Insurer Holdings of AI Buildout Firms
1. Data
| Item | Detail |
|---|---|
| Source | NAIC statutory filings, Schedule D Part 1 (long-term bonds), from S&P Capital IQ. |
| Coverage | Life and P&C insurers, year-ends 2018–2025: 9.7 million holding rows. |
| One row is | One security held by one insurer at one year-end. |
| Not included | Schedule B mortgage loans, Schedule BA funds and joint ventures, Schedule DA short-term holdings, and stocks. The totals are bond exposure only. |
| Scope | The data-center financing of every listed firm, plus all other bonds of the hyperscalers, data-center operators and hardware firms on the list. The general bonds of the banks, investors and utilities on the list are not included. |
| Firm list | The 151 firms on the firm list: 100 core, 25 additional and 26 research firms, with their ranks, group names, aliases and aggregation notes. |
| Firm holdings | 127,358 insurer-year holdings of 1,473 securities: 125,571 count in a firm's total and 1,739 sit in data-center vehicles linked to a firm. |
| Not attributed | $0.2B of 2025 holdings name a listed firm but lack a verifiable ownership link, mostly private fund-finance vehicles. They are excluded from all totals and links. |
2. Methodology
| Step | What it does |
|---|---|
| 1. Take the 151 firms on the firm list as given. |
|
| 2. Match each holding to a firm by the issuer name and description that insurers filed. |
|
| 3. Add holdings with vague names through issuer identifiers. |
|
| 4. Add each firm's subsidiaries. |
|
| 5. Date every change in ownership. |
|
| 6. Give each security one decision per year. |
|
| 7. Put each holding in one class, which decides whether its dollars count in a firm's total. |
|
| 8. Drop false matches. |
|
| 9. Flag data-center financing. |
|
| Choice | Basis | Amount, 2025 |
|---|---|---|
| A firm's own securitization vehicles count in its total: data-center ABS, equipment-lease trusts and GPU-backed notes. | The firm consolidates these vehicles, and the firm list treats operators as their own securitization and borrowing nodes. The class label lets a reader net them out. | $14.3B |
| Data-center CMBS trusts stay outside every total, with a link to the sponsor or borrower. | The trust holds the loan, and no listed firm consolidates the trust. | $1.0B |
| Lease-backed bonds stay with their borrower, with a link to the tenant. | The tenant pays the lease but does not issue the bond. | $0.9B |
| Controlled platforms that are not on the list stay outside the sponsor's total, such as Centersquare for Brookfield. | The firm list keeps controlled operating platforms separate. | $2.2B |
3. Results
Figure "Holdings in Scope, 2018–2025"
What each part holds, 2025
Data-center assets: Meta's Beignet joint venture project bonds ($4.1B); QTS Data Centers project bonds ($3.1B); Centersquare ABS ($2.2B); Compass Datacenters ABS ($1.9B).
Operators' general debt, the borderline part: Equinix corporate bonds ($2.5B); Digital Realty corporate bonds ($0.8B); CoreWeave private notes and loans ($0.5B).
Other debt of hyperscalers, operators and hardware firms: Oracle bonds ($12.8B); Prologis bonds ($8.7B); Amazon / AWS bonds ($7.5B); Broadcom bonds ($7.3B).
- Book/adjusted carrying value at year-end, life and P&C insurers combined.
- Data-center assets: bonds secured by or issued for specific data centers (ABS, CMBS and project bonds), in firm totals or in linked vehicles.
- Operators' general debt: the corporate bonds and loans of data-center operators, such as Equinix and Digital Realty notes. Together with the first series, this is data-center financing.
- Other debt: the rest of the bonds owed by hyperscalers, data-center operators and hardware firms. The general bonds of banks, investors and utilities are not in scope.
4. Sanity Checks
| Check | Our number | Outside source or test | Result |
|---|---|---|---|
| All insurer bonds, 2025 | $5.48T on Life and P&C Schedule D Part 1 (96% of NAIC) | Bonds totaled $5.7 trillion at year-end 2025 for all U.S. insurers (NAIC, Asset Mix YE2025, p. 3). NAIC also counts health and title insurers, which our files do not cover. | Consistent |
| Independent name count, 2025 | 9 of 9 firms pass (table below) | Totals from the filed issuer name alone, corporate bonds only, built without these rules | Match |
| Athene data-center ABS, 2025 | $0.4B: 0.69% of $54B | Data centers are 1% of Athene's $54B ABS portfolio at 31 Dec 2025 (Athene Asset Portfolio Compendium, May 2026, p. 37) | Match |
| Meta's Beignet bond | Coupon 6.581%, due 2049; insurers hold $4.1B in 2025, kept as a joint-venture node linked to Meta and Blue Owl | 6.58% coupon, due 2049 (Van Nieuwerburgh, 2026, Financing the AI Buildout) | Match |
| Filed 2025 annual statements | 3 of 3 holdings equal to the dollar and assigned to the right firm | Equinix 29444UBT2: $1,488,946; Digital Realty 25389JAU0: $2,647; Vantage Data Centers 92212KAJ5: $4,600,000 (Delaware Life and Clear Spring, Schedule D Part 1) | Match |
| Ownership dates (VMware) | 2018: Dell Technologies; 2019: Dell Technologies; 2020: Dell Technologies; 2021: not in a total; 2022: not in a total; 2023: Broadcom; 2024: Broadcom; 2025: Broadcom | Dell spun off VMware on 1 November 2021; Broadcom completed the acquisition on 22 November 2023 | Match |
| Filing integrity | 0 insurers in both Life and P&C files in a year; 0 exact duplicate rows ($0M); 0.00% of dollars with carrying value far from par (bond funds, $25-par hybrids) | No double counting across files; duplicates and odd ratios immaterial | Match |
| Internal consistency | 15 of 15 checks pass | No bond splits between firms in a year; no holding counts for a firm before its acquisition closes; every holding counts in a total or carries a link; every source dollar is accounted for | Pass |
| Reproducibility | 9 output files, two fresh runs | Identical SHA-256 hashes | Identical |
Known limits
- Matching works on issuer names that insurers type by hand. Misspelled or look-alike names can remain at a small scale. The independent name count agrees within 0.6% for the six largest technology issuers.
