Hover or select any node to trace its full chain, upstream and downstream.
Inputs Raw and refined materials, and the substrates components are grown on.
Components The finished parts — lasers, modules, memory, packaging — sold to system builders.
Systems Accelerators, switches and the fabric that turns components into a machine.
Infrastructure The building itself: power secured, halls energised, equipment installed.
Monetisation A customer accepts the capacity, and the operator is finally paid for it.
Operators bill customers. Which operator bills which customer is on each contract record.
tested racks are installed and energised by operators
the commissioned hall is the operator's site
the fabric is deployed inside the operator's halls
a proven hall is capacity a customer can accept and pay for
AXTI supplies LITE
DRAM is fabricated on silicon wafers
interposers and substrates start as silicon
power devices are fabricated on silicon and SiC
dies are thinned and stacked into the cube
cores are wound from grain-oriented steel
windings and busbar are copper
the cube is co-packaged with the logic die
tools create the capacity packaging consumes
packaged parts are tested and burned in before they ship
only a part that passes test ships as an accelerator
high-radix switch ASICs are packaged and tested the same way
epitaxial layers are grown on a polished substrate
helium is the carrier gas in the growth chamber
wafers are rinsed in ultrapure water between lithography and etch
permanent magnets are wound into turbine and generator alternators
the fluid the servers are submerged in
silicon carbide and gallium nitride devices are grown before they are fabricated
the ASIC is the switch
accelerators are built into compute trays
the host processor is built into the same tray
accelerators are wired into a scale-up domain before any traffic reaches a switch
the scale-up fabric is assembled into the same pod
host processors are packaged and tested the same way
a discrete modulator sits in the optical engine beside the switch
the DSP conditions and recovers the signal at each end of the link
an alternative topology, steering light instead of switching packets
fabric is cabled and tested with the rack
power shelves convert facility power at the rack
cold plates and manifolds are fitted in the rack
racks below the liquid threshold are still cooled by hall air
the unit isolates the rack loop and pumps it to the manifolds
the facility loop carries the heat out to chillers or dry coolers
the tank loop rejects into the same facility plant
the door coil feeds the same facility loop
hall air is cooled by the same plant that serves the liquid loops
servers are built without fans and sealed for the tank
a heat exchanger is hung on the back of the rack
the substation is what the interconnection terminates into
a completed study and any network-upgrade obligation come before the agreement is signed
on-site generation is stepped down and synchronised through the same switchgear as grid power
an interconnection agreement often carries curtailment as a condition of service
a hall cannot break ground before the land is secured and the permits are granted
licensed trades perform the electrical and mechanical fit-out
the fitted-out hall is proved by integrated systems testing before it is energised
a hall is proved against the power actually delivered
compute-first companies buy capacity to train their own models
sovereign and research programmes fund training capacity directly
enterprises mostly buy capacity to run models rather than build them
a training run needs the pod to behave as one machine
pluggable optics terminate in switch faceplates
copper carries short-reach links inside the rack
fibre is the medium between switches
InP substrate AXT, Inc. DIRECT
T2C record. the specialist disc that optical lasers are built on. Relationship Direct, evidence High, maturity Deployed, commercial stage Ordered. One maker on file.
CW laser 2 makers on file ECOSYSTEM
T2C record. a steady light source, switched into data further down the line. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record.
EML 2 makers on file ECOSYSTEM
T2C record. a laser that writes the data onto its own beam. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record.
Optical fibre Corning Incorporated ECOSYSTEM
T2C record. the glass pathway the light actually travels down. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record. One maker on file.
1.6T pluggable optics 4 makers on file REPORTED
T2C record. a removable module that turns electrical data into light. Relationship Reported, evidence High, maturity Deployed, commercial stage Ordered.
Copper + cable UNKNOWN
T2C record. the short electrical links that never left. Relationship Unknown, evidence Unverified, maturity Deployed, no commercial stage on record.
IREN Limited DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Accepted.
CoreWeave DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Nebius Group DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
TeraWulf DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Recognised.
Keel Infrastructure DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Applied Digital DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Recognised.
Anthropic DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
CoreWeave DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Microsoft DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Accepted.
NVIDIA DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Meta Platforms DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Withheld counterparties REPORTED
T2C record. contracts whose buyer the operator would not name. Relationship Reported, evidence High, maturity Deployed, commercial stage Capacity.
