The common shorthand that Graf Zeppelin was never built is misleading. The hull existed and its engines were installed, so the project had advanced far beyond a paper design. Fitting out, arming, and completion as an operational aircraft carrier never happened. Even an unfinished but credible German carrier program could affect British planning because opponents had to account for the possibility of completion.
Notable Point · 46:22-46:59
Graf Zeppelin was built but never completed
The German carrier existed as a substantial powered hull even though fitting out and operational completion never followed.