{
  "schema": "aic.financing-number-sample/1",
  "dataset_id": "selected-ai-financing-numbers",
  "checked_on": "2026-10-05",
  "publication_status": "free_public_research_sample",
  "published_on": "2026-10-05",
  "title": {
    "en": "What an AI Financing Number Measures",
    "zh": "一个AI融资数字究竟衡量什么"
  },
  "scope": {
    "en": "Twenty-four selected numerical observations across seven arrangement groups, five reporting entities and eight primary documents. Micron is a portfolio of customer agreements, not one contract. A reuse and validation sample, not a complete financing inventory or current balance sheet.",
    "zh": "七个安排分组、五个报告主体、八份一手文件中的二十四条数字观察。Micron分组是一组客户协议，不是一份合同。供复用与验证，不是完整融资清单或当前资产负债表。"
  },
  "date_policy": "selected_document_date is the date attached to the document actually used, not the earliest public availability. reference_on describes the typed event or measurement basis, not necessarily a cash-settlement date. No intraday backtest suitability is claimed.",
  "cash_policy": "Company-reported proceeds are retained as such; they are not downgraded to mere capacity. Source verification is not an independent bank audit. Neither proceeds nor a partial use-of-proceeds subtotal is a current unrestricted cash balance.",
  "review": {
    "method": "Selected primary text re-read; CoreWeave closing PDF pages 3 and 5 also visually reviewed. Micron issuer cash-flow tables and management remarks checked with the October 5 companion research.",
    "independent_human_validation": false,
    "bank_statement_access": false
  },
  "sources": [
    {
      "id": "CW_PROPOSAL_ATM",
      "entity": "CoreWeave, Inc.",
      "kind": "issuer_8k",
      "selected_document_date": "2026-09-17",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000429/crwv-20260917.htm",
      "locators": [
        "Item 7.01",
        "Item 8.01"
      ],
      "review": "Selected relevant paragraphs read."
    },
    {
      "id": "CW_PRICING",
      "entity": "CoreWeave, Inc.",
      "kind": "issuer_pricing_announcement",
      "selected_document_date": "2026-09-18",
      "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Prices-Upsized-3-7-Billion-Convertible-Senior-Notes-Offering/default.aspx",
      "locators": [
        "Opening pricing and option paragraphs",
        "Net proceeds paragraph"
      ],
      "review": "Uses the date displayed by the issuer page; not asserted to be the earliest public release or exact pricing time."
    },
    {
      "id": "CW_CLOSING",
      "entity": "CoreWeave, Inc.",
      "kind": "issuer_8k_pdf",
      "selected_document_date": "2026-09-22",
      "cover_earliest_event_on": "2026-09-17",
      "url": "https://d18rn0p25nwr6d.cloudfront.net/CIK-0001769628/c03d9a74-5c03-400d-8bf0-92b779db6d8f.pdf",
      "filing_page": "https://investors.coreweave.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=19798754",
      "sha256": "aeebfee391c3aedbe27c4376ee058b6e8480928cb4190c693eea718668042472",
      "locators": [
        "Item 1.01, physical PDF page 3: completion and exercised option",
        "Item 1.01, physical PDF page 5: proceeds and capped calls"
      ],
      "review": "Relevant pages extracted and rendered for visual review; source PDF preserved. The cover's earliest event date is not the completion date."
    },
    {
      "id": "ANTHROPIC_H",
      "entity": "Anthropic, PBC",
      "kind": "company_round_announcement",
      "selected_document_date": "2026-05-28",
      "url": "https://www.anthropic.com/news/series-h",
      "locators": [
        "Opening round and post-money valuation paragraph",
        "Included previous hyperscaler commitments paragraph"
      ],
      "review": "Company reports the round as raised; exact cash-settlement schedule and unrestricted balance are not supplied."