Silicon wafer 3 example makers STRUCTURAL
Structural. the polished disc every logic and memory chip is built on. Example companies: Shin-Etsu Chemical, SUMCO, GlobalWafers. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
DRAM die 3 example makers STRUCTURAL
Structural. the memory chips that get stacked into a high-bandwidth package. Example companies: SK hynix, Samsung Electronics, Micron Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Grain-oriented steel 3 example makers STRUCTURAL
Structural. the specialised steel a transformer core is wound from. Example companies: Nippon Steel, JFE Steel, ArcelorMittal. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Refined copper 3 example makers STRUCTURAL
Structural. the metal that carries both power and short-reach data. Example companies: Aurubis, Mitsui Mining & Smelting, Furukawa Electric. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Rare earth magnets Examples not sourced yet STRUCTURAL
Structural. the magnets inside anything that spins. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Helium Examples not sourced yet STRUCTURAL
Structural. the gas that carries other gases through a growth chamber. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Ultrapure water Examples not sourced yet STRUCTURAL
Structural. water cleaned far past drinking standard, for rinsing wafers. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Dielectric fluid Examples not sourced yet STRUCTURAL
Structural. liquid that carries heat but will not carry electricity. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
HBM stack 3 example makers STRUCTURAL
Structural. a tower of memory chips bonded into one very fast package. Example companies: SK hynix, Samsung Electronics, Micron Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Advanced packaging 3 example makers STRUCTURAL
Structural. bonding the processor and its memory onto one substrate. Example companies: TSMC, Amkor Technology, ASE Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Test and burn-in Examples not sourced yet STRUCTURAL
Structural. running every part hard for hours to find the ones that will fail early. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Epitaxy Examples not sourced yet STRUCTURAL
Structural. growing the working layers of a chip onto a bare wafer, one atom at a time. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Lithography tools 3 example makers STRUCTURAL
Structural. the machines that print the circuits in the first place. Example companies: ASML, Applied Materials, Tokyo Electron. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Power semiconductors 3 example makers STRUCTURAL
Structural. the devices that step facility power down to what a chip can drink. Example companies: onsemi, Infineon Technologies, Navitas Semiconductor. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Transformers & switchgear 3 example makers STRUCTURAL
Structural. the kit that turns grid voltage into hall voltage safely. Example companies: Eaton, Schneider Electric, Hitachi Energy. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
AI accelerator 3 example makers STRUCTURAL
Structural. the processor everything else in this chain exists to feed. Example companies: NVIDIA, AMD, Broadcom (custom silicon). Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Switch silicon 3 example makers STRUCTURAL
Structural. the chip inside a switch that moves the traffic. Example companies: Broadcom, Marvell Technology, Cisco Systems. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Network fabric 3 example makers STRUCTURAL
Structural. the switches and cabling that make thousands of chips act as one machine. Example companies: Arista Networks, Cisco Systems, NVIDIA (networking). Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical modulator Examples not sourced yet STRUCTURAL
Structural. the part that turns a steady beam of light into data. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical DSP and drivers Examples not sourced yet STRUCTURAL
Structural. the chips that clean the signal up at each end of the link. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical circuit switching Examples not sourced yet STRUCTURAL
Structural. steering the light itself instead of reading the packets. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Host CPU Examples not sourced yet STRUCTURAL
Structural. the ordinary processor that runs the machine around the accelerators. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Scale-up fabric Examples not sourced yet STRUCTURAL
Structural. the very fast wiring that makes a rack of chips behave as one chip. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Server & rack integration 4 example makers STRUCTURAL
Structural. assembling chips, memory, power and plumbing into a rack that ships. Example companies: Dell Technologies, Super Micro Computer, Hon Hai (Foxconn), Quanta Computer. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Direct-to-chip cooling 2 example makers STRUCTURAL
Structural. fluid piped to a metal plate sitting on the hot chip. Example companies: CoolIT Systems, Boyd. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Immersion cooling 1 example maker STRUCTURAL
Structural. the whole server sits in a bath of fluid that does not conduct electricity. Example companies: LiquidStack. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Rear-door heat exchangers 1 example maker STRUCTURAL
Structural. a radiator bolted to the back of the rack. Example companies: Vertiv. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Air cooling Examples not sourced yet STRUCTURAL
Structural. moving cold air through the hall, the way data centres always did. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Coolant distribution units Examples not sourced yet STRUCTURAL
Structural. the box that keeps the rack's water separate from the building's water. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Heat rejection plant Examples not sourced yet STRUCTURAL
Structural. where the heat finally leaves the building. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Grid interconnection 3 example makers STRUCTURAL
Structural. getting the utility to actually deliver the power. Example companies: Vistra, Constellation Energy, Talen Energy. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Interconnection queue Examples not sourced yet STRUCTURAL
Structural. waiting in line for the utility to study whether the grid can take you. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Behind-the-meter generation Examples not sourced yet STRUCTURAL
Structural. making the power on site instead of waiting for the grid. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Curtailment and demand response Examples not sourced yet STRUCTURAL
