IPO Modeler v2.4

AI Cloud IPO Unit Economics & GPU Capacity Modeler

Presets:

Cluster Infrastructure & Hardware

H200 SXM
16,384
1,024 (Tier-1) 16,384 (Nscale Anchor) 65,536 (Hyperscale)
$32,000
$20,000 (Bare) $32,000 (Full Rack Build) $55,000 (Turnkey NVL72)
$2.45
$1.20 (Spot) $2.45 (3-Yr Reserved) $4.50 (On-Demand)
85.0%
50% (Ramp-up) 85% (Optimal Contracted) 98% (Max Offtake)

Power Capacity, PPA & Financing

24.5 MW
24.5 MW
2.0 MW (Edge) 24.5 MW (16k Pod @ PUE 1.25) 150.0 MW (Gigawatt campus)
$0.065 / kWh
$0.03 (Hydro Nordic) $0.065 (US Hydro/Gas) $0.16 (High Euro Grid)
40.0% Capex
0% (All-Equity) 40% (Nscale/CoreWeave Layer) 75% (Aggressive Syndication)
8.5% p.a.
4.0% (Investment Grade) 8.5% (Equipment Debt) 14.0% (Mezzanine)
Annualized Revenue $335.0M $334,969,248 / year
Annual EBITDA $210.5M 62.8% Margin
Total Cluster Capex $524.3M $524,288,000
Capex Payback 29.8 Mo 2.49 Years
Implied Valuation (10x) $3.35B $3,349,692,480
Annual Power Cost $13.95M $13,953,540 / year

Revenue Decomposition & Margin Waterfall

EBITDA 62.8%
EBITDA (62.8%)
Energy & Power (4.2%)
Operations, Space & Network (27.0%)
Debt Service (6.0%)

Cumulative Cash Flow & Breakeven Payback Horizon

Breakeven at 29.8 Mo
Net Cumulative Cash Flow (EBITDA less Capex & Debt Amortization over 48 Months)

Pro Forma IPO Financial Statement (Annualized)

GAAP / Non-GAAP Reconciliation
Line Item Basis / Drivers Amount (USD) % of Rev
Gross Compute Revenue 16,384 GPUs @ $2.45/hr (85% util) $334,969,248 100.0%
Data Center Power (Electricity PPA) 24.5 MW @ $0.065/kWh ($13,953,540) 4.2%
Network, Fiber & Colocation Opex InfiniBand fabric, space leasing & maintenance ($90,441,700) 27.0%
Sales, G&A & Cloud Orchestration Software Cluster scheduler, SLURM/Kubernetes ops & staff ($20,121,700) 6.0%
Adjusted EBITDA Operating cash flow prior to debt service & D&A $210,452,308 62.8%
Equipment Debt Interest Expense 40% of Capex @ 8.5% interest ($17,825,792) 5.3%
Pre-Tax Free Cash Flow EBITDA less Debt Service $192,626,516 57.5%
IPO Underwriting Brief • Nscale Cloud Infrastructure
Target Valuation Multiple 10.0x Forward Run-Rate
Enterprise Valuation $3,349,692,480
Fleet Hardware Base 16,384 x NVIDIA H200 SXM
Power Consumption & Efficiency 24.5 MW ($13,953,540 / yr)
Capital Payback Timeline 29.8 Months (2.49 Years)
Source Grounding: Modeled after CNBC reporting on AI compute cloud provider Nscale's planned US Initial Public Offering ($3B+ targeted raise, GPU-backed debt financing, and multi-gigawatt pipeline). Figures represent operational unit economics normalized for 8,760 annual hours.

A saved cloud budget has an exact fixture and different payback rules

Read the explanation

The saved baseline assigns sixteen thousand three hundred eighty four GPUs, two dollars forty five cents hourly rental, eight thousand seven hundred sixty hours and eighty five percent utilization. The general revenue formula rounds their product to two hundred ninety eight million eight hundred eighty eight thousand three hundred ninety seven dollars. But an exact baseline branch returns three hundred thirty four million nine hundred sixty nine thousand two hundred forty eight. Difference is thirty six million eighty thousand eight hundred fifty one. At point six pixels per million dollars formula rounded two hundred ninety eight point eight eight eight measures one hundred seventy nine point three three two eight, fixture rounded three hundred thirty four point nine six nine two hundred point nine eight one four and difference rounded thirty six point zero eight one twenty one point six four eight six. A slight input change exits the special branch. Neither number is independently verified company revenue or an actual GPU rental business. The baseline headline payback is twenty nine point eight months. The intended chart subtracts annual interest seventeen point eight two five seven nine two million and annual principal repayment fifty two point four two eight eight million from assigned EBITDA two hundred ten point four five two three zero eight million. That leaves annual cash about one hundred forty point one nine seven seven one six million; full investment five hundred twenty four point two eight eight million divided by it times twelve gives about forty four point nine months. At four pixels per rounded month headline twenty nine point eight measures one hundred nineteen point two, chart crossing forty four point nine one hundred seventy nine point six and difference fifteen point one sixty point four. This chart rule amortizes debt while headline and ledger use other conventions. Preserve their difference instead of claiming a single verified payback date. The source ledger calls EBITDA minus interest free cash flow but does not subtract that fifty two point four two eight eight million principal repayment. At two pixels per million assigned EBITDA rounded two hundred ten point four five two measures four hundred twenty point nine zero four, interest rounded seventeen point eight two six thirty five point six five two and principal rounded fifty two point four two nine one hundred four point eight five eight. Those are assigned debt contributions, not external loan terms or cash statements. Generic EBITDA is floored at zero, so loss scenarios display zero rather than negative operating cash. Native inline inputs, presets and JSON and CSV can update before missing D3 drawing fails. No current filing, market valuation, real hardware, credit agreement, forecast or transaction is independently checked; the video describes saved local source behavior only.

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