THE RESEARCH LIBRARY
System, transaction, technology—and who captures the return.
Four different milestones, with the evidence and the next question beside each one. Source dates are shown individually; this is a selected disclosure map, not a live status feed or a completion ranking.
Support signing announced
Fermi announced a signed AMD credit-support agreement for its phase-one lease. The public record now identifies a support provider.
Placement reported
Semafor reported an Apollo order and a proposed interest-rate reduction tied to Anthropic reaching investment grade. Allocations were still being discussed.
Notes issued
CoreWeave reported completion of its $4.2bn convertible offering. Issued principal, proceeds and capped-call spending are separate measurements.
Acceptance reported
IREN reported Microsoft acceptance of Horizon 1, the first 50 MW IT-load phase in a four-phase program.
Operating cash is growing, but investment is growing faster. Reconcile five hyperscalers' cash, equity, leases and commitments without counting the same funding or obligation twice.
Three bond labels, five financing claims. Separate market spread observations from repayment sources, parent support and the cash decisions that determine whether AI investment can proceed.
Separate coupons, spreads and investor yields. Reproduce how issue discounts, amortization and third-party fees change borrower cash costs, with dated IREN, Lambda and Volta comparisons.
Reconcile nine categories, separate scheduled commitments from guarantee ceilings, and follow the conditions that turn support for AI expansion into cash exposure.
Follow Horizon 1 from financing close to reported customer acceptance. A dated case distinguishes progress in delivery from the release of a specific parent guarantee.
A customer note cap and a reported senior tranche do not identify two pools of cash. A reproducible model compares holding, selling and pledging paper, including the obligations left behind.
The displayed amounts reconcile to about $573bn. The harder question is which cash flows, commitments and counterparties that number actually represents. Includes a 26-row ledger and verifier.
Separate bank underwriting, investor orders and usable cash. The October 14 update examines newly reported placement support and a customer-rating step-down, alongside the earlier terms and cash examples.
Separate financing from acceptance, price earlier draw access, and test when borrower, lender and guarantee-provider prices can meet. Two distinct, reproducible experiments.
Follow a completed convertible from proceeds to future cash and share delivery. Thirteen reproducible scenarios show why a low coupon, a valuable hedge and a funded repayment plan are different things.
Trace Micron’s customer commitments, deposit receipts and return obligations. Reconcile reported cash flows, then test how a priced return calendar can support investment with eleven reproducible scenarios.
Reverse a hypothetical operating value into revenue, margins, reinvestment and funding requirements. Reproduce seventeen scenarios, then separate IPO proceeds from ownership dilution.
Fund the ability to learn while keeping major spending responsive to evidence. Compare protected reserves, future capital calls, milestone quality and exit obligations with a reproducible model.
How to keep valuable AI service funded when financing conditions change. Compare cash loans, accepted notes, restricted reserves and priced cure windows with nineteen reproducible scenarios.
A lower bill for useful work can coexist with a stronger business—but only under specific cost, demand, capacity and pricing conditions. Reproduce fourteen task-economics scenarios.
Finance the pause before it becomes a liquidity event. Compare laboratory and supplier cash needs, payment timing and compensation with a free, reproducible two-party model.
A constructive capital-allocation framework for frontier research, compute delivery, working capital and technology transitions. The first essay in our free bilingual Anthropic IPO series.
Read contracts and price the financing handoff. A Lambda case and eleven reproducible deployment scenarios test when earlier operating capacity can justify more bridge capital.
Connect technical performance, billing and finance. Twelve reproducible hedge scenarios plus a dated timeline separating the postponed CME launch, CFTC comment deadline and product review.
Separate equity value from cash raised. Follow convertible closings and customer warrants, reproduce settlement examples, and test when vesting can identify a payment range.
How supplier backstops mobilize capital. The October 14 Fermi and AMD update separates a signed support agreement from lease effectiveness and project funding, alongside the original recovery analysis.
Compare new-asset and whole-pool financing changes, then separate cash held, cash usable, and cash paid to creditors.
Separate equipment sales, customer-credit assets and their funding. Reconcile Dell and HPE disclosures, then explore an explicit period-end cash bridge.
Separate cash generation, equipment investment and capital allocation. September 21 supplement: trace Oracle’s customer-funded capex, with source data and a reproducible cash bridge.
