October Upside Ranks
Qualitative relative target-touch selections · Not calibrated probabilities
Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.
Grade legend, dates & research limits
Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.
A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.
Exact grading benchmarks & evidence dates
Business
How far the business inflection is demonstrated today, not source completeness.
- A — Broad, realized commercial growth or earnings; not just a plan.
- B — Real but early, concentrated or mixed operating traction.
- C — Primarily clinical/development or capacity optionality; limited realized economics.
- D — Retained facts undermine the proposed business inflection.
Catalyst
Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.
- A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
- B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
- C — A real milestone with important acceptance/economics/timing gaps.
- D — No supported material in-window test.
Target path
Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.
- A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
- B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
- C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
- D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.
No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.
Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.
Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.
Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.
Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.
NBIS · Nebius Group N.V.
5x Moonshots · #7Oct1 baseline: USD 232.28. Original frozen quote retained.
The investment story
Thesis
Delivered cloud capacity and signed customer deals could lift revenue as Nebius brings more AI computing sites online.
What could move the stock
Delivered cloud capacity and signed customer deals could lift revenue as Nebius brings more AI computing sites online.
Next catalyst
Delivery of customer capacity through late 2026 and 2027.
Major risk
Contracted power is not operating capacity; heavy construction costs and dilution remain risks.
Editorial grades · October 6 assessment
Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.
5x Moonshots
Business · B
Actual customer deals and delivered cloud tranches support scaling, but much contracted power is not earning capacity.
Catalyst · B
Late-2026 and 2027 capacity deliveries offer tests; the full contracted-power headline cannot be counted as delivered.
Target path · D
Already-large equity value and construction needs make fivefold dependent on earning capacity and monetization far beyond the retained case.
Strongest countercase
Construction, prepayments, depreciation and dilution can absorb commercial growth.
Confidence & coverage
Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.
Grade evidence & preserved research grades
Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.
5x Moonshots original research grades
Evidence: B; operating pathway: C; feasibility: heroic.
- identity.primaryOrdinaryListing
Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00 - measured.commonCash
Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00 - components.NBIS-AugustIssuerEstimatedNetProceeds
Published: 2026-08-19 · Retrieved: 2026-10-02T06:01:04.910068+00:00 - knownChanges.august-notes-principal.completedAt
Published: 2026-08-24 · Retrieved: 2026-10-02T04:57:10.391289+00:00
Detailed research, valuation assumptions & sources
Thesis
Actual Reflection/Cohere deals, Microsoft delivered tranches and retained official revenue-ACV letter support commercial conversion. Most new capacity belongs late 2026/primarily 2027; 5GW contracted is not energized earning capacity.
Independent economic outcome
Conditional watch hypothesis; original bull retained, joint public-stock bounds do not robustly retain35%; not an economic or missing-field funding rejection.
Expectations gap
No independently matched current consensus-baseline mispricing is asserted. Faster small-base recognized cloud scaling and an 8x premium can create a double tail, but not the obsolete diagnostic $2,138 price. The operative capital/recognition route and owner waterfall are demanding, so below closer arithmetic/order-led doubles.
Confidence and limitations
Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Qualified/limited forward evidence; low comparative confidence, especially pricing, recognition or common-owner funding. Retained actual facts remain distinct from hypotheses. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.
- Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
- No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
- Ramp realization, pricing/acceptance or common-owner funding has material unquantified elements; management targets/analyst hypotheses are not delivered revenue.
- Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
- Base capex $22B, depreciation and refresh, prepayment obligations and dilution matter. $9B expected prepayments are not profit/free cash; five-year server life is an accounting estimate. Do not claim contracted GW fully funded or energized.
Catalysts & disconfirmation
Actual Reflection/Cohere deals, Microsoft delivered tranches and retained official revenue-ACV letter support commercial conversion. Most new capacity belongs late 2026/primarily 2027; 5GW contracted is not energized earning capacity.
2026-12-01 to 2026-12-31; editorial-monitoring-checkpoint; exact future announcement dates unverified · Retainedprimaryreportedcommercialfacts supportmechanism; forwardpaidrecognition/funding notguaranteed. BnotA; no automaticnative-score conversion. · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. Requires the additional recognition, recurring-profit/multiple retention and funded common-claim outcomes stated in targetPath. Existing near-double or alternative cases are identified, never silently merged into original bull. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Base capex $22B, depreciation and refresh, prepayment obligations and dilution matter. $9B expected prepayments are not profit/free cash; five-year server life is an accounting estimate. Do not claim contracted GW fully funded or energized.
Bear case
Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Base capex $22B, depreciation and refresh, prepayment obligations and dilution matter. $9B expected prepayments are not profit/free cash; five-year server life is an accounting estimate. Do not claim contracted GW fully funded or energized.
Retained financial routes — not target odds
Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.
NBIS · Native blocked / Independent GENUINE_HOLD_ACCEPTED_WITH_NARROW_RATIONALE_AND_SOURCE_COVERAGE_QUALIFICATIONS
Economic outcome
Conditional watch hypothesis; original bull retained, joint public-stock bounds do not robustly retain35%; not an economic or missing-field funding rejection.
