Portfolio capital visits: it holds a position and can exit through a stock exchange. Co-domestic capital moves in: it owns gigawatts, land, cooling systems and joint faculty, and it cannot exit without dismantling physical infrastructure in the host country. Once capital takes this form it behaves less like investment and more like policy. The test: could this position be unwound in a quarter?

Borrowed Sovereignty describes a strategic-autonomy program whose capital structure depends on external sovereign investors. The state achieves sovereignty over location and rules — the asset sits on its territory, under its law, subject to its security conditions — while ceding a substantial share of ownership and returns to foreign state-linked capital. The test: divide the public commitment by the total headline figure; below roughly one-third, the sovereignty is borrowed, and the real negotiation is about the terms on which someone else’s sovereign wealth is allowed in.