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    CALCULATORiQ™
    The Circle and the Filing

    Circular Financing Map

    Draw the ring. Every arrow is a disclosed or reported commitment between named participants. The tool separates money that arrives from outside the group from money the group is passing between its own members, then stresses both.

    The ring

    OpenAINvidiaMicrosoftOracleAMDCoreWeave
    Intra-ring flow Letter of intent Capital from outside

    Nvidia to OpenAI: 100 billion dollars, Letter of intent. Microsoft to OpenAI: 13 billion dollars, Equity investment. OpenAI to Microsoft: 250 billion dollars, Compute / supply purchase. OpenAI to Oracle: 300 billion dollars, Compute / supply purchase. OpenAI to CoreWeave: 22 billion dollars, Compute / supply purchase. AMD to OpenAI: 20 billion dollars, Equity investment. Oracle to Nvidia: 60 billion dollars, Compute / supply purchase. CoreWeave to Nvidia: 15 billion dollars, Vendor financing. Outside the ring to OpenAI: 40 billion dollars, Equity investment.

    Money flows ($B)

    A flow from "Outside the ring" is the only genuinely new capital in the structure. Everything else is participants paying each other.

    Outside revenue and stress

    -0%
    +200bps

    Verdict

    RED

    The ring is largely funding itself. Commitments are being settled with capital that other named participants supplied, and outside revenue does not retire the book on any credible horizon.

    Total flows

    $820B

    Inside the ring

    $780B

    Outside capital

    $40B

    Circular share

    95%

    Stressed outside rev.

    $440B

    Rate-shock carry

    $2.30B/yr

    Ring index67 / 100

    0 = arms-length counterparties · 100 = the ring funds itself

    What breaks first

    OpenAI has committed $572B into the ring and would need 22.9 years of stressed outside revenue to fund it. It is the first balance sheet that has to choose between the commitment and the dividend.

    Per-node exposure

    OpenAI$-439B net

    Committed out $572B · due in $133B · biggest counterparty Oracle at 43% of gross exposure

    Nvidia$-25B net

    Committed out $100B · due in $75B · biggest counterparty OpenAI at 57% of gross exposure

    Microsoft+$237B net

    Committed out $13B · due in $250B · biggest counterparty OpenAI at 100% of gross exposure

    Oracle+$240B net

    Committed out $60B · due in $300B · biggest counterparty OpenAI at 83% of gross exposure

    AMD$-20B net

    Committed out $20B · due in $0B · biggest counterparty OpenAI at 100% of gross exposure

    CoreWeave+$7B net

    Committed out $15B · due in $22B · biggest counterparty OpenAI at 59% of gross exposure

    How to read this

    Circular share above 55 percent means most of the headline capital never leaves the group. The ring index also weights the size of the commitment book against stressed outside revenue and how concentrated each participant is in a single counterparty. Presets are illustrative and every figure is editable.