The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · deployed

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 ~$132B/yr capex in-flight (TTM), up from ~$91B FY25 — TPU + datacenter estate
  • Microsoft ~$97-107B/yr capex in-flight + $250B Azure/OpenAI compute earmarked
  • Amazon ~$132-151B/yr capex in-flight (FY25 $131.8B -> TTM $151.0B) — AWS/Trainium datacenters + …
  • Meta ~$70-76B/yr capex in-flight (FY25 $69.7B -> TTM $75.7B) + up to ~$84B debt earmarked to …
  • Oracle ~$55.7B/yr capex in-flight (FY26) + reported ~$450B+ RPO backlog post-Stargate

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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.