    },
    {
      "id": "BROADCOM_Q3",
      "entity": "Broadcom Inc.",
      "kind": "issuer_10q",
      "selected_document_date": "2026-09-10",
      "period_end": "2026-08-02",
      "url": "https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm",
      "filing_index": "https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/0001730168-26-000080-index.htm",
      "locators": [
        "Note 10, Financial Guarantee, printed page 21",
        "Note 10, Convertible Notes, printed page 21"
      ],
      "review": "Filing date checked against EDGAR index. Selected paragraphs do not name the customer. August observations are not extended to October."
    },
    {
      "id": "NEBIUS_775",
      "entity": "Nebius Group N.V.",
      "kind": "issuer_6k",
      "selected_document_date": "2026-07-17",
      "url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926084452/tm2620683d1_6k.htm",
      "locators": [
        "ASSET BACKED FACILITY, agreement and facility-size paragraphs"
      ],
      "review": "Agreement date is July 10; source date is July 17. The selected disclosure does not establish a funded draw."
    },
    {
      "id": "MU_Q4_EX99",
      "entity": "Micron Technology, Inc.",
      "kind": "issuer_8k_earnings_exhibit",
      "selected_document_date": "2026-09-30",
      "period_end": "2026-09-03",
      "url": "https://www.sec.gov/Archives/edgar/data/723125/000072312526000018/a2026q4ex991-pressrelease.htm",
      "locators": [
        "Consolidated Statements of Cash Flows, fiscal year ended September 3, 2026, financing activities"
      ],
      "review": "Unaudited earnings exhibit furnished with the September 30 8-K. Annual receipts are not a quarter-only number.",
      "sha256": "60bdb8e643cf00a178ff73c078dece8110c6c391e140f3b8967c2593332db1ec"
    },
    {
      "id": "MU_Q4_REMARKS",
      "entity": "Micron Technology, Inc.",
      "kind": "issuer_prepared_remarks",
      "selected_document_date": "2026-09-30",
      "url": "https://s25.q4cdn.com/621799436/files/doc_financials/2026/q4/Q4-FY26-Prepared-Remarks.pdf",
      "locators": [
        "Physical page 3: to-date financial commitments",
        "Physical page 6: remaining performance obligations",
        "Physical pages 8–9: quarterly deposit receipts, period-end balance and conditional return"
      ],
      "review": "Management statements. Relevant PDF pages visually reviewed in the companion research. To-date commitments and RPO are not backdated to the fiscal year-end.",
      "sha256": "2821d4ccaae50b40dcd28cd4e766c69c509e73d666e4109d5907c7205a03b700"
    }
  ],
  "records": [
    {
      "id": "CW-PROPOSED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 3000000000,
      "unit": "USD",
      "number_kind": "proposed_principal",
      "cash_role": "not_observed_cash",
      "reference_on": "2026-09-17",
      "reference_date_kind": "announcement",
      "source_ids": [
        "CW_PROPOSAL_ATM"
      ],
      "locator": "Item 7.01",
      "qualifier": "stated",
      "meaning": {
        "en": "Proposed base issue, before upsizing; not a separate completed raise.",
        "zh": "扩大规模前的拟发行本金，不是另一笔已完成融资。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-PRICED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 3700000000,
      "unit": "USD",
      "number_kind": "priced_base_principal",
      "cash_role": "not_observed_cash",
      "reference_on": "2026-09-18",
      "reference_date_kind": "pricing_announcement",
      "source_ids": [
        "CW_PRICING"
      ],
      "locator": "Opening paragraph",
      "qualifier": "stated",
      "meaning": {
        "en": "Priced base issue; closing was still conditional in this source.",
