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The Projection

The surface is never the system.

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Destination · land, shell & materials

$284.2B tracked across 15 claim(s) (+1 more without a settled point figure — see members)

Sum of point-figure, USD-denominated flow claims tagged Destination · land, shell & materials in the Q1 money-flow map.

Aggregate of 16 member claims — each member's sourced figures are below.

the working

Basis

Sum of point-figure, USD-denominated flow claims tagged Destination · land, shell & materials in the Q1 money-flow map.

The pieces 16

Every claim that fed this total, plus any that couldn't be summed — click a row for its own sourcing.

FlowAs ofAmount
TSMC → unnamed vendor(s) — land, shell & materials (foundry construction (fab capex)) vendor unnamed2025-03-03$100.0B
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))2025-01-21$52.0B
TSMC → unnamed vendor(s) — land, shell & materials (foundry construction (fab capex)) vendor unnamed2026-08-11$29.4B
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 (datacenter construction (developer side))2025-08-22$22.0B
Samsung Electronics → unnamed vendor(s) — land, shell & materials (foundry construction (fab capex)) vendor unnamed2021-11-23$17.0B
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))2024-10-15$15.0B
TSMC → unnamed vendor(s) — land, shell & materials (foundry construction (fab capex)) vendor unnamed2021-01-01$12.0B
ext (population — US federal government, as a capital-provider counterparty) (subsidy/grant capital provision) → Intel (foundry construction (fab capex — Foundry/IFS division))2024-11-26$7.9B
JPMorgan Chase (capital (lending facet)) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))$7.1B
Amkor Technology → unnamed vendor(s) — land, shell & materials (advanced packaging/test facility construction) vendor unnamed2025-10-06$7.0B
Blue Owl Capital (Real Estate platform) (capital (institutional/real-estate investment facet)) → Meta (datacenter construction (Hyperion campus, Richland Parish LA — JV recipient side, distinct from meta/datacenter-operation's grid-interconnection edge))2025-10-21$7.0B
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))2024-10-15$3.4B
JPMorgan Chase (capital (lending facet)) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))2025-01-23$2.3B
Vantage Data Centers (capital (treasury/financing facet)) → Turner Construction Company (EPC/general-contractor services (seller side))2024-11-04$2.0B
CoreWeave (datacenter operation (buyer/tenant side — distinct facet from coreweave/capital, which raises)) → Core Scientific (datacenter construction (Denton, TX site — propco/operator side))2025-02-26$104.0M
Core Scientific → unnamed vendor(s) — land, shell & materials (datacenter construction (Denton, TX site — propco/operator side)) vendor unnamed2024-11-19not summed
Total (settled figures only)$284.2B

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 Research · Q1.