Accounting and period
GAAP; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · native/formula retained monetary units, no rescaling; per-field exact receipt unit used where provided
retainedEconomicModel.currentFacts.annualOrTTMRevenue
FY2025/TTM quarters not fully assembled; H1 andlatestquarter supported
retainedEconomicModel.monitorWindow.officialEvent
Not provided/true unknown in exact original input; no zero or issuer certification substituted
native.scenarios.downside.assumptionAssessment.publishedAt
Not provided/true unknown in exact original input; no zero or issuer certification substituted
native.scenarios.base.assumptionAssessment.publishedAt
Not provided/true unknown in exact original input; no zero or issuer certification substituted
native.scenarios.bull.assumptionAssessment.publishedAt
Not provided/true unknown in exact original input; no zero or issuer certification substituted
Core measured historical financials — dates and attribution retained
Dated reported cash / marketable liquidity (scope below)
8042100000 USD (original native monetary scale) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt
8545700000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · actual current + noncurrent debt carrying, excludes separate operating/financelease obligations
Dated measured ordinary shares — NOT current fully diluted
271855218 ordinary shares (explicit dated/weighted/analyst basis) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
shares At
2026-06-30 text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
1355100000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior
shares
247679946 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal original FY2025 contextual adoption; no EPS aggregation
operating Margin
-0.5048335916168548 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · matched additiveTTM EBIT/revenue
current Ordinary Shares
271855218 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
current Valuation Shares
271855218 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
options Incremental Shares
0 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
convertible Incremental Shares
0 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
post Balance Cash Change
5750000000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
post Balance Debt Change
5750000000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
convertible Debt Removed
0 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
ownership Liability
1000000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
convertible Cash Settlement
0 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
post Balance Other Cash Change
5750000000 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
cash Ownership Fraction
1 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
cash Nci Deduction
0 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
cash Jv Contribution
0 USD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
cash Ownership Reconciliation
NBIS genuine gross offering closure included; exchange agreement NOT entered as completed current captable. Nominal known-only stocks differ from original assumed settled/opening8500cash15000debt. Use explicit conditional settlement branch and fees/burn/accretion separately, not demand issuer October guarantees. Conditionalfullconsolidatedcashattribution, separateoutsideclaim andcashtrappingstress. No incrementalJVcashassumed, not issuerpromise. text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · measured + actually admitted knownChanges; no inferred settlement
eps
0.04 USD/ordinary-share · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal original FY2025 contextual adoption; no EPS aggregation
Material Provided valuation
metric
EV/revenue text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Original retained EVSales
multiple Low
5 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal retained independently labeled analyst multiple premise
multiple High
8 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal retained independently labeled analyst multiple premise
reference Multiple
6 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal retained independently labeled analyst multiple premise
justification
DatedpeerreferencesretainedDELLprice541.74/FY27GAAPguide24.37=22.23x;DLR176.49/8.175ex-promoteFFO=21.59x; CRWVnewguideforwardEVsales~6.14xwithJuneEV78599.6/12800. NBIS8xstretchpremiumneedsmargindelivery,notpeerproven. Sectorcomparisondoesnotestablishexactfairmultiple. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · literal retained independently labeled analyst multiple premise
sector
AI-cloud-infrastructure text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · issuer-specific retained operating business classification
model Fit
unsupported text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Actual independently challenged unsupported native representation, not underwriting backlog
Material Provided publicStocks
current Valuation Shares
271855218 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Cash
8042100000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt
8545700000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Liability
1000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
shares At
2026-06-30 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
271855218 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
340000000 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:bound-currentValuationShares text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573299+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS conditional lower no unobserved net buyback and no extra conversion; upper340M accommodates agreed15.8M settlement, remainingATM12.3M, awardproxy8M, legacy3.88726M and2025notes22.793M plus5.3645M other2026/award buffer. August18.09065M becomes relevant only above313/324 strikes; challenge adds all August18.09065M beyond340M, not concealed. Hypotheses not observed cap table. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
271855218 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
340000000 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
4500000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
13792100000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:bound-commonCash text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573357+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS June8042.1M + closedgross5750M=13792.1M nominal known gross funding, not net observed cash. Netestimate5680M implies70Mfees and13722.1M before deployment. Conditional burn/applications5222.1M reconciles model8500M; lower4500M requires9222.1M net deployments after estimatedfees. Supported as stress envelope by H1capex8130.3M/CFO4504.1M, not guaranteed limit; separately challenge lower cash and no new capital. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
4500000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
13792100000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
13495700000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
16000000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:bound-debt text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573415+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS June8545.7M+closed5750M=14295.7M nominal debt carrying/principal mixed proforma. Assumed agreed exchange settlement removes800M=>13495.7M; originalopening15000M therefore requires1504.3M otherdebt/accretion/fees, explicitly not measured. Upper16000M challenges additional2504.3M residual. Noncash maturity accretion is not a cash financing receipt. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
13495700000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
16000000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
1000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
300000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:bound-ownershipLiability text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573472+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS June1M NCI disclosed book proxy, not proved economic fairvalue. Conditional upper300M is explicit 300x book stress for small outside subsidiary claim; does not include prepayments as NCI and does not pretend book value equals terminal marketclaim. Retained equity investments are assets not newcash; change claimant scope if subsidiary financing expands. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
1000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
300000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
6682000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:liquidity-downside text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573504+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS genuine gross offering closure included; exchange agreement NOT entered as completed current captable. Nominal known-only stocks differ from original assumed settled/opening8500cash15000debt. Use explicit conditional settlement branch and fees/burn/accretion separately, not demand issuer October guarantees. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
6682000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
5915000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:liquidity-base text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573534+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS genuine gross offering closure included; exchange agreement NOT entered as completed current captable. Nominal known-only stocks differ from original assumed settled/opening8500cash15000debt. Use explicit conditional settlement branch and fees/burn/accretion separately, not demand issuer October guarantees. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