        "zh": "已定价的基础本金；本来源仍将交割列为有条件的未来事项。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-OPTION-LIMIT",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 500000000,
      "unit": "USD",
      "number_kind": "additional_purchase_option_limit",
      "cash_role": "not_observed_cash",
      "reference_on": "2026-09-18",
      "reference_date_kind": "pricing_announcement",
      "source_ids": [
        "CW_PRICING"
      ],
      "locator": "Option paragraph",
      "qualifier": "up_to",
      "meaning": {
        "en": "Additional purchase capacity, not evidence of exercise.",
        "zh": "追加购买上限，不是已行使的证据。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-ESTIMATED-NET-FULL",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 4137000000,
      "unit": "USD",
      "number_kind": "estimated_net_proceeds_if_full_option",
      "cash_role": "conditional_estimate",
      "reference_on": "2026-09-18",
      "reference_date_kind": "pricing_announcement",
      "source_ids": [
        "CW_PRICING"
      ],
      "locator": "Net proceeds paragraph",
      "qualifier": "approximately_conditional",
      "meaning": {
        "en": "Full-option estimate after purchaser discounts and commissions, before other issue expenses.",
        "zh": "全额行使追加权时的估计净额，扣购买人折让及佣金，未扣其他发行费用。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-COMPLETED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 4200000000,
      "unit": "USD",
      "number_kind": "issued_principal",
      "cash_role": "security_principal_not_net_cash",
      "reference_on": "2026-09-22",
      "reference_date_kind": "reported_completion",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Item 1.01, PDF page 3",
      "qualifier": "stated",
      "meaning": {
        "en": "Completed issue principal includes the exercised option.",
        "zh": "公司报告已完成的发行本金，包含已行使追加权。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-OPTION-EXERCISED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 500000000,
      "unit": "USD",
      "number_kind": "exercised_option_component",
      "cash_role": "included_component",
      "reference_on": "2026-09-22",
      "reference_date_kind": "exercise_reported_by_completion",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Item 1.01, PDF page 3",
      "qualifier": "stated",
      "meaning": {
        "en": "Included in completed principal; this record does not identify the exact exercise day.",
        "zh": "已包含在交割本金中；本记录不指定精确行权日。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-REPORTED-NET",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 4137000000,
      "unit": "USD",
      "number_kind": "reported_net_proceeds_before_other_expenses",
      "cash_role": "issuer_reported_inflow",
      "reference_on": "2026-09-22",
      "reference_date_kind": "related_offering_completion",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Item 1.01, PDF page 5",
      "qualifier": "stated",
      "meaning": {
        "en": "Reported proceeds after purchaser discounts, before estimated other offering expenses.",
        "zh": "公司报告扣除购买人折让后的募集净额，尚未扣预计其他发行费用。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-DISCOUNT-DERIVED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 63000000,
      "unit": "USD",
      "number_kind": "derived_purchaser_discount",
      "cash_role": "reconciliation_not_separate_flow",
      "reference_on": "2026-09-22",
      "reference_date_kind": "related_offering_completion",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Derived from pages 3 and 5",
      "qualifier": "derived",
      "meaning": {
        "en": "Issued principal minus reported net proceeds; not additional financing.",
        "zh": "发行本金减已披露净募集额，不是新增融资。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-CAPPED-CALL-USE",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 566200000,