- $0.2B of 2025 holdings name a listed firm but lack a verifiable ownership link, mostly private fund-finance vehicles. They are left out of every total and link.
- A few legal entities still appear under more than one spelling of their name. Each spelling carries the same class, so totals are not affected.
- The data-center flag uses a fixed set of 73 issuer rules. A data-center bond of an issuer outside those rules is not flagged.
- Coverage is Schedule D Part 1 bonds of life and P&C insurers. Mortgage loans, Schedule BA funds and joint ventures, short-term holdings, and health and title insurers are not included.
Sources: NAIC Capital Markets Bureau, Asset Mix YE2025; Athene Asset Portfolio Compendium, May 2026. Each result applies a fixed tolerance.
Show the independent name count
The simple total sums 2025 holdings whose filed issuer name starts with the firm's legal or former name, corporate bonds only. A firm passes when the two totals are within 3%, when ours is higher because we also find other filed names and the firm's own securitization vehicles, or when ours is lower only because of vehicles we keep outside the total.
| Firm | Simple total | Our total | Gap | We add (filed under other names) | We leave out (and why) |
|---|---|---|---|---|---|
| Microsoft / Azure | $5.1B | $5.2B | +0.6% | $34M; largest Activision Blizzard, Inc. ($13M) | $1M; mostly tenant_backed ($1M) |
| Amazon / AWS | $8.6B | $7.5B | -12.7% | $54M; largest AMENTUM HOLDINGS INC ($10M) | $1.2B; mostly tenant_backed ($1.2B) |
| Alphabet / Google | $3.0B | $3.0B | +0.5% | $16M; largest PERSHING LLC ($5M) | |
| Meta | $5.6B | $5.6B | +0.4% | $94M; largest META PLATFORM INC ($64M) | $70M; mostly not matched ($70M) |
| Oracle | $12.7B | $12.8B | +0.4% | $55M; largest 68389X ($20M) | $1M; mostly operating_platform ($1M) |
| Nvidia | $1.1B | $1.4B | +19.4% | $0.2B; largest NVDIA CORP ($0.2B) | |
| Broadcom | $7.3B | $7.3B | +0.3% | $26M; largest 11135F ($8M) | $4M; mostly not matched ($4M) |
| Equinix | $2.5B | $2.5B | +0.0% | $1M; largest 29444U ($0M) | |
| Digital Realty | $0.8B | $0.8B | +4.9% | $38M; largest DIGITAL STOUT HOLDING LLC ($33M) |
5. Data Explorer
Table "Holdings by Firm" (pick a year, filter, click a column to sort)
Click any row (marked ›) to see where the firm's dollars sit and how insurers filed them.
| Rank | Firm | Role group | Status | In firm total ($M) | Data center, all ($M) | Linked vehicles ($M) | Securities | Insurer groups |
|---|
- Values are book/adjusted carrying value in $ millions; insurer groups count distinct NAIC groups across life and P&C.
- In firm total: bonds the firm owes, issued by the firm itself or by a company it owns and consolidates. A joint venture such as Beignet, or a bank's mortgage-shelf trust, is not in the total; it appears under Linked vehicles.
- Data center: the part of that total that finances data centers, under the measure picked in the Data center filter.
- Linked vehicles: holdings outside every total that carry a link to the firm. A vehicle linked to two firms appears under both, so this column does not add up.
- Status in the selected year: Counted (bonds in its own total), Linked only (insurers hold only its funds, joint ventures or platforms), or No holdings (no bond under any of its names, after name, identifier and GLEIF checks).
- Across 2018–2025: 53 firms counted, 0 linked only, 24 with no holdings.
