The Evidence Room

Investigations

Forensic analyses of billion-dollar project failures. Every investigation ends with the same question: what should executives have known?

All investigations

Fukushima Daiichi investigation — the damaged reactor buildings behind the seawall
¥21.5tn (US$187–190bn) official 2016 estimate; JCER private estimate ¥35–81tn; ¥12.1tn spent by FY2021 (Board of Audit)Billion Dollar Failures

Fukushima Daiichi

The National Diet of Japan's independent investigation called Fukushima…

2026-08-178 min readPIA-INV-017
The Foxconn site in Mount Pleasant, Wisconsin — sparse industrial buildings on cleared farmland originally destined for a $10 billion LCD factory
>$4B pledged taxpayer support; $62.9M credits actually earned by end-2024Billion Dollar Failures

Foxconn in Wisconsin: The $10 Billion Factory That Never Was

In July 2017, Foxconn stood beside President Trump at the White House…

2026-08-178 min readPIA-INV-020
Aerial view of Palm Jumeirah in Dubai, the palm-shaped artificial island built by Nakheel with GPS-guided dredging between 2001 and 2006
Success Investigation
Commonly reported at approx. US$12 billion (whole development; press estimate, never officially audited)Land Reclamation

Palm Jumeirah: The Island That Engineering Built and the Crash Nearly Sank

Palm Jumeirah turned five kilometres of open Gulf water into a…

2026-08-178 min readPIA-INV-023
Construction site of Changi Airport Terminal 5 in Singapore's Changi East development at dawn, cranes over early works — a mega-terminal in delivery, projected to open in the mid-2030s.
In Delivery
Confirmed awarded contracts approx. S$5.75 billion (2025); full terminal estimated towards S$12.5 billion by analysts (projected, unconfirmed); Changi East development substantially largerGovernance

Changi Airport Terminal 5: The Most Disciplined Mega-Airport Programme Still in Delivery

A note of honesty first: Changi Airport Terminal 5 has not been…

2026-08-179 min readPIA-INV-027
California High-Speed Rail investigation — unfinished concrete viaduct in the Central Valley
$33bn (2008 promise) → $88.5–127.9bn range (2024 Business Plan); ~$13bn spent, no serviceBillion Dollar Failures

California High-Speed Rail

In November 2008, California voters approved Proposition 1A: $9.95…

2026-08-128 min readPIA-INV-016
HS2 high-speed rail construction works in the English Midlands, with tunnelling and viaduct structures under an overcast sky
£87.7-102.7B (2026 estimate, London-Birmingham only)Megaprojects

HS2: How Cost, Scope and Schedule Changed Britain's High-Speed Rail Programme

High Speed 2 was sold to Parliament in 2011 as a £33 billion railway…

2026-08-109 min readPIA-INV-019
Burj Khalifa rising 828 metres above Downtown Dubai at dusk, the world's tallest building, delivered by Emaar, SOM and Samsung C&T between 2004 and 2010
Success Investigation
Widely reported at approx. US$1.5 billion (tower only); never officially disclosedBuildings

Burj Khalifa: The Supertall Megaproject That Finished on Time in a Financial Storm

The Burj Khalifa — 828 metres, 163 floors — was designed, engineered…

2026-08-109 min readPIA-INV-022
Aerial view of Apple Park in Cupertino: the vast circular glass ring designed by Foster + Partners set in landscaped parkland of drought-resistant trees.
Success Investigation
Reported around US$5 billion final (unconfirmed by Apple); early estimates under US$3 billionDesign & Delivery

Apple Park: How Design Ambition Shaped a Multi-Billion-Dollar Headquarters

Apple Park is the rare mega-building where the client was the design…

2026-08-109 min readPIA-INV-026
Kansai airport sinking investigation — aerial view of the artificial island airport in Osaka Bay
¥1.45tn Phase 1 (commonly cited); ~US$20bn cumulative by 2008 incl. Island II and remediationBillion Dollar Failures

Kansai International Airport

Kansai International Airport opened on schedule in 1994 as a triumph of…

2026-08-077 min readPIA-INV-015
China's ghost cities investigation — empty apartment towers in Ordos Kangbashi at dusk
Programme cost unquantified; Ordos city debt alone reported at ~RMB 300bn (~US$47bn) by 2012Billion Dollar Failures

China's Ghost Cities

Over two decades, Chinese local governments built hundreds of new towns…

2026-08-037 min readPIA-INV-014
The container ship Ever Given wedged diagonally across the Suez Canal, surrounded by tugboats and dredgers during the March 2021 salvage operation
Settlement reported ~$540M (unconfirmed); trade delay estimated up to $9.6B/dayBillion Dollar Failures

