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The Projection

The surface is never the system.

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Destination · n/a — financing

$802.4B tracked across 102 claim(s) (+42 more without a settled point figure — see members) (+21 reported, not closed, $32.5B point figure, not in the total — see members) (+5 contingent guarantee(s), $3.5B point figure, not in the total — see members)

Sum of point-figure, USD-denominated flow claims tagged Destination · n/a — financing in the money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

Aggregate of 170 member claims — each member's sourced figures are below.

the working

Basis

Sum of point-figure, USD-denominated flow claims tagged Destination · n/a — financing in the money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

The pieces 170

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

FlowAs ofAmount
OpenAI (funding round closed March 2026 with USD 122 billion of committed capital at a USD 852 billion valuation) → OpenAI2026-03-01T00:00:00Z$122.0B
Adani Group → unnamed vendor(s) — n/a — financing vendor unnamed2026-02-16T00:00:00Z$100.0B
SpaceXAI → unnamed vendor(s) — n/a — financing vendor unnamed2026-08-30T00:00:00Z$100.0B
Anthropic (round of USD 65 billion at USD 965 billion, 2026-05) → Anthropic2026-05-01T00:00:00Z$65.0B
SpaceX (Apollo-managed GPU lease financing of roughly USD 40 billion, committed October 2026) → SpaceXAI2026-10-26T00:00:00Z$40.0B
ext (population) (public bond-market capital provision) → Meta2025-10-30T00:00:00Z$30.0B
Bytedance (syndicated loan of USD 29.6 billion, 2026-09) → Bytedance2026-09-04T00:00:00Z$29.6B
Softbank (Arm-backed margin loan raised from USD 20 billion to USD 25 billion, 2026-09) → Softbank2026-09-18T00:00:00Z$25.0B
ext (population) (public bond-market capital provision) → Oracle2026-02-04T00:00:00Z$25.0B
ext (population) (public equity capital provision) → Intel2026-08-11T00:00:00Z$20.0B
SpaceXAI → unnamed vendor(s) — n/a — financing vendor unnamed2026-07-01T00:00:00Z$19.6B
Project Jupiter developer (USD 18 billion construction loan from about 20 banks, reported 2026-09) → Project Jupiter developer (Blue Owl unit)$18.0B
Nvidia → Hugging Face2026-09-03T00:00:00Z$12.9B
Softbank (dollar-bond sale of USD 10 billion, launched 2026-09-20) → Softbank2026-09-23T00:00:00Z$11.1B
ext (population) (public equity capital provision) → Alibaba2026-08-24T00:00:00Z$10.2B
Amazon → Anthropic$10.0B
Firmus (credit facility co-led by Blackstone and Coatue, 2026) → Firmus$10.0B
Google → Anthropic$10.0B
Softbank (USD 10 billion loan against its OpenAI stake, reported 2026-08-28) → Softbank2026-08-28T00:00:00Z$10.0B
Amazon → Anthropic2023-09-01T00:00:00Z$8.0B
ext (population) (public bond-market capital provision) → Softbank2026-09-17T00:00:00Z$6.3B
Amazon (debut sterling bond sale of GBP 4.25 billion in four tranches, 9 September 2026) → Amazon2026-09-09T00:00:00Z$5.8B
Nebius (convertible notes of USD 5.75 billion, closed August 2026) → Nebius$5.8B
Safe Superintelligence (round of USD 5 billion, 2026 third quarter) → Safe Superintelligence2026-07-01T00:00:00Z$5.0B
ext (population) (public equity capital provision) → Oracle2026-02-02T00:00:00Z$5.0B
Crux AI (Blackstone commitment of USD 5 billion, 2026) → Crux AI$5.0B
CoreWeave (convertible senior notes of USD 3.7 billion due 2033, priced 2026-09-17) → CoreWeave2026-09-22T00:00:00Z$4.2B
