Five ways to fund AI. Only two create interest expense
In 22 days, four companies raised $52.35bn for AI capacity using five different instruments. Where each one lands on the financial statements is not the same.
6 primary sourcesTicker · 3 articles
INTC
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 25, 2026All companies
Intel went from $18 to $92. What that price now assumes
Intel traded below book value for three years. Then its data-centre business quadrupled its profit. The foundry that broke it still loses $2 billion a quarter.
7 primary sources16 US companies now spend more on capex than they earn
A screen of 5,678 SEC filers. Excluding utilities, sixteen listed companies with over $1B in operating cash flow spent more building than they collected.
8 primary sources · 1 correctionFigures we worked out for INTC
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Five ways to fund AI. Only two create interest expense | ||
| Intel's issue price against the prior close | −2.6% | 95 / 97.52 - 1 |
| Intel gross proceeds | $20.00bn | 210526315 * 95 / 1e9 |
| Intel went from $18 to $92. What that price now assumes | ||
| Market value at the April 2025 low | $79,083m | 18.13 * 4362 |
| Price to book at the low | 0.79× | (18.13 * 4362) / 99756 |
| Market value on 20 August 2026 | $484,002m | 92.13 * 5253.49 |
| Price to book after the August raise | 4.51× | (92.13 * 5253.49) / (87542 + 19670) |
| Share price against the low | 5.08× | 92.13 / 18.13 |
| Market value against the low | 6.12× | (92.13 * 5253.49) / (18.13 * 4362) |
| Increase in share count | +20.4% | 5253.49 / 4362 - 1 |
| Data Centre and AI operating income growth | +290.8% | 2474 / 633 - 1 |
| Intel Products operating income, June quarter 2026 | $4,817m | 15139 - 10322 |
| Intel Foundry operating loss, June quarter 2026 | −$2,089m | 5765 - 7854 |
| Consolidated operating income reconciles | $1,796m | 16128 - 14332 |
| Multiple of annualised non-GAAP earnings | 55.07× | (92.13 * 5253.49) / (2197 * 4) |
| Share price change during the June quarter | +211.5% | 128.32 / 41.19 - 1 |
| 16 US companies now spend more on capex than they earn | ||
| Intel ratio | 1.51× | 14646 / 9697 |
| Intel capex change Y/Y | −38.8% | 14646 / 23941 - 1 |
17 figures from 3 articles. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Alphabet Inc — prospectus supplement, 6 August 2026 (424B5)Nine tranches, $25.0bn total, 4.500% 2028 through 6.500% 2066
- Intel Corporation — prospectus supplement, 12 August 2026 (424B5)210,526,315 shares at $95.00 · gross $20.0bn · proceeds before expenses $19.67bn
- CoreWeave, Inc — Form 8-K, 10 August 2026 (Items 1.01 and 2.03)$2.6bn delayed draw term loan · Term SOFR + 5.50% · matures 1 September 2031
- Core Scientific, Inc — Form 8-K, 28 July 2026 (Items 3.02 and 7.01)Warrant to AMD for 30m shares at $23.47 · 529 MW leased · 12,222 shares vest per MW
- Equinix, Inc — Form 8-K, 29 July 2026 (Items 1.01 and 2.03)$5.5bn revolving facility — excluded here as capacity rather than drawn borrowing
- SOFR — Federal Reserve Bank of New York via FRED3.65% on 21 August 2026 · the floating base under CoreWeave's facility
- Intel Corporation — Form 10-Q, quarter ended June 27 2026Escrowed Shares note, derivative liability, warrants, shares outstanding and the Delaware litigation
- Intel Corporation — Q2 2026 earnings release, filed July 23 2026Income statement and the supplemental operating segment tables for both quarters
- SEC company concept API — Intel, OperatingIncomeLossThe quarterly operating income series quoted here, from 2022 to 2026
- SEC company concept API — Intel, StockholdersEquityBook equity of $99,756M at 29 March 2025 and $87,542M at 27 June 2026
- Intel Corporation — Free writing prospectus, August 10 2026The offering was announced at $15 billion two days before it priced at $20 billion
- Daily closing prices, INTC, August 2024 – August 2026 (market data, not a filing)All share prices quoted here · prices may be delayed and are not from a filing
- SEC XBRL frames API — NetCashProvidedByUsedInOperatingActivities, CY20255,678 filers · the operating cash flow side of this screen
- SEC XBRL frames API — PaymentsToAcquirePropertyPlantAndEquipment, CY20253,512 filers · the standard capital expenditure tag
- SEC XBRL frames API — PaymentsToAcquireProductiveAssets, CY2025526 filers · the alternate capex tag, without which a third of this list disappears
- Oracle Corporation — Form 10-K, fiscal year ended May 31 2026Spot-checked: operating cash flow $31.98B, capex $55.66B
- Intel Corporation — Form 10-K, fiscal year ended December 27 2025Spot-checked: operating cash flow $9.70B, capex $14.65B
- CoreWeave, Inc. — Form 10-K, fiscal year ended December 31 2025Spot-checked: operating cash flow $3.06B, capex $10.31B
- Daily closing prices, CRWV, July–August 2026 (market data, not a filing)The 12 August close-to-close move quoted in the summary · prices may be delayed and are not from a filing
- Daily closing prices, ORCL, June–August 2026 (market data, not a filing)The 11 June close-to-close move quoted in the summary · prices may be delayed and are not from a filing
20documents, deduplicated. Links go to the original filing, not to a summary.