Digital Power Weekly - Volume 5: June 1 - June 7, 2026

The past week saw the AI buildout’s capital structure accelerate in capital markets — on every layer simultaneously. Alphabet announced an $80 billion equity package that was subsequently upsized to $84.75 billion, anchored by a $10 billion Berkshire Hathaway placement. Anthropic filed confidentially for an IPO hours later, at a $965 billion private valuation that now exceeds OpenAI’s. By Friday, Apollo and Blackstone had priced $35 billion of structured debt to lease Google TPUs to Anthropic, and SpaceX disclosed a $920 million-per-month compute contract with Google ahead of a June 12 listing targeting $1.77 trillion. Equity, IPO, private credit, and lease obligation — four distinct capital products, one underlying asset class: powered compute.