The Circuit

The question the build-out cannot comfortably answer: does it close its own loop? Here is Indicator I4 in full — the financing graph, the loop coverage, the mark-to-model gap, and the loop concentration. Real numbers from the engine's circular-financing ledger. Not a forecast; the ledger as it stands.

Four Loop Gauges

The Circular-Financing Ledger

Every amount-bearing financing edge — all three types (invests · buys_compute · supplies), largest first — with firmness and the SEC accession where available. This is the whole ledger, not a top-N sample: the rows below sum to the total committed. The coverage gauge reads a subset of these rows — the core labs' own compute commitments — so every headline on this page traces back to the table. (Mark-to-model sits in its own gauge; it is a valuation adjustment, not a financing flow.)

The Circuit: Indicator I4 (circular financing) from the ai_fragility engine. Loop coverage = circular vendor equity ÷ compute committed (funded basis) — the share of the build-out's compute funded by its own loop; the inverse of the Recycling Ratio instrument's compute-per-equity reading. Financing edges: all 22 financing edges, every type (invests · buys_compute · supplies) · $854.0B total committed · $498.3B firm. Mark-to-model: capital valued at projected AI revenue. As of 2026-08-08.