AI Ledger Hepburn Advisory Hepburn Advisory

The AI economy, layer by layer.

Capital in. Compute spent. Power drawn. Tokens out. Revenue back. Five ledgers, one system.
— Hepburn Advisory
$2.23 of compute spend stands behind every $1 of customer-paid AI Apps Revenue today.
Key convergence signal
$43B
AI compute revenue earned in 2025 — +153.4% YoY. Frontier labs paid 79% of it.
Updated May 2026 Source: 10-Q filings →
We track this quarterly as the leading indicator of supply-side AI economics.
Capital Ledger
$766B
Cumulative 2023–25 AI capital expenditure. Where every dollar went — from spender to silicon to current workload state.
40% Sourced 35% Derived 25% Modeled
Open Capital Ledger →
Revenue Ledger
$19B
Customer-paid AI revenue collected by providers in the 2025 measured cohort. Tracks who pays, how, and where it goes.
65% Sourced 25% Derived 10% Modeled
Open Revenue Ledger →
Compute Ledger
$43B
What hyperscalers and neoclouds earned from AI compute in 2025. Three segments — frontier-lab compute (78.5%), AI workload compute, hosted model APIs.
60% Sourced 30% Derived 10% Modeled
Open Compute Ledger →
Usage Ledger
~310T/day
Token volume, pricing trends, model mix, and demand quality across the AI inference economy. 2025 annualised average.
50% Derived 50% Modeled
Open Usage Ledger →
Power Ledger
v3 in progress
Power infrastructure underpinning AI compute. v3 hardening in progress — see the Power Ledger for current methodology.
Open Power Ledger →
Time Machine Live Pricing Methodology Changelog