      "unit": "USD",
      "number_kind": "reported_capped_call_cost",
      "cash_role": "issuer_reported_use_of_proceeds",
      "reference_on": "2026-09-22",
      "reference_date_kind": "reported_by_document_date",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Item 1.01, PDF page 5",
      "qualifier": "approximately",
      "meaning": {
        "en": "Capped-call cost funded from proceeds; not an economic-loss measurement.",
        "zh": "以募集资金支付的封顶看涨期权成本，不等于经济损失。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-RESIDUAL-DERIVED",
      "arrangement_id": "CW-CONVERTIBLE-2033",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 3570800000,
      "unit": "USD",
      "number_kind": "derived_subtotal_before_other_expenses",
      "cash_role": "partial_proceeds_subtotal_not_cash_balance",
      "reference_on": "2026-09-22",
      "reference_date_kind": "related_offering_completion",
      "source_ids": [
        "CW_CLOSING"
      ],
      "locator": "Reported net minus capped-call cost, PDF page 5",
      "qualifier": "approximately_derived",
      "meaning": {
        "en": "Subtotal before other issue expenses and later uses; not current usable cash.",
        "zh": "未扣其他发行费用和后续用途的小计，不是当前可用现金。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "CW-ATM-CAPACITY",
      "arrangement_id": "CW-EQUITY-DISTRIBUTION-20260917",
      "reporting_entity": "CoreWeave, Inc.",
      "value": 35000000,
      "unit": "shares",
      "number_kind": "share_distribution_program_capacity",
      "cash_role": "not_observed_cash",
      "reference_on": "2026-09-17",
      "reference_date_kind": "agreement_entered",
      "source_ids": [
        "CW_PROPOSAL_ATM"
      ],
      "locator": "Item 8.01",
      "qualifier": "up_to",
      "meaning": {
        "en": "Share capacity across permitted routes; no executed dollar proceeds established here.",
        "zh": "各允许路径的股票数量额度；本来源未确认实际美元募集额。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "ANTH-ROUND",
      "arrangement_id": "ANTHROPIC-SERIES-H",
      "reporting_entity": "Anthropic, PBC",
      "value": 65000000000,
      "unit": "USD",
      "number_kind": "company_reported_round_size",
      "cash_role": "reported_raise_not_settlement_ledger",
      "reference_on": "2026-05-28",
      "reference_date_kind": "reported_by_announcement",
      "source_ids": [
        "ANTHROPIC_H"
      ],
      "locator": "Opening paragraph",
      "qualifier": "stated",
      "meaning": {
        "en": "Company-reported raise includes prior commitments; not a current cash balance.",
        "zh": "公司报告的融资总额包含既有承诺，不是当前现金余额。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "ANTH-INCLUDED-COMMITMENTS",
      "arrangement_id": "ANTHROPIC-SERIES-H",
      "reporting_entity": "Anthropic, PBC",
      "value": 15000000000,
      "unit": "USD",
      "number_kind": "included_previous_commitments",
      "cash_role": "included_component",
      "reference_on": "2026-05-28",
      "reference_date_kind": "reported_by_announcement",
      "source_ids": [
        "ANTHROPIC_H"
      ],
      "locator": "Prior hyperscaler commitments paragraph",
      "qualifier": "stated",
      "meaning": {
        "en": "Already included in the 65bn round, not another 15bn to add.",
        "zh": "已包含在650亿美元轮次中，不能再加150亿美元。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "ANTH-POSTMONEY",
      "arrangement_id": "ANTHROPIC-SERIES-H",
      "reporting_entity": "Anthropic, PBC",
      "value": 965000000000,
      "unit": "USD",
      "number_kind": "post_money_equity_valuation",
      "cash_role": "valuation_not_funding_flow",
      "reference_on": "2026-05-28",
      "reference_date_kind": "announcement",
      "source_ids": [
        "ANTHROPIC_H"
      ],
      "locator": "Opening paragraph",
