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    CALCULATORiQ™
    Flagship series · CALCULATORiQ Research

    The Circle and the Filing

    The BIS named the AI capex ring. Within a week, OpenAI and Anthropic filed. The commitment book is the input. The listing price is the output. Read them together.

    CALCULATORiQ · Systemic Risk
    ~1,600 words

    The Circle Tightens

    The BIS has put a name on what markets had been describing in whispers. The AI investment loop is now a systemic-risk vocabulary term.

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    CALCULATORiQ · IPO & Governance
    ~1,400 words

    Priced for a Monopoly

    OpenAI and Anthropic filed at reported valuations near a trillion dollars each. A framework for what the S-1s will have to show.

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    CALCULATORiQ · Capital Structure
    ~2,000 words

    AI Circular Financing, Explained With the Actual Numbers

    A supplier invests in its customer, the customer buys the supplier's product, both book it as growth. The mechanics, the precedents, and an editable ring map.

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    CALCULATORiQ · Energy
    ~1,900 words

    How Much Energy Does AI Use?

    Capacity, utilisation and cooling overhead convert directly into terawatt hours. The arithmetic behind the grid debate, with a live simulator.

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    Interactive tools

    Circular Financing Map

    Draw the ring. Edit equity, compute and vendor-financing arrows between named participants to see circular share, per-node exposure and what breaks first under an outside-revenue drop.

    Open the tool

    AI Commitment Coverage

    Load OpenAI or Anthropic presets. Enter named counterparty commitments. See coverage ratio, years-to-cover, and a 0-100 circularity index that responds to rate shocks and outside-revenue drops.

    Open the tool

    AI Power Demand Simulator

    Turn installed data centre capacity into annual terawatt hours, share of national generation, emissions, cost and per-query energy.

    Open the tool

    Canonical embed for partners

    AI Circularity Check widget

    A single-question version of the coverage tool. Trimmed for iframe embedding on partner properties. Canonical URL: https://calculatoriq.app/embed/ai-circularity-check

    <iframe src="https://calculatoriq.app/embed/ai-circularity-check" width="100%" height="820" style="border:0;max-width:100%;" loading="lazy" title="AI Circularity Check — Commitment Coverage"></iframe>

    Editorial independence and sourcing

    This piece cites the Bank for International Settlements Annual Economic Report 2026, BIS Bulletin No. 120, and confirmed U.S. Securities and Exchange Commission filing acknowledgements as its primary anchors. All valuations, run-rate revenue figures, and counterparty commitments are drawn from published filings, primary regulator statements, or reputable wire reporting at the time of publication.

    CALCULATORiQ Research is editorially independent. No named company, investor, or fund reviewed or funded this analysis. Interactive tools are provided for education and are not investment advice. Do your own work. See the site-wide disclosures for the full policy.