The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

News · last 7 days

Summary

SoftBank's $40 billion bridge loan against its OpenAI stake added 21 new lenders as OpenAI's IPO timing consensus slid toward 2027.

Whether OpenAI holds out for a roughly $1 trillion IPO valuation despite Altman rejecting a lower price, and how far the AI-stock spillover on SoftBank runs, is open.

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People

Sam Altman

Sam Altman

The principal person controlling one or more organizations.

Holds

Across its realms this week

· GPT-5.6 authority claim — resolved
· Jalapeño resource move — retired
· OpenAI IPO financing — developing
· Microsoft's Hedge hedge — developing
· Circular Financing capital flow — developing
· Stargate coalition — developing
· Frontier Gatekeeping authority claim — open
· Containment Breach authority claim — retired
· Nippon Life v. OpenAI legitimacy dispute — open
· Where the Capex Lands buildout race — open
· Compute Spend resource move — open
· Datacenter Sites buildout race — open
· Nvidia's Order Book capital flow — open
· In-House Silicon resource move — open
· Camellia buildout race — open
· Big Tech into Health partnership — open
· OpenAI Health partnership — open
· Lab IPO Wave financing — open
· Nvidia as Lender financing — open
· Oracle's Stargate Bet financing — open
· The #2 Cashes In border dispute — open
· The Rogue Agent legitimacy dispute — open
· AI Psychosis authority claim — open
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