      "qualifier": "stated",
      "meaning": {
        "en": "Post-money equity valuation, not operating enterprise value or financing proceeds.",
        "zh": "投后股权估值，不是经营企业价值或募集资金。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "AVGO-NOTE-LIMIT",
      "arrangement_id": "AVGO-CUSTOMER-CONDITIONAL-NOTES",
      "reporting_entity": "Broadcom Inc.",
      "value": 42000000000,
      "unit": "USD",
      "number_kind": "conditional_note_principal_limit",
      "cash_role": "conditional_capacity_not_cash",
      "reference_on": "2026-08-02",
      "reference_date_kind": "period_end_context",
      "source_ids": [
        "BROADCOM_Q3"
      ],
      "locator": "Note 10, Convertible Notes",
      "qualifier": "up_to",
      "meaning": {
        "en": "Unnamed customer may issue notes subject to conditions; lease-only use.",
        "zh": "未具名客户在条件满足时可发行票据，限用于租赁义务。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "AVGO-NOTES-ISSUED",
      "arrangement_id": "AVGO-CUSTOMER-CONDITIONAL-NOTES",
      "reporting_entity": "Broadcom Inc.",
      "value": 0,
      "unit": "notes",
      "number_kind": "reported_count_issued_to_broadcom",
      "cash_role": "reported_zero_issuance_not_zero_all_funding",
      "reference_on": "2026-08-02",
      "reference_date_kind": "explicit_as_of",
      "source_ids": [
        "BROADCOM_Q3"
      ],
      "locator": "Note 10, Convertible Notes, last sentence",
      "qualifier": "zero_count_from_explicit_none",
      "meaning": {
        "en": "No notes issued to Broadcom at this date; do not infer all customer funding was zero.",
        "zh": "截至该日未向Broadcom发行票据，不代表客户所有融资均为零。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "AVGO-BACKSTOP-LIMIT",
      "arrangement_id": "AVGO-LEASE-BACKSTOP",
      "reporting_entity": "Broadcom Inc.",
      "value": 29000000000,
      "unit": "USD",
      "number_kind": "maximum_contingent_liability_at_full_deployment",
      "cash_role": "contingent_support_not_cash_inflow",
      "reference_on": "2026-08-02",
      "reference_date_kind": "period_end_full_deployment_basis",
      "source_ids": [
        "BROADCOM_Q3"
      ],
      "locator": "Note 10, Financial Guarantee",
      "qualifier": "approximately",
      "meaning": {
        "en": "Maximum undiscounted potential liability after all racks deploy; not cash advanced.",
        "zh": "全部机架部署后的未折现最高潜在责任，不是已垫付现金。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "AVGO-BACKSTOP-PAID",
      "arrangement_id": "AVGO-LEASE-BACKSTOP",
      "reporting_entity": "Broadcom Inc.",
      "value": 0,
      "unit": "USD",
      "number_kind": "reported_cumulative_backstop_payments",
      "cash_role": "issuer_reported_zero_payments",
      "reference_on": "2026-09-10",
      "reference_date_kind": "reported_by_document_date",
      "source_ids": [
        "BROADCOM_Q3"
      ],
      "locator": "Note 10, Financial Guarantee, last sentence",
      "qualifier": "stated",
      "meaning": {
        "en": "The filing reports no backstop payments. This sentence has no separate explicit as-of date; do not turn the filing date into a verified cash-status date or an October claim.",
        "zh": "申报文件报告该保底下尚无付款，但该句没有独立明确的截至日期；不把文件日期当成已核实的现金状态日期，也不延伸为10月状态。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "id": "NBIS-FACILITY",
      "arrangement_id": "NBIS-SENIOR-FACILITY-20260710",
      "reporting_entity": "Nebius Group N.V.",
      "value": 775000000,
      "unit": "USD",
      "number_kind": "senior_secured_facility_capacity",
      "cash_role": "contractual_capacity_not_verified_draw",
      "reference_on": "2026-07-10",
      "reference_date_kind": "agreement_entered",
      "source_ids": [
        "NEBIUS_775"
      ],
      "locator": "ASSET BACKED FACILITY, first two paragraphs",
