What do customers actually get for billions in AI capacity prepayments? 20 companies reviewed
tengyanAI · x · 2026-10-22
A research note from tengyanAI reviews disclosures from 20 AI infrastructure companies to examine what customers receive in exchange for multi-billion-dollar capacity prepayments: Micron refunds deposits once purchase commitments are met; AXT and Coherent bundle price protection and conditional refund rights; Core Scientific and CoreWeave credit construction funding against future bills; Nebius uses prepayments to fund contracted capacity while keeping some future capacity for later sale. Key takeaway: the party receiving the money isn't necessarily getting the better deal.
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