Tracking the balance sheet behind the AI build-outArtificial Liabilities.

Company fundamentals

Spending, cash, debt, order books, customers and server lifespans, from company filings.

Peer comparison

Every company side by side. These charts don't change when you pick a company below.

Big tech: spending vs cash coming in

12-month capital spending ÷ 12-month operating cash flow
SeriesLatestObservedChangeStatus
MSFT capex / OCF (TTM)calculated0.63×30 Jun 2026Prior +0.06×YoY +0.16×Current
GOOGL capex / OCF (TTM)calculated0.71×30 Jun 2026Prior +0.08×YoY +0.21×Current
AMZN capex / OCF (TTM)calculated1.07×30 Jun 2026Prior +0.06×YoY +0.18×Current
META capex / OCF (TTM)calculated0.69×30 Jun 2026Prior +0.07×YoY +0.18×Current
ORCL capex / OCF (TTM)calculated1.61×31 Aug 2026Prior −0.13×YoY +0.34×Current

Neoclouds: spending vs cash coming in

12-month capex ÷ 12-month operating cash flow. Blank where cash flow was negative
SeriesLatestObservedChangeStatus
CRWV capex / OCF (TTM)calculated2.98×30 Jun 2026Prior +0.20×YoY −10.47×Current
CORZ capex / OCF (TTM)calculated2.84×30 Jun 2026Prior +1.04×YoY −28.44×Current
IREN capex / OCF (TTM)calculated1.43×30 Jun 2026Prior −3.29×YoY −0.90×Current
APLD capex / OCF (TTM)calculated19.95×31 Aug 2026Prior −12.01×Current

Neoclouds: debt vs cash coming in

(Debt + finance leases) ÷ 12-month operating cash flow
SeriesLatestObservedChangeStatus
CRWV (debt + finance leases) / TTM OCFcalculated4.20×31 Mar 2026Prior −2.88×YoY −7.20×Stale
CORZ (debt + finance leases) / TTM OCFcalculated8.26×30 Jun 2026Prior +4.45×Current
IREN (debt + finance leases) / TTM OCFcalculated3.73×30 Jun 2026Prior −0.18×YoY −0.18×Current
APLD (debt + finance leases) / TTM OCFcalculated27.31×31 Aug 2026Prior −28.82×Current

How fast the order book turns into revenue

12-month revenue ÷ order book (RPO) a year earlier
SeriesLatestObservedChangeStatus
MSFT TTM revenue / RPO a year earliercalculated0.88×30 Jun 2026Prior −0.11×YoY −0.14×Current
GOOGL TTM revenue / RPO a year earliercalculated4.12×30 Jun 2026Prior −0.45×YoY −0.59×Current
AMZN TTM revenue / RPO a year earliercalculated10.81×30 Jun 2021Prior −1.48×YoY −2.01×Stale
ORCL TTM revenue / RPO a year earliercalculated0.16×31 Aug 2026Prior −0.33×YoY −0.44×Current
CRWV TTM revenue / RPO a year earliercalculated0.25×30 Jun 2026Prior −0.17×Current
CORZ TTM revenue / RPO a year earliercalculated1.09×30 Sept 2023Prior +0.50×YoY −0.05×Stale
APLD TTM revenue / RPO a year earliercalculated2.81×31 May 2024Prior −0.22×YoY −11.40×Stale
Company detail

IREN IREN

Neocloud: pays for most of its capex with debt and leases. Everything below is for this company.

04

Capex, cash flow & leverage

Capital spending compared with the cash the business brings in to pay for it. Plus debt, leases and interest.

