Q1claims — The Projection

xAI (Series E, 2026-02-18) → xAI

xAI (SEC Form D (no round letter disclosed), 2023-12) → xAI

World Labs (seed / early-stage (two rounds combined per source, not individually broken out), 2024-09-13) → World Labs

Vantage Data Centers → Turner Construction Company (EPC/general-contractor services (seller side))

Vantage Data Centers (Texas megacampus — site/name not independently confirmed this pass) (construction/project-finance loan (REPORTED IN TALKS — not confirmed closed as of the source date), 2025-08-22) → Vantage Data Centers

Vantage Data Centers (datacenter construction (developer side)) → Turner Construction Company (EPC/general-contractor services (seller side))

Vantage Data Centers (datacenter construction (developer side)) → Kiewit Corporation

TSMC → TSMC

TSMC → TSMC

TSMC → TSMC

TSMC → TSMC

TSMC (foundry construction (fab capex)) → Yates Construction

TSMC (foundry construction (fab capex)) → United Integrated Services (UIS)

TSMC (foundry construction (fab capex)) → Marketech International

TSMC (foundry construction (fab capex)) → CTCI Americas

TSMC (foundry construction (fab capex)) → Arizona State Land Department

Tracked inflow · Yates/Layton Joint Venture

Tracked inflow · Yates Construction

Tracked inflow · xAI

Tracked inflow · WUS Printed Circuit

Tracked inflow · World Labs

Tracked inflow · Williams Companies (Will-Power subsidiary)

Tracked inflow · Whiting-Turner Contracting Company

Tracked inflow · Walbridge

Tracked inflow · Vistancia Development LLC

Tracked inflow · Vertiv

Tracked inflow · Vantage Data Centers

Tracked inflow · Unnamed vendors (via TSMC's capex)

Tracked inflow · Unnamed vendors (via SK hynix's capex)

Tracked inflow · Unnamed vendors (via Samsung Electronics's capex)

Tracked inflow · Unnamed vendors (via Micron Technology's capex)

Tracked inflow · Unnamed vendors (via Core Scientific's capex)

Tracked inflow · Unnamed vendors (via ASE Technology's capex)

Tracked inflow · Unnamed vendors (via Amkor Technology's capex)

Tracked inflow · United Integrated Services (UIS)

Tracked inflow · Turner Construction Company (EPC/general-contractor services (seller side))

Tracked inflow · Together AI

Tracked inflow · TEMC CNS

Tracked inflow · Techcross Water & Energy

Tracked inflow · Talen Energy

Tracked inflow · Synthesia

Tracked inflow · Supermicro

Tracked inflow · Stargate LLC (joint venture — OpenAI/SoftBank/Oracle/MGX) (datacenter construction (JV entity — umbrella receiver of committed capital; specific sites e.g. Crusoe's Abilene campus are tracked separately at the facility level in research/q3-datacenter-census/attribution.yaml and may overlap with this JV's own buildout))

Tracked inflow · SSOE Group

Tracked inflow · SoftBank Group (capital (strategic/JV investment facet))

Tracked inflow · Societe Generale-led syndicate (Virginia CTP-01 loan)

Tracked inflow · SK ecoplant

Tracked inflow · Shimizu North America LLC

Tracked inflow · SB Energy

Tracked inflow · Ryan Companies

Tracked inflow · Poolside AI (capital (treasury/financing facet))

Tracked inflow · Perplexity AI (capital (treasury/financing facet))

Tracked inflow · Oracle

Tracked inflow · OpenAI

Tracked inflow · Okland Construction

Tracked inflow · nvidia/2026-compute-financing-platforms

Tracked inflow · Nvidia (GPU sale to Oracle)

Tracked inflow · Nscale

Tracked inflow · Nebius

Tracked inflow · Moss Utilities

Tracked inflow · Mortenson Construction

Tracked inflow · Moonshot AI (Kimi) (capital (treasury/financing facet))

Tracked inflow · Monroe County, Georgia (land seller)

Tracked inflow · Mistral AI

Tracked inflow · Meta

Tracked inflow · Maverick Power

Tracked inflow · Marketech International

Tracked inflow · Lumentum Holdings (capital (treasury/financing facet))

Tracked inflow · Louisiana local vendors (Meta Hyperion contractors)

Tracked inflow · Lancium

Tracked inflow · Lambda

Tracked inflow · Kiewit Corporation

Tracked inflow · Kairos Power

Tracked inflow · Intel

Tracked inflow · Inflection AI (capital (treasury/financing facet))

Tracked inflow · Hung Ching Construction

Tracked inflow · Hoffman Construction Co.

