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    CALCULATORiQ™
    The Circle and the Filing

    AI Commitment Coverage

    Measure the loop. Enter named counterparty commitments, mark which are inside the ring, and stress for outside-revenue share and rate shocks.

    Named counterparty commitments

    In ring
    In ring
    In ring
    In ring
    In ring

    Amounts in USD billions. Toggle "In ring" off for genuinely third-party commitments.

    Revenue and leverage

    60%
    +200bps

    Verdict

    RED

    Commitment book is largely serviced by counterparties inside the circle. Outside demand does not cover the book in any reasonable horizon.

    Total commitments

    $710B

    In-ring share

    100%

    Outside revenue

    $15.0B

    Coverage ratio

    0.02x

    Years to cover

    47.3 yrs

    Rate-shock cost

    $0.80B/yr

    Circularity index82 / 100

    0 = independent counterparties · 100 = fully circular

    How to read this

    Coverage below 0.35x flags the commitment book as reliant on the ring for solvency. The circularity index weights in-ring commitment share, outside-revenue share, and coverage. All numbers are yours to override — presets are illustrative starting points from the BIS 2026 report and wire reporting.