Appendix
| Class | What it is | Example | Dollars, 2025 | Holdings |
|---|---|---|---|---|
| Counted in a firm's total | $89.4B | 21,832 | ||
| Own entityown_ | The firm's own legal entity. | Meta Platforms, Inc. | $70.9B | 18,570 |
| Named subsidiarynamed_ | A subsidiary named in the firm list's aggregation notes. | VMware under Broadcom | $2.2B | 729 |
| Own securitizationown_ | Notes of the firm's own financing vehicle, labeled so a reader can net them out. | Vantage Data Centers ABS | $14.3B | 2,417 |
| Platform on the firm listoperating_ | A platform the list names apart from its sponsor; it counts in its own total. | QTS (Blackstone) | $2.0B | 116 |
| Kept outside firm totals, linked to a firm | $8.3B | 665 | ||
| Project vehicle or joint ventureproject_ | A project company or joint venture kept separate from its sponsors. | Beignet (Meta and Blue Owl) | $4.1B | 162 |
| Sponsored securitizationsponsored_ | A CMBS or RMBS trust on a listed firm's shelf; the trust holds the loan. | BX Commercial Mortgage Trust 2025-VOLT | $1.0B | 221 |
| Lease-backed bondtenant_ | A bond of a separate borrower, repaid from a listed tenant's lease. | Iskandar Ventures (a Meta data-center lease) | $0.9B | 54 |
| Platform not on the firm listoperating_ | A sponsor's controlled platform that the list does not name. | Centersquare (Brookfield) | $2.2B | 228 |
Show the 121 name rules in the order they run
- Each rule reads the issuer name and description that the insurer filed, in upper case. Quoted text must appear as whole words.
- [X] marks optional text, (A or B) means either, … means any text in between or any ending of a word, and 20xx is a year. The exact pattern is shown under each rule.
- Rules run top to bottom and a holding gets the first rule it matches. Exclusion rules run first, so a mortgage shelf or a name collision never reaches a firm.
| # | Firm | Rule | Result | Reason |
|---|---|---|---|---|
| 54 | NTT / NTT Global Data Centers | Issuer name or description contains “CENTURYLINK” or “CONTINENTAL”\b(?:CENTURYLINK|CONTINENTAL)\b | Excluded (collision) | Embedded letters are not NTT |
| 55 | AMD | Issuer name or description contains “AMDOCS”\b(?:AMDOCS)\b | Excluded (collision) | Amdocs is not AMD |
| 64 | IREN | Issuer name or description contains “IREN SPA” or “IREN S P A”\b(?:IREN SPA|IREN S P A)\b | Excluded (collision) | Italian utility is not IREN Limited |
| 65 | Dell Technologies | Issuer name or description contains “DELLWOOD”\b(?:DELLWOOD)\b | Excluded (collision) | Dellwood trust ticker is not a confirmed Dell company or sponsored trust |
| 66 | Hewlett Packard Enterprise | Issuer name or description contains “HP INC” or “HEWLETT PACKARD CO[MPANY]”\b(?:HP INC|HEWLETT PACKARD CO(?:MPANY)?)\b | Excluded (collision) | HP Inc is not Hewlett Packard Enterprise |
| 73 | Fermi America / Fermi Inc. | Issuer name or description contains “FERMI 20xx”\b(?:FERMI 20[0-9]{2})\b | Excluded (collision) | Fermi securitization is not Fermi America |
| 74 | Galaxy Digital | Issuer name or description contains “GALAXY … (CLO or FUND)”, “SUNNOVA HELIOS” or “HELIOS ISSUER”\b(?:GALAXY.*(?:CLO|FUND)|SUNNOVA HELIOS|HELIOS ISSUER)\b | Excluded (collision) | Unrelated Galaxy or Helios vehicle |
| 75 | EdgeCore | Issuer name or description contains “EDGECORE NETWORKS” or “EDGE CORE NETWORKS”\b(?:EDGECORE NETWORKS|EDGE CORE NETWORKS)\b | Excluded (collision) | Network equipment company is not EdgeCore operator |
| 76 | Lambda | Issuer name or description contains “LAMBDA FINANCE” or “LAMBDA SENIOR SECURED”\b(?:LAMBDA FINANCE|LAMBDA SENIOR SECURED)\b | Excluded (collision) | Lambda Finance is not Lambda Inc |
| 77 | Amazon / AWS | Issuer name or description contains “AMAZON … (CTL or LEASE TRUST)”\b(?:AMAZON.*(?:CTL|LEASE TRUST))\b | Lease-backed bond; outside totals | Tenant-named lease vehicle is not Amazon corporate debt |
| 78 | Amazon / AWS | Issuer name or description contains “METRO GOLDWYN MAYER”\b(?:METRO GOLDWYN MAYER)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 79 | Microsoft / Azure | Issuer name or description contains “MSFT SECURED CORPORATE”\b(?:MSFT SECURED CORPORATE)\b | Lease-backed bond; outside totals | Tenant-named vehicle is not Microsoft corporate debt |
| 80 | Microsoft / Azure | Issuer name or description contains “NUANCE”\b(?:NUANCE)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 81 | Microsoft / Azure | Issuer name or description contains “ACTIVISION”\b(?:ACTIVISION)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 82 | Meta | Issuer name or description contains “BEIGNET”\b(?:BEIGNET)\b | Project vehicle; outside totals | Meta and Blue Owl JV; separate project node |