Tracked inflow · Helsing

Tracked inflow · Groq

Tracked inflow · Google

Tracked inflow · GE Vernova

Tracked inflow · G42

Tracked inflow · Foxconn

Tracked inflow · Form Energy

Tracked inflow · Exyte

Tracked inflow · Evans General Contractors

Tracked inflow · EPCOR Utilities

Tracked inflow · Entergy Louisiana (power generation buildout)

Tracked inflow · Entergy Louisiana

Tracked inflow · DPR Construction

Tracked inflow · Dell

Tracked inflow · CTCI Americas

Tracked inflow · Crusoe Energy Systems (capital (treasury/financing facet — distinct from crusoe/datacenter-construction, which receives))

Tracked inflow · CoreWeave

Tracked inflow · Core Scientific

Tracked inflow · Constellation Energy

Tracked inflow · Coherent Corp. (capital (treasury/financing facet))

Tracked inflow · Cohere

Tracked inflow · Cloverleaf Infrastructure

Tracked inflow · C2i Semiconductors

Tracked inflow · Broadcom

Tracked inflow · Botetourt County, Virginia (land seller)

Tracked inflow · Blue Owl Capital & Crusoe (phase 2 equity)

Tracked inflow · Blue Owl Capital / Chirisa Technology Parks (Lancaster PA JV)

Tracked inflow · Bloom Energy

Tracked inflow · Bechtel Corp.

Tracked inflow · ASML

Tracked inflow · Arizona State Land Department

Tracked inflow · Applied Digital Corp

Tracked inflow · Anysphere (Cursor) (capital (treasury/financing facet))

Tracked inflow · Anthropic

Tracked inflow · Amkor Technology (advanced packaging/test facility construction)

Tracked inflow · AMD

Tracked inflow · Alibaba

Tracked inflow · AEP Ohio (Green Chapel Station substation)

Tracked inflow · AEP Ohio (American Electric Power) (grid interconnection / transmission infrastructure)

Together AI (Series B, 2025-02-20) → Together AI

Synthesia (Series E, 2026-01-26) → Synthesia

Synthesia (Series D, 2025-01-15) → Synthesia

Stargate LLC (joint venture) (infrastructure joint-venture equity formation, 2025-01-21) → Stargate LLC (joint venture — OpenAI/SoftBank/Oracle/MGX) (datacenter construction (JV entity — umbrella receiver of committed capital; specific sites e.g. Crusoe's Abilene campus are tracked separately at the facility level in research/q3-datacenter-census/attribution.yaml and may overlap with this JV's own buildout))

Stargate LLC (joint venture — OpenAI/SoftBank/Oracle/MGX) (datacenter construction (JV entity — umbrella receiver of committed capital; specific sites e.g. Crusoe's Abilene campus are tracked separately at the facility level in research/q3-datacenter-census/attribution.yaml and may overlap with this JV's own buildout)) → Shimizu North America LLC

Stargate LLC (joint venture — OpenAI/SoftBank/Oracle/MGX) (datacenter construction (JV entity — umbrella receiver of committed capital; specific sites e.g. Crusoe's Abilene campus are tracked separately at the facility level in research/q3-datacenter-census/attribution.yaml and may overlap with this JV's own buildout)) → Foxconn

Stargate LLC (joint venture — OpenAI/SoftBank/Oracle/MGX) (datacenter construction (JV entity — umbrella receiver of committed capital; specific sites e.g. Crusoe's Abilene campus are tracked separately at the facility level in research/q3-datacenter-census/attribution.yaml and may overlap with this JV's own buildout)) → Bloom Energy

SK Hynix → SK Hynix

SK hynix (memory fab construction (DRAM/HBM)) → TEMC CNS

SK hynix (memory fab construction (DRAM/HBM)) → Techcross Water & Energy

SK hynix (memory fab construction (DRAM/HBM)) → SK ecoplant

SK hynix (memory fab construction (DRAM/HBM)) → ASML

SB Energy → AEP Ohio (American Electric Power) (grid interconnection / transmission infrastructure)

Samsung Electronics (foundry construction (fab capex)) → Yates Construction

Samsung Electronics (foundry construction (fab capex)) → EPCOR Utilities

Samsung Electronics (capital (treasury/financing facet)) → Samsung Electronics (foundry construction (fab capex))

