Filing days
424B / FWP prospectuses and debt-flavored 8-Ks. Quiet most days; noisy when they tap the market.
Seven 10-Ks · not the headline trillions
How the AI buildout is actually being paid for
The numbers on Instagram are too big to mean anything. These are smaller on purpose: tagged cash, CapEx, leases, and new bond filings for the five hyperscalers — plus Nvidia and Apple so you can see who is building campuses versus who is selling chips or sitting in the same credit neighborhood.
What updates on what clock
Each 10-K / 10-Q
CapEx, operating cash, lease liabilities, proceeds from debt. This is how you get “94 cents of every cash-flow dollar.”
Not an API
Moody’s / Morgan Stanley / PIMCO off-book totals. Cited at the bottom with dates. We do not refresh them.
The cash machine, then the bond market
Latest annual filing. CapEx as a share of operating cash — the 40–50% band is the last decade’s habit. Amazon’s latest 10-K is the “94 cents” chart. Oracle is already over 100.
Blank is a missing tag, never zero. Fiscal years differ (Microsoft June, Oracle May, Apple September). CapEx is the cash-flow tag, not this year’s guidance.
CapEx eating operating cash
Ten fiscal years. The cream band is 40–50 cents of every cash-flow dollar — where this group used to live.
Year is the period-end year, not the calendar the company markets.
On the books vs in the lease footnote
After ASC 842, operating leases are on the balance sheet. That is not the Beignet trick. Two columns: tagged long-term debt, and tagged lease liabilities. Undiscounted remaining lease payments sit beside them — a cousin, not a number you add. Special-purpose vehicle debt (Hyperion) is in neither column.
This is not Moody’s $1.65T. That figure is a research reconstruction. What we can tag is smaller and checkable.
New paper hitting EDGAR
Prospectus supplements and term sheets, grouped into one row per company per day so a 424B and its FWP are not listed twice. Earnings 8-Ks are dropped. We still cannot read the dollar amount out of the PDF.
How a new Beignet would actually show up
It would not appear as a company named Beignet in this seven-name feed. The Hyperion bonds were issued by a special-purpose vehicle — often a 144A that never files a 10-K of its own. EDGAR full-text search for “Beignet Investor” returns nothing. What we can watch is the parent footnote: Meta’s 10-Q is where “residual value guarantee” lives. When that phrase (or Beignet / Soapia) hits one of these seven CIKs, it lands below. A deal card still takes a person reading the sentence.
Will catch
Parent 10-K/10-Q text for residual-value guarantees. Parent 8-K Item 1.01 (a signed lease). A vehicle name once it is in the parent’s filing.
Will miss
A 144A sold only to institutions, with no parent 8-K and no footnote yet. Blue Owl / BlackRock marketing a pastry-named SPV that is not in EDGAR.
Not an algorithm
“Primary beneficiary” and “variable interest entity” are boilerplate in almost every 10-K. We do not auto-promote those hits into deal cards.
The pastry and the sequel
Anatomy of the shadow-banking machine running in public. Curated from the deal, not scraped from a tag — Meta’s residual-value guarantee is a sentence in the 10-K, not a dollar in Company Facts.
Four things that all have to hit
What the filings can say, versus the story people tell with “AI revenue.”
Claims we will not pretend to live-update
Useful as context. Wrong as a time series.
Sources
Free, the same family as the Fortune 500 page. No Bloomberg, no TRACE, no new serverless function.
- SEC Company Facts — annual XBRL for cash, CapEx, debt, leases, debt proceeds.
- SEC Submissions — the daily index of 424B / FWP / 8-K filings.
- FRED GDP — nominal US GDP as the “cents per dollar of the economy” denominator.
- Parent 10-K footnotes — residual-value guarantees and VIE language, linked not parsed.
Refresh locally with node scripts/pull-ai-buildout.mjs. The GitHub Action does
the same on a weekday morning. Open any name on
Fortune 500 ratios to read the rest of the 10-K.