| 119 | Oracle | Issuer name or description contains “CERNER”\b(?:CERNER)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 130 | Broadcom | Issuer name or description contains “VMWARE”\b(?:VMWARE)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 131 | Broadcom | Issuer name or description contains “CA INC”, “CA TECHNOLOGIES” or “COMPUTER ASSOCIATES”\b(?:CA INC|CA TECHNOLOGIES|COMPUTER ASSOCIATES)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 132 | SpaceX / xAI / X | Issuer name or description contains “XAI”, “X AI HOLDINGS”, “X CORP” or “TWITTER”\b(?:XAI|X AI HOLDINGS|X CORP|TWITTER)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 135 | Digital Realty | Issuer name or description contains “DIGITAL REALTY … (JV or JOINT VENTURE)”\b(?:DIGITAL REALTY.*(?:JV|JOINT VENTURE))\b | Project vehicle; outside totals | Digital Realty project JV remains separate |
| 136 | Digital Realty | Issuer name or description contains “INTERXION”\b(?:INTERXION)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 137 | Equinix | Issuer name or description contains “XSCALE” or “EQUINIX … (JV or JOINT VENTURE)”\b(?:XSCALE|EQUINIX.*(?:JV|JOINT VENTURE))\b | Project vehicle; outside totals | Equinix xScale JV remains a separate node |
| 138 | CloudHQ | Issuer name or description contains “ABTEEN VENTURE[S]”\b(?:ABTEEN VENTURES?)\b | Project vehicle; outside totals | CloudHQ project; tenant labels do not identify the borrower |
| 139 | CloudHQ | Issuer name or description contains “ISKAND(A or E)R VENTURE[S]”\b(?:ISKAND[AE]R VENTURES?)\b | Project vehicle; outside totals | CloudHQ project; tenant labels do not identify the borrower |
| 140 | CloudHQ | Issuer name or description contains “DARAB VENTURE[S] SIX”\b(?:DARAB VENTURES? SIX)\b | Project vehicle; outside totals | Preserve separately financed campus |
| 141 | AMD | Issuer name or description contains “XILINX”\b(?:XILINX)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 142 | AMD | Issuer name or description contains “ZT GROUP INT” or “ZT SYSTEMS”\b(?:ZT GROUP INT|ZT SYSTEMS)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 180 | TeraWulf / WULF Compute | Issuer name or description contains “WULF COMPUTE … (LLC or LAKE or CB or PL)” or “LAKE MARINER”\b(?:WULF COMPUTE.*(?:LLC|LAKE|CB|PL)|LAKE MARINER)\b | Named subsidiary; counts in the firm's total | Literal aggregation note; preserve legal borrower |
| 181 | Applied Digital | Issuer name or description contains “CIM APLD LENDER” or “MIP HPC”\b(?:CIM APLD LENDER|MIP HPC)\b | Excluded (scope) | Investor vehicle is not Applied Digital debt; manager unconfirmed |
| 182 | Fluidstack | Issuer name or description contains “FLUIDSTACK … (JV or JOINT VENTURE)”\b(?:FLUIDSTACK.*(?:JV|JOINT VENTURE))\b | Project vehicle; outside totals | Fluidstack JV remains separate |
| 183 | Fluidstack | Issuer name or description contains “FS AB LLC” or “FS CS I LLC”\b(?:FS AB LLC|FS CS I LLC)\b | Named subsidiary; counts in the firm's total | Literal aggregation note; preserve legal borrower |
| 184 | Eaton | Issuer name or description contains “AEROQUIP VICKERS”\b(?:AEROQUIP VICKERS)\b | Named subsidiary; counts in the firm's total | Eaton legacy subsidiary |
| 185 | Dell Technologies | Issuer name or description contains “DEFT [20xx]”\b(?:DEFT(?: 20[0-9]{2})?)\b | Own securitization; counts in the firm's total | Dell Equipment Finance Trust abbreviation |
| 186 | Hewlett Packard Enterprise | Issuer name or description contains “JUNIPER NETWORKS”\b(?:JUNIPER NETWORKS)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 187 | Hewlett Packard Enterprise | Issuer name or description contains “HPEFS”\b(?:HPEFS)\b | Own securitization; counts in the firm's total | Consolidated HPE captive equipment trust |
| 201 | Goodman Group | Issuer name or description contains “GAIF BOND ISSUER”\b(?:GAIF BOND ISSUER)\b | Managed fund; outside totals | Goodman Australia Industrial Fund financing vehicle |
| 202 | Prologis | Issuer name or description contains “DUKE REALTY”\b(?:DUKE REALTY)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 203 | Cipher Digital | Issuer name or description contains “CIPHER BLACK PEARL”, “BLACK PEARL COMPUTE” or “STINGRAY COMPUTE”\b(?:CIPHER BLACK PEARL|BLACK PEARL COMPUTE|STINGRAY COMPUTE)\b | Named subsidiary; counts in the firm's total | Literal aggregation note; preserve legal borrower |
| 204 | Galaxy Digital | Issuer name or description contains “GALAXY HELIOS I [LLC]”\b(?:GALAXY HELIOS I(?: LLC)?)\b | Named subsidiary; counts in the firm's total | Literal aggregation note; preserve legal borrower |