Ever Given: Six Days That Stopped World Trade

On 23 March 2021 the 20,000-TEU container ship Ever Given ran aground…

2026-08-039 min readPIA-INV-018
Aerial view of a vast TSMC GIGAFAB semiconductor plant in a Taiwan science park, showing the phased cleanroom complex that anchors the company's repeatable fab-delivery programme.
Success Investigation
Fab 18: more than NT$500 billion (approx. US$17 billion, 2018 announcement); leading-edge fabs now estimated at US$17-20 billion+ eachGovernance

TSMC's GigaFab Programme: The Megaproject Machine That Never Stops

TSMC has industrialised the world's hardest construction problem. While…

2026-08-039 min readPIA-INV-025
JPMorgan CIO Trading Loss — investigative documentary thumbnail
$6.2BCorporate Disasters

JPMorgan CIO Trading Loss

JPMorgan recorded approximately $6.2 billion in losses from the CIO…

2026-07-204 min readPIA-INV-008
Hong Kong International Airport — investigative documentary thumbnail
Success Investigation
Approx. US$20 billion (airport core programme, widely reported estimate)Megaprojects

Hong Kong International Airport: From Chaotic Opening to World Benchmark

Hong Kong International Airport's 6 July 1998 opening was a documented…

2026-07-209 min readPIA-INV-013
Denver Airport Baggage System — investigative documentary thumbnail
$560M delay costs (system ~$200M)Billion Dollar Failures

Denver Airport Baggage System

Denver International Airport promised the world's most advanced baggage…

2026-07-134 min readPIA-INV-007
Heathrow Terminal 5 — investigative documentary thumbnail
Success Investigation
Approx. £4.3 billionMegaprojects

Heathrow Terminal 5: Managing Severe Engineering Risk

Heathrow Terminal 5 was delivered on schedule and broadly on budget…

2026-07-139 min readPIA-INV-012
Theranos Fraud — investigative documentary thumbnail
$700MCorporate Disasters

Theranos Fraud

Theranos raised hundreds of millions of dollars while its blood-testing…

2026-07-064 min readPIA-INV-006
Queensland Health payroll disaster — investigative documentary thumbnail
A$1.25 billion (estimated total cost of ownership, attributed to Queensland Government/KPMG estimates)Governance

Queensland Health Payroll

In December 2007 the State of Queensland signed a fixed-price contract…

2026-07-0618 min readPIA-INV-009
Mars Climate Orbiter — investigative documentary thumbnail
US$327.6 million (total mission cost, per NASA)Governance

Mars Climate Orbiter

On 23 September 1999, NASA's Mars Climate Orbiter fired its main engine…

2026-07-0617 min readPIA-INV-010
Delhi Metro — investigative documentary thumbnail
Success Investigation
Approx. INR 105 billion (Phase I, sanctioned; delivered broadly on budget)Governance

Delhi Metro: The Megaproject That Delivered

Delhi Metro's Phase I was substantially completed around 2005, roughly…

2026-07-069 min readPIA-INV-011
Sydney Opera House — investigative documentary thumbnail
A$102MMegaprojects

Sydney Opera House

The Sydney Opera House opened 10 years late, and its final cost of…

2026-06-294 min readPIA-INV-005
Crossrail Delay — investigative documentary thumbnail
£19BMegaprojects

Crossrail Delay

Crossrail's tunnels were built on time. Systems integration, testing…

2026-06-224 min readPIA-INV-004
NHS National Programme for IT — investigative documentary thumbnail
£12.7BCorporate Disasters

NHS National Programme for IT

The NHS National Programme for IT was meant to revolutionise healthcare…

2026-06-154 min readPIA-INV-003
Berlin Brandenburg Airport — investigative documentary thumbnail
€7BMegaprojects

Berlin Brandenburg Airport

Berlin Brandenburg Airport was meant to open in 2011. It finally opened…

2026-06-084 min readPIA-INV-002
Boeing 737 MAX — investigative documentary thumbnail
$20B+Billion Dollar Failures

Boeing 737 MAX

In October 2018 and March 2019, two Boeing 737 MAX aircraft crashed…

2026-06-016 min readPIA-INV-001
The Weekly Brief

Get the Next Investigation First

Receive forensic analyses of billion-dollar failures every Monday. No fluff. Just lessons.

Subscribe to The Weekly Brief