ISSUANCE DIAL · AI DEAL ROSTER · AS-OF 2026-09-28
When a buyer pays in stock, that is fresh equity into the float — the same Issuance pressure the Horsemen Index tracks on Dial III. Cash deals recycle balance sheet cash; mixed is both. Soft “license + talent” packages (Inflection, Adept, Character.AI, Windsurf) sit in the table when they function like acquisitions. Buybacks are the opposite of issuance and are not rows here — optional contrast only.
01 · BUBBLE CHART
21 deals · 14 with disclosed value · Σ ~$147.2B · gold step = annual disclosed · as-of 2026-09-28.
2023 · DISCLOSED Σ
$1.3B1 of 1 deals priced2024 · DISCLOSED Σ
$45B5 of 9 deals priced2025 · DISCLOSED Σ
$19B5 of 6 deals priced2026 · YTD · DISCLOSED Σ
$81B3 of 5 deals priced02 · ROSTER · NEWEST FIRST
Soft-acquisitions labeled by consideration. Meta/Scale minority stake and mega buybacks are excluded on purpose.
| Date | Buyer | Target | Value | Stock·Cash | Status | Source |
|---|---|---|---|---|---|---|
| AMD | World LabsSpatial/world-model AI lab (Fei-Fei Li) generating and simulating interactive 3D environments; robotics/physical AI. | $8.2B | Stock | announced | Source ↗ | |
| NVIDIA | Hugging FaceOpen-source model hub/community platform for sharing, evaluating, and deploying models, datasets, and apps. | $12.9B | Cash | announced | Source ↗ | |
| AMD | TaalasSpecialized AI inference silicon that hard-codes model weights into circuits for low-latency decode. | Undisclosed | Undisclosed | announced | Source ↗ | |
| SpaceX | Anysphere (Cursor)AI coding agent / IDE platform (Cursor) for professional software developers. | $60.0B | Stock | closed | Source ↗ | |
| AMD | MEXTAI-driven predictive memory optimization (flash behaving more like DRAM) for data-center AI workloads. | Undisclosed | Undisclosed | closed | Source ↗ | |
| NVIDIA | SchedMDPrimary commercial steward of Slurm open-source HPC/AI workload scheduler. | Undisclosed | Undisclosed | closed | Source ↗ | |
| OpenAI | StatsigProduct experimentation / feature-flag platform for shipping AI products at scale. | $1.1B | Stock | closed | Source ↗ | |
| Google (Alphabet) | Windsurf (Codeium)AI coding IDE / agentic developer tools; CEO and key researchers hired by Google. | $2.4B | Cash | closed | Source ↗ | |
| OpenAI | io ProductsJony Ive–backed AI consumer device hardware startup. | $6.5B | Stock | closed | Source ↗ | |
| SoftBank Group | Ampere ComputingArm-based data-center CPUs used in cloud/AI infrastructure (Oracle etc.). | $6.5B | Cash | closed | Source ↗ | |
| ServiceNow | MoveworksEnterprise AI agents / employee support automation on top of IT and business systems. | $2.9B | Mixed | closed | Source ↗ | |
| Google (Alphabet) | Character.AIConsumer conversational AI / character chatbots; co-founders Noam Shazeer and Daniel De Freitas returned to Google. | $2.7B | Cash | closed | Source ↗ | |
| Amazon | CovariantRobotics/warehouse AI foundation models; founders and portion of staff joined Amazon Robotics AI. | Undisclosed | Undisclosed | closed | Source ↗ | |
| SoftBank Group | GraphcoreUK AI accelerator (IPU) chipmaker for training/inference. | Undisclosed | Undisclosed | closed | Source ↗ | |
| Amazon | AdeptEnterprise agentic AI / computer-use models; founders (incl. David Luan) joined Amazon AGI. | Undisclosed | Undisclosed | closed | Source ↗ | |
| IBM | HashiCorpInfrastructure-as-code and hybrid-cloud automation (Terraform et al.) underpinning AI/cloud ops. | $6.4B | Cash | closed | Source ↗ | |
| NVIDIA | Run:aiGPU/AI cluster orchestration and workload optimization software. | $700M | Undisclosed | closed | Source ↗ | |
| Microsoft | Inflection AIConsumer AI lab behind Pi chatbot; co-founders Mustafa Suleyman and Karén Simonyan joined Microsoft AI. | $650M | Cash | closed | Source ↗ | |
| Apple | DarwinAIEfficient AI/computer-vision startup; team folded into Apple’s on-device AI efforts. | Undisclosed | Undisclosed | closed | Source ↗ | |
| Synopsys | AnsysEngineering simulation software used across chip, systems, and multiphysics design workflows. | $35.0B | Mixed | closed | Source ↗ | |
| Databricks | MosaicMLGenerative AI training/inference platform and open models for enterprise builders. | $1.3B | Undisclosed | closed | Source ↗ |
03 · WHY IT MATTERS ON BUBBLE BURSTER
All-stock paper (World Labs, Cursor, io Products) adds shares the same way a primary raise does — diluted float, headline “acquisition,” quiet equity print. Cash deals do not. That distinction is why consideration is a first-class column here, not a footnote.
Financed GPU demand and neo-cloud SPVs live on Bank of NVDA. CapEx vs offtake geometry lives on the Plan Timeline. This page is the M&A / equity-print cousin.
04 · METHOD / DISCLAIMER
Not investment advice. Numbers and status can change on amendment, close, or termination. Cross-check the linked source before trading a narrative.
05 · KEEP DIGGING