Published October 4, 2026

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 · #7

Oct1 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

BusinessBCatalystBTarget pathD

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.

  1. identity.primaryOrdinaryListing
    Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00
  2. measured.commonCash
    Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00
  3. components.NBIS-AugustIssuerEstimatedNetProceeds
    Published: 2026-08-19 · Retrieved: 2026-10-02T06:01:04.910068+00:00
  4. 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

  1. components.NBIS-FYRevenue
    Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00
  2. components.NBIS-currentH1Revenue
    Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00
  3. financials.cash
    Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00
  4. financials.measuredOrdinaryShares
    Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00
  5. financials.sharesAt
    Published: 2026-08-12 · Retrieved: 2026-10-02T04:55:21.165602+00:00
  6. historicalFYContext.reportedEPS
    Published: 2026-04-30 · Retrieved: 2026-10-02T06:01:03.726349+00:00
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