The model developers

Every frontier lab outside China is now part-owned by the companies it buys compute from. Only DeepSeek sits outside the loop, and that is because of US export controls rather than choice.

• OpenAI: Microsoft holds about 27% (as-converted) and the non-profit OpenAI Foundation about 26%. SoftBank finished its last US$10bn tranche on 1 October, taking it to US$64.6bn invested and about 13%. The February 2026 US$110bn round added Amazon (US$50bn, of which US$35bn is conditional) and Nvidia (about US$30bn) at a US$730bn pre-money valuation. Nvidia’s headline US$100bn letter of intent from 2025 was never signed. OpenAI has committed to Oracle (about US$300bn), Azure (US$250bn), AWS (US$138bn) and CoreWeave (about US$22bn), and to 10GW from Nvidia, 6GW from AMD and 10GW of custom chips from Broadcom.
• Anthropic: the May 2026 Series H raised US$65bn at a US$965bn post-money valuation, and the register now includes Samsung, SK Hynix and Micron. Amazon is estimated at 15–21% (non-voting) and Alphabet at about 14%, capped at 15%, with up to US$40bn more agreed in April. Microsoft (up to US$5bn) and Nvidia (up to US$10bn) came in during November 2025. Anthropic filed confidentially for an IPO on 1 June, and reports point to a Nasdaq listing in November. Leaked filing details put compute commitments at US$518bn, spread across Google TPUs, AWS Trainium, Azure, SpaceX’s Colossus, Nscale and CoreWeave.
• Gemini (Google DeepMind): wholly owned by Alphabet and trained on Google’s own TPUs, co-designed with Broadcom. Alphabet is the best-hedged player on the map. It owns Gemini outright, about 14% of Anthropic and about 5% of SpaceX (which now owns xAI). It also rents TPUs to Anthropic and Meta, and backstops data-centre leases at TeraWulf and Cipher in exchange for warrants.
• Copilot (Microsoft): Microsoft’s product layer, not a separate lab. It runs OpenAI’s GPT models, Anthropic’s Claude models and Microsoft’s own MAI models. The April 2026 reset with OpenAI ended Azure exclusivity and the AGI clause. Microsoft keeps its 27% and an IP licence to 2032, and has since been building its own model line to reduce dependence on either partner.
• xAI (now SpaceX): SpaceX absorbed xAI on 2 February 2026 and listed on Nasdaq (SPCX) in June. Nvidia’s US$10bn xAI stake and Alphabet’s long-held SpaceX stake now sit in the same listed company. In a twist, the Colossus clusters in Memphis now rent compute to Anthropic for about US$1.25bn a month through May 2029.
• DeepSeek: owned by founder Liang Wenfeng’s quant fund High-Flyer, with no disclosed outside investors. Earlier models were trained on Nvidia H800 and H20 chips. DeepSeek V4 (April 2026) was built to run on Huawei’s Ascend chips from day one. It has no equity or compute links to any US hyperscaler.
• Meta: both hyperscaler and model developer. It buys from almost everyone: Nvidia (millions of Blackwell and Vera Rubin GPUs), AMD (up to 6GW, with a warrant over up to 160m AMD shares), Broadcom (MTIA chips), Google (TPU rental and a US$10bn-plus cloud deal), CoreWeave (up to about US$21bn) and Oracle. It also owns 20% of the US$27bn Hyperion campus in Louisiana, with Blue Owl holding 80%.
• Mistral: Europe’s main independent lab. ASML led its September 2025 round with €1.3bn for about 11%, and Nvidia and Microsoft hold smaller stakes. It is the clearest case of a chip-equipment maker buying into a model developer.

Hyperscalers are investor, landlord and rival at once

• Microsoft: owns about 27% of OpenAI and has up to US$5bn in Anthropic. It sells Azure to both, and rents capacity from Nebius (US$17.4bn), IREN (US$9.7bn), Nscale and CoreWeave. It is also a member of the AIP consortium that bought Aligned Data Centers for about US$40bn.
• Amazon: Anthropic’s largest shareholder by capital and now an OpenAI investor too. AWS hosts more than US$100bn of Anthropic work and US$138bn of OpenAI work, much of it on Amazon’s own Trainium chips.
• Alphabet: owns Gemini, about 14% of Anthropic and about 5% of SpaceX. Its TPUs (with Broadcom) are the main alternative to Nvidia, and Anthropic and Meta both rent them.
• Oracle: the biggest single landlord to OpenAI (about US$300bn) and an equity partner in Stargate with SoftBank, OpenAI and MGX. It is a large buyer of Nvidia and AMD chips, and hosts Meta and xAI.
• Meta: mainly a buyer of capacity, with equity only in its Hyperion joint venture and an AMD warrant.