| 205 | Galaxy Digital | Issuer name or description contains “GALAXY HELIOS DATA CENTERS II”\b(?:GALAXY HELIOS DATA CENTERS II)\b | Named subsidiary; counts in the firm's total | Literal aggregation note; preserve legal borrower |
| 206 | TensorWave | Issuer name or description contains “TENSORWAVE TEX1”\b(?:TENSORWAVE TEX1)\b | Named subsidiary; counts in the firm's total | Explicitly named in rank 144 notes |
| 207 | G42 / Core42 | Issuer name or description contains “CORE42” or “CORE 42”\b(?:CORE42|CORE 42)\b | Named subsidiary; counts in the firm's total | Explicit group aggregation in rank 147 notes |
| 208 | Sanmina | Issuer name or description contains “ZT GROUP INT”\b(?:ZT GROUP INT)\b | Named subsidiary; counts in the firm's total | Manufacturing business only; Sanmina from 2025 closing |
| 209 | Sanmina | Issuer name or description contains “ZT GROUP INT” or “ZT SYSTEMS”\b(?:ZT GROUP INT|ZT SYSTEMS)\b | Named subsidiary; counts in the firm's total | Published acquisition history; allocation checked by year |
| 210 | Amazon / AWS | Issuer name or description contains “AMAZON”, “AWS DATA” or “AMZN”\b(?:AMAZON|AWS DATA|AMZN)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 211 | Alphabet / Google | Issuer name or description contains “ALPHABET” or “GOOGLE”\b(?:ALPHABET|GOOGLE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 212 | Microsoft / Azure | Issuer name or description contains “MICROSOFT” or “MSFT”\b(?:MICROSOFT|MSFT)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 213 | Meta | Issuer name or description contains “META PLATFORM[S]” or “FACEBOOK”\b(?:META PLATFORM(?:S)?|FACEBOOK)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 214 | Nvidia | Issuer name or description contains “NVIDIA”\b(?:NVIDIA)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 215 | OpenAI | Issuer name or description contains “OPENAI” or “OPEN AI”\b(?:OPENAI|OPEN AI)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 216 | Oracle | Issuer name or description contains “ORACLE”\b(?:ORACLE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 217 | Anthropic | Issuer name or description contains “ANTHROPIC”\b(?:ANTHROPIC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 218 | Broadcom | Issuer name or description contains “BROADCOM” or “AVAGO”\b(?:BROADCOM|AVAGO)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 219 | Alibaba / Alibaba Cloud | Issuer name or description contains “ALIBABA”\b(?:ALIBABA)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 220 | SpaceX / xAI / X | Issuer name or description contains “SPACEX”, “SPACE X”, “SPACE EXPLORATION TECHNOLOGIES”, “XAI”, “X AI HOLDINGS”, “TWITTER” or “X CORP”\b(?:SPACEX|SPACE X|SPACE EXPLORATION TECHNOLOGIES|XAI|X AI HOLDINGS|TWITTER|X CORP)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 221 | CoreWeave | Issuer name or description contains “CORE WEAVE” or “COREWEAVE”\b(?:CORE ?WEAVE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 222 | Digital Realty | Issuer name or description contains “DIGITAL (REALTY or REALT or REALITY or RLTY or STOUT or DUTCH or EURO or INTREPID or DELTA)”, “DUPONT FABROS”, “INTERXION” or “TELX”\b(?:DIGITAL (?:REALTY|REALT|REALITY|RLTY|STOUT|DUTCH|EURO|INTREPID|DELTA)|DUPONT FABROS|INTERXION|TELX)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 223 | Equinix | Issuer name or description contains “EQUINIX”\b(?:EQUINIX)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 224 | QTS Data Centers | Issuer name or description contains “QTS” or “QUALITY TECH[NOLOGY]”\b(?:QTS|QUALITY TECH(?:NOLOGY)?)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 225 | NTT / NTT Global Data Centers | Issuer name or description contains “NTT”, “NIPPON TELEGRAPH”, “NIPPON TEL”, “RAGINGWIRE” or “RAGING WIRE”\b(?:NTT|NIPPON TELEGRAPH|NIPPON TEL|RAGINGWIRE|RAGING WIRE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 226 | Aligned Data Centers | Issuer name or description contains “ALIGNED DATA” or “ADC 20xx”\b(?:ALIGNED DATA|ADC 20[0-9]{2})\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 227 | Vantage Data Centers | Issuer name or description contains “VANTAGE DATA”, “VDC[R or UK] 20xx” or “VDCM”\b(?:VANTAGE DATA|VDC(?:R|UK)? 20[0-9]{2}|VDCM)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 228 | STACK Infrastructure | Issuer name or description contains “STACK INFRA[STRUCTURE]” or “SIDC 20xx”\b(?:STACK INFRA(?:STRUCTURE)?|SIDC 20[0-9]{2})\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 229 | CyrusOne | Issuer name or description contains “CYRUS ONE”, “CYRUSONE” or “CYRUS 20xx”\b(?:CYRUS ?ONE|CYRUS 20[0-9]{2})\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 230 | AirTrunk | Issuer name or description contains “AIRTRUNK” or “AIR TRUNK”\b(?:AIRTRUNK|AIR TRUNK)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 231 | CloudHQ | Issuer name or description contains “CLOUD HQ”, “CLOUDHQ”, “ISKAND(A or E)R VENTURE[S]”, “ABTEEN VENTURE[S]” or “DARAB VENTURE[S] SIX”\b(?:CLOUD ?HQ|ISKAND[AE]R VENTURES?