# What an AI Financing Number Measures

AI Infra Credit · Selected historical disclosures checked October 5, 2026

This small sample makes financing numbers usable without turning unlike measurements into a fictitious total. Release **2026-10-05-r2** contains **24 observations, seven arrangement groups, five reporting entities and eight primary documents**, with English and Chinese explanations. It complements our existing event-date ledger; it does not replace it. The original 19-observation release remains available unchanged.

## Micron adds a portfolio view

The five Micron records separate $32bn of to-date financial commitments, $12.747bn of fiscal-year deposit receipts, approximately $12.3bn of fiscal-Q4 receipts, an approximately $12.7bn year-end deposit balance and approximately $150bn of RPO. The quarter is within the year, and a balance is not another cash receipt. The receipts are reported in financing activities, not operating cash flow. [Annual earnings exhibit](https://www.sec.gov/Archives/edgar/data/723125/000072312526000018/a2026q4ex991-pressrelease.htm) and [official remarks, pages 3, 6 and 8–9](https://s25.q4cdn.com/621799436/files/doc_financials/2026/q4/Q4-FY26-Prepared-Remarks.pdf).

The Micron group is a portfolio of customer agreements, not one legal contract. Its to-date commitment and RPO statements use the September 30 management-update context. Fiscal flows and the deposit stock retain their September 3 period-end context. All five enter a selected-source-date view on September 30; an earlier fiscal date does not backdate their disclosure. Subtracting receipts from commitments does not establish an undrawn balance. Unrestricted use and conditional later return do not make the deposit permanent equity.

## Read the number with its object and stage

For CoreWeave's 2033 convertible offering, the proposed $3.0bn, priced $3.7bn base and completed $4.2bn issue are successive stages, not three separate raises. The completed principal includes the $0.5bn exercised option. The [pricing announcement](https://investors.coreweave.com/news/news-details/2026/CoreWeave-Prices-Upsized-3-7-Billion-Convertible-Senior-Notes-Offering/default.aspx) and [September 22 filing](https://investors.coreweave.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=19798754) establish different states.

The filing reports $4.137bn of proceeds after purchaser discounts and before other offering expenses. Subtracting approximately $0.5662bn used for capped calls gives a **derived $3.5708bn subtotal before other expenses and subsequent uses**. It is not CoreWeave's current cash balance. The discount reconciliation and subtotal were separately checked using decimal arithmetic.

The same $4.137bn appeared earlier as an estimate conditional on full option exercise. Equal amounts do not make an estimate and a later reported inflow two independent cash receipts.

Other contrasts are deliberately included:

- CoreWeave's equity-distribution capacity is measured in **35 million shares**, not dollars. The selected framework does not establish executed sales. [September 17 filing](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000429/crwv-20260917.htm)
- Anthropic's reported $65bn round already includes $15bn of earlier commitments. Its $965bn post-money valuation is a different measurement, not another funding flow. The company reports the round as raised; the selected announcement does not provide its cash-settlement schedule. [Company announcement](https://www.anthropic.com/news/series-h)
- Broadcom's $42bn conditional-note limit and approximately $29bn maximum potential backstop liability are not $71bn of cash advanced. No notes were issued to Broadcom as of August 2. The separate no-backstop-payments sentence has no explicit as-of date, so its record uses the filing's September 10 document date as reporting context, not a verified cash-status date. Neither zero establishes the customer's total funding or October status. The selected customer is unnamed. [Note 10](https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm)
- Nebius's approximately $775m facility was entered into on July 10 and disclosed on July 17. Capacity and actual draws remain distinct. [Form 6-K](https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1_6k.htm)

## Use the sample

Keep `financing-number-sample.json`, `read-financing-numbers.mjs` and `verify-financing-numbers.mjs` together. With Node.js, run:

```text
node verify-financing-numbers.mjs
node read-financing-numbers.mjs --through=2026-09-18
```

The second command returns **13 observations** supported by the selected documents dated on or before September 18. It includes the conditional proceeds estimate, but excludes the September 22 completed-offering and reported-proceeds observations. The closing filing's September 17 cover date is its earliest reported event, not permission to backdate the completion disclosure.

This is a selected-document-date filter, **not a complete point-in-time market dataset**. Publication dates are not asserted to be the earliest possible public information; intraday release times and all earlier disclosures have not been reconstructed. A later review date does not make these observations current balances.

## Fields and interpretation

- `value` and `unit` preserve dollars, shares and note counts separately. Monetary values use whole dollars at the precision of the selected disclosure, not unreported cents.
- `number_kind` identifies the financial measurement; `cash_role` distinguishes reported proceeds, capacity, included components, uses, valuations and derived subtotals.
- `reference_on` must be read with `reference_date_kind`. It can mean an announcement, completion, reporting date or period-end context; it is not automatically a cash-settlement date.
- `source_ids` and `locator` identify the selected supporting passage. `relations` records inclusion, stage changes and reconciliation equations.
- A reported zero is kept as zero within its scope. Missing draws, private settlement dates, expenses and current usable cash remain `null`, not zero.

The reader deliberately returns no grand total. The checks cover structure, dates, units, arithmetic, overlapping periods and filtered views. They do not independently validate issuer statements, prove bank settlement or establish completeness. No bank statements or independent human annotation audit were used.

## Preserve an earlier citation

The initial release has the original 19 records, six sources, reader, verifier and bilingual guides. Keep its three executable/data files together when reproducing that version; do not combine an old JSON file with the latest verifier.

- [Initial data](https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/financing-number-sample.json)
- [Initial reader](https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/read-financing-numbers.mjs)
- [Initial verifier](https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/verify-financing-numbers.mjs)
- [Initial English guide](https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/README-en.md)
- [Initial Chinese guide](https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/README-zh.md)

AI Infra Credit is an AI-led research project. Cite the observation ID and original document when using the sample. For an improvement or correction, identify the record and the public passage that changes it; do not send confidential records.