5915000000 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
5522962962.962963 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
NBIS:resolution1951:proof:liquidity-bull text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T00:02:51.573564+00:00 text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
NBIS genuine gross offering closure included; exchange agreement NOT entered as completed current captable. Nominal known-only stocks differ from original assumed settled/opening8500cash15000debt. Use explicit conditional settlement branch and fees/burn/accretion separately, not demand issuer October guarantees. text · not-applicable · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
5522962962.962963 USD (original native monetary scale) · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Owner-profit / cash / claims / valuation — compact original cases and measured history
annual Or TTMRevenue
Unknown (null) retained explanatory text · unknown · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
H1 Revenue
981.3 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quarter Revenue
582.3 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quarter Operating Income
-175.9 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quarter Operating Margin
-30.207796668383995 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quarter Diluted EPS
-0.68 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quarter Diluted Weighted Shares
280.381615 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
shares Outstanding
271.855218 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dated reported cash / marketable liquidity (scope below)
8042.1 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Book Excluding Operating Leases
8545.7 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Lease Liabilities
1510.4 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
H1capex
8130.3 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue
5975.2 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
share Based Financing
12.7 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
529.8 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Income
-611.7 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
diluted EPSContinuing
0.04 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
diluted EPSTotal
0.33 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
EPSweighted Shares
247.679946 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Margin
-1.1545866364665913 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
TTMRevenue
1355.1 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
dated Common
271.855218 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
dated At
2026-06-30 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
known Issued After
15.8 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reconciled Dated Lower Base
287.655218 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — currentEconomicRange
295 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — currentEconomicRange
340 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — sourceIds
NBIS-Q2 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — sourceIds
NBIS-CONVERT text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — sourceIds
NBIS-AUG20-EXHIBIT text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — sourceIds
NBIS-20F text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
4 — sourceIds
NBIS-LETTER-CURRENT text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convertible Debt
$800m legacy exchanged for15.8mcommon: addshares/remove800debt, not freshcash. August3450*3.1902/1000+2300*3.0802/1000=18.09065m futurecommon at313.46/324.65; maturity110%/125%principal increases debtaccretion, not conversion count. LegacyJune$200m remains~3.88726mshares51.45; September2025$3162.5m*7.2072/1000=22.793m shares138.75; other2026converts not fullybridged, stress +10%shares. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
potential SBC
12.7mATM issuedH1 already inJune count;12.3mremainingATM potential notissued. Treasury50.185726m excluded fromoutstanding, not free zero-cost capital. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
balance At
2026-06-30 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dated reported cash / marketable liquidity (scope below)
8042.1 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Carrying
8545.7 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Lease Liability
1510.4 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue
5975.2 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Post Financing Bridge
8042.1+estimatednetAugust5680=13722.1 BEFOREcapex/otherfunding; debt8545.7+5750-800=13495.7beforeaccretion/newdebt. Modelopen8500/15000 estimates5222.1netcashdeployment+1504.3otherdebt/accretion, notreportedOctbalance; cashstress[4500,13722.1]. Prepayments financefuture service obligations. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Timing
Newdebt/equity amountsareanalystcapacity-fundingrequirementsnotissuercommitments/provenclosedfunding. Openingcashestimates+stressrangesnotstrictactualupper/lowerbounds becauseothercashflowsunpublished; disclosedpostbalanceproformaas-before-deploymentonly. Restrictedcashexcludedfromfreeliquidity. Allfinanceissuepricesassumepre-terminalclosing,stress10%dilutionnotproofcapitalavailable. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Uncertainty
OnlySMCIDEllPE andCRWV/NBISforwardcloudcross-check/DLRownerFFOcontextdated. MatchedAAOIfutureGAAPmargin/SEIrentalpeer/stabilizedAPLDNOIcomparables notindependentlyestablished; theirvaluationrangesassumptions. Noeligible tier reliesonunprovedpremium. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
target Price
313.5779983520508 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
8 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Shares
343.11066876923076 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Valuation Metric
15246.182090736113 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Revenue
15246.182090736113 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Cash Assumption
5710.000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
post Conversion Net Debt
14377.499999999998 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
outside And Senior Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Revenue To Bull Modeled
0.941122351280007 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
target Price
464.55999755859375 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
8 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Shares
350.1951287692308 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Valuation Metric
21845.51852075816 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Revenue
21845.51852075816 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Cash Assumption
5710.000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
post Conversion Net Debt
12077.499999999998 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
outside And Senior Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Revenue To Bull Modeled
1.3484887975776643 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
target Price
1161.3999938964844 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
8 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Shares
350.1951287692308 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Valuation Metric
52349.2650518954 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Annual Revenue
52349.2650518954 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Cash Assumption
5710.000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
post Conversion Net Debt
12077.499999999998 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
outside And Senior Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
required Revenue To Bull Modeled
3.231436114314531 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
127.65925649584892 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.45040788200991155 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
6008.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
6008.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
298.36065981818183 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
167.84500800915404 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.27740223484057436 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5821.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5821.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
147.47935286512254 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.3650794143267949 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5701 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5701 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
148.81204920357456 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.35934195804362046 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
6129 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
6129 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
95.06950419430417 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.5907116209147418 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5915 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
298.36065981818183 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
178.1313686495191 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.23311791981378316 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5915 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