Structural. agreeing to draw less when the grid is short. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Build & fit-out 3 example makers STRUCTURAL
Structural. the shell, the halls and everything bolted into them. Example companies: Turner Construction, DPR Construction, Holder Construction. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Land and permitting Examples not sourced yet STRUCTURAL
Structural. securing the ground, and the right to build on it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Construction and fit-out labour Examples not sourced yet STRUCTURAL
Structural. the electricians and trades who actually install it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Commissioning Examples not sourced yet STRUCTURAL
Structural. proving the whole hall works together before anyone trusts it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Enterprise buyers Examples not sourced yet STRUCTURAL
Structural. ordinary companies buying compute to run models, not to build them. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Public-sector buyers Examples not sourced yet STRUCTURAL
Structural. governments buying compute, usually for research or sovereignty. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
AI-native buyers Examples not sourced yet STRUCTURAL
Structural. young companies whose whole business is training or serving a model. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Training Examples not sourced yet STRUCTURAL
Structural. building a model, which needs a lot of machines held together for a long time. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Inference serving Examples not sourced yet STRUCTURAL
Structural. running a finished model for whoever is asking it something. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Every node in the chain map, with its coverage, its
evidence and its commercial stage
Column Node Tier
Organisation
Relationship Evidence
Maturity Commercial stage
Inputs
InP substrate
T2C RECORD AXT, Inc.
Direct High
Deployed
Ordered
Inputs
Silicon wafer
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
DRAM die
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Grain-oriented steel
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Refined copper
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Rare earth magnets
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Helium
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Ultrapure water
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Dielectric fluid
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
CW laser
T2C RECORD 2 makers on file
Ecosystem Medium
Deployed
None on record
Components
EML
T2C RECORD 2 makers on file
Ecosystem Medium
Deployed
None on record
Components
Optical fibre
T2C RECORD Corning Incorporated
Ecosystem Medium
Deployed
None on record
Components
1.6T pluggable optics
T2C RECORD 4 makers on file
Reported High
Deployed
Ordered
Components
Copper + cable
T2C RECORD —
Unknown Unverified
Deployed
None on record
Components
HBM stack
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Advanced packaging
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Test and burn-in
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Epitaxy
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Lithography tools
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Power semiconductors
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Transformers & switchgear
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Optical modulator
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Optical DSP and drivers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
AI accelerator
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Switch silicon
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Network fabric
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Optical circuit switching
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Host CPU
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Scale-up fabric
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Server & rack integration
STRUCTURAL 4 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Direct-to-chip cooling
STRUCTURAL 2 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Immersion cooling
STRUCTURAL 1 example maker
Ecosystem Unverified
Deployed
None on record
Systems
Rear-door heat exchangers
STRUCTURAL 1 example maker
Ecosystem Unverified
Deployed
None on record
Systems
Air cooling
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Coolant distribution units
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
IREN Limited
T2C RECORD IREN Limited
Direct High
Deployed
Accepted
Infrastructure
CoreWeave
T2C RECORD CoreWeave
Direct High
Deployed
Capacity
Infrastructure
Nebius Group
T2C RECORD Nebius Group
Direct High
Deployed
Capacity
Infrastructure
TeraWulf
T2C RECORD TeraWulf
Direct High
Deployed
Recognised
Infrastructure
Keel Infrastructure
T2C RECORD Keel Infrastructure
Direct High
Deployed
Capacity
Infrastructure
Applied Digital
T2C RECORD Applied Digital
Direct High
Deployed
Recognised
Infrastructure
Heat rejection plant
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Grid interconnection
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Infrastructure
Interconnection queue
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Behind-the-meter generation
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Curtailment and demand response
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Build & fit-out
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Infrastructure
Land and permitting
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Construction and fit-out labour
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Commissioning
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Anthropic
T2C RECORD Anthropic
Direct High
Deployed
Capacity
Monetisation
CoreWeave
T2C RECORD CoreWeave
Direct High
Deployed
Capacity
Monetisation
Microsoft
T2C RECORD Microsoft
Direct High
Deployed
Accepted
Monetisation
NVIDIA
T2C RECORD NVIDIA
Direct High
Deployed
Capacity
Monetisation
Meta Platforms
T2C RECORD Meta Platforms
Direct High
Deployed
Capacity
Monetisation
Withheld counterparties
T2C RECORD —
Reported High
Deployed
Capacity
Monetisation
Enterprise buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Public-sector buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
AI-native buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Training
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Inference serving
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
T2C RECORD
InP substrate
AXT, Inc.