Crusoe (Series F of USD 3.9 billion, 2026 third quarter) → Crusoe2026-07-01T00:00:00Z$3.9B
Moonshot AI (Series F of USD 3.5 billion, 2026-07) → Moonshot AI2026-07-01T00:00:00Z$3.5B
Citigroup → Nebius2026-10-22T00:00:00Z$3.5B
Nvidia → MediaTek2026-08-31T00:00:00Z$3.5B
Nscale (pre-IPO financing of USD 3.5 billion, sought, 2026-09) → Nscale2026-09-25T00:00:00Z$3.4B
CoreWeave (delayed-draw term loan facility (disclosed at Q2 2026 earnings), 2026-08-11) → CoreWeave2026-08-11T00:00:00Z$3.1B
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) → CoreWeave2025-09-29T00:00:00Z$3.0B
CoreWeave (delayed-draw term loan facility ("DDTL 5.5"), 2026-08-07) → CoreWeave2026-08-07T00:00:00Z$2.6B
SB Energy (Libra Construction Loan and Bridge Loan, USD 2.4 billion, March 2026) → SB Energy2026-03-13T00:00:00Z$2.4B
CoreWeave (private-credit debt facility (GPU-purchase/expansion financing), 2023-08-03) → CoreWeave2023-08-03T00:00:00Z$2.3B
CleanSpark (senior secured notes of USD 2.276 billion due 2031, closed 2026-09-25) → CleanSpark2026-09-25T00:00:00Z$2.3B
Axiom Solutions International (USD 2 billion financing, 2026-10) → Axiom Solutions International2026-10-09T00:00:00Z$2.0B
Thinking Machines Lab (USD 2 billion seed round at a USD 12 billion valuation, led by Andreessen Horowitz) → Thinking Machines Lab$2.0B
Firmus (USD 2 billion equity round, August 2026, Coatue, Nvidia, Blackstone Tactical Opportunities and Jane Street) → Firmus2026-08-10T00:00:00Z$2.0B
Moonshot AI (round of USD 2 billion at USD 20 billion, 2026-05) → Moonshot AI2026-05-01T00:00:00Z$2.0B
Nvidia → Coherent2026-03-02T00:00:00Z$2.0B
Nvidia → Lancium2026-08-09T00:00:00Z$2.0B
Nvidia → Lumentum2026-03-02T00:00:00Z$2.0B
Nvidia → Brookfield Asset Management2026-09-17T00:00:00Z$2.0B
Mistral AI (Series C, 2025-09-09) → Mistral AI2025-09-09T00:00:00Z$2.0B
Nscale Ward County Borrower SPV (Ward County GPU Facility, USD 1.85 billion delayed-draw term loan, August 2026) → Nscale Ward County Borrower SPV, LLC2026-08-01T00:00:00Z$1.9B
ext (population) (public bond-market capital provision) → CoreWeave2025-07-25T00:00:00Z$1.8B
FluidStack (USD 1.5 billion round led by Jane Street Capital, September 2026) → FluidStack2026-09-05T00:00:00Z$1.5B
Nvidia → SB Energy2026-08-17T00:00:00Z$1.5B
ext (population) (public equity capital provision) → CoreWeave2025-03-28T00:00:00Z$1.5B
Tenstorrent (Series E) → Tenstorrent$1.5B
Microsoft → G422024-04-16T00:00:00Z$1.5B
Nvidia → SB Energy2026-08-17T00:00:00Z$1.5B
Nscale (GPU Financing Facility, USD 1.4 billion delayed-draw term loan, February 2026) → Nscale2026-02-11T00:00:00Z$1.4B
Inflection AI (growth/strategic round (stage label not disclosed in the source), 2023-06) → Inflection2023-06-01T00:00:00Z$1.3B
AirTrunk TOK1 green loan of about USD 1.24 billion (March 2026) → AirTrunk2026-03-10T00:00:00Z$1.2B
Nscale NC Borrower SPV (North Carolina GPU Facility, USD 1.2 billion delayed-draw term loan, August 2026) → Nscale NC Borrower SPV, LLC2026-08-01T00:00:00Z$1.2B
SB Energy (Pelicans Jaw construction and bridge loan, USD 1,028.3 million, December 2024) → SB Energy2024-12-23T00:00:00Z$1.0B
Flapping Airplanes (Series A) → Flapping Airplanes$1.0B
Jane Street → CoreWeave2026-04-01T00:00:00Z$1.0B
Instinct (Series C of USD 1 billion at USD 10 billion, 2026-09) → Instinct2026-09-28T00:00:00Z$1.0B
Samsung → Helix Digital Infrastructure2026-09-28T00:00:00Z$1.0B
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 AI2024-02-01T00:00:00Z$1.0B
