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The Projection

The surface is never the system.

← Research · Q1

Flow type · equity

$371.4B tracked across 69 claim(s) (+19 more without a settled point figure — see members) (+9 reported, not closed, $1.5B point figure, not in the total — see members)

Sum of point-figure, USD-denominated flow claims tagged Flow type · equity in the money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

Aggregate of 97 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 money-flow graph, leaving out claims with no realization status (reported, not closed) and guarantees (contingent).

The pieces 97

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
Anthropic (round of USD 65 billion at USD 965 billion, 2026-05) → Anthropic2026-05-01T00:00:00Z$65.0B
Stargate LLC (joint venture) (infrastructure joint-venture equity formation, 2025-01-21) → Stargate2025-01-21T00:00:00Z$52.0B
ext (population) (public equity capital provision) → Intel2026-08-11T00:00:00Z$20.0B
ext (population) (public equity capital provision) → Alibaba2026-08-24T00:00:00Z$10.2B
Amazon → Anthropic$10.0B
Google → Anthropic$10.0B
Amazon → Anthropic2023-09-01T00:00:00Z$8.0B
Blue Owl Capital → Meta2025-10-21T00:00:00Z$7.0B
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
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
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
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
Inflection AI (growth/strategic round (stage label not disclosed in the source), 2023-06) → Inflection2023-06-01T00:00:00Z$1.3B
Flapping Airplanes (Series A) → Flapping Airplanes$1.0B
Jane Street → CoreWeave2026-04-01T00:00:00Z$1.0B
Sandisk → Nanya Technology2026-03-27T00:00:00Z$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
TypeSafe AI (round of USD 870 million at USD 7.5 billion, 2026-10) → TypeSafe AI2026-10-09T00:00:00Z$870.0M
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
Applied Optoelectronics USD 600 million at-the-market equity programme, completed 5 October 2026 → Applied Optoelectronics2026-10-05T00:00:00Z$588.0M
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
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
Parallax (USD 117 million raised (USD 75M Series A and USD 42M seed), 2026-09) → Parallax2026-09-29T00:00:00Z$117.0M
Mistral AI (seed, 2023-06) → Mistral AI2023-06-01T00:00:00Z$113.0M
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
Softbank → SB Energynot summed
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
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
Kling AI (financing of around USD 3 billion, 2026-07) → Kling AI2026-07-01T00:00:00Znot summed
Amazon → Anthropic2023-09-01T00:00:00Znot summed
Amazon → Anthropic2024-11-01T00:00:00Znot 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
DeepSeek (round of about USD 15 billion reported by Bloomberg, 2026) → DeepSeeknot 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
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
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
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
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
Nscale (pre-IPO financing of USD 3.5 billion, sought, 2026-09) → Nscale in talks2026-09-04T00:00:00Zin talks, not counted
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 → OpenAI2026-09-30T00:00:00Znot summed
Helsing (Series D, 2025-06-17) → Helsing2025-06-17T00:00:00Znot summed
Nvidia → Cloverleaf Infrastructure2026-08-21T00:00:00Znot summed
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
xAI (Series E, 2026-02-18) → xAI2026-02-18T00:00:00Znot summed
Total (settled figures only)$371.4B

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.