General assumptions
Shared by every business in the chain.
GPU capacity per MW
Sources as of October 2026 and subject to change.
Capacity per megawatt
How many servers and GPUs one MW of power supports, and what they cost. Throughout, “$mn/MW” means $ millions per megawatt per year and “$/GPU-hr” spreads the same figure over 8,760 hours and the GPUs per MW here.
Assumptions
Buy land, build and power the shell, sell capacity on a triple-net lease.
Sources as of October 2026 and subject to change.
Unit economics
Sells capacity to the compute owner. Per MW per year, and per GPU hour using the GPUs per MW from General Assumptions.
- 1Unlevered payback: CapEx ÷ after-tax EBITDA.
- 2Levered payback: equity share of CapEx ÷ (EBITDA − interest − taxes).
Assumptions
Rent land and power from the datacenter, buy GPUs, sell GPU hours. The neocloud.
Sources as of October 2026 and subject to change.
Unit economics
Buys capacity from the datacenter, sells GPU hours to the token factory.
- 1Unlevered payback: revenue ÷ after-tax EBIT.
- 2Levered payback: equity share of CapEx ÷ (EBITDA − interest − taxes − loan amortization).
Assumptions
Rent GPUs from the compute owner, serve a model, sell tokens. Kimi K3 on B200 as the example.
Sources as of October 2026 and subject to change.
Unit economics
Rents GPUs from the compute owner, sells tokens.
Assumptions
The hyperscaler owns all three businesses, so every assumption feeds it. Change any of them here or on its own tab.
Datacenter
Compute Owner
Token Factory
Sources as of October 2026 and subject to change.
Unit economics
Datacenter, compute owner and token factory combined on one megawatt.
- 1Unlevered payback: CapEx ÷ after-tax EBIT.
- 2Levered payback: equity share of CapEx, at the compute owner’s debt share, ÷ (EBITDA − interest − taxes).
Combined adds the three businesses as separate companies, so its revenue counts the datacenter lease and the GPU rental that the hyperscaler internalizes. Its levered payback divides the debt raised by after-tax EBITDA; the other payback definitions are footnoted on each business’s tab.
Sensitivity: token prices against GPU rental
Rows scale both token prices from the current inputs; columns set the compute owner’s revenue per MW, which is the token factory’s rental cost. Everything else stays as set. The outlined cell is the current scenario.