THE AI CAPITAL CYCLE
What changes for cash, delivery and repayment. Source-linked research, open data and checkable models—free to read.
Find your starting pointFor research tools and agents: open the English resource index (JSON) ↗
Equity, invoice sales and liability timing support the hardware ramp. Three diagrams reconcile Celestica’s cash, separate flows from balances and model the interval when new invoice purchases stop.
Trace the $95bn launch plan and its financing clocks. A contract follow-up adds ownership, voting and founder-liquidity ledgers, with five diagrams and reproducible calculations.
GE Vernova and Vertiv show why cash-flow contribution, refund rights and project readiness must be separated. Two visual maps and a reusable quarterly template test customer-funded expansion.
Ratings, permitted credit inputs and portfolio capacity are different gates. A filed CLO case and four transparent scenarios show how covenant measures can change without creating cash.
The disclosed installment pattern implies about $2bn of principal per fully active quarter. An updated capital-role map joins the delivery/rate sensitivities and historical cash bridge; payment assumptions are unchanged.
The first public S-1 shows positive operating cash, substantial equity funding and a network of conditional compute contracts. Four visual maps explain who supplies capital, when payments start and who funds the interval.
Meta's cash fell; Oracle's rose. Two cash bridges explain their funding. October 26 follow-up: separate lease cash, new assets and future commitments with reusable diagrams and data.