Who funds whom

The flow graph

Each arc is a company, coloured by kind. Each band is the disclosed flow from one company to another, and the solid core drawn inside a band is the committed part. Bands that sit on a closed loop are outlined. Hover or tap a band for the deals behind it, or an arc for a company's totals in and out. Click a company round the ring, or pick it from the list, to dim everything that does not touch it: its flows and the loops it sits on stay lit, and a caption beneath the graph names each loop. Click it again to clear. Drag the orange handle under the ring to replay the graph as of any date.

Key takeaways

• OpenAI is the largest source of disclosed flow at $721bn, almost all of it compute commitments.
• $122bn of the $1.52tn disclosed is committed: about 8 cents in the dollar. The rest is announced ceilings, letters of intent and reported figures.
• 4 loops close on disclosed flows. None has committed value on every link, so no loop closes on contracted money.