The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

Flow type · debt

$146.4B tracked across 14 claim(s) (+2 more without a settled point figure — see members)

Sum of point-figure, USD-denominated flow claims tagged Flow type · debt 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 Flow type · debt 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
ext (population) (public bond-market capital provision) → Meta (capital (treasury/financing facet — distinct from meta/datacenter-operation, which buys grid interconnection, and meta/datacenter-construction, which receives JV investment))2025-10-30$30.0B
ext (population) (public bond-market capital provision) → Google (capital (treasury/financing facet))2026-08-12$25.0B
ext (population) (public bond-market capital provision) → Oracle (capital (treasury/financing facet))2026-02-04$25.0B
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
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
JPMorgan Chase (capital (lending facet)) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))$7.1B
ext (population) (public bond-market capital provision) → SoftBank Group (capital (strategic/JV investment facet))2026-09-17$6.3B
CoreWeave (delayed-draw term loan facility (disclosed at Q2 2026 earnings), 2026-08-11) → CoreWeave (capital (treasury/financing facet))2026-08-11$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) → CoreWeave (capital (treasury/financing facet))2025-09-29$3.0B
CoreWeave (delayed-draw term loan facility ("DDTL 5.5"), 2026-08-07) → CoreWeave (capital (treasury/financing facet))2026-08-07$2.6B
CoreWeave (private-credit debt facility (GPU-purchase/expansion financing), 2023-08-03) → CoreWeave (capital (treasury/financing facet))2023-08-03$2.3B
JPMorgan Chase (capital (lending facet)) → Crusoe Energy Systems (datacenter construction (Abilene, TX campus — builder/operator side))2025-01-23$2.3B
ext (population) (public bond-market capital provision) → CoreWeave (capital (treasury/financing facet))2025-07-25$1.8B
Lambda (leveraged loan, 2026-08-12) → Lambda (capital (treasury/financing facet))2026-08-12$917.0M
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 (capital (treasury/financing facet))2026-08-21not summed
ext (population) (public bond-market capital provision) → SoftBank Group (capital (strategic/JV investment facet))2026-08-26not summed
Total (settled figures only)$146.4B

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.