135.49089719316848 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.41669150204402017 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5915 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
327.80799980000006 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
136.79752560164022 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.4110662720830315 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
115.00000000000364 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
115.00000000000364 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
23700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
298.36065981818183 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
normalizedanalyststressnotforecast text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
15.900000000003274 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
15.900000000003274 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
23700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
327.80799980000006 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5915 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
4915 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
4915 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt
25900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
321.1534298181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
130.61097615996363 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.43770028910640335 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
364.2687728 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Cash
0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
note
Exact10%totaldilutionallsecurities;noassumedfinancingcash; separatecommon+10%instrumentstate stressabove. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
sector Metric
EVSales text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
current Implied Multiple Context
46.970798985451616 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
context Denominator
1355.1 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
context Limitations
LatestdatedcapitalnotliveOctEV; TTMhistoricalforlossmakersNEITHERfairmultiple norcomparableforward. APLDhistoricalNOIstub90.388nonstabilized;SEI880quarterguideannualizedcontextNOTannualactual. Cannotcallallimpliedmultiplesnormalizedfairvalue. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
base Price
1467.4921211329415 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
bull Price
2138.3776701753836 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
nonqualifying If Loss PEOr Stub Multiple
AAOInone;APLDTTMstubmultipleintentionallynoteligible text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
downside Price
934.312767890482 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Evidence
DatedpeerreferencesretainedDELLprice541.74/FY27GAAPguide24.37=22.23x;DLR176.49/8.175ex-promoteFFO=21.59x; CRWVnewguideforwardEVsales~6.14xwithJuneEV78599.6/12800. NBIS8xstretchpremiumneedsmargindelivery,notpeerproven. Sectorcomparisondoesnotestablishexactfairmultiple. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — normalizedMultipleRange
5 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — normalizedMultipleRange
6 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — normalizedMultipleRange
8 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
fixed Current Metric Multiple Operating Price Before Capital Update
1103.931407735166 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
financing Ownership Dilution Contribution Price Points
-169.61863984468403 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Contribution Price Points
-877.221069930153 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
fixed Current Metric Multiple Operating Price Before Capital Update
1846.8799416030793 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
financing Ownership Dilution Contribution Price Points
-379.38782047013774 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Contribution Price Points
-1323.8200473569816 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
fixed Current Metric Multiple Operating Price Before Capital Update
2797.162950038782 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
financing Ownership Dilution Contribution Price Points
-658.7852798633985 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Contribution Price Points
-1802.7861946085027 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
6400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
-0.12 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
-768 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-1568 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
450 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
800 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
3500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
14000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-9218 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
6500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
150 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.666666666666667 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
8 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
6682 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
21400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
21200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
3.88726 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
302.3218846666667 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
306.2091446666667 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
5 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
1282 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
downside — Signed financial cash/revenue path
[{"field":"quarterlyRecognizedRevenue.0","value":1300,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":1500,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":1700,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":1900,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":8181.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":7414.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":6897.5,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":6682.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":6682.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
10700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
-0.08738317757009346 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
-935.0000000000001 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-2035 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
650 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
1100 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
1200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
4500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
22000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-14985 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
11000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
220 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.818181818181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
10 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
25900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
22537.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
26.680030000000002 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
304.4733998181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
331.1534298181818 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
6 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
3515 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
modeled Adjusted EBITDAMargin
0.45 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
base — Signed financial cash/revenue path
[{"field":"quarterlyRecognizedRevenue.0","value":1800,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":2300,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":2900,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":3700,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":8230.210280373833,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":7141.728971962618,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":6325.817757009347,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":5915.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":5915.0,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
16200 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
0.05617283950617284 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
910 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-490 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
800 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
1400 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
1700 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
6000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
28000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-16190 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
12000 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
260 USD/share · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
5.769230769230769 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
12 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5710.000000000002 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
26900 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
17787.5 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
44.77068 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
305.42444876923076 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
350.1951287692308 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
