Systems and methods for staging an investment in hydrocarbon processing are provided. In a first stage, a hydrocarbon feed can be apportioned equally or unequally into first and second portions. The first portion can be mixed with one or more oxidants and gasified to provide a first effluent, at least a portion of which can be combusted to provide steam. The second portion can be mixed with one or more solvents to provide one or more fungible hydrocarbon products, at least a portion of which can be sold to generate capital. In a second stage, the hydrocarbon feed can be mixed with one or more solvents and one or more non-catalytic solids and the resultant mixture thermally cracked to provide one or more hydrocarbon products and coked non-catalytic solids. The coked, non-catalytic solids can be regenerated and recycled.