Direct
High evidence
Deployed
Commercial stage: Ordered
Inputs
STRUCTURAL
Silicon wafer
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
DRAM die
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Grain-oriented steel
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Refined copper
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Rare earth magnets
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Helium
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Ultrapure water
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Dielectric fluid
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
T2C RECORD
CW laser
2 makers on file
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
EML
2 makers on file
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
Optical fibre
Corning Incorporated
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
1.6T pluggable optics
4 makers on file
Reported
High evidence
Deployed
Commercial stage: Ordered
Components
T2C RECORD
Copper + cable
Unknown
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
HBM stack
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Advanced packaging
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Test and burn-in
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Epitaxy
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Lithography tools
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Power semiconductors
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Transformers & switchgear
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Optical modulator
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Optical DSP and drivers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
AI accelerator
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Switch silicon
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Network fabric
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Optical circuit switching
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Host CPU
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Scale-up fabric
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Server & rack integration
4 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Direct-to-chip cooling
2 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Immersion cooling
1 example maker
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Rear-door heat exchangers
1 example maker
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Air cooling
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Coolant distribution units
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
T2C RECORD
IREN Limited
Direct
High evidence
Deployed
Commercial stage: Accepted
Infrastructure
T2C RECORD
CoreWeave
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
Nebius Group
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
TeraWulf
Direct
High evidence
Deployed
Commercial stage: Recognised
Infrastructure
T2C RECORD
Keel Infrastructure
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
Applied Digital
Direct
High evidence
Deployed
Commercial stage: Recognised
Infrastructure
STRUCTURAL
Heat rejection plant
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Grid interconnection
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Interconnection queue
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Behind-the-meter generation
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Curtailment and demand response
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Build & fit-out
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Land and permitting
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Construction and fit-out labour
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Commissioning
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
T2C RECORD
Anthropic
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
CoreWeave
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Microsoft
Direct
High evidence
Deployed
Commercial stage: Accepted
Monetisation
T2C RECORD
NVIDIA
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Meta Platforms
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Withheld counterparties
Reported
High evidence
Deployed
Commercial stage: Capacity
Monetisation
STRUCTURAL
Enterprise buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Public-sector buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
AI-native buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Training
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Inference serving
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Hover or select any node to trace its full chain, upstream and downstream.
Inputs Raw and refined materials, and the substrates components are grown on.
Components The finished parts — lasers, modules, memory, packaging — sold to system builders.
Systems Accelerators, switches and the fabric that turns components into a machine.
Infrastructure The building itself: power secured, halls energised, equipment installed.
Monetisation A customer accepts the capacity, and the operator is finally paid for it.
