The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · out

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 deployments — ~$40B OpenAI + Stargate build; historical VF deployment collapsed to …
  • MGX deployments — ~$7B Stargate + ~$40B Aligned (consortium share, not MGX-alone) + $2B …
  • BlackRock capital returned to holders — dividend ~$22.92/yr per share (~$3.5B/yr) + buybacks; plus …
  • PIF deployments — up to $45B Vision Fund (over 5yr), $20B Blackstone infra, NEOM giga-project …
  • State Street capital returned — dividend ~$3.68/yr per share (~$1.0B; 1.98% yield) + buybacks; …
  • Vanguard at-cost model returns value via recurring fee cuts (not buybacks/dividends — no external …
  • Fidelity private — no external buybacks; profits reinvested + distributed to Johnson-family + …

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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.