The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · available

across 5 members — open each for the figure + sources

about Hyperscaler

aggregate of member nodes

Aggregate of 5 member claims — each member's sourced figures are below.

the working

Basis

aggregate of member nodes

Member claims 5

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

  • Google ~$242B cash+STI (Q2-2026) — but see note: up sharply from ~$127B Dec-2025 on a large debt …
  • Microsoft ~$78.3B cash+STI (Mar-2026); ~$250B+ commandable/12mo incl. AAA debt access
  • Amazon ~$143B cash+STI (Q1-2026); but total debt ~$210B and FCF is negative
  • Meta ~$81B cash+STI (Q1-2026); ~$46B/yr free post-capex; new ~$87B debt taken on
  • Oracle ~$31.9B cash+STI (Q4 FY26, May-2026) — thin against ~$156B debt

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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 Hyperscaler.