Nvidia → Poolside2026-08-20T00:00:00Z$1.0B
SB Energy (SE Cosmos 8.875% Senior Secured Notes due 2031, USD 999.0 million, May 2026) → SB Energy2026-05-07T00:00:00Z$999.0M
Lambda (leveraged loan, 2026-08-12) → Lambda2026-08-12T00:00:00Z$917.0M
Nscale (Revolving Credit Facility, USD 900.0 million after upsizing, May to June 2026) → Nscale2026-05-01T00:00:00Z$900.0M
TypeSafe AI (round of USD 870 million at USD 7.5 billion, 2026-10) → TypeSafe AI2026-10-09T00:00:00Z$870.0M
Nscale (Kvandal South DC Facility, USD 725.0 million term loan and USD 65.0 million VAT facility, July 2026) → Nscale2026-07-01T00:00:00Z$725.0M
Nebius (strategic equity financing (not staged as a lettered Series), 2024-12-02) → Nebius2024-12-02T00:00:00Z$700.0M
Recursive (round of USD 650 million at USD 4.65 billion, 2026-05) → Recursive2026-05-01T00:00:00Z$650.0M
Crusoe Energy Systems (Series D, 2024-12-12) → Crusoe2024-12-12T00:00:00Z$600.0M
Cohere (Series D, 2024-07) → Cohere2024-07-01T00:00:00Z$500.0M
Cohere (follow-on round (stage label not disclosed publicly), 2025-08) → Cohere2025-08-01T00:00:00Z$500.0M
OpenAI → SB Energy$500.0M
Nvidia → Nscale$477.4M
Positron (Series C of USD 375 million, 2026 third quarter) → Positron2026-07-01T00:00:00Z$375.0M
Groq (Series A (Groq's own label for this post-Nvidia-licensing valuation-reset round), 2026-08-17) → Groq2026-08-17T00:00:00Z$350.0M
Macquarie → Nscale2026-07-01T00:00:00Z$331.9M
Lambda (Series C, 2024-02-15) → Lambda2024-02-15T00:00:00Z$320.0M
Together AI (Series B, 2025-02-20) → Together AI2025-02-20T00:00:00Z$305.0M
Nvidia → Nscale$300.0M
Google → Anthropic2023-02-01T00:00:00Z$300.0M
Moonshot AI (Kimi) (growth round (secondary sources label variably; not independently resolved this pass), 2024-08) → Moonshot AI2024-08-01T00:00:00Z$300.0M
World Labs (seed / early-stage (two rounds combined per source, not individually broken out), 2024-09-13) → World Labs2024-09-13T00:00:00Z$230.0M
Synthesia (Series E, 2026-01-26) → Synthesia2026-01-26T00:00:00Z$200.0M
Verda USD 189 million funding including a Series B led by Emergence Capital (September 2026) → Verda2026-09-22T00:00:00Z$189.0M
Synthesia (Series D, 2025-01-15) → Synthesia2025-01-15T00:00:00Z$180.0M
Eka Robotics (Series A of USD 150 million at USD 1.45 billion post-money, 2026) → Eka Robotics$150.0M
xAI (SEC Form D (no round letter disclosed), 2023-12) → xAI2023-12-01T00:00:00Z$134.7M
Mistral AI (seed, 2023-06) → Mistral AI2023-06-01T00:00:00Z$113.0M
Macquarie → Nscale2025-06-01T00:00:00Z$105.0M
Anysphere (Cursor) (Series B, 2024-12) → Anysphere2024-12-01T00:00:00Z$105.0M
General Compute (Series A of USD 100 million at USD 800 million post-money, October 2026) → General Compute2026-10-27T00:00:00Z$100.0M
Nous Research USD 90 million Series B led by Robot Ventures (October 2026) → Nous Research2026-10-07T00:00:00Z$90.0M
Reactor Series A, total funding USD 74 million with NVentures and Sapphire Ventures joining (October 2026) → Reactor2026-10-05T00:00:00Z$74.0M
Perplexity AI (Series B, 2024-04-24) → Perplexity2024-04-24T00:00:00Z$62.7M
Zenzap (raise of USD 44 million, 2026) → Zenzap$44.0M
Maxinsights (seed round of USD 30 million, 2026) → Maxinsights$30.0M
Simplismart (Series B of USD 14 million, October 2026) → Simplismart2026-10-27T00:00:00Z$14.0M
DeepSeek (round of more than USD 7 billion at USD 50 billion, 2026-06) → DeepSeek2026-06-01T00:00:00Znot summed
