Indicator 4 — Exhibit I4
$540B committed compute. Same two balance sheets on both sides.
The synthetic CDO of compute: capital leaves as strategic equity, returns as cloud revenue and mark-to-model gains on the same stakes. The ladder holds however you count it — 26× funded cash, 10× all filed instruments, ~5× all reported rounds. 96% routes to Microsoft (52%) + Amazon (44%).
26×Funded cash tier
$16.8BMark-to-model
22 / 9Primary / reported edges
Recycling-ratio tiers
The multiple shrinks as evidence tightens — funded cash (26×) is the conservative claim.
Per-edge SEC provenance on interaction. Same asset powers NVDA Indicator 4 and the standalone export page. Paper backfills from this render.
Paper write-up
Full §4.4 prose from the leave-behind.