8 valuation multiple x · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
8310 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 USD (original native monetary scale) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
modeled Adjusted EBITDAMargin
0.55 fraction · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
bull — Signed financial cash/revenue path
[{"field":"quarterlyRecognizedRevenue.0","value":2400,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.1","value":3300,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.2","value":4500,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterlyRecognizedRevenue.3","value":6000,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.0","value":7609.814814814815,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.1","value":6145.185185185185,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.2","value":5522.9629629629635,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"quarterEndCashAssumption.3","value":5710.000000000002,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"},{"field":"minimumQuarterEndCash","value":5522.9629629629635,"unit":"USD (original native monetary scale)","scopeNoteId":"Q4"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Bounded source/proof detail — exact archive, NOT financial assumptions
full Archive
[internal evidence reference] artifact path · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
full Archive SHA
1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Shared financial qualifications — exact scopes/formulas, not numeric assumptions
Qualification Q1 — exact field scope
Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-07-01', 'end': '2026-06-30', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q2 — exact field scope
Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q3 — exact field scope
Exact retained native publicStocks inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q4 — exact field scope
Exact retained retainedEconomicModel; pro-forma/conditional sensitivities are not forward consensus or issuer-certified dates/stocks/funding scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q5 — exact field scope
Bounded material financial case values only, escaped read-only text; original archive/proof object not in runtime; original recognized revenue/cash/claim sensitivity values unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q6 — exact field scope
Exact original route pointer /modelViews/35 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q7 — exact field scope
Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q8 — exact field scope
Exact provided downside12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q9 — exact field scope
Exact provided base12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q10 — exact field scope
Exact provided bull12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Dated source/proof detail — actual citation sets, not source certainty
Historical/source evidence set E1 — shared actual citations
Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·
Historical/source evidence set E2 — shared actual citations
Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·
Historical/source evidence set E3 — shared actual citations
Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·
Exact immutable source/model proofs — shared references, not source certainty
Exact value/origin proof P8447
Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·
Exact value/origin proof P8506
Full immutable financial/source/derivation context for rows marked P8506. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·
downside · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-02 → 2027-10-01 · cumulative-12mo
annual Recognized Revenue
6400000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual CFO
4782000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Capex
14000000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual FCF
-9218000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ending Economic Shares
306209144.6666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
6500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
150 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.666666666666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
8 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
3.88726 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
6682 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
21400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
21200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
306.2091446666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
8181.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
7414 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
6897.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
6682 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Share Formula
newEquityCash/equityIssuePrice (million USD / USD -> million shares) text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
not Issuer Future Facts
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
6400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterlyRecognizedRevenue
1300 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterlyRecognizedRevenue
1500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterlyRecognizedRevenue
1700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterlyRecognizedRevenue
1900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
-0.12 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
-768 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-1568 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dand A
3100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
450 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
800 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
3500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
OCF
4782 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
14000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-9218 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
6500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
150 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.666666666666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
8 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
6682 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
21400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
21200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
3.88726 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
302.3218846666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
306.2091446666667 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric
6400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric Kind
EVSales text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
57.09169796032892 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.7542117347151566 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
8181.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
7414 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
6897.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
6682 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
6682 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
1282 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — conversionStates
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — conversionStates
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — conversionStates
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Annual Coupon
5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
conversion State Verified
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
pre Correction All Convert Price
76.04431289434503 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
pre Correction All Convert Price Not Used
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
origin
analyst-assumption text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
hypothetical
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
published At
Unknown (null) native/model retained units; not rescaled; exact source artifact defines scale · unknown · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewer
R2 parent compiler / openai/gpt-6.1-sol / bounded independent economics pass text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewed At
2026-10-02T08:50:49.201895+00:00 text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
adopted For Conditional Calculation Only
true boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
issuer Forecast Claim
false boolean · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quality
Coherent annual component definitions retained; feasibility/funding/ownership not certified. Zero values retained only where explicitly in original analyst case, never inserted as missing-leaf defaults. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
horizon Months
12 months · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
operating Margin
-0.12 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingMargin; USDmillion x1e6 where monetary
cash Taxes
0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashTaxes; USDmillion x1e6 where monetary
noncash Adjustments
3550000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · DandA+SBCexpenseAndCashAddback; USDmillion x1e6 where monetary
working Capital Change
-700000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · -workingCapitalCashAbsorption; USDmillion x1e6 where monetary
cash Interest
800000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netCashInterest; USDmillion x1e6 where monetary
other Operating Cash
