | Microsoft7 deals | $10.0B |
Explore the Underlying Data
Every figure on this page is drawn from our live deal database. Browse the full tracker or drill into a specific deal type, period, or our companion valuation report.