{
  "report_slug": "us-china-capital-stacks-2026",
  "date": "2026-09-30",
  "summary": "Corrected Section 849 scope, cohort-conditional funding interpretation, disclosure caveats and the revision comparison.",
  "changes": [
    "Body and methodology now use the enacted equipment-procurement scope, covered-supplier criteria and purpose exceptions.",
    "Removed unsupported conclusions linking the clause alone to private-supplier operation or displaced demand and financing outcomes.",
    "Similar US/CN disclosed primary totals are restricted to Tier B; Tier A/C change the comparison.",
    "Public markets are the largest identified dollar source in both countries; the US Other / Undisclosed bucket is the largest overall.",
    "Restored visible DataLimitations content and corrected the assertion that disclosed-round statistics are unaffected by missing amounts.",
    "Removed the claim that $42.5B of wider-census ownership transfers explains the May-to-September Tier B headline change."
  ],
  "source_url": "https://www.govinfo.gov/content/pkg/PLAW-119publ60/pdf/PLAW-119publ60.pdf#page=263",
  "data_snapshot_changed": false,
  "revision_bridge": {
    "before_commit": "669a8570",
    "before": {
      "snapshot_date": "2026-05-19",
      "window_start": "2023-01-01",
      "window_end": "2026-05-19",
      "tier": "B",
      "cohort": {
        "US": 168,
        "CN": 136
      },
      "disclosed_capital_usd": {
        "US": 13036281197,
        "CN": 3245706182.2222223
      },
      "median_round_usd": {
        "US": 4950000,
        "CN": 9027778
      },
      "p75_round_usd": {
        "US": 25600000,
        "CN": 15000000
      },
      "rounds_with_dollar": {
        "US": 166,
        "CN": 105
      },
      "rounds_total": {
        "US": 241,
        "CN": 209
      },
      "disclosure_rate": {
        "US": 68.9,
        "CN": 50.2
      }
    },
    "after": {
      "snapshot_date": "2026-09-08",
      "window_start": "2023-01-01",
      "window_end": "2026-09-08",
      "tier": "B",
      "cohort": {
        "US": 165,
        "CN": 146
      },
      "disclosed_capital_usd": {
        "US": 3863623910.98,
        "CN": 3899408923.1144447
      },
      "median_round_usd": {
        "US": 3720000,
        "CN": 10250000
      },
      "p75_round_usd": {
        "US": 12125000,
        "CN": 28000000
      },
      "rounds_with_dollar": {
        "US": 172,
        "CN": 85
      },
      "rounds_total": {
        "US": 238,
        "CN": 244
      },
      "disclosure_rate": {
        "US": 72.3,
        "CN": 34.8
      },
      "median_round_usd_ex_grant": {
        "US": 6500000,
        "CN": 11000000
      },
      "rounds_with_dollar_ex_grant": {
        "US": 114,
        "CN": 83
      },
      "top3_share_pct": {
        "US": 26.8,
        "CN": 32.8
      }
    },
    "net_headline_change_usd": {
      "US": -9172657286.02,
      "CN": 653702740.8922224
    },
    "attribution": "Net change only. Cohort rules and windows differ; retained May artifacts do not contain a reproducible per-round membership ledger."
  }
}