The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

Destination · land, shell & materials

$406.2B tracked across 11 claim(s) (+10 more without a settled point figure — see members) (+1 reported, not closed, $22.0B point figure, not in the total — see members)

Sum of point-figure, USD-denominated flow claims tagged Destination · land, shell & materials in the money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

Aggregate of 22 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 money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

The pieces 22

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 vendor unnamed$265.0B
Stargate LLC (joint venture) (infrastructure joint-venture equity formation, 2025-01-21) → Stargate2025-01-21T00:00:00Z$52.0B
TSMC → unnamed vendor(s) — land, shell & materials vendor unnamed2026-08-11T00:00:00Z$29.4B
Samsung → unnamed vendor(s) — land, shell & materials vendor unnamed2021-11-23T00:00:00Z$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) → Crusoe2024-10-15T00:00:00Z$15.0B
ext (population — US federal government, as a capital-provider counterparty) (subsidy/grant capital provision) → Intel2024-11-26T00:00:00Z$7.9B
Amkor → unnamed vendor(s) — land, shell & materials vendor unnamed2025-10-06T00:00:00Z$7.0B
Blue Owl Capital → Meta2025-10-21T00:00:00Z$7.0B
SK Hynix → unnamed vendor(s) — land, shell & materials vendor unnamed2026-09-16T00:00:00Z$3.8B
Vantage Data Centers → Turner Construction2024-11-04T00:00:00Z$2.0B
CoreWeave → Core Scientific2025-02-26T00:00:00Z$104.0M
Nebius → unnamed vendor(s) — land, shell & materials vendor unnamed2026-03-01T00:00:00Znot summed
City of Independence, Missouri → Nebius2026-03-01T00:00:00Znot summed
Core Scientific → unnamed vendor(s) — land, shell & materials vendor unnamed2024-11-19T00:00:00Znot summed
Crusoe Energy Systems (Abilene, TX campus JV — initial formation) (real-estate/infrastructure JV equity (initial formation), 2024-10-15) → Crusoe2024-10-15T00:00:00Znot summed
Crusoe Energy Systems (Abilene, TX campus JV — phase 2 expansion) (real-estate/infrastructure JV debt+equity (phase 2 expansion, unitemized split), 2025-05-21) → Crusoe2025-05-21T00:00:00Znot summed
JPMorgan Chase → Crusoe2025-01-23T00:00:00Znot summed
JPMorgan Chase → Crusoenot summed
Amazon → Grand Ming Group2026-09-18T00:00:00Znot summed
TSMC → unnamed vendor(s) — land, shell & materials vendor unnamed2021-01-01T00:00:00Znot summed
TSMC → unnamed vendor(s) — land, shell & materials vendor unnamed2025-03-03T00:00:00Znot summed
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 in talks2025-08-22T00:00:00Zin talks, not counted
Total (settled figures only)$406.2B

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.