      "qualifier": "approximately",
      "meaning": {
        "en": "Facility for Nebius Compute II LLC and Oy; actual draw not established in this selection.",
        "zh": "Nebius Compute II LLC与Oy的融资额度，本选录未确立实际提款。"
      },
      "bank_cash_settlement_date_verified": null
    },
    {
      "arrangement_id": "MU-CUSTOMER-CAPITAL-PORTFOLIO",
      "arrangement_scope": "portfolio",
      "reporting_entity": "Micron Technology, Inc.",
      "unit": "USD",
      "bank_cash_settlement_date_verified": null,
      "id": "MU-SCA-COMMITMENTS",
      "value": 32000000000,
      "number_kind": "customer_financial_commitments",
      "cash_role": "portfolio_commitments_not_cash_received",
      "reference_on": "2026-09-30",
      "reference_date_kind": "management_update",
      "source_ids": [
        "MU_Q4_REMARKS"
      ],
      "locator": "Physical page 3, Strategic customer agreements update",
      "qualifier": "stated",
      "meaning": {
        "en": "To-date financial commitments for signed SCAs and extensions; most described as cash deposits. Not a year-end receipt or a single legal agreement.",
        "zh": "截至讲稿所述时点的已签SCA及延长安排金融承诺，多数为现金存款形式；不是财年末收款，也不是一份合同。"
      }
    },
    {
      "arrangement_id": "MU-CUSTOMER-CAPITAL-PORTFOLIO",
      "arrangement_scope": "portfolio",
      "reporting_entity": "Micron Technology, Inc.",
      "unit": "USD",
      "bank_cash_settlement_date_verified": null,
      "id": "MU-FY26-DEPOSIT-RECEIPTS",
      "value": 12747000000,
      "number_kind": "annual_customer_deposit_cash_receipts",
      "cash_role": "issuer_reported_financing_inflow",
      "cashflow_statement_section": "financing",
      "reference_on": "2026-09-03",
      "reference_date_kind": "fiscal_year_ended",
      "period_start": "2025-08-29",
      "period_end": "2026-09-03",
      "source_ids": [
        "MU_Q4_EX99"
      ],
      "locator": "Consolidated Statements of Cash Flows, financing activities, customer contract liability deposit proceeds",
      "qualifier": "stated",
      "meaning": {
        "en": "Fiscal-year financing cash receipts, already outside operating cash flow. This flow is not a closing deposit balance.",
        "zh": "全财年融资现金收款，原本就在经营现金流之外；该流量不是期末存款余额。"
      }
    },
    {
      "arrangement_id": "MU-CUSTOMER-CAPITAL-PORTFOLIO",
      "arrangement_scope": "portfolio",
      "reporting_entity": "Micron Technology, Inc.",
      "unit": "USD",
      "bank_cash_settlement_date_verified": null,
      "id": "MU-Q4-DEPOSIT-RECEIPTS",
      "value": 12300000000,
      "number_kind": "quarterly_customer_deposit_cash_receipts",
      "cash_role": "issuer_reported_financing_inflow",
      "cashflow_statement_section": "financing",
      "reference_on": "2026-09-03",
      "reference_date_kind": "fiscal_quarter_ended",
      "period_end": "2026-09-03",
      "source_ids": [
        "MU_Q4_REMARKS"
      ],
      "locator": "Physical page 8, Cash flow and capital expenditures",
      "qualifier": "approximately",
      "meaning": {
        "en": "Rounded fiscal-Q4 deposit receipts. The quarter is within the fiscal year; do not add it to the annual receipts or derive a precise nine-month amount by subtraction.",
        "zh": "按讲稿精度记录的第四财季存款收款；该季度已在全年期间内，不能再加到全年收款，也不能相减得出精确九个月金额。"
      }
    },
    {
      "arrangement_id": "MU-CUSTOMER-CAPITAL-PORTFOLIO",
      "arrangement_scope": "portfolio",
      "reporting_entity": "Micron Technology, Inc.",
      "unit": "USD",
      "bank_cash_settlement_date_verified": null,
      "id": "MU-DEPOSIT-STOCK",
      "value": 12700000000,
      "number_kind": "refundable_customer_deposit_balance",
      "cash_role": "deposit_stock_not_new_cash_flow",
      "reference_on": "2026-09-03",
      "reference_date_kind": "fiscal_year_end_balance",
      "source_ids": [
