AI Cloud IPO Unit Economics & GPU Capacity Modeler

Cluster Infrastructure & Hardware

H200 SXM

Silicon Architecture

Total Active Fleet Size (GPUs) 16,384

1,024 (Tier-1) 16,384 (Nscale Anchor) 65,536 (Hyperscale)

All-In Capex per GPU (Server, Fabric, DC) $32,000

$20,000 (Bare) $32,000 (Full Rack Build) $55,000 (Turnkey NVL72)

Blended Rental Rate ($/GPU/hour) $2.45

$1.20 (Spot) $2.45 (3-Yr Reserved) $4.50 (On-Demand)

Fleet Utilization Rate 85.0%

50% (Ramp-up) 85% (Optimal Contracted) 98% (Max Offtake)

Power Capacity, PPA & Financing

24.5 MW

Facility IT & Cooling Power Load (MW) 24.5 MW

2.0 MW (Edge) 24.5 MW (16k Pod @ PUE 1.25) 150.0 MW (Gigawatt campus)

Industrial Power PPA ($/kWh) $0.065 / kWh

$0.03 (Hydro Nordic) $0.065 (US Hydro/Gas) $0.16 (High Euro Grid)

GPU-Collateralized Debt Leverage 40.0% Capex

0% (All-Equity) 40% (Nscale/CoreWeave Layer) 75% (Aggressive Syndication)

Debt Cost of Capital (Interest Rate) 8.5% p.a.

4.0% (Investment Grade) 8.5% (Equipment Debt) 14.0% (Mezzanine)

Public IPO Revenue Multiple:

          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.