The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · in

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 new commitments — leading OpenAI ~$40B round (2025) + $19B Stargate; VF1 external LPs PIF …
  • MGX raised close to $50B from regional + global investors (Jun-2026); launched Mar-2024 with …
  • BlackRock AUM grew $10.0T -> $15.3T (2023->2026) via record net inflows + acquisitions (GIP ~$100B …
  • PIF ~$78B/yr — 4% Aramco stake transferred to PIF in both 2022 and 2023 (2023 transfer ~$78B) …
  • State Street AUM grew ~$4.1T (Dec-2023) -> ~$5.4T (Q3-2025); SPDR/SSGA net inflows the driver (exact …
  • Vanguard consistently the largest net new cash of any fund family (industry-leading inflows, …
  • Fidelity net new assets / new customers (tens of millions of retail + workplace accounts); AUA …

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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.