Announced commitments against government budgets and reported disbursements, by country.
Four funding vehicles, drawn on one scale without a total
US CHIPS Act awards, sovereign-wealth-fund deployable capital, company infrastructure pledges, and the grid pre-emption signal around each EuroHPC AI Factory, kept separate from the government-execution reconciliation so a pledge is not mistaken for a budget.
Appropriated · CHIPS
$44.0B
US CHIPS Act final awards: $38.5B in grants (solid) plus $5.5B in loans (the lighter strip), across 26 awards. Appropriated government money, T1. $7.4B of it is under announced rescission review.
Pledged · corporate
$260.8B
Company infrastructure pledges, from 6 announcements (each the company’s own release, T1). The hatched $102.5B is already counted inside a program’s announced figure on Programs; adding it back would double-count. One figure is an “up to” ceiling, not a stated point.
Allocated · sovereign wealth
$119.4B
Current private-equity allocation aggregated across 30 sovereign funds (licensed database, T2, vintage 2026-05-19; aggregate only). The parchment field behind it is the $5.7T those funds manage in total, about 47× the allocated slice, drawn to the same scale and leaving the frame. Capital under management is not AI deployment.
The grid ledger, measured in substationsDE65ES51FR16EU13IT12CZ10PL8FI1IE—NL—SE—
Plate II. Every square’s area is proportional to its dollars on one shared scale. The plate has no total by design: an appropriation, a pledge, and an allocation are different kinds of money, and none of them is a disbursement. Disbursed money is reconciled on the Programs view. The grid ledger counts substations within 50 km of each EuroHPC AI-Factory anchor (T1 OpenStreetMap topology, a structural edge-capacity proxy that does not measure headroom); an em dash there marks an anchor whose coordinates did not resolve.
Four kinds of capital, each from its own source, each with its provenance stated on its own panel below. Government grants (CHIPS) and sovereign-wealth deployable capital are kept separate from company pledges, and none of these is a disbursement. A pledge is realized only when it appears as a primary-sourced facility row on the Map; the government-execution reconciliation is on Programs.
The money behind the programs, kept in four separate ledgers so nothing is double-counted: US CHIPS awards, sovereign-wealth-fund capital that could be deployed, company pledges, and the grid capacity around Europe’s AI factories. None of these figures is money already spent; that reconciliation is on Programs.
Working detail: the four ledgers in full
United States · CHIPS Act allocation rollup
$44.01B across 26 final-award recipients
Direct grants and loans authorised under CHIPS for America (Public Law 117-167). The rollup excludes Section 48D investment tax credits, which are statutorily confidential at the per-recipient level; that confidentiality is the largest single absence on this page, and only legislation could close it. A further 16 preliminary-memorandum-of-terms (PMT) and letter-of-intent (LOI) entries are held in a pending queue and not summed here.
Direct grants
$38.51B
Loans
$5.50B
Facility-bound
21 / 26
5 corporate-level (multi-state composite)
Section 48D undisclosed
18 / 26
ITC values not disclosed at per-recipient level
Rescission risk. 2 rows have a rescission-risk flag, totalling $7.40B. The Trump administration announced removal of Natcast as NSTC operator in August 2025 and rescission of $7.4B in previously-awarded CHIPS R&D funds. The record keeps the announced final award and the subsequent rescission announcement side by side, and the rollup totals include both.
Recipients (sorted by allocation)
Sovereign Wealth Fund · deployable capital
Aggregate sovereign PE-deployable capital
Rollup of deployable private-equity capital across 30 state-owned actors, counting only those the source classifies as sovereign wealth funds or government agencies. Per-fund capital under management and allocation detail is held under subscription and not redistributed; the figures below are derived aggregates over that licensed data.
30
Sovereign entities
Sovereign wealth funds and government agencies
18
Countries
$5667.1B
Aggregate capital under management
$119.4B
Aggregate current-PE allocation
Corporate pledges · non-government
Corporate infrastructure commitments
Company-announced, country-scoped AI and data-center infrastructure commitments of at least $10B or 1 GW, announced 2024 or later, each verified verbatim against the company’s own release. These are announcements; deployment is not tracked at this level. A pledge enters the facility records only when sites materialize with primary sourcing. Two of the six (Microsoft’s UAE program, SoftBank’s France build) also appear as components inside the UAE and France sovereign figures above; the headline below separates them out, and adding this strip to the dashboard totals would double-count exactly those two.
Announced total
$261B
sums all 6 announcements; $103B of it is also counted inside the sovereign program figures above; one summand is an “up to” ceiling; 3 of 6 USD figures are ECB-reference-rate conversions (arithmetic in row flags)
Outside sovereign figures
$158B
the 4 pledges not already inside a government program figure on this page; this is the only subtotal that does not double-count against the dashboard above
Realized to date
—
not tracked at this level; deployment appears only as primary-sourced facility records
Primary-sourced
6 / 6
tier 1: the company's own IR release or newsroom; 6 countries
EuroHPC AI Factory · grid pre-emption signal
Load-side substation density within 50 km of each AI Factory anchor
For each EuroHPC AI Factory program, the count and aggregate voltage of substations within 50 km of the named anchor facility. This differs from the PJM signal on the Programs view: PJM is a generator queue, which is the supply side, while this measures the load-side topology between the AI Factory and the grid backbone. Substation count is a structural proxy for edge capacity and says nothing about available headroom or current load. Searched against 6,737 EU substations.
Anchor coordinates unresolved. 3 programs did not resolve to a named facility with coordinates, so the country-level substation count is the only signal available:IE (54 substations) · NL (65 substations) · SE (215 substations). Facility records derived from Epoch’s catalog commonly have no coordinates; those derived from OpenStreetMap do.
