The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Capital

Capital · deployed

across 7 members — open each for the figure + sources

about Capital

aggregate of member nodes

Aggregate of 7 member claims — each member's sourced figures are below.


the working

Basis

aggregate of member nodes

Member claims 7

This is an aggregate — its evidence is the members' own claims.

  • SoftBank directs ~$150-160B — Vision Fund 1 ~$100B raised / ~$134B AUM (Jun-2023) + VF2 ~$30B + …
  • MGX into AI infra — $2B Binance (Mar-2025); part of the $40B Aligned Data Centers buy …
  • BlackRock AUM directed ~$15.3T (Q2-2026); ~64% index-passive (iShares $3.5T + institutional index …
  • PIF ~$900B AUM (May-2026) — domestically NEOM, Red Sea, Qiddiya, Roshn; internationally $45B …
  • State Street AUM directed ~$5.4T (State Street Investment Mgmt / SSGA, Q3-2025) + $51.7T assets under …
  • Vanguard ~$12T AUM directed (2025), overwhelmingly index/passive across mutual funds + ETFs
  • Fidelity $7.0T discretionary AUM directed + $17.9T assets under administration serviced (Mar-2026)

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Capital.