ext (population) (lenders in the proposed chip debt package) → SpaceXAI in talksin talks, not counted
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 in talksin talks, not counted
Z.AI (zero-coupon convertible bonds of about USD 3 billion, launched September 2026) → Zhipu Ai in talksin talks, not counted
Zankore (senior term loan facility of up to USD 3.1 billion from five banks, September 2026) → Zankore2026-09-09T00:00:00Znot summed
Oracle fiscal 2027 debt and equity raise of about USD 40 billion (expected, stated 10 June 2026) → Oracle in talks2026-06-10T00:00:00Zin talks, not counted
Softbank → SB Energynot summed
Volta USD 5 billion debt package for a Norway data centre (JPMorgan and Goldman Sachs, October 2026) → Volta in talks2026-10-13T00:00:00Zin talks, not counted
Softbank → OpenAInot summed
Helix Digital Infrastructure (more than USD 10 billion of funds committed, per KKR, as of 2026-09-29) → Helix Digital Infrastructurenot summed
SpaceXAI → unnamed vendor(s) — n/a — financing vendor unnamed2026-10-01T00:00:00Znot summed
OpenAI (raise of up to USD 30 billion at USD 1.25 trillion pre-money, in talks, 2026) → OpenAI in talksin talks, not counted
Blue Owl Capital → Project Jupiter developer (Blue Owl unit)not summed
Meta → unnamed vendor(s) — n/a — financing vendor unnamed2026-01-01T00:00:00Znot summed
Softbank → SB Energy guaranteeguarantee, not counted
Kling AI (financing of around USD 3 billion, 2026-07) → Kling AI2026-07-01T00:00:00Znot summed
SB Energy → OpenAI2026-01-01T00:00:00Znot summed
Sesterce → unnamed vendor(s) — n/a — financing vendor unnamed2026-10-08T00:00:00Znot summed
Amazon → Anthropic2023-09-01T00:00:00Znot summed
Amazon → Anthropic2024-11-01T00:00:00Znot summed
AMD → OpenAI2025-10-06T00:00:00Znot summed
DeepSeek (additional raise of USD 1.5 billion at about USD 71 billion, reportedly sought, 2026) → DeepSeek in talksin talks, not counted
Manus AI (round of more than USD 500 million, 2026-10) → Manus AI2026-10-01T00:00:00Znot summed
RHAELM Holdings → unnamed vendor(s) — n/a — financing vendor unnamed2026-10-01T00:00:00Znot summed
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) → Broadcom2026-08-21T00:00:00Znot summed
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) → Broadcom2026-08-21T00:00:00Znot summed
DeepSeek (round of about USD 15 billion reported by Bloomberg, 2026) → DeepSeeknot summed
Ode (joint venture of Blackstone, Anthropic and Hellman & Friedman, USD 1.5 billion, 2026) → Odenot summed
Z.AI (Hong Kong share placement of about USD 2 billion, launched September 2026) → Zhipu Ai in talksin talks, not counted
BlackRock → Blue Owl Capital in talks2026-09-24T00:00:00Zin talks, not counted
Richmond, Virginia 76 MW CoreWeave-leased data center (about USD 1.1 billion junk-bond sale led by Goldman Sachs, 2026-09-23) → ext (population) (data-center developer, Richmond VA 76 MW)2026-09-23T00:00:00Znot summed
Apollo Global Management → Softbank in talks2026-09-17T00:00:00Zin talks, not counted
AMD → World Labs2026-09-28T00:00:00Znot summed
Anthropic (revolving credit facility of USD 15 billion, reported 2026-09-03) → Anthropic in talks2026-09-03T00:00:00Zin talks, not counted
Broadcom → Anthropic2026-10-01T00:00:00Znot summed
CDC Data Centres → unnamed vendor(s) — n/a — financing vendor unnamed in talks2026-09-24T00:00:00Zin talks, not counted
Cognition (round of roughly USD 1 billion at USD 47 billion, 2026-09) → Cognition2026-09-01T00:00:00Znot summed