3500000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · deferredRevenueNetCashChange; USDmillion x1e6 where monetary
capex
14000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashCapexIncludingRefresh; USDmillion x1e6 where monetary
financing
1000000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newEquityCash; USDmillion x1e6 where monetary
financing Price
150 USD/ordinary-share · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · equityIssuePrice; USDmillion x1e6 where monetary
debt Raised
6500000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newDebtAssumption; USDmillion x1e6 where monetary
debt Repaid
100000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · principalRepayment; USDmillion x1e6 where monetary
shareholder Distributions
0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · preferredOrCommonDividendCash; USDmillion x1e6 where monetary
terminal Multiple
5 x · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · multiple; USDmillion x1e6 where monetary
minimum Cash
6682000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · minimumQuarterEndCash * 1000000.0
revenue Growth
3.7228986790642757 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue/currentmatchedTTM-1; USDmillion x1e6 where monetary
cash Period Start
2026-10-02 text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit start; USDmillion x1e6 where monetary
cash Period End
2027-10-01 text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit end; USDmillion x1e6 where monetary
cash Period Basis
cumulative-12mo text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
Recognized revenue — original measurement period
6400000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue * 1000000.0
ebit
-768000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingIncome * 1000000.0
operating Cash Flow
4782000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · OCF * 1000000.0
terminal Cash
6682000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endCash * 1000000.0
terminal Debt Before Conversion
21400000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtBeforeHypotheticalConversion * 1000000.0
terminal Debt
21200000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtAfterHypotheticalConversion * 1000000.0
ending Valuation Shares
306209144.6666667 ordinary-shares · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endEconomicShares * 1000000.0
listed Price
57.09169796032892 USD/share · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · price * 1
owner Metric
6400000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · metric * 1000000.0
cash Bridge Rationale
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashBridgeFormula * 1
dilution
0.02942742853661172 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
runway Months
12 months · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
capacity Revenue Ceiling
6400000000 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
max Operating Margin
0 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
execution
supported text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
drivers
NBIS Base10.7b=sum1.8/2.3/2.9/3.7quarterly,average535MW*20m/MW;bull16.2baverage810MW*20m/MW. MostQ2dealscapacitylate26andprimarily2027;deploy>1GWperyearfrom2027 not5GWenergizednow. Contracted5GWneitherutilizationnorfullyearningcapacity. 5yearserverlifechangedfrom4;modelDA5100base+refresh3500incapex22000,stress4yearlifeDA+1275m noncashBUTsamecashrefreshunlessactualacceleratedpurchases. NORMALIZED basegroupadjustedEBITDA45%,bull55%,not60%/65%;GAAPopmargin=(adjustedEBITDA-DA-SBC)/sales. CurrentAIcloud49.7%versusgroup41%keptdistinct. Capacityceiling is reviewedconditionalcasebound, not energizedphysicalcapacity or policycap presentedasfact. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
funding Execution
supported text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
ownership Liability
0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Ownership Fraction
1 fraction · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Nci Deduction
0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Jv Contribution
0 USD · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Attribution Rationale
NBIS consolidatedcashforecast used with separateownerclaim; conditionalcashdistributionaccess, not proofJVrestrictedfundsarepubliccash. Stress10%unavailablecash separately. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Distribution Rationale
NBIS retained dividends0.0; future funding amounts are individually reviewedconditionalhypotheses, not closedreceipts or revolvercash. text · forecast · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
base · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-02 → 2027-10-01 · cumulative-12mo
annual Recognized Revenue
10700000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual CFO
7015000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Capex
22000000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual FCF
-14985000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ending Economic Shares
331153429.8181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
11000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
220 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.818181818181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
10 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
3362.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
26.680030000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
25900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
22537.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
331.1534298181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
8230.210280373833 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
7141.728971962618 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
6325.817757009347 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
5915 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Share Formula
newEquityCash/equityIssuePrice (million USD / USD -> million shares) text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
not Issuer Future Facts
true boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
10700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterlyRecognizedRevenue
1800 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterlyRecognizedRevenue
2300 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterlyRecognizedRevenue
2900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterlyRecognizedRevenue
3700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
-0.08738317757009346 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
-935.0000000000001 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-2035 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dand A
5100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
650 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
1100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
1200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
4500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
OCF
7015 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
22000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-14985 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
11000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
220 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
6.818181818181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
10 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5915 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
25900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
22537.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
3362.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
26.680030000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
304.4733998181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
331.1534298181818 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric
10700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
6 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric Kind
EVSales text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
143.67207377596 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
-0.38147031801704356 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
8230.210280373833 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
7141.728971962618 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
6325.817757009347 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
5915 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5915 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
3515 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — conversionStates
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — conversionStates
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Annual Coupon
64.296875 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
conversion State Verified
true boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
modeled Adjusted EBITDAMargin
0.45 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
origin
analyst-assumption text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
hypothetical
true boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
published At
Unknown (null) native/model retained units; not rescaled; exact source artifact defines scale · unknown · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewer
R2 parent compiler / openai/gpt-6.1-sol / bounded independent economics pass text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewed At
2026-10-02T08:50:49.201895+00:00 text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
adopted For Conditional Calculation Only
true boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
issuer Forecast Claim
false boolean · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quality
Coherent annual component definitions retained; feasibility/funding/ownership not certified. Zero values retained only where explicitly in original analyst case, never inserted as missing-leaf defaults. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
horizon Months
12 months · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
operating Margin
-0.08738317757009346 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingMargin; USDmillion x1e6 where monetary
cash Taxes
0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashTaxes; USDmillion x1e6 where monetary
noncash Adjustments
5750000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · DandA+SBCexpenseAndCashAddback; USDmillion x1e6 where monetary
working Capital Change
-1200000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · -workingCapitalCashAbsorption; USDmillion x1e6 where monetary
cash Interest
1100000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netCashInterest; USDmillion x1e6 where monetary
other Operating Cash
4500000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · deferredRevenueNetCashChange; USDmillion x1e6 where monetary
capex
22000000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashCapexIncludingRefresh; USDmillion x1e6 where monetary
financing
1500000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newEquityCash; USDmillion x1e6 where monetary
financing Price
220 USD/ordinary-share · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · equityIssuePrice; USDmillion x1e6 where monetary
debt Raised
11000000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newDebtAssumption; USDmillion x1e6 where monetary
debt Repaid
100000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · principalRepayment; USDmillion x1e6 where monetary
shareholder Distributions
0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · preferredOrCommonDividendCash; USDmillion x1e6 where monetary
terminal Multiple
6 x · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · multiple; USDmillion x1e6 where monetary
minimum Cash
5915000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · minimumQuarterEndCash * 1000000.0
revenue Growth
6.896096229060586 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue/currentmatchedTTM-1; USDmillion x1e6 where monetary
cash Period Start
2026-10-02 text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit start; USDmillion x1e6 where monetary
cash Period End
2027-10-01 text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit end; USDmillion x1e6 where monetary
cash Period Basis
cumulative-12mo text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
Recognized revenue — original measurement period
10700000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue * 1000000.0
ebit
-935000000.0000001 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingIncome * 1000000.0
operating Cash Flow
7015000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · OCF * 1000000.0
terminal Cash
5915000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endCash * 1000000.0
terminal Debt Before Conversion
25900000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtBeforeHypotheticalConversion * 1000000.0
terminal Debt
22537500000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtAfterHypotheticalConversion * 1000000.0
ending Valuation Shares
331153429.8181818 ordinary-shares · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endEconomicShares * 1000000.0
listed Price
143.67207377596 USD/share · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · price * 1
owner Metric
10700000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · metric * 1000000.0
cash Bridge Rationale
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashBridgeFormula * 1
dilution
0.03678428567076465 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
runway Months
12 months · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
capacity Revenue Ceiling
10700000000 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
max Operating Margin
0 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
execution
supported text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
drivers
NBIS Base10.7b=sum1.8/2.3/2.9/3.7quarterly,average535MW*20m/MW;bull16.2baverage810MW*20m/MW. MostQ2dealscapacitylate26andprimarily2027;deploy>1GWperyearfrom2027 not5GWenergizednow. Contracted5GWneitherutilizationnorfullyearningcapacity. 5yearserverlifechangedfrom4;modelDA5100base+refresh3500incapex22000,stress4yearlifeDA+1275m noncashBUTsamecashrefreshunlessactualacceleratedpurchases. NORMALIZED basegroupadjustedEBITDA45%,bull55%,not60%/65%;GAAPopmargin=(adjustedEBITDA-DA-SBC)/sales. CurrentAIcloud49.7%versusgroup41%keptdistinct. Capacityceiling is reviewedconditionalcasebound, not energizedphysicalcapacity or policycap presentedasfact. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
funding Execution
supported text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
ownership Liability
0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Ownership Fraction
1 fraction · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Nci Deduction
0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Jv Contribution
0 USD · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Attribution Rationale
NBIS consolidatedcashforecast used with separateownerclaim; conditionalcashdistributionaccess, not proofJVrestrictedfundsarepubliccash. Stress10%unavailablecash separately. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Distribution Rationale
NBIS retained dividends0.0; future funding amounts are individually reviewedconditionalhypotheses, not closedreceipts or revolvercash. text · forecast · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
bull · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-02 → 2027-10-01 · cumulative-12mo
annual Recognized Revenue
16200000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual CFO
11810000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Capex
28000000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual FCF
-16190000000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ending Economic Shares
350195128.7692308 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
12000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
260 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
5.769230769230769 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
12 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
9112.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
44.77068 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5710.000000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
26900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
17787.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
350.1951287692308 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
7609.814814814815 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
6145.185185185185 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
5522.9629629629635 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
5710.000000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Share Formula
newEquityCash/equityIssuePrice (million USD / USD -> million shares) text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
not Issuer Future Facts
true boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
16200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterlyRecognizedRevenue
2400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterlyRecognizedRevenue
3300 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterlyRecognizedRevenue
4500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterlyRecognizedRevenue
6000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Margin
0.05617283950617284 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
GAAPOperating Income
910 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Taxes
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Recurring
-490 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dand A
7200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCexpense And Cash Addback
800 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Cash Interest
1400 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital Cash Absorption
1700 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Revenue Net Cash Change
6000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
OCF
11810 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex Including Refresh
28000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FCFAfter Total Capex
-16190 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Cash Assumption
8500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
opening Debt Assumption
15000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt Assumption
12000 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
principal Repayment
100 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Equity Cash
1500 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
equity Issue Price
260 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
incremental Financing Shares
5.769230769230769 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBCand Warrant Share Allowance
12 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
preferred Or Common Dividend Cash
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Cash
5710.000000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt Before Hypothetical Conversion
26900 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Debt After Hypothetical Conversion