Data centres and neoclouds

• CoreWeave: Nvidia owns about 10.7% of the Class A shares and has written a US$6.3bn capacity backstop. Its customers are Microsoft, OpenAI, Meta and Anthropic. OpenAI in turn holds about US$350m of CoreWeave stock.
• Nebius, Nscale and IREN: each carries large Microsoft contracts. Nvidia owns about 9.3% of Nebius and has invested in Nscale. Anthropic has a reported US$45bn, six-year deal with Nscale.
• Stargate LLC: OpenAI’s build vehicle, with SoftBank and OpenAI as lead equity partners alongside Oracle and Abu Dhabi’s MGX. Samsung and SK Hynix signed letters of intent to supply up to 900,000 DRAM wafers a month.
• Aligned Data Centers: bought from Macquarie by the AIP consortium (BlackRock and GIP, MGX, Microsoft, Nvidia and xAI) for about US$40bn in enterprise value.
• Equinix: has no equity in any lab. Its US$15bn xScale hyperscale joint venture is 37.5% GIC, 37.5% CPP Investments and 25% Equinix.
• Firmus: the Australian AI-factory builder is now one of Nvidia’s closest regional partners. Nvidia holds about 7.2% and is also its chip supplier, credit backer and revenue-share partner. Coatue, Blackstone and Jane Street joined Nvidia in a US$2bn round in August at a post-money valuation above US$10.5bn, on top of a US$10bn debt facility. OpenAI is the anchor customer for two Malaysian sites, and a hyperscaler reported to be Meta has a multi-billion-dollar contract in Melbourne and Tasmania. Firmus has more than 900MW contracted across seven sites, but only two are operating. It pulled its A$7bn ASX float on 9 October after weak demand at a valuation of about A$44bn, and its Project Southgate partnership with CDC Data Centres has ended.
• Macquarie Technology (ASX: MAQ): separate from Macquarie Group. Co-founder and CEO David Tudehope holds about 42%. Its 47MW IC3 Super West data centre at Macquarie Park in Sydney is built for AI and hosts the Dell AI Factory with Nvidia for sovereign workloads. The National Reconstruction Fund is putting in an A$200m hybrid note, and Microsoft forecasts its Azure consumption through Macquarie at up to A$278m over three years. It is a sovereign and government-focused operator rather than a host for the big labs.
• NEXTDC (ASX: NXT): signed a memorandum of understanding with OpenAI as anchor tenant for S7 at Eastern Creek in Sydney. The site could reach about 650MW at a cost of about A$7bn. This is the most direct ASX-listed link to a frontier lab.
• AirTrunk: owned by Blackstone and CPP Investments after their A$24bn takeover in 2024. Its tenants are hyperscalers, but individual leases are not disclosed.

Chips and memory: Nvidia is now a holding company too

• Nvidia: listed holdings were worth US$63.4bn at 30 June. The largest were Intel (US$5bn invested), SpaceX (via xAI), CoreWeave, Coherent, Nokia, Synopsys and Nebius. On top of that sit about US$30bn in OpenAI and up to US$10bn in Anthropic. It supplies GPUs to every hyperscaler, neocloud and US lab on this map.
• AMD: has used warrants as a sales tool. OpenAI and Meta can each earn up to 160m AMD shares (about 10% each) for buying up to 6GW of Instinct GPUs.
• Broadcom and Marvell: design the custom chips. Broadcom builds Google’s TPUs, Meta’s MTIA and OpenAI’s in-house accelerator. Marvell works with Amazon and Alphabet, and has issued warrants to both.
• TSMC: makes the leading-edge chips for Nvidia, AMD, Broadcom, Google, Amazon and Microsoft. It holds no equity in any lab, but it is the single point of failure for the whole map.
• HBM memory: SK Hynix holds roughly 50–62% of the high-bandwidth memory market, Samsung 25–40% and Micron 5–20%. SK Hynix reportedly has the largest share of Nvidia’s HBM4 orders. All three are now Anthropic shareholders.
• Intel: the US Government owns about 10%, Nvidia about 4% and SoftBank put in US$2bn. Nvidia and Intel are co-developing x86 products.
• Huawei: China’s answer. Its Ascend chips run DeepSeek V4, outside the US supply chain.

What it means for investors

In our view the circularity is the risk to watch. Nvidia and AMD fund, or give equity to, the labs that buy their chips. The hyperscalers invest in the labs that then spend the money on their clouds. Reported revenue across the chain is real, but much of it traces back to the same few balance sheets and to two labs whose combined compute commitments exceed a trillion dollars.

Concentration cuts both ways. Leaked IPO filing details show 47% of Anthropic’s 2025 sales came through Amazon and Google cloud marketplaces. Any stumble at OpenAI or Anthropic would flow straight back through Oracle, CoreWeave, the neoclouds and the chipmakers.

For Australian investors, the direct links are thin. NEXTDC has the OpenAI S7 agreement and Macquarie was the seller of Aligned. Firmus would have been the biggest ASX-listed AI infrastructure play, but its float was withdrawn on 9 October. Maas Group (ASX: MGH) holds a stake it values at A$400m at cost. Macquarie Technology (ASX: MAQ) is the smaller, sovereign-focused listed play. Most of the exposure comes through US-listed names or ETFs. The Anthropic and OpenAI IPOs, if they proceed, would put hard numbers on stakes that are estimates today.

General advice only. This content does not take into account your objectives, financial situation or needs.