Operators bill customers. Which operator bills which customer is on each contract record.
tested racks are installed and energised by operators
the commissioned hall is the operator's site
the fabric is deployed inside the operator's halls
a proven hall is capacity a customer can accept and pay for
AXTI supplies LITE
DRAM is fabricated on silicon wafers
interposers and substrates start as silicon
power devices are fabricated on silicon and SiC
dies are thinned and stacked into the cube
cores are wound from grain-oriented steel
windings and busbar are copper
the cube is co-packaged with the logic die
tools create the capacity packaging consumes
packaged parts are tested and burned in before they ship
only a part that passes test ships as an accelerator
high-radix switch ASICs are packaged and tested the same way
epitaxial layers are grown on a polished substrate
helium is the carrier gas in the growth chamber
wafers are rinsed in ultrapure water between lithography and etch
permanent magnets are wound into turbine and generator alternators
the fluid the servers are submerged in
silicon carbide and gallium nitride devices are grown before they are fabricated
the ASIC is the switch
accelerators are built into compute trays
the host processor is built into the same tray
accelerators are wired into a scale-up domain before any traffic reaches a switch
the scale-up fabric is assembled into the same pod
host processors are packaged and tested the same way
a discrete modulator sits in the optical engine beside the switch
the DSP conditions and recovers the signal at each end of the link
an alternative topology, steering light instead of switching packets
fabric is cabled and tested with the rack
power shelves convert facility power at the rack
cold plates and manifolds are fitted in the rack
racks below the liquid threshold are still cooled by hall air
the unit isolates the rack loop and pumps it to the manifolds
the facility loop carries the heat out to chillers or dry coolers
the tank loop rejects into the same facility plant
the door coil feeds the same facility loop
hall air is cooled by the same plant that serves the liquid loops
servers are built without fans and sealed for the tank
a heat exchanger is hung on the back of the rack
the substation is what the interconnection terminates into
a completed study and any network-upgrade obligation come before the agreement is signed
on-site generation is stepped down and synchronised through the same switchgear as grid power
an interconnection agreement often carries curtailment as a condition of service
a hall cannot break ground before the land is secured and the permits are granted
licensed trades perform the electrical and mechanical fit-out
the fitted-out hall is proved by integrated systems testing before it is energised
a hall is proved against the power actually delivered
compute-first companies buy capacity to train their own models
sovereign and research programmes fund training capacity directly
enterprises mostly buy capacity to run models rather than build them
a training run needs the pod to behave as one machine
co-packaged optics sit on the switch package itself
copper carries short-reach links inside the rack
fibre is the medium between switches
InP substrate AXT, Inc. DIRECT
T2C record. the specialist disc that optical lasers are built on. Relationship Direct, evidence High, maturity Deployed, commercial stage Ordered. One maker on file.
CW laser 2 makers on file ECOSYSTEM
T2C record. a steady light source, switched into data further down the line. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record.
EML 2 makers on file ECOSYSTEM
T2C record. a laser that writes the data onto its own beam. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record.
Optical fibre Corning Incorporated ECOSYSTEM
T2C record. the glass pathway the light actually travels down. Relationship Ecosystem, evidence Medium, maturity Deployed, no commercial stage on record. One maker on file.
CPO + optical I/O 2 makers on file ECOSYSTEM
T2C record. optical engines placed beside the switch or processor itself. Relationship Ecosystem, evidence Medium, maturity Sampling, no commercial stage on record.
Copper + cable UNKNOWN
T2C record. the short electrical links that never left. Relationship Unknown, evidence Unverified, maturity Deployed, no commercial stage on record.
IREN Limited DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Accepted.
CoreWeave DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Nebius Group DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
TeraWulf DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Recognised.
Keel Infrastructure DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Applied Digital DIRECT
T2C record. an operator building and running the halls. Relationship Direct, evidence High, maturity Deployed, commercial stage Recognised.
Anthropic DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
CoreWeave DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Microsoft DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Accepted.
NVIDIA DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Meta Platforms DIRECT
T2C record. a customer paying for the megawatts. Relationship Direct, evidence High, maturity Deployed, commercial stage Capacity.
Withheld counterparties REPORTED
T2C record. contracts whose buyer the operator would not name. Relationship Reported, evidence High, maturity Deployed, commercial stage Capacity.
