The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Tracked inflow · Nscale

$53.8B tracked across 11 claim(s) (+1 more without a settled point figure — see members) (+2 reported, not closed, $45.0B point figure, not in the total — see members) (+1 contingent guarantee(s), not in the total — see members)

about Nscale

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

Aggregate of 15 member claims — each member's sourced figures are below.


the working

Basis

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

The pieces 15

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

FlowAs ofAmount
Anthropic → Nscale2026-08-26T00:00:00Z$45.0B
Nscale (pre-IPO financing of USD 3.5 billion, sought, 2026-09) → Nscale2026-09-25T00:00:00Z$3.4B
Nscale (GPU Financing Facility, USD 1.4 billion delayed-draw term loan, February 2026) → Nscale2026-02-11T00:00:00Z$1.4B
Nvidia → Nscale2025-07-01T00:00:00Z$1.2B
Nscale (Revolving Credit Facility, USD 900.0 million after upsizing, May to June 2026) → Nscale2026-05-01T00:00:00Z$900.0M
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
Nvidia → Nscale$477.4M
Macquarie → Nscale2026-07-01T00:00:00Z$331.9M
Nvidia → Nscale$300.0M
Macquarie → Nscale2025-06-01T00:00:00Z$105.0M
Bytedance → Nscale2026-09-23T00:00:00Z$24.0M
Anthropic → Nscale in talksin 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
Microsoft → Nscalenot summed
Nvidia → Nscale guarantee2026-09-18T00:00:00Zguarantee, not counted
Total (settled figures only)$53.8B

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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.