|ABTEEN VENTURES?|DARAB VENTURES? SIX)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 232 | GDS Holdings | Issuer name or description contains “GDS HOLDINGS”\b(?:GDS HOLDINGS)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 233 | ST Telemedia Global Data Centres | Issuer name or description contains “ST TELEMEDIA” or “SINGAPORE TECHNOLOGIES TELEMEDIA”\b(?:ST TELEMEDIA|SINGAPORE TECHNOLOGIES TELEMEDIA)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 234 | EdgeConneX | Issuer name or description contains “EDGE CONNEX”, “EDGECONNEX” or “ECNX”\b(?:EDGE ?CONNEX|ECNX)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 235 | Switch | Issuer name or description contains “SWITCH (INC or LTD or LIMITED or BIGHORN or GRAND or TK or HOLD or ABS or DATA)”, “SWTCH” or “SWCH[CM]”\b(?:SWITCH (?:INC|LTD|LIMITED|BIGHORN|GRAND|TK|HOLD|ABS|DATA)|SWTCH|SWCH(?:CM)?)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 236 | Compass Datacenters | Issuer name or description contains “COMPASS DATA[CENTERS]” or “CMPDC”\b(?:COMPASS DATA(?:CENTERS)?|CMPDC)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 237 | DataBank | Issuer name or description contains “DATABANK”, “DATABK”, “DB DATACENTER”, “DATA CENTER FULTON” or “COLO 20xx”\b(?:DATABANK|DATABK|DB DATACENTER|DATA CENTER FULTON|COLO 20[0-9]{2})\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 238 | Iron Mountain | Issuer name or description contains “IRON MOUNTAIN” or “IRM DATA CENT[ER]”\b(?:IRON MOUNTAIN|IRM DATA CENT(?:ER)?)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 239 | NEXTDC | Issuer name or description contains “NEXTDC” or “NEXT DC”\b(?:NEXTDC|NEXT DC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 240 | Cologix | Issuer name or description contains “COLOGIX” or “CLGIX”\b(?:COLOGIX|CLGIX)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 241 | DayOne | Issuer name or description contains “DAYONE” or “DAY ONE DATA”\b(?:DAYONE|DAY ONE DATA)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 242 | TSMC | Issuer name or description contains “TSMC”, “TAIWAN SEMICONDUCTOR” or “TSMC ARIZONA”\b(?:TSMC|TAIWAN SEMICONDUCTOR|TSMC ARIZONA)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 243 | AMD | Issuer name or description contains “ADVANCED MICRO DEVICES” or “AMD INC”\b(?:ADVANCED MICRO DEVICES|AMD INC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 244 | Micron | Issuer name or description contains “MICRON TECHNOLOGY” or “MICRON TECH”\b(?:MICRON TECHNOLOGY|MICRON TECH)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 245 | Vertiv | Issuer name or description contains “VERTIV” or “EMERSON NETWORK POWER”\b(?:VERTIV|EMERSON NETWORK POWER)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 261 | Hut 8 | Issuer name or description contains “HUT 8” or “HUT8”\b(?:HUT 8|HUT8)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 262 | TeraWulf / WULF Compute | Issuer name or description contains “TERAWULF” or “WULF COMPUTE”\b(?:TERAWULF|WULF COMPUTE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 263 | Nscale | Issuer name or description contains “NSCALE” or “N SCALE”\b(?:NSCALE|N SCALE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 264 | Nebius Group | Issuer name or description contains “NEBIUS” or “YANDEX”\b(?:NEBIUS|YANDEX)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 265 | Applied Digital | Issuer name or description contains “APPLIED DIGITAL” or “APLD …”\b(?:APPLIED DIGITAL|APLD(?: [A-Z0-9]+)*)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 266 | Crusoe | Issuer name or description contains “CRUSOE”\b(?:CRUSOE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 267 | Fluidstack | Issuer name or description contains “FLUIDSTACK”, “FLUID STACK”, “FS AB LLC” or “FS CS I LLC”\b(?:FLUIDSTACK|FLUID STACK|FS AB LLC|FS CS I LLC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 268 | IREN | Issuer name or description contains “IREN LIMITED”, “IREN LTD” or “IRIS ENERGY”\b(?:IREN LIMITED|IREN LTD|IRIS ENERGY)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 269 | Core Scientific | Issuer name or description contains “CORE SCIENTIFIC”\b(?:CORE SCIENTIFIC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 270 | GE Vernova | Issuer name or description contains “GE VERNOVA”\b(?:GE VERNOVA)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 271 | Schneider Electric | Issuer name or description contains “SCHNEIDER ELECTRIC”\b(?:SCHNEIDER