Silicon wafer 3 example makers STRUCTURAL
Structural. the polished disc every logic and memory chip is built on. Example companies: Shin-Etsu Chemical, SUMCO, GlobalWafers. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
DRAM die 3 example makers STRUCTURAL
Structural. the memory chips that get stacked into a high-bandwidth package. Example companies: SK hynix, Samsung Electronics, Micron Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Grain-oriented steel 3 example makers STRUCTURAL
Structural. the specialised steel a transformer core is wound from. Example companies: Nippon Steel, JFE Steel, ArcelorMittal. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Refined copper 3 example makers STRUCTURAL
Structural. the metal that carries both power and short-reach data. Example companies: Aurubis, Mitsui Mining & Smelting, Furukawa Electric. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Rare earth magnets Examples not sourced yet STRUCTURAL
Structural. the magnets inside anything that spins. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Helium Examples not sourced yet STRUCTURAL
Structural. the gas that carries other gases through a growth chamber. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Ultrapure water Examples not sourced yet STRUCTURAL
Structural. water cleaned far past drinking standard, for rinsing wafers. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Dielectric fluid Examples not sourced yet STRUCTURAL
Structural. liquid that carries heat but will not carry electricity. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
HBM stack 3 example makers STRUCTURAL
Structural. a tower of memory chips bonded into one very fast package. Example companies: SK hynix, Samsung Electronics, Micron Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Advanced packaging 3 example makers STRUCTURAL
Structural. bonding the processor and its memory onto one substrate. Example companies: TSMC, Amkor Technology, ASE Technology. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Test and burn-in Examples not sourced yet STRUCTURAL
Structural. running every part hard for hours to find the ones that will fail early. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Epitaxy Examples not sourced yet STRUCTURAL
Structural. growing the working layers of a chip onto a bare wafer, one atom at a time. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Lithography tools 3 example makers STRUCTURAL
Structural. the machines that print the circuits in the first place. Example companies: ASML, Applied Materials, Tokyo Electron. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Power semiconductors 3 example makers STRUCTURAL
Structural. the devices that step facility power down to what a chip can drink. Example companies: onsemi, Infineon Technologies, Navitas Semiconductor. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Transformers & switchgear 3 example makers STRUCTURAL
Structural. the kit that turns grid voltage into hall voltage safely. Example companies: Eaton, Schneider Electric, Hitachi Energy. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
AI accelerator 3 example makers STRUCTURAL
Structural. the processor everything else in this chain exists to feed. Example companies: NVIDIA, AMD, Broadcom (custom silicon). Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Switch silicon 3 example makers STRUCTURAL
Structural. the chip inside a switch that moves the traffic. Example companies: Broadcom, Marvell Technology, Cisco Systems. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Network fabric 3 example makers STRUCTURAL
Structural. the switches and cabling that make thousands of chips act as one machine. Example companies: Arista Networks, Cisco Systems, NVIDIA (networking). Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical modulator Examples not sourced yet STRUCTURAL
Structural. the part that turns a steady beam of light into data. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical DSP and drivers Examples not sourced yet STRUCTURAL
Structural. the chips that clean the signal up at each end of the link. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Optical circuit switching Examples not sourced yet STRUCTURAL
Structural. steering the light itself instead of reading the packets. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Host CPU Examples not sourced yet STRUCTURAL
Structural. the ordinary processor that runs the machine around the accelerators. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Scale-up fabric Examples not sourced yet STRUCTURAL
Structural. the very fast wiring that makes a rack of chips behave as one chip. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Server & rack integration 4 example makers STRUCTURAL
Structural. assembling chips, memory, power and plumbing into a rack that ships. Example companies: Dell Technologies, Super Micro Computer, Hon Hai (Foxconn), Quanta Computer. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Direct-to-chip cooling 2 example makers STRUCTURAL
Structural. fluid piped to a metal plate sitting on the hot chip. Example companies: CoolIT Systems, Boyd. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Immersion cooling 1 example maker STRUCTURAL
Structural. the whole server sits in a bath of fluid that does not conduct electricity. Example companies: LiquidStack. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Rear-door heat exchangers 1 example maker STRUCTURAL
Structural. a radiator bolted to the back of the rack. Example companies: Vertiv. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Air cooling Examples not sourced yet STRUCTURAL
Structural. moving cold air through the hall, the way data centres always did. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Coolant distribution units Examples not sourced yet STRUCTURAL
Structural. the box that keeps the rack's water separate from the building's water. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Heat rejection plant Examples not sourced yet STRUCTURAL
Structural. where the heat finally leaves the building. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Grid interconnection 3 example makers STRUCTURAL
Structural. getting the utility to actually deliver the power. Example companies: Vistra, Constellation Energy, Talen Energy. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Interconnection queue Examples not sourced yet STRUCTURAL
Structural. waiting in line for the utility to study whether the grid can take you. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Behind-the-meter generation Examples not sourced yet STRUCTURAL
Structural. making the power on site instead of waiting for the grid. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Curtailment and demand response Examples not sourced yet STRUCTURAL