Price customer advances from both sides, then test how staged payments change peak borrowing, delivery economics and the room to negotiate.
How customer advances can bring compute online sooner—and how to align pricing, delivery, and the cash left for debt service.
Trace the gap between productivity, customer payments, operating profit, and the returns earned by capital providers.
The connected system of chips, contracts, power and capital. October 5 supplement: Helix and the separate returns earned by a supplier-investor.
Follow the borrowing base, customer obligations, collateral, and guarantees through three distinct financing structures.
How model efficiency, GPUs and ASICs, power, and hardware refresh reshape cash flow, collateral value, and refinancing.
Version: 2026-10-05-r2
Trace 24 observations across seven arrangement groups at CoreWeave, Anthropic, Broadcom, Nebius and Micron. Keep proposed financing, completed issuance, receipts, deposit balances, spending and valuation separate.
CoreWeave’s $4.137bn estimate and later reported proceeds are not two cash receipts. Micron adds a different comparison: annual receipts, quarterly receipts and a deposit balance can describe overlapping money.
| Issuer / measurement | Number and unit | Dated context | What this establishes |
|---|---|---|---|
| CoreWeave, Inc. Proposed principal CW-PROPOSED | 3,000,000,000 USD | Reference: AnnouncementSelected document · | Proposed base issue, before upsizing; not a separate completed raise. |
| CoreWeave, Inc. Priced base principal CW-PRICED | 3,700,000,000 USD | Reference: Pricing announcementSelected document · | Priced base issue; closing was still conditional in this source. |
| CoreWeave, Inc. Additional purchase option CW-OPTION-LIMIT | Up to 500,000,000 USD | Reference: Pricing announcementSelected document · | Additional purchase capacity, not evidence of exercise. |
| CoreWeave, Inc. Conditional net proceeds estimate CW-ESTIMATED-NET-FULL | Approximately 4,137,000,000 USD | Reference: Pricing announcementSelected document · | Full-option estimate after purchaser discounts and commissions, before other issue expenses. |
| CoreWeave, Inc. Completed issue principal CW-COMPLETED | 4,200,000,000 USD | Reference: Reported completionSelected document · | Completed issue principal includes the exercised option. |
| CoreWeave, Inc. Included exercised option CW-OPTION-EXERCISED | 500,000,000 USD | Reference: Exercise reported by completionSelected document · | Included in completed principal; this record does not identify the exact exercise day. |
| CoreWeave, Inc. Reported proceeds before other expenses CW-REPORTED-NET | 4,137,000,000 USD | Reference: Related offering completionSelected document · | Reported proceeds after purchaser discounts, before estimated other offering expenses. |
| CoreWeave, Inc. Derived principal to proceeds difference CW-DISCOUNT-DERIVED | 63,000,000 USD | Reference: Related offering completionSelected document · | Issued principal minus reported net proceeds; not additional financing. |
| CoreWeave, Inc. Reported capped call cost CW-CAPPED-CALL-USE | Approximately 566,200,000 USD | Reference: Reported by document dateSelected document · | Capped-call cost funded from proceeds; not an economic-loss measurement. |
| CoreWeave, Inc. Derived subtotal before other expenses CW-RESIDUAL-DERIVED | Approximately 3,570,800,000 USD | Reference: Related offering completionSelected document · | Subtotal before other issue expenses and later uses; not current usable cash. |
| CoreWeave, Inc. Share distribution capacity CW-ATM-CAPACITY | Up to 35,000,000 shares | Reference: Agreement enteredSelected document · | Share capacity across permitted routes; no executed dollar proceeds established here. |
| Anthropic, PBC Company reported round size ANTH-ROUND | 65,000,000,000 USD | Reference: Reported by announcementSelected document · | Company-reported raise includes prior commitments; not a current cash balance. |
| Anthropic, PBC Included prior commitments ANTH-INCLUDED-COMMITMENTS | 15,000,000,000 USD | Reference: Reported by announcementSelected document · | Already included in the 65bn round, not another 15bn to add. |
| Anthropic, PBC Post money equity valuation ANTH-POSTMONEY | 965,000,000,000 USD | Reference: AnnouncementSelected document · | Post-money equity valuation, not operating enterprise value or financing proceeds. |
| Broadcom Inc. Conditional note capacity AVGO-NOTE-LIMIT | Up to 42,000,000,000 USD | Reference: Period end contextSelected document · | Unnamed customer may issue notes subject to conditions; lease-only use. |