ELECTRIC)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 272 | Eaton | Issuer name or description contains “EATON (CORP or CORPORATION or CAPITAL or PLC)”\b(?:EATON (?:CORP|CORPORATION|CAPITAL|PLC))\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 273 | Samsung Electronics | Issuer name or description contains “SAMSUNG ELECTRONICS”\b(?:SAMSUNG ELECTRONICS)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 274 | SK Group (SK Hynix + SK Telecom) | Issuer name or description contains “SK HYNIX”, “SK TELECOM”, “SK TELECOMS”, “SK TELEKOM” or “HYNIX SEMICONDUCTOR”\b(?:SK HYNIX|SK TELECOM|SK TELECOMS|SK TELEKOM|HYNIX SEMICONDUCTOR)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 275 | Super Micro Computer | Issuer name or description contains “SUPER MICRO COMPUTER” or “SUPERMICRO”\b(?:SUPER MICRO COMPUTER|SUPERMICRO)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 276 | Dell Technologies | Issuer name or description contains “DELL”, “DENALI HOLDING” or “EMC CORP”\b(?:DELL|DENALI HOLDING|EMC CORP)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 277 | Hewlett Packard Enterprise | Issuer name or description contains “HEWLETT PACKARD ENTERPRISE”, “HP ENTERPRISE[S]” or “HPE (INC or CO)”\b(?:HEWLETT PACKARD ENTERPRISE|HP ENTERPRISE(?:S)?|HPE (?:INC|CO))\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 278 | Marvell | Issuer name or description contains “MARVELL”\b(?:MARVELL)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 279 | Tencent | Issuer name or description contains “TENCENT”\b(?:TENCENT)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 280 | ByteDance | Issuer name or description contains “BYTEDANCE” or “BYTE DANCE”\b(?:BYTEDANCE|BYTE DANCE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 286 | Fermi America / Fermi Inc. | Issuer name or description contains “FERMI AMERICA”, “FERMI INC” or “FERMI CAMPUS 1”\b(?:FERMI AMERICA|FERMI INC|FERMI CAMPUS 1)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 287 | Chirisa Technology Parks | Issuer name or description contains “CHIRISA”\b(?:CHIRISA)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 288 | DC BLOX | Issuer name or description contains “DC BLOX”\b(?:DC BLOX)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 289 | Digital Edge | Issuer name or description contains “DIGITAL EDGE”\b(?:DIGITAL EDGE)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 290 | Goodman Group | Issuer name or description contains “GOODMAN (GROUP or US or USA or EUROPEAN or AUSTRALIA or PROPERTY or INDUSTRIAL or LOGISTICS)”\b(?:GOODMAN (?:GROUP|US|USA|EUROPEAN|AUSTRALIA|PROPERTY|INDUSTRIAL|LOGISTICS))\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 291 | Prologis | Issuer name or description contains “PROLOGIS”, “PROLOGIS INC”, “PROLOGIS LP” or “AMB PROPERTY”\b(?:PROLOGIS|PROLOGIS INC|PROLOGIS LP|AMB PROPERTY)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 292 | T5 Data Centers | Issuer name or description contains “T5 DATA” or “T5 DATACENTER”\b(?:T5 DATA|T5 DATACENTER)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 293 | Cipher Digital | Issuer name or description contains “CIPHER DIGITAL”, “CIPHER MINING”, “CIPHER COMPUTE”, “CIPHER BLACK PEARL”, “BLACK PEARL COMPUTE” or “STINGRAY COMPUTE”\b(?:CIPHER DIGITAL|CIPHER MINING|CIPHER COMPUTE|CIPHER BLACK PEARL|BLACK PEARL COMPUTE|STINGRAY COMPUTE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 294 | Galaxy Digital | Issuer name or description contains “GALAXY DIGITAL” or “GALAXY HELIOS”\b(?:GALAXY DIGITAL|GALAXY HELIOS)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 295 | EdgeCore | Issuer name or description contains “EDGECORE” or “EDGE CORE”\b(?:EDGECORE|EDGE CORE)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 296 | Rowan Digital Infrastructure | Issuer name or description contains “ROWAN DIGITAL”\b(?:ROWAN DIGITAL)\b | Operating platform; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 297 | Firmus | Issuer name or description contains “FIRMUS (TECHNOLOGIES or AI or DATA)”\b(?:FIRMUS (?:TECHNOLOGIES|AI|DATA))\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 298 | Akamai | Issuer name or description contains “AKAMAI”\b(?:AKAMAI)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 299 | TensorWave | Issuer name or description contains “TENSORWAVE” or “TENSOR WAVE”\b(?:TENSORWAVE|TENSOR WAVE)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 300 | Lambda | Issuer name or description contains “LAMBDA (INC or LABS)”\b(?:LAMBDA (?:INC|LABS))\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 301 | SharonAI Holdings Inc. | Issuer name or description contains “SHARONAI” or “SHARON AI”\b(?:SHARONAI|SHARON AI)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 302 | G42 / Core42 | Issuer name or description contains “G42”, “CORE42”, “CORE 42” or “GROUP 42”\b(?:G42|CORE42|CORE 42|GROUP 42)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 303 | Sanmina | Issuer name or description contains “SANMINA” or “ZT GROUP INT”\b(?:SANMINA|ZT GROUP INT)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 304 | Coherent | Issuer name or description contains “COHERENT” or “II VI”\b(?:COHERENT|II VI)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 305 | Cerebras | Issuer name or description contains “CEREBRAS”\b(?:CEREBRAS)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