Cognition (Series E of over USD 2 billion at USD 48 billion, 2026-09) → Cognition2026-09-08T00:00:00Znot summed
CoreWeave (convertible senior notes of USD 3.7 billion due 2033, priced 2026-09-17) → CoreWeave2026-09-17T00:00:00Znot summed
Microsoft → unnamed vendor(s) — n/a — financing vendor unnamed2026-08-31T00:00:00Znot summed
DeepSeek (raise of about 50 billion yuan (USD 7.45 billion) at 500 billion yuan, sought by end of October 2026) → DeepSeek in talks2026-09-23T00:00:00Zin talks, not counted
IREN → unnamed vendor(s) — n/a — financing vendor unnamed2026-08-27T00:00:00Znot summed
Microsoft → unnamed vendor(s) — n/a — financing vendor unnamed2026-09-23T00:00:00Znot summed
Thinking Machines Lab (raise of roughly USD 1 billion at USD 40 billion, in talks, 2026-09) → Thinking Machines Lab in talks2026-09-03T00:00:00Zin talks, not counted
Nebius → Inferize2026-10-01T00:00:00Znot summed
Nscale (pre-IPO financing of USD 3.5 billion, sought, 2026-09) → Nscale in talks2026-09-04T00:00:00Zin talks, not counted
Lambda (private debt of about USD 1 billion, 2026-08) → Lambda2026-08-28T00:00:00Znot summed
OpenAI (raise of at least USD 30 billion at about USD 1.4 trillion pre-money, in talks, reported 2026-09-29) → OpenAI in talks2026-09-29T00:00:00Zin talks, not counted
SK Horizon (sale of 29% to KKR and 20% to an IMM Investment-Stonebridge consortium for roughly USD 2.2 billion, 2026-08) → SK Horizon2026-08-27T00:00:00Znot summed
Softbank → DigitalBridge2026-09-30T00:00:00Znot summed
Softbank → OpenAI2026-09-30T00:00:00Znot summed
Softbank (dollar-bond sale of USD 10 billion, launched 2026-09-20) → Softbank2026-09-20T00:00:00Znot summed
Tesla (USD 30 billion of bank credit facilities signed 2026-09-29 (USD 20bn delayed-draw term loan, USD 8bn and USD 2bn revolvers)) → Tesla2026-09-29T00:00:00Znot summed
Vantage Data Centers (loans of USD 2 billion sought from Pimco and PGIM, 2026-09) → Vantage Data Centers in talks2026-09-10T00:00:00Zin talks, not counted
Nvidia and Eli Lilly co-innovation AI lab, up to USD 1 billion over five years (January 2026) → Nvidia-Lilly co-innovation AI lab2026-01-12T00:00:00Znot summed
ext (population) (public bond-market capital provision) → Google2026-08-12T00:00:00Znot summed
ext (population) (public bond-market capital provision) → Softbank in talks2026-08-26T00:00:00Zin talks, not counted
Helsing (Series D, 2025-06-17) → Helsing2025-06-17T00:00:00Znot summed
Nvidia → Cloverleaf Infrastructure2026-08-21T00:00:00Znot summed
Nvidia → Nvidia-backed compute-financing platforms (2026) guarantee2026-08-11T00:00:00Zguarantee, not counted
Nvidia → OpenAI guarantee2026-08-17T00:00:00Zguarantee, not counted
Nvidia → Anthropic in talks2026-09-11T00:00:00Zin talks, not counted
Mirendil (raise of up to USD 1 billion at USD 5 billion, in talks, 2026-09) → Mirendil in talks2026-09-22T00:00:00Zin talks, not counted
Aligned Data Centers → unnamed vendor(s) — n/a — financing vendor unnamed2026-09-11T00:00:00Znot summed
Nvidia → ext (population) (AI cloud lease counterparties) guarantee2026-08-26T00:00:00Zguarantee, not counted
Nvidia → Nscale guarantee2026-09-18T00:00:00Zguarantee, not counted
TSMC → unnamed vendor(s) — n/a — financing vendor unnamed in talksin talks, not counted
xAI (Series E, 2026-02-18) → xAI2026-02-18T00:00:00Znot summed
Total (settled figures only)$802.4B

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.