Perplexity AI (Series B, 2024-04-24) → Perplexity AI (capital (treasury/financing facet))

Oracle (capital (treasury/financing facet)) → Walbridge

Oracle (capital (treasury/financing facet)) → Nvidia (GPU sale to Oracle)

OpenAI → AMD

Nvidia → xAI

Nvidia → SB Energy

Nvidia → Poolside AI (model training (Model Factory — the internal AI model-development pipeline licensed to Nvidia))

Nvidia → Poolside AI (capital (treasury/financing facet))

Nvidia → OpenAI

Nvidia → nvidia/2026-compute-financing-platforms

Nvidia → Lumentum Holdings (optical networking components (seller side — lasers, transceivers))

Nvidia → Lumentum Holdings (capital (treasury/financing facet))

Nvidia → Lancium

Nvidia → Coherent Corp. (optical networking components (seller side — lasers, transceivers))

Nvidia → Coherent Corp. (capital (treasury/financing facet))

Nvidia → Cloverleaf Infrastructure

Nvidia → Amkor Technology (advanced packaging/test services (seller side))

nVent Electric plc (capital (treasury/financing facet)) → Maverick Power

Nebius (strategic equity financing (not staged as a lettered Series), 2024-12-02) → Nebius

Moonshot AI (Kimi) (growth round (TechCrunch calls it Series B; other secondary sources label it Series A — round-label DISAGREEMENT across sources, named not resolved, per R-17), 2024-02) → Moonshot AI (Kimi) (capital (treasury/financing facet))

Moonshot AI (Kimi) (growth round (secondary sources label variably; not independently resolved this pass), 2024-08) → Moonshot AI (Kimi) (capital (treasury/financing facet))

Mistral AI (Series C, 2025-09-09) → Mistral AI

Mistral AI (seed, 2023-06) → Mistral AI

Microsoft → G42

Microsoft → Constellation Energy

Micron Technology (memory fab construction (leading-edge DRAM)) → Yates/Layton Joint Venture

Micron Technology (memory fab construction (leading-edge DRAM)) → Exyte

Micron Technology (capital (treasury/financing facet)) → Micron Technology (memory fab construction (leading-edge DRAM))

Micron Technology (capital (treasury/financing facet)) → Micron Technology (HBM advanced-packaging facility construction)

Meta → Entergy Louisiana

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → Williams Companies (Will-Power subsidiary)

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → Turner Construction Company (EPC/general-contractor services (seller side))

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → Mortenson Construction

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → Louisiana local vendors (Meta Hyperion contractors)

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → Entergy Louisiana (power generation buildout)

Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge)) → DPR Construction

Lambda (Series C, 2024-02-15) → Lambda

Lambda (leveraged loan, 2026-08-12) → Lambda

JPMorgan Chase → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))

JPMorgan Chase (capital (lending facet)) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))

Intel (foundry construction (fab capex — Foundry/IFS division)) → Hoffman Construction Co.

Intel (foundry construction (fab capex — Foundry/IFS division)) → Bechtel Corp.

Intel (foundry construction (fab capex — Foundry/IFS division)) → AEP Ohio (Green Chapel Station substation)

Inflection AI (growth/strategic round (stage label not disclosed in the source), 2023-06) → Inflection AI (capital (treasury/financing facet))

Infineon Technologies (capital (treasury/financing facet)) → C2i Semiconductors

Helsing (Series D, 2025-06-17) → Helsing

Groq (Series A (Groq's own label for this post-Nvidia-licensing valuation-reset round), 2026-08-17) → Groq

Google → xAI

Google → Anthropic

Google (capital (treasury/financing facet)) → Whiting-Turner Contracting Company

Google (capital (treasury/financing facet)) → Vertiv

Google (capital (treasury/financing facet)) → Ryan Companies

Google (capital (treasury/financing facet)) → Monroe County, Georgia (land seller)

Google (capital (treasury/financing facet)) → Kairos Power

Google (capital (treasury/financing facet)) → Botetourt County, Virginia (land seller)

Flow type · prepayment

Flow type · non-cash consideration

Flow type · guarantee

Flow type · grant / subsidy

Flow type · equity

Flow type · debt

Flow type · capex

Flow type · capacity/service payment

Flow type · asset purchase

ext (population) (public equity capital provision) → Oracle

ext (population) (public equity capital provision) → Intel

ext (population) (public equity capital provision) → CoreWeave

ext (population) (public equity capital provision) → Alibaba

ext (population) (public bond-market capital provision) → SoftBank Group (capital (strategic/JV investment facet))

ext (population) (public bond-market capital provision) → SoftBank Group (capital (strategic/JV investment facet))

ext (population) (public bond-market capital provision) → Oracle

ext (population) (public bond-market capital provision) → Meta

ext (population) (public bond-market capital provision) → Google

ext (population) (public bond-market capital provision) → CoreWeave

ext (population — US federal government, as a capital-provider counterparty) (subsidy/grant capital provision) → Intel