| 306 | Gorilla Technology Group Inc. | Issuer name or description contains “GORILLA TECHNOLOGY”\b(?:GORILLA TECHNOLOGY)\b | Own entity; counts in the firm's total | Names, legal spellings, aliases, and former names in supplied firm row |
Show the 13 ownership dates and their sources
| Entity | New parent | Prior parent | Closing date | Source |
|---|---|---|---|---|
| CA Inc. | Broadcom | Independent | 2018-11-05 | [1] |
| Interxion | Digital Realty | Independent | 2020-03-13 | [1] |
| Xilinx | AMD | Independent | 2022-02-14 | [1] |
| Nuance Communications | Microsoft / Azure | Independent | 2022-03-04 | [1] |
| Metro-Goldwyn-Mayer | Amazon / AWS | Independent | 2022-03-17 | [1] |
| Cerner | Oracle | Independent | 2022-06-08 | [1] |
| Duke Realty | Prologis | Independent | 2022-10-03 | [1] |
| Activision Blizzard | Microsoft / Azure | Independent | 2023-10-13 | [1] |
| VMware | Broadcom | Independent | 2023-11-22 | [1] |
| ZT Systems manufacturing | AMD | Independent | 2025-03-31 | [1] |
| Juniper Networks | Hewlett Packard Enterprise | Independent | 2025-07-02 | [1] |
| ZT Systems manufacturing | Sanmina | AMD | 2025-10-27 | [1] |
| X and xAI | SpaceX / xAI / X | Independent | 2026-02-02 | [1] |
Show the 30 largest exclusions in 2025
| Type | Issuer as filed | Reason | $M |
|---|---|---|---|
| collision | HP INC | HP Inc is not Hewlett Packard Enterprise | 766 |
| collision | CONTINENTAL RESOURCES INC | Embedded letters are not NTT | 398 |
| collision | HP INC. | HP Inc is not Hewlett Packard Enterprise | 385 |
| collision | GALAXY CLO LTD | Unrelated Galaxy or Helios vehicle | 350 |
| collision | CONTINENTAL RESOURCES | Embedded letters are not NTT | 174 |
| collision | CONTINENTAL WIND LLC | Embedded letters are not NTT | 138 |
| collision | CONTINENTAL FINANCE CREDIT CAR | Embedded letters are not NTT | 135 |
| collision | CONTINENTAL RESOURCES INC/OK | Embedded letters are not NTT | 134 |
| collision | GALAXY CLO LTD GALXY_24-33 | Unrelated Galaxy or Helios vehicle | 125 |
| collision | DELLWOOD AB 2008-1 DELL_08-1 | Dellwood trust ticker is not a confirmed Dell company or sponsored trust | 98 |
| collision | HELIOS ISSUER, LLC | Unrelated Galaxy or Helios vehicle | 84 |
| collision | FERMI 2025-1 LLC | Fermi securitization is not Fermi America | 83 |
| collision | GALAXY CLO LTD GALXY_23-32 | Unrelated Galaxy or Helios vehicle | 71 |
| collision | CONTINENTAL RESOURCES, INC. | Embedded letters are not NTT | 71 |
| collision | HELIOS ISSUER LLC | Unrelated Galaxy or Helios vehicle | 69 |
| collision | GALAXY 33 CLO LTD | Unrelated Galaxy or Helios vehicle | 68 |
| collision | HELIOS ISSUER LLC SNVA_21-1 | Name label conflicts with dominant legal issuer evidence | 67 |
| collision | HP Inc. | HP Inc is not Hewlett Packard Enterprise | 61 |
| unresolved_relationship | META PLATFORMS INC. | Review only: dominant borrower has no established listed-firm relationship; no invented link | 60 |
| unresolved_relationship | BOHANNON JEFFERSON ASSOCIATES LP | Review only: dominant borrower has no established listed-firm relationship; no invented link | 60 |
| unresolved_relationship | BOHANNON JEFFERSON ASSOCIATES | Review only: dominant borrower has no established listed-firm relationship; no invented link | 60 |
| collision | AMDOCS LIMITED | Amdocs is not AMD | 59 |
| collision | AFC-DELL HOLDING CORP | AFC and Dell Fastener are industrial distributors; unrelated to Dell Technologies | 56 |
| collision | SUNNOVA HELIOS IX ISSUER LLC | Unrelated Galaxy or Helios vehicle | 55 |
| collision | GALAXY 32 CLO LTD | Unrelated Galaxy or Helios vehicle | 52 |
| collision | SUNNOVA HELIOS XIV ISSUER LLC SNVA_24-B | Unrelated Galaxy or Helios vehicle | 50 |
| collision | SUNNOVA AURORA I ISSUER LLC | Unrelated Galaxy or Helios vehicle | 50 |
| collision | GALAXY XXII CLO, LTD | Unrelated Galaxy or Helios vehicle | 50 |
| collision | KKR CLO 34 LTD. | Unrelated Galaxy or Helios vehicle | 49 |
| collision | GALAXY CLO LTD GALXY_25-36 | Unrelated Galaxy or Helios vehicle | 48 |