| Broadcom Inc. Notes issued to Broadcom AVGO-NOTES-ISSUED | 0 notes | Reference: Explicit as of dateSelected document · | No notes issued to Broadcom at this date; do not infer all customer funding was zero. |
| Broadcom Inc. Maximum backstop at full deployment AVGO-BACKSTOP-LIMIT | Approximately 29,000,000,000 USD | Reference: Period end, full deployment basisSelected document · | Maximum undiscounted potential liability after all racks deploy; not cash advanced. |
| Broadcom Inc. Reported backstop payments AVGO-BACKSTOP-PAID | 0 USD | Reference: Reported by document dateSelected document · | 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. |
| Nebius Group N.V. Senior secured facility capacity NBIS-FACILITY | Approximately 775,000,000 USD | Reference: Agreement enteredSelected document · | Facility for Nebius Compute II LLC and Oy; actual draw not established in this selection. |
| Micron Technology, Inc. Customer financial commitments MU-SCA-COMMITMENTS | 32,000,000,000 USD | Reference: Management update dateSelected document · | To-date financial commitments for signed SCAs and extensions; most described as cash deposits. Not a year-end receipt or a single legal agreement. |
| Micron Technology, Inc. Annual deposit cash receipts MU-FY26-DEPOSIT-RECEIPTS | 12,747,000,000 USD | Reference: Fiscal year endedSelected document · | Fiscal-year financing cash receipts, already outside operating cash flow. This flow is not a closing deposit balance. |
| Micron Technology, Inc. Quarterly deposit cash receipts MU-Q4-DEPOSIT-RECEIPTS | Approximately 12,300,000,000 USD | Reference: Fiscal quarter endedSelected document · | 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. |
| Micron Technology, Inc. Returnable customer deposit balance MU-DEPOSIT-STOCK | Approximately 12,700,000,000 USD | Reference: Fiscal year-end balanceSelected document · | 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. |
| Micron Technology, Inc. Remaining performance obligations MU-SCA-RPO | Approximately 150,000,000,000 USD | Reference: Management update dateSelected document · | To-date RPO based on committed volumes and minimum pricing for SCAs with a defined pricing framework. Not cash or all expected SCA revenue. |
Keep the JSON and both JavaScript files in one folder. Selecting documents through September 18 still returns 13 observations. The five Micron records enter on the selected documents’ September 30 date, not their earlier fiscal period-end.
Selected historical disclosures, not a current funding balance or a complete market dataset. No grand total is defined. Unknown draws and current usable cash remain unknown. Micron is a customer-agreement portfolio; seven groups do not mean seven legal contracts. AI-led research and AI-generated annotations. Checks cover structure and arithmetic, not an independent audit of issuer statements.
Original 19-observation release: Field guide · Data
Suggest a record correction or a research useFour selected tests across three arrangements. The percentages measure different things; compare the funding scope and asset basis before comparing the numbers.
| Arrangement / source date | Test ratio | When / what counts | Calculation basis | Conditions and timing |
|---|---|---|---|---|
| CoreWeave DDTL 5.5Original source · | ≤ 70% | Credit-event funding conditionLoans incurred for the relevant credit event. | Eligible acquired/transferred infrastructure, installation and permitted expected capex; uncontracted GPU capacity is excluded. | Some ancillary-cost limits are redacted. Other draw conditions remain. |
| IREN / IE US Hardware 3Original source · | ≤ 95% | Tranche funding ceilingTranche loans + notes + customer upfront amounts incurred or received. | Related tranche Project Costs. | The monetary ceiling is the lower of the 95% cost component and DSCR sizing. |
| IREN / IE US Hardware 3Original source · | > 65% | Monthly LTC event triggerOutstanding delayed-draw loans + notes. | Positive capex balance after contractual depreciation. | An excess triggers an LTC event, not automatic liquidation or a 30-point haircut. |
| DigitalOcean equipment financeOriginal source · | ≤ 90% | Equipment advance capLessor advance for an equipment acquisition. | Cost of the equipment being acquired. | The lessee supplies the balance as prepaid rent. Source is a filing summary, not the full leases.Advance requests until: Fully amortized by: |
Three selected document versions, four ratio tests. These are not comparable leverage ratios or a review of subsequent amendments.