# Reading the financing event ledger

Updated October 26, 2026. This selected public-evidence ledger contains 15 records across six separately identified arrangements. It is not a live feed or a complete market database. The prior 13 records remain unchanged. Two new records identify the announcement of the Broadcom/Anthropic financing structure and its expected delivery-start window.

## Dates answer different questions

- `reported_exact_day`: the source identifies a past event date, such as signing. It does not by itself establish cash funding.
- `reported_by_date`: the event is reported by an upper-bound date; its exact day is unknown.
- `reported_relative_window`: the source gives a relative period, retained as written, rather than an exact date.
- `contractual_future_date`: a stated future contractual date, such as maturity. It is not a realized repayment.
- `issuer_expected_window`: management's expected period. `event_date` and `no_later_than` stay null. The separate `expected_window_start` and `expected_window_end` normalize the disclosed period without converting it into a contractual deadline.

For SpaceX, the December 31 endpoint encodes the statement that closing is expected before year-end; it is not a specified closing date. January 1 through June 30 encodes the expected first half of 2027, with commencement conditional on GPU delivery. It does not create dated deliveries for individual tranches.

For Broadcom, October 26 is the date the financing structure was announced, not an inferred signing, closing or draw date. The January 1–December 31, 2027 window describes when deliveries are expected to **begin**. It is not a promise that all equipment will be delivered by year-end.

`source_published_on` is the disclosure date, not necessarily the earliest possible publication. `checked_on` retains the original September cohort review; `updated_on` records this extension. New sources carry their own `reviewed_on` dates. An index update does not establish that all older transaction statuses remain unchanged.

## Amounts cannot all be summed

Nebius's $3.5bn is facility capacity. SpaceX's approximately $40bn is expected aggregate principal payments over contemplated lease schedules, stored in a different field. Broadcom's $63bn is an announced transaction total; its $43bn expected peak support exposure is a different, contingent measure. None of these labels can substitute for verified cash funding. All six arrangements retain unknown funded amounts. Null does not mean zero, unpaid or unavailable.

The Broadcom row deliberately leaves `facility_capacity_usd`, first- and second-lien amounts, closing, actual support claims and cash paid null. Its `nonadditive_measures` lists the transaction headline and expected support peak. The SPV's legal name and parent are also unknown; the technology supplier is not silently made the borrower's parent. The support fraction and rack-value offset describe the public summary, not a complete legal claim calculation.

Do not join cash flows by parent company. The earlier Nebius GPU facility is not mapped to the Microsoft delivery program. Nor is that facility established as the Citi bridge's takeout or the same collateral pool. These relationships cannot be inferred transitively. New source evidence is needed before joining them.

## Use and reproduce

Download financing-event-ledger.json and verify-financing-event-ledger.mjs into one directory, then run `node verify-financing-event-ledger.mjs`. The checks validate the selected field conventions, references and explicit non-join controls, not undisclosed issuer performance or legal enforceability.

For a history of realized disclosed milestones, filter for `reported_exact_day` and the two reported-bound/window kinds; exclude future contractual dates and issuer expectations. For a forward calendar, keep `contractual_future_date` separate from `issuer_expected_window`. Neither class is a confirmed future cash-payment amount.

The source-linked case index at https://aiinfracredit.com/downloads/execution-checkpoints.json provides seven reading entry points. The two datasets have different scopes and must not be added together or treated as separate financing totals. The older September research note remains a dated explanation of the original eight records.