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The Projection

The surface is never the system.

← Research · Q1

Flow type · equity

$126.3B tracked across 33 claim(s) (+4 more without a settled point figure — see members)

Sum of point-figure, USD-denominated flow claims tagged Flow type · equity in the Q1 money-flow map.

Aggregate of 37 member claims — each member's sourced figures are below.

the working

Basis

Sum of point-figure, USD-denominated flow claims tagged Flow type · equity in the Q1 money-flow map.

The pieces 37

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

FlowAs ofAmount
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
ext (population) (public equity capital provision) → Intel (capital (treasury/financing facet))2026-08-11$20.0B
ext (population) (public equity capital provision) → Alibaba (capital (strategic investment facet))2026-08-24$10.2B
Amazon (capital (treasury/financing facet)) → Anthropic (capital (treasury/financing facet))2023-09-01$8.0B
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
ext (population) (public equity capital provision) → Oracle (capital (treasury/financing facet))2026-02-02$5.0B
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
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → Coherent Corp. (capital (treasury/financing facet))2026-03-02$2.0B
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → Lancium (capital (treasury/financing facet))2026-08-09$2.0B
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → Lumentum Holdings (capital (treasury/financing facet))2026-03-02$2.0B
Mistral AI (Series C, 2025-09-09) → Mistral AI (capital (treasury/financing facet))2025-09-09$2.0B
ext (population) (public equity capital provision) → CoreWeave (capital (treasury/financing facet))2025-03-28$1.5B
Microsoft (capital (treasury/financing facet)) → G42 (capital (treasury/financing facet))2024-04-16$1.5B
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → SB Energy (capital (treasury/financing facet — distinct from the existing sb-energy/datacenter-operation, its Piketon, OH campus-developer facet))2026-08-17$1.5B
Inflection AI (growth/strategic round (stage label not disclosed in the source), 2023-06) → Inflection AI (capital (treasury/financing facet))2023-06-01$1.3B
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))2024-02-01$1.0B
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → Poolside AI (capital (treasury/financing facet))2026-08-20$1.0B
Nebius (strategic equity financing (not staged as a lettered Series), 2024-12-02) → Nebius (capital (treasury/financing facet))2024-12-02$700.0M
Crusoe Energy Systems (Series D, 2024-12-12) → Crusoe Energy Systems (capital (treasury/financing facet — distinct from crusoe/datacenter-construction, which receives))2024-12-12$600.0M
Cohere (Series D, 2024-07) → Cohere (capital (treasury/financing facet))2024-07-01$500.0M
Cohere (follow-on round (stage label not disclosed publicly), 2025-08) → Cohere (capital (treasury/financing facet))2025-08-01$500.0M
Groq (Series A (Groq's own label for this post-Nvidia-licensing valuation-reset round), 2026-08-17) → Groq (capital (treasury/financing facet))2026-08-17$350.0M
Lambda (Series C, 2024-02-15) → Lambda (capital (treasury/financing facet))2024-02-15$320.0M
Together AI (Series B, 2025-02-20) → Together AI (capital (treasury/financing facet))2025-02-20$305.0M
Google (capital (treasury/financing facet)) → Anthropic (capital (treasury/financing facet))2023-02-01$300.0M
Moonshot AI (Kimi) (growth round (secondary sources label variably; not independently resolved this pass), 2024-08) → Moonshot AI (Kimi) (capital (treasury/financing facet))2024-08-01$300.0M
World Labs (seed / early-stage (two rounds combined per source, not individually broken out), 2024-09-13) → World Labs (capital (treasury/financing facet))2024-09-13$230.0M
Synthesia (Series E, 2026-01-26) → Synthesia (capital (treasury/financing facet))2026-01-26$200.0M
Synthesia (Series D, 2025-01-15) → Synthesia (capital (treasury/financing facet))2025-01-15$180.0M
xAI (SEC Form D (no round letter disclosed), 2023-12) → xAI (capital (treasury/financing facet))2023-12-01$134.7M
Mistral AI (seed, 2023-06) → Mistral AI (capital (treasury/financing facet))2023-06-01$113.0M
Anysphere (Cursor) (Series B, 2024-12) → Anysphere (Cursor) (capital (treasury/financing facet))2024-12-01$105.0M
Perplexity AI (Series B, 2024-04-24) → Perplexity AI (capital (treasury/financing facet))2024-04-24$62.7M
Amazon (capital (treasury/financing facet)) → Anthropic (capital (treasury/financing facet))2023-09-01not summed
Helsing (Series D, 2025-06-17) → Helsing (capital (treasury/financing facet))2025-06-17not summed
Nvidia (capital (strategic/VC investment facet — distinct from nvidia/chip-design, which sells)) → Cloverleaf Infrastructure (capital (treasury/financing facet))2026-08-21not summed
xAI (Series E, 2026-02-18) → xAI (capital (treasury/financing facet))2026-02-18not summed
Total (settled figures only)$126.3B

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.