        "MU_Q4_REMARKS"
      ],
      "locator": "Physical pages 8–9, Total cash/debt",
      "qualifier": "approximately",
      "meaning": {
        "en": "Management's rounded year-end customer-deposit stock. SCA cash is described as unrestricted, with later return conditional on minimum purchases; this is not another inflow or permanent equity.",
        "zh": "管理层披露的约数期末客户存款存量。SCA现金可自由使用，满足最低采购要求时后续返还；不是另一笔流入或永久权益资本。"
      }
    },
    {
      "arrangement_id": "MU-CUSTOMER-CAPITAL-PORTFOLIO",
      "arrangement_scope": "portfolio",
      "reporting_entity": "Micron Technology, Inc.",
      "unit": "USD",
      "bank_cash_settlement_date_verified": null,
      "id": "MU-SCA-RPO",
      "value": 150000000000,
      "number_kind": "remaining_performance_obligations",
      "cash_role": "contractual_revenue_measure_not_financing_flow",
      "reference_on": "2026-09-30",
      "reference_date_kind": "management_update",
      "source_ids": [
        "MU_Q4_REMARKS"
      ],
      "locator": "Physical page 6, RPO",
      "qualifier": "approximately",
      "meaning": {
        "en": "To-date RPO based on committed volumes and minimum pricing for SCAs with a defined pricing framework. Not cash or all expected SCA revenue.",
        "zh": "按讲稿所述时点，以已承诺数量与最低价格计量、限于有确定定价框架SCA的RPO；不是现金，也不是全部预期SCA收入。"
      }
    }
  ],
  "relations": [
    {
      "id": "CW-STAGES",
      "type": "successive_stage_not_additive",
      "record_ids": [
        "CW-PROPOSED",
        "CW-PRICED",
        "CW-COMPLETED"
      ],
      "note": "Proposal, base pricing and completed issue are stages of one notes offering."
    },
    {
      "id": "CW-OPTION",
      "type": "capacity_and_included_component",
      "record_ids": [
        "CW-OPTION-LIMIT",
        "CW-OPTION-EXERCISED",
        "CW-COMPLETED"
      ],
      "note": "The option limit is not a second flow; the exercised 500m is included in 4.2bn."
    },
    {
      "id": "CW-PRINCIPAL-RECONCILIATION",
      "type": "equation",
      "output": "CW-COMPLETED",
      "terms": [
        {
          "id": "CW-PRICED",
          "coefficient": 1
        },
        {
          "id": "CW-OPTION-EXERCISED",
          "coefficient": 1
        }
      ]
    },
    {
      "id": "CW-NET-STATE",
      "type": "estimate_then_reported_not_additive",
      "record_ids": [
        "CW-ESTIMATED-NET-FULL",
        "CW-REPORTED-NET"
      ],
      "note": "The equal 4.137bn figures have different conditional/reporting states; do not count two inflows."
    },
    {
      "id": "CW-DISCOUNT-RECONCILIATION",
      "type": "equation",
      "output": "CW-DISCOUNT-DERIVED",
      "terms": [
        {
          "id": "CW-COMPLETED",
          "coefficient": 1
        },
        {
          "id": "CW-REPORTED-NET",
          "coefficient": -1
        }
      ]
    },
    {
      "id": "CW-PARTIAL-CASH-BRIDGE",
      "type": "equation",
      "output": "CW-RESIDUAL-DERIVED",
      "terms": [
        {
          "id": "CW-REPORTED-NET",
          "coefficient": 1
        },
        {
          "id": "CW-CAPPED-CALL-USE",
          "coefficient": -1
        }
      ],
      "note": "Approximate subtotal before other expenses, not a bank cash observation."
    },
    {
      "id": "ANTH-INCLUSION",
      "type": "included_in",
      "component": "ANTH-INCLUDED-COMMITMENTS",
      "total": "ANTH-ROUND",
      "note": "The 15bn component is already in 65bn; subtracting it identifies the remainder of the announced round, not verified new cash."
    },
    {
      "id": "ANTH-VALUATION",
      "type": "different_measure_not_additive",
      "record_ids": [
        "ANTH-ROUND",
        "ANTH-POSTMONEY"
      ],
      "note": "Financing round size and equity valuation are different objects."
