The biggest AI deals this week: rounds, loans and spending plans

What are the largest AI deals right now?

These are the biggest deals reported in the last two weeks, ranked by amount. Each row says what kind of money it is, who is on each side, and links to the report it was read from.

A large number is not always a large transaction. Read the kind of deal before the amount, because a spending plan that runs for years is not the same as cash raised this month.

Which organizations are most active?

The ranking below counts how often each organization appears in the week's stories, and shows what it has been reported to raise. It is a view of attention, not of size.

What kinds of AI deals are there?

Spezia separates seven kinds of money, because adding them together gives a number that means nothing.

• Equity round. Money invested in a company in return for ownership.
• Debt. A loan or a bond. The money must be repaid.
• Grant. Money given for a purpose, often by a government.
• Acquisition. One company buying another.
• Contract. An agreement to buy or supply goods or services, such as computing capacity or a power supply.
• Spending plan. A company's stated plan to spend over time, often called capital expenditure.
• Valuation. What a company is said to be worth. It is a measure, not money that moves.

The same commitment is often reported in two or three of these ways at once, so Spezia counts it once.

How do you read an AI funding headline?

Six questions catch most of the confusion.

1. What kind of money is it? A round, a loan and a spending plan are different.
2. Who pays, and who receives? Parties must be named organizations, not "investors" or "hyperscalers".
3. Is it confirmed? Rumored deals are tagged, and a reported plan is not a signed deal.
4. Is it one deal or many reports? One round is often reported by dozens of outlets.
5. Is it a valuation or a raise? A valuation is what a company is said to be worth. A raise is cash in.
6. Over what period? A multi-year plan is not this year's spending.

How does Spezia check the amounts?

Every amount is stored with the sentence it was read from, and a second check confirms that the figure matches that sentence. Rumors are tagged and kept out of the totals. Amounts in other currencies, and amounts too large to be what they claim, are left out. Reports of one deal are merged, so the biggest deals are not counted twice.

Spezia is a research product, not an adviser. Nothing here is investment advice, and Spezia does not recommend securities.