Structural. agreeing to draw less when the grid is short. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Build & fit-out 3 example makers STRUCTURAL
Structural. the shell, the halls and everything bolted into them. Example companies: Turner Construction, DPR Construction, Holder Construction. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Land and permitting Examples not sourced yet STRUCTURAL
Structural. securing the ground, and the right to build on it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Construction and fit-out labour Examples not sourced yet STRUCTURAL
Structural. the electricians and trades who actually install it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Commissioning Examples not sourced yet STRUCTURAL
Structural. proving the whole hall works together before anyone trusts it. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Enterprise buyers Examples not sourced yet STRUCTURAL
Structural. ordinary companies buying compute to run models, not to build them. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Public-sector buyers Examples not sourced yet STRUCTURAL
Structural. governments buying compute, usually for research or sovereignty. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
AI-native buyers Examples not sourced yet STRUCTURAL
Structural. young companies whose whole business is training or serving a model. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Training Examples not sourced yet STRUCTURAL
Structural. building a model, which needs a lot of machines held together for a long time. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Inference serving Examples not sourced yet STRUCTURAL
Structural. running a finished model for whoever is asking it something. No example companies sourced yet. Genuinely part of the chain, with example companies. T2C holds no supplier record here, and naming a company is not a claim that it supplies any tracked operator.
Every node in the chain map, with its coverage, its
evidence and its commercial stage
Column Node Tier
Organisation
Relationship Evidence
Maturity Commercial stage
Inputs
InP substrate
T2C RECORD AXT, Inc.
Direct High
Deployed
Ordered
Inputs
Silicon wafer
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
DRAM die
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Grain-oriented steel
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Refined copper
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Inputs
Rare earth magnets
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Helium
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Ultrapure water
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
Dielectric fluid
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
CW laser
T2C RECORD 2 makers on file
Ecosystem Medium
Deployed
None on record
Components
EML
T2C RECORD 2 makers on file
Ecosystem Medium
Deployed
None on record
Components
Optical fibre
T2C RECORD Corning Incorporated
Ecosystem Medium
Deployed
None on record
Components
CPO + optical I/O
T2C RECORD 2 makers on file
Ecosystem Medium
Sampling
None on record
Components
Copper + cable
T2C RECORD —
Unknown Unverified
Deployed
None on record
Components
HBM stack
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Advanced packaging
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Test and burn-in
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Epitaxy
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Lithography tools
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Power semiconductors
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Transformers & switchgear
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Components
Optical modulator
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Components
Optical DSP and drivers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
AI accelerator
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Switch silicon
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Network fabric
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Optical circuit switching
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Host CPU
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Scale-up fabric
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Server & rack integration
STRUCTURAL 4 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Direct-to-chip cooling
STRUCTURAL 2 example makers
Ecosystem Unverified
Deployed
None on record
Systems
Immersion cooling
STRUCTURAL 1 example maker
Ecosystem Unverified
Deployed
None on record
Systems
Rear-door heat exchangers
STRUCTURAL 1 example maker
Ecosystem Unverified
Deployed
None on record
Systems
Air cooling
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Systems
Coolant distribution units
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
IREN Limited
T2C RECORD IREN Limited
Direct High
Deployed
Accepted
Infrastructure
CoreWeave
T2C RECORD CoreWeave
Direct High
Deployed
Capacity
Infrastructure
Nebius Group
T2C RECORD Nebius Group
Direct High
Deployed
Capacity
Infrastructure
TeraWulf
T2C RECORD TeraWulf
Direct High
Deployed
Recognised
Infrastructure
Keel Infrastructure
T2C RECORD Keel Infrastructure
Direct High
Deployed
Capacity
Infrastructure
Applied Digital
T2C RECORD Applied Digital
Direct High
Deployed
Recognised
Infrastructure
Heat rejection plant
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Grid interconnection
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Infrastructure
Interconnection queue
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Behind-the-meter generation
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Curtailment and demand response
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Build & fit-out
STRUCTURAL 3 example makers
Ecosystem Unverified
Deployed
None on record
Infrastructure
Land and permitting
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Construction and fit-out labour
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Infrastructure
Commissioning
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Anthropic
T2C RECORD Anthropic
Direct High
Deployed
Capacity
Monetisation
CoreWeave
T2C RECORD CoreWeave
Direct High
Deployed
Capacity
Monetisation
Microsoft
T2C RECORD Microsoft
Direct High
Deployed
Accepted
Monetisation
NVIDIA
T2C RECORD NVIDIA
Direct High
Deployed
Capacity
Monetisation
Meta Platforms
T2C RECORD Meta Platforms
Direct High
Deployed
Capacity
Monetisation
Withheld counterparties
T2C RECORD —
Reported High
Deployed
Capacity
Monetisation
Enterprise buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Public-sector buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
AI-native buyers
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Training
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Monetisation
Inference serving
STRUCTURAL Examples not sourced yet
Ecosystem Unverified
Deployed
None on record
Inputs
T2C RECORD
InP substrate
AXT, Inc.