Destination · purchased compute capacity (services)

Destination · power infrastructure

Destination · networking & optics

Destination · n/a — financing

Destination · memory & storage

Destination · land, shell & materials

Destination · intellectual property / licensing

Destination · compute silicon & systems

Crusoe Energy Systems (Series D, 2024-12-12) → Crusoe Energy Systems (capital (treasury/financing facet — distinct from crusoe/datacenter-construction, which receives))

Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side)) → Form Energy

Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side)) → Blue Owl Capital & Crusoe (phase 2 equity)

Crusoe Energy Systems (capital (treasury/financing facet — distinct from crusoe/datacenter-construction, which receives)) → GE Vernova

Crusoe Energy Systems (Abilene, TX campus JV — phase 2 expansion) (real-estate/infrastructure JV debt+equity (phase 2 expansion, unitemized split), 2025-05-21) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))

Crusoe Energy Systems (Abilene, TX campus JV — initial formation) (real-estate/infrastructure JV equity (initial formation), 2024-10-15) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))

CoreWeave → Core Scientific

CoreWeave (private-credit debt facility (GPU-purchase/expansion financing), 2023-08-03) → CoreWeave

CoreWeave (delayed-draw term loan facility (disclosed at Q2 2026 earnings), 2026-08-11) → CoreWeave

CoreWeave (delayed-draw term loan facility ("DDTL 5.5"), 2026-08-07) → CoreWeave

CoreWeave (capital (treasury/financing facet)) → Vertiv

CoreWeave (capital (treasury/financing facet)) → Turner Construction Company (EPC/general-contractor services (seller side))

CoreWeave (capital (treasury/financing facet)) → Supermicro

CoreWeave (capital (treasury/financing facet)) → Societe Generale-led syndicate (Virginia CTP-01 loan)

CoreWeave (capital (treasury/financing facet)) → Dell

CoreWeave (capital (treasury/financing facet)) → Blue Owl Capital / Chirisa Technology Parks (Lancaster PA JV)

CoreWeave (capital (treasury/financing facet)) → Applied Digital Corp

CoreWeave (borrower entity — CoreWeave Compute Acquisition Co. IV, LLC) (delayed-draw term loan credit-agreement amendment ("Fifth Amendment" — shape-only, individual lenders not named), 2025-09-29) → CoreWeave

Core Scientific → Core Scientific

Core Scientific (datacenter construction (Denton, TX site — propco/operator side)) → Moss Utilities

Core Scientific (datacenter construction (Denton, TX site — propco/operator side)) → Evans General Contractors

Cohere (Series D, 2024-07) → Cohere

Cohere (follow-on round (stage label not disclosed publicly), 2025-08) → Cohere

Broadcom (special-purpose-vehicle borrower, financing custom AI-chip/networking capacity leased to Anthropic) (special-purpose-vehicle senior/junior debt facility (reported "in discussions"/"in talks" — not confirmed closed as of the sources found this pass), 2026-08-21) → Broadcom

Blue Owl Capital (Real Estate platform) (capital (institutional/real-estate investment facet)) → Meta

ASE Technology (capital (treasury/financing facet)) → ASE Technology (advanced packaging/test capacity construction (LEAP program))

ASE Technology (advanced packaging/test capacity construction (LEAP program)) → WUS Printed Circuit

ASE Technology (advanced packaging/test capacity construction (LEAP program)) → Hung Ching Construction

Anysphere (Cursor) (Series B, 2024-12) → Anysphere (Cursor) (capital (treasury/financing facet))

Anthropic → xAI

Anthropic → Nscale

Anthropic → Google

Amkor Technology (capital (treasury/financing facet)) → Amkor Technology (advanced packaging/test facility construction)

Amkor Technology (advanced packaging/test facility construction) → Vistancia Development LLC

Amkor Technology (advanced packaging/test facility construction) → SSOE Group

Amkor Technology (advanced packaging/test facility construction) → Okland Construction

AMD → OpenAI

Amazon → Talen Energy

Amazon → Anthropic

Amazon → Anthropic