Leading

IREN: capex vs cash from the business

Quarterly. Some quarters are worked out from year-to-date totals
SeriesLatestObservedChangeStatus
IREN capital expenditurecalculated$1.3B30 Jun 2026Prior +40.0%YoY +621.8%Current
IREN operating cash flowcalculated$1.8B30 Jun 2026Prior +2304.5%YoY +1655.9%Current

IREN: free cash flow

Last 12 months: operating cash flow minus capex
SeriesLatestObservedChangeStatus
IREN FCF after capex (TTM)calculated−$897.6M30 Jun 2026Prior +38.6%YoY −174.0%Current

IREN: debt and leases

What it owes at each quarter end
SeriesLatestObservedChangeStatus
IREN long-term debt incl. current portion$7.6B30 Jun 2026Prior +688.7%YoY +688.7%Current
IREN finance lease liabilities$243.8M30 Jun 2026Prior −11.1%YoY +$243.8MCurrent
IREN operating lease liabilitiescalculated$2.8M30 Jun 2026Prior −1.4%YoY +89.9%Current
IREN cash & equivalents$5.9B30 Jun 2026Prior +166.4%YoY +944.3%Current

IREN: can it carry its debt?

Calculated ratios. Each line means something different, so compare it with its own history
SeriesLatestObservedChangeStatus
IREN (debt + finance leases) / TTM OCFcalculated3.73×30 Jun 2026Prior −0.18×YoY −0.18×Current
IREN cash interest coverage (TTM)calculated50.26×30 Jun 2026Prior +35.59×YoY +17.05×Current

IREN: interest costs

Interest on the books vs interest actually paid
SeriesLatestObservedChangeStatus
IREN interest expensecalculated$24.5M30 Jun 2026Prior +64.9%YoY +372.1%Current
IREN cash interest paidcalculated$21.5M30 Jun 2026Prior +401.8%YoY +185.0%Current
How to read this

Warning signs

Capex growing faster than operating cash flow, negative free cash flow covered by debt or leases, and interest getting harder to cover. Watch heavily indebted neoclouds most.

Keep in mind

  • Hyperscalers pay from huge cash flows; neoclouds rely on debt. Compare within each group, not across.
  • Finance leases and off-balance-sheet commitments hide part of the real spending.
  • Some quarters are worked out from year-to-date filings, and are marked as calculated.
08

Contracted vs realized revenue

The contracted order book (remaining performance obligations, or RPO) compared with revenue actually earned and money customers still owe.

Mixed

IREN: order book vs revenue

Order book (RPO) at quarter end, and quarterly revenue
SeriesLatestObservedChangeStatus
IREN remaining performance obligations$5.1B30 Jun 2026Prior +618.0%Current
IREN revenuecalculated$137.2M30 Jun 2026Prior −5.2%YoY −26.7%Current
IREN accounts receivable$21.1M30 Jun 2026Prior −69.5%YoY +1246.7%Current

IREN: order book to revenue

12-month revenue ÷ order book a year earlier
No series collected yetValues are never synthesized to fill gaps. Try a longer range.

IREN: growth vs a year ago

Watch for the order book growing much faster than revenue
SeriesLatestObservedChangeStatus
IREN TTM revenue growth YoYcalculated41.11%30 Jun 2026Current
IREN receivables growth YoYcalculated1246.68%30 Jun 2026Prior +317.73 ppYoY +317.73 ppCurrent
How to read this

Warning signs

The order book keeps growing while revenue lags, or money owed grows faster than revenue. Customers may be promising more than they pay.

Keep in mind

  • An order book isn't guaranteed cash. Contracts can be cancelled or renegotiated.
  • Companies define and time RPO differently.
05

Customer concentration

The share of revenue from the biggest customers, as disclosed in filings.

Leading

Biggest customers' share of revenue, full year

As disclosed in company filings
SeriesLatestObservedChangeStatus
Applied Digital largest-customer share of total revenue (fiscal year ending May 31)manual59.00%31 May 2026Prior ±0.00 ppYoY ±0.00 ppCurrent
Core Scientific revenue share from CoreWeave (fiscal year)calculated20.00%31 Dec 2025Prior +15.00 ppYoY +15.00 ppCurrent
CoreWeave largest-customer share of revenue (fiscal year)manual67.00%31 Dec 2025Prior +5.00 ppYoY +5.00 ppCurrent
CoreWeave revenue share from Microsoft (fiscal year)manual67.00%31 Dec 2025Prior +5.00 ppYoY +5.00 ppCurrent
CoreWeave second-largest-customer share of revenue (fiscal year)manual15.00%31 Dec 2024Prior −6.00 ppYoY −6.00 ppStale
CoreWeave top-2 customers share of revenue (fiscal year)manual77.00%31 Dec 2024Stale
CoreWeave top-3 customers share of revenue (fiscal year)manual73.00%31 Dec 2023Prior +32.00 ppYoY +32.00 ppStale
Nebius largest-customer share of revenue (fiscal year)manual25.00%31 Dec 2025Prior −2.00 ppYoY −2.00 ppCurrent
Nebius second-largest-customer share of revenue (fiscal year)manual15.00%31 Dec 2025Prior +4.00 ppYoY +4.00 ppCurrent