Direct
High evidence
Deployed
Commercial stage: Ordered
Inputs
STRUCTURAL
Silicon wafer
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
DRAM die
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Grain-oriented steel
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Refined copper
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Rare earth magnets
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Helium
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Ultrapure water
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Inputs
STRUCTURAL
Dielectric fluid
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
T2C RECORD
CW laser
2 makers on file
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
EML
2 makers on file
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
Optical fibre
Corning Incorporated
Ecosystem
Medium evidence
Deployed
No commercial stage on record
Components
T2C RECORD
CPO + optical I/O
2 makers on file
Ecosystem
Medium evidence
Sampling
No commercial stage on record
Components
T2C RECORD
Copper + cable
Unknown
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
HBM stack
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Advanced packaging
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Test and burn-in
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Epitaxy
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Lithography tools
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Power semiconductors
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Transformers & switchgear
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Optical modulator
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Components
STRUCTURAL
Optical DSP and drivers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
AI accelerator
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Switch silicon
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Network fabric
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Optical circuit switching
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Host CPU
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Scale-up fabric
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Server & rack integration
4 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Direct-to-chip cooling
2 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Immersion cooling
1 example maker
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Rear-door heat exchangers
1 example maker
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Air cooling
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Systems
STRUCTURAL
Coolant distribution units
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
T2C RECORD
IREN Limited
Direct
High evidence
Deployed
Commercial stage: Accepted
Infrastructure
T2C RECORD
CoreWeave
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
Nebius Group
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
TeraWulf
Direct
High evidence
Deployed
Commercial stage: Recognised
Infrastructure
T2C RECORD
Keel Infrastructure
Direct
High evidence
Deployed
Commercial stage: Capacity
Infrastructure
T2C RECORD
Applied Digital
Direct
High evidence
Deployed
Commercial stage: Recognised
Infrastructure
STRUCTURAL
Heat rejection plant
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Grid interconnection
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Interconnection queue
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Behind-the-meter generation
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Curtailment and demand response
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Build & fit-out
3 example makers
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Land and permitting
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Construction and fit-out labour
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Infrastructure
STRUCTURAL
Commissioning
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
T2C RECORD
Anthropic
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
CoreWeave
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Microsoft
Direct
High evidence
Deployed
Commercial stage: Accepted
Monetisation
T2C RECORD
NVIDIA
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Meta Platforms
Direct
High evidence
Deployed
Commercial stage: Capacity
Monetisation
T2C RECORD
Withheld counterparties
Reported
High evidence
Deployed
Commercial stage: Capacity
Monetisation
STRUCTURAL
Enterprise buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Public-sector buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
AI-native buyers
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Training
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
Monetisation
STRUCTURAL
Inference serving
Examples not sourced yet
Ecosystem
Unverified evidence
Deployed
No commercial stage on record
This map draws the whole chain, and labels every node with how well T2C can stand behind it.
18 of 61 nodes come from a T2C
record; the other 43 are industry structure with
example companies, marked REFERENCE , and naming a company there is not a claim that it
supplies anyone tracked here. Of the links, exactly
1 is a named, dated agreement between two named companies —
the rest describe how the technology fits together, not who sells to whom.
What it would take to track more