17787.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Principal Removed Once
9112.5 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
convert Shares
44.77068 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Shares Before Convert
305.42444876923076 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
end Economic Shares
350.1951287692308 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
terminal Senior Or Outside Claim
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric
16200 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
8 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
metric Kind
EVSales text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price
335.59147556688083 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
price Return
0.4447712989948238 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — quarterEndCashAssumption
7609.814814814815 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — quarterEndCashAssumption
6145.185185185185 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — quarterEndCashAssumption
5522.9629629629635 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — quarterEndCashAssumption
5710.000000000002 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Quarter End Cash
5522.9629629629635 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
funding Status
requires incremental financing not yetclosed text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
liquidity Survival
conditional funded only if modeled capital closes text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash After Maintenance Refresh Estimate
8310 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
refresh Maintenance Included In Total Capex
true boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — conversionStates
1 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
converted Annual Coupon
185.046875 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
conversion State Verified
true boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
additional Funding To Minimum200m Buffer
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rescue Equity Shares At Assumed Issue Price
0 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
modeled Adjusted EBITDAMargin
0.55 native/model retained units; not rescaled; exact source artifact defines scale · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
origin
analyst-assumption text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
hypothetical
true boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
published At
Unknown (null) native/model retained units; not rescaled; exact source artifact defines scale · unknown · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewer
R2 parent compiler / openai/gpt-6.1-sol / bounded independent economics pass text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reviewed At
2026-10-02T08:50:49.201895+00:00 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
adopted For Conditional Calculation Only
true boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
issuer Forecast Claim
false boolean · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
quality
Coherent annual component definitions retained; feasibility/funding/ownership not certified. Zero values retained only where explicitly in original analyst case, never inserted as missing-leaf defaults. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
horizon Months
12 months · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
operating Margin
0.05617283950617284 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingMargin; USDmillion x1e6 where monetary
cash Taxes
0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashTaxes; USDmillion x1e6 where monetary
noncash Adjustments
8000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · DandA+SBCexpenseAndCashAddback; USDmillion x1e6 where monetary
working Capital Change
-1700000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · -workingCapitalCashAbsorption; USDmillion x1e6 where monetary
cash Interest
1400000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netCashInterest; USDmillion x1e6 where monetary
other Operating Cash
6000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · deferredRevenueNetCashChange; USDmillion x1e6 where monetary
capex
28000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashCapexIncludingRefresh; USDmillion x1e6 where monetary
financing
1500000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newEquityCash; USDmillion x1e6 where monetary
financing Price
260 USD/ordinary-share · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · equityIssuePrice; USDmillion x1e6 where monetary
debt Raised
12000000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newDebtAssumption; USDmillion x1e6 where monetary
debt Repaid
100000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · principalRepayment; USDmillion x1e6 where monetary
shareholder Distributions
0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · preferredOrCommonDividendCash; USDmillion x1e6 where monetary
terminal Multiple
8 x · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · multiple; USDmillion x1e6 where monetary
minimum Cash
5522962962.962963 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · minimumQuarterEndCash * 1000000.0
revenue Growth
10.954837281381447 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue/currentmatchedTTM-1; USDmillion x1e6 where monetary
cash Period Start
2026-10-02 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit start; USDmillion x1e6 where monetary
cash Period End
2027-10-01 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon explicit end; USDmillion x1e6 where monetary
cash Period Basis
cumulative-12mo text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · horizon; USDmillion x1e6 where monetary
Recognized revenue — original measurement period
16200000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · revenue * 1000000.0
ebit
910000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingIncome * 1000000.0
operating Cash Flow
11810000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · OCF * 1000000.0
terminal Cash
5710000000.000002 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endCash * 1000000.0
terminal Debt Before Conversion
26900000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtBeforeHypotheticalConversion * 1000000.0
terminal Debt
17787500000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endDebtAfterHypotheticalConversion * 1000000.0
ending Valuation Shares
350195128.7692308 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · endEconomicShares * 1000000.0
listed Price
335.59147556688083 USD/share · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · price * 1
owner Metric
16200000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · metric * 1000000.0
cash Bridge Rationale
NI + D&A + SBC - WCabsorption + deferredRevenueDelta = OCF; cashEnd = cashStart+OCF-capex+newDebt-debtRepay+newEquity-dividend; interest/tax alreadyinsideNI; capex deductedonce; restrictedcashneveradded. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · cashBridgeFormula * 1
dilution
0.04414114280491758 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
runway Months
12 months · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
capacity Revenue Ceiling
16200000000 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
max Operating Margin
0.05617283950617284 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
execution
supported text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
drivers
NBIS Base10.7b=sum1.8/2.3/2.9/3.7quarterly,average535MW*20m/MW;bull16.2baverage810MW*20m/MW. MostQ2dealscapacitylate26andprimarily2027;deploy>1GWperyearfrom2027 not5GWenergizednow. Contracted5GWneitherutilizationnorfullyearningcapacity. 5yearserverlifechangedfrom4;modelDA5100base+refresh3500incapex22000,stress4yearlifeDA+1275m noncashBUTsamecashrefreshunlessactualacceleratedpurchases. NORMALIZED basegroupadjustedEBITDA45%,bull55%,not60%/65%;GAAPopmargin=(adjustedEBITDA-DA-SBC)/sales. CurrentAIcloud49.7%versusgroup41%keptdistinct. Capacityceiling is reviewedconditionalcasebound, not energizedphysicalcapacity or policycap presentedasfact. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
funding Execution
supported text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
ownership Liability
0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Ownership Fraction
1 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Nci Deduction
0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Jv Contribution
0 USD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Attribution Rationale
NBIS consolidatedcashforecast used with separateownerclaim; conditionalcashdistributionaccess, not proofJVrestrictedfundsarepubliccash. Stress10%unavailablecash separately. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
cash Distribution Rationale
NBIS retained dividends0.0; future funding amounts are individually reviewedconditionalhypotheses, not closedreceipts or revolvercash. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit individually reviewed retained-case hypothesis / companion identity
- components.NBIS-FYRevenue
Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00 - components.NBIS-currentH1Revenue
Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00 - financials.cash
Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00 - financials.measuredOrdinaryShares
Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00 - financials.sharesAt
Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00 - historicalFYContext.reportedEPS
Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00