Biggest customers' share of revenue, one quarter

Single-quarter disclosures, kept apart from full-year ones
SeriesLatestObservedChangeStatus
Applied Digital largest-customer share of revenue (fiscal quarter)manual56.00%31 Aug 2026Prior +9.00 ppYoY +9.00 ppCurrent
Core Scientific revenue share from CoreWeave (quarter)manual83.00%30 Jun 2026Prior +16.00 ppYoY +70.00 ppCurrent
CoreWeave largest-customer share of revenue (quarter)manual36.00%30 Jun 2026Prior −9.00 ppYoY −35.00 ppCurrent
CoreWeave revenue share from Microsoft (quarter)manual67.00%30 Sept 2025Prior −4.00 ppYoY +2.00 ppStale
CoreWeave second-largest-customer share of revenue (quarter)manual26.00%30 Jun 2026Prior +6.00 ppCurrent
CoreWeave top-2 customers share of revenue (quarter)calculated62.00%30 Jun 2026Prior −3.00 ppCurrent
CoreWeave top-3 customers share of revenue (quarter)calculated72.00%30 Jun 2026Prior −11.00 ppCurrent
Nebius largest-customer share of revenue (quarter)manual24.00%30 Jun 2026Prior −15.00 ppYoY −15.00 ppCurrent

Announced customer contracts

Total value as announced. Not guaranteed revenue.
IssuerItemValueDate
Hut 8 (HUT)Hut 8 base-term contract value of Beacon Point leases with an unnamed high-investment-grade technology company (per lease)9.8 USD bn20 Jul 2026 ↗
IREN (IREN)IREN aggregate contract value of July 2026 AI developer contracts (Prometheus, Perplexity, Together AI and others)2.8 USD bn20 Jul 2026 ↗
TeraWulf (WULF)TeraWulf contracted revenue of Anthropic lease (Justified Data campus)19 USD bn6 Jul 2026 ↗
Applied Digital (APLD)Applied Digital total contracted revenue from CoreWeave leases (Polaris Forge 1)11 USD bn31 May 2026 ↗
IREN (IREN)IREN total contract value of NVIDIA cloud services agreement3.4 USD bn7 May 2026 ↗
CoreWeave (CRWV)CoreWeave contract value committed by Jane Street6 USD bn15 Apr 2026 ↗
CoreWeave (CRWV)CoreWeave contract value committed by Meta (per order form)21 USD bn31 Mar 2026 ↗
Nebius Group (NBIS)Nebius contract value of Meta agreements (per agreement)27 USD bn13 Mar 2026 ↗
Hut 8 (HUT)Hut 8 base-term contract value of Fluidstack lease at River Bend (Anthropic partnership, Google backstop)7 USD bn17 Dec 2025 ↗
Cipher Mining / Cipher Digital (CIFR)Cipher contracted revenue of Fluidstack (Google-backstopped) leases at Barber Lake (per agreement)0.83 USD bn20 Nov 2025 ↗
Cipher Mining / Cipher Digital (CIFR)Cipher estimated contract value of Amazon Web Services lease (Black Pearl)5.5 USD bn3 Nov 2025 ↗
IREN (IREN)IREN total contract value of Microsoft GPU services agreement9.7 USD bn2 Nov 2025 ↗
Nebius Group (NBIS)Nebius contract value of Meta agreements (per agreement)2.88 USD bn1 Nov 2025 ↗
TeraWulf (WULF)TeraWulf contracted revenue of Fluidstack (Google-backstopped) agreements (per agreement)9.5 USD bn28 Oct 2025 ↗
Cipher Mining / Cipher Digital (CIFR)Cipher contracted revenue of Fluidstack (Google-backstopped) leases at Barber Lake (per agreement)3 USD bn25 Sept 2025 ↗
CoreWeave (CRWV)CoreWeave contract value committed by Meta (per order form)14.2 USD bn25 Sept 2025 ↗
CoreWeave (CRWV)CoreWeave contract value committed by OpenAI (per agreement)6.5 USD bn23 Sept 2025 ↗
CoreWeave (CRWV)CoreWeave NVIDIA residual-capacity order form initial value6.3 USD bn9 Sept 2025 ↗
Nebius Group (NBIS)Nebius total contract value of Microsoft GPU agreement (base)17.4 USD bn8 Sept 2025 ↗
Nebius Group (NBIS)Nebius total contract value of Microsoft GPU agreement including additional services19.4 USD bn8 Sept 2025 ↗
TeraWulf (WULF)TeraWulf contracted revenue of Fluidstack (Google-backstopped) agreements (per agreement)3.7 USD bn14 Aug 2025 ↗
CoreWeave (CRWV)CoreWeave contract value committed by OpenAI (per agreement)4 USD bn14 May 2025 ↗
CoreWeave (CRWV)CoreWeave contract value committed by OpenAI (per agreement)11.9 USD bn11 Mar 2025 ↗
Core Scientific (CORZ)Core Scientific total projected cumulative revenue under CoreWeave contracts10.2 USD bn26 Feb 2025 ↗
Core Scientific (CORZ)Core Scientific total projected cumulative revenue under CoreWeave contracts8.7 USD bn22 Oct 2024 ↗
Core Scientific (CORZ)Core Scientific total projected cumulative revenue under CoreWeave contracts6.7 USD bn6 Aug 2024 ↗
Core Scientific (CORZ)Core Scientific total projected cumulative revenue under CoreWeave contracts3.5 USD bn4 Jun 2024 ↗
How to read this

