MONEYFLOW 3D · WHERE THE MONEY LANDS

MONEYFLOW 3D TERMINAL

AI datacenter power ledger — backlog vs energized GW as a 3D relation map

LIVE

Haelangdal Research · AI CAPITAL TERMINALCOMPUTE CAPITAL SERIES — GW LEDGER × SIGNAL BOARDDATA 2026-07-11--:--:-- KST

Frontier top-14 sites — live (energized) total

7.9GW2026E US energization ~12GW

Stargate energized/target 0.59 / 10GW(2029)Full-load capex ~$29bn/GWHV transformer lead time 24~30M → max 5Y

~100GW

GE Vernova turbine backlog — ~10GW of slots left for 2029-30

Oracle RPO $638bn · OCI (IaaS) quarterly revenue $5.8bn (Q4 filing, Jun 10)

Signal Board · Early Warning3-tier system — updated 2026-07-11

SIG-3

Memory contract pricing

FINAL ALARM

DDR5 +100% · capacity sold out · shortage through 2027+ — momentum intact

Normal

SIG-1

Pipeline slippage

PIPELINE → CONTRACT

'Half of plans delayed' stat holds · Crusoe Wyoming reclassified as developer swap (excluded)

Watch

SIG-2

Contract renegotiation

TAKE-OR-PAY

One reported OpenAI-Oracle Stargate expansion walk-back (March) — second occurrence triggers re-rating

Watch

CREDIT

Credit spreads

ORCL CDS · IG

Oracle CDS touched 125bp (highest since 2009) · RPO $638bn (FQ4). More debt issuance flagged to fund the backlog surge - credit watch stays on

Watch

DELIVER

Backlog-to-revenue

RPO $638BN · OCI

FQ4 FY26 (Jun 10): RPO $553bn->$638bn (+$85bn QoQ, +363% YoY) · cloud revenue $9.9bn (+47%), IaaS $5.8bn (+93%) — backlog is converting to revenue

Q4 confirmed

TENANT

Backfill absorption

BACKFILL QUEUE

Anthropic leasing Colossus · 2025 vacated capacity backfilled by Google·Meta

Normal

GW Ledger — paper capacity vs physical capacityUnit: GW — backlog(gold) · energized(navy) · in-progress(grey)

GE VERNOVA

Gas turbine backlog (company)

~100

US 2026E

Energization additions (market research)

~12

FRONTIER TOP-14

Live total (Epoch, 6/6)

7.9

STARGATE

Energized — ~6% of 10GW target (OpenAI·Epoch)

0.59

Frontier live compute / global shipments (Nov 2025, Epoch·NVIDIA) — ~2.5M / 15-17M H100-equivalents

Where the Money Lands · 3D PREVIEWBig-tech capex → component BOM cascade — center of gravity by generation

Rendering scene

Watch CadenceEarly-warning ops guide

WeeklyMemory spot/contract pricing (SIG-3) · site starts/halts (SIG-1)

MonthlySatellite/permit site ledger — energized MW increments

QuarterlyOracle delivered MW & RPO adds · CoreWeave revenue · GEV slots

EventTake-or-pay renegotiations · private-credit DC marks · Vera Rubin ramp

Haelangdal Research · newmoneymoves.io — COMPUTE CAPITAL SERIES

Source report: The GW Ledger →

For information only · not investment advice · figures may change after the as-of date

Terminal hub

MONEYFLOW 3D · WHERE THE MONEY LANDS

MONEYFLOW 3D TERMINAL

AI datacenter power ledger — backlog vs energized GW as a 3D relation map

LIVE

Haelangdal Research · AI CAPITAL TERMINALCOMPUTE CAPITAL SERIES — GW LEDGER × SIGNAL BOARDDATA 2026-07-11--:--:-- KST

Frontier top-14 sites — live (energized) total

7.9GW2026E US energization ~12GW

Stargate energized/target 0.59 / 10GW(2029)Full-load capex ~$29bn/GWHV transformer lead time 24~30M → max 5Y

~100GW

GE Vernova turbine backlog — ~10GW of slots left for 2029-30

Oracle RPO $638bn · OCI (IaaS) quarterly revenue $5.8bn (Q4 filing, Jun 10)

Signal Board · Early Warning3-tier system — updated 2026-07-11

SIG-3

Memory contract pricing

FINAL ALARM

DDR5 +100% · capacity sold out · shortage through 2027+ — momentum intact

Normal

SIG-1

Pipeline slippage

PIPELINE → CONTRACT

'Half of plans delayed' stat holds · Crusoe Wyoming reclassified as developer swap (excluded)

Watch

SIG-2

Contract renegotiation

TAKE-OR-PAY

One reported OpenAI-Oracle Stargate expansion walk-back (March) — second occurrence triggers re-rating

Watch

CREDIT

Credit spreads

ORCL CDS · IG

Oracle CDS touched 125bp (highest since 2009) · RPO $638bn (FQ4). More debt issuance flagged to fund the backlog surge - credit watch stays on

Watch

DELIVER

Backlog-to-revenue

RPO $638BN · OCI

FQ4 FY26 (Jun 10): RPO $553bn->$638bn (+$85bn QoQ, +363% YoY) · cloud revenue $9.9bn (+47%), IaaS $5.8bn (+93%) — backlog is converting to revenue

Q4 confirmed

TENANT

Backfill absorption

BACKFILL QUEUE

Anthropic leasing Colossus · 2025 vacated capacity backfilled by Google·Meta

Normal

GW Ledger — paper capacity vs physical capacityUnit: GW — backlog(gold) · energized(navy) · in-progress(grey)

GE VERNOVA

Gas turbine backlog (company)

~100

US 2026E

Energization additions (market research)

~12

FRONTIER TOP-14

Live total (Epoch, 6/6)

7.9

STARGATE

Energized — ~6% of 10GW target (OpenAI·Epoch)

0.59

Frontier live compute / global shipments (Nov 2025, Epoch·NVIDIA) — ~2.5M / 15-17M H100-equivalents

Where the Money Lands · 3D PREVIEWBig-tech capex → component BOM cascade — center of gravity by generation

Rendering scene

Watch CadenceEarly-warning ops guide

WeeklyMemory spot/contract pricing (SIG-3) · site starts/halts (SIG-1)

MonthlySatellite/permit site ledger — energized MW increments

QuarterlyOracle delivered MW & RPO adds · CoreWeave revenue · GEV slots

EventTake-or-pay renegotiations · private-credit DC marks · Vera Rubin ramp

Haelangdal Research · newmoneymoves.io — COMPUTE CAPITAL SERIES

Source report: The GW Ledger →

For information only · not investment advice · figures may change after the as-of date