    },
    {
      "id": "AVGO-SUPPORT",
      "type": "different_measure_not_additive",
      "record_ids": [
        "AVGO-NOTE-LIMIT",
        "AVGO-BACKSTOP-LIMIT"
      ],
      "note": "Conditional notes capacity and a contingent guarantee measure different exposures, not 71bn of cash funding."
    },
    {
      "id": "MU-PERIODS",
      "type": "overlapping_periods_not_additive",
      "record_ids": [
        "MU-FY26-DEPOSIT-RECEIPTS",
        "MU-Q4-DEPOSIT-RECEIPTS"
      ],
      "note": "Fiscal Q4 falls within FY2026. A rounded quarterly disclosure must not be added to annual receipts or used to infer a precise nine-month balance."
    },
    {
      "id": "MU-FLOW-STOCK",
      "type": "flow_and_stock_not_additive",
      "record_ids": [
        "MU-FY26-DEPOSIT-RECEIPTS",
        "MU-DEPOSIT-STOCK"
      ],
      "note": "Deposit cash receipts during a period and a deposit stock at its end are different measurements; no complete roll-forward is supplied here."
    },
    {
      "id": "MU-COMMITMENT-FLOW",
      "type": "commitment_and_receipts_not_additive",
      "record_ids": [
        "MU-SCA-COMMITMENTS",
        "MU-FY26-DEPOSIT-RECEIPTS"
      ],
      "note": "Different dates and portfolio perimeters. Their difference is not a verified undrawn balance."
    },
    {
      "id": "MU-RPO-CAPITAL",
      "type": "different_measure_not_additive",
      "record_ids": [
        "MU-SCA-RPO",
        "MU-SCA-COMMITMENTS",
        "MU-DEPOSIT-STOCK"
      ],
      "note": "Contract revenue obligations, financial commitments and deposit stocks are not separate cash raises to aggregate."
    }
  ],
  "not_established": {
    "current_usable_cash_by_reporting_entity": {
      "CoreWeave, Inc.": null,
      "Anthropic, PBC": null,
      "Broadcom Inc.": null,
      "Nebius Group N.V.": null,
      "Micron Technology, Inc.": null
    },
    "coreweave_equity_program_actual_share_sales": null,
    "coreweave_other_issue_expenses": null,
    "anthropic_round_cash_settlement_schedule": null,
    "broadcom_selected_customer_identity": null,
    "nebius_actual_draw_amount": null,
    "nebius_facility_customer_identity": null,
    "micron_customer_deposit_return_calendar": null,
    "micron_return_settlement_and_netting_terms": null,
    "micron_exact_q4_deposit_receipts": null,
    "micron_remaining_undrawn_customer_commitments": null
  },
  "reuse": {
    "citation": "AI Infra Credit, What an AI Financing Number Measures, release 2026-10-05-r2. Cite observation ID and original source; the initial 19-observation release remains available.",
    "annotation_provenance": "Original AI Infra Credit annotations; cite the observation and source without implying issuer or scholar endorsement.",
    "source_rights": "Original filings and company material retain their own terms. Source text is not reproduced wholesale."
  },
  "limits": [
    "Selection is small and deliberately heterogeneous; no cross-row grand total is economically defined.",
    "Later amendments, payments and October balances are outside these selected historical observations.",
    "Date filtering uses selected-document dates, not proof of first public information.",
    "Automated checks test units, links and arithmetic; they do not independently validate source truth or completeness."
  ],
  "release_id": "2026-10-05-r2",
  "updated_on": "2026-10-05",
  "grouping_policy": "arrangement_id groups related observations; group count is not a count of executed legal instruments. MU-CUSTOMER-CAPITAL-PORTFOLIO aggregates disclosed customer-finance measurements, not 26 identical contracts.",
  "previous_release": {
    "id": "2026-10-05-r1",
    "observations": 19,
    "base_url": "https://aiinfracredit.com/downloads/financing-numbers/releases/2026-10-05-r1/",
    "preservation": "The original five public files are retained unchanged, including their reader and verifier."
  }
}