Warning signs

Growing dependence on one or two customers, or a major customer cutting back, renegotiating or not renewing.

Keep in mind

  • Disclosures are irregular, and each company defines them differently.
  • High concentration is a risk, not a loss. A strong customer can make it acceptable.
09

Depreciation & useful life

How long companies assume their servers and network gear will last in their accounts, and when they change it.

Structural

How long servers are assumed to last

Each step is a change the company announced
SeriesLatestObservedChangeStatus
Amazon estimated useful life of networking equipmentmanual5 years1 Jan 2025Prior −16.7%Historical only
Amazon estimated useful life of serversmanual5 years1 Jan 2025Prior −16.7%YoY −16.7%Historical only
CoreWeave estimated useful life of technology (computing) equipmentmanual6 years1 Jan 2023Prior +20.0%Historical only
Alphabet estimated useful life of certain network equipmentmanual6 years1 Jan 2023Prior +20.0%Historical only
Alphabet estimated useful life of serversmanual6 years1 Jan 2023Prior +50.0%Historical only
IREN estimated useful life of HPC (GPU) hardwaremanual5 years1 Jul 2023Historical only
Meta estimated useful life of servers and network assetsmanual5.5 years1 Jan 2025Prior +10.0%Historical only
Microsoft estimated useful life of network equipmentmanual6 years1 Jul 2022Prior +50.0%Historical only
Microsoft estimated useful life of server equipmentmanual6 years1 Jul 2022Prior +50.0%Historical only
Nebius estimated useful life of server and network equipmentmanual5 years1 Jan 2026Prior +25.0%YoY +25.0%Historical only
Oracle estimated useful life of servers (and networking equipment from FY2025)manual6 years1 Jun 2024Prior +20.0%Historical only

IREN: depreciation & amortization

Quarterly cost of equipment wearing out
SeriesLatestObservedChangeStatus
IREN depreciation & amortizationcalculated$112.1M30 Jun 2026Prior −7.6%YoY +75.6%Current
How to read this

Warning signs

Lifespans stretched while GPUs go out of date faster. Profits then look better than the reality. Any shortening is a direct admission.

Keep in mind

  • The accounting lifespan isn't what the equipment would sell for.
  • Not all servers share one schedule, and most disclosures aren't GPU-specific.