The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · in

High-Flyer hedge-fund backing + the $7-7.4B first external round (Jun-2026, closed) + an attempted-then-paused $1.5B second round (Jul-2026); ultra-cheap API (V2 at 2 RMB per million output tokens, since cut further — see gravity)

low confidence · as of 2026-07-28 · about DeepSeek

Sourced figures 4


the working

Threads 1

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 DeepSeek.