Loading research website
Each model starts with the question it answers, explains how the estimate is calculated, and shows what must happen for the bear, base, or bull case to be reasonable. The detailed spreadsheet, sources, and formulas remain available for deeper review.
A discounted cash flow model, or DCF, estimates what a business or project may be worth today by forecasting the cash it could generate in the future. Those future dollars are reduced to reflect time and risk: money expected years from now is worth less than money already in hand.
Custom means the model is built around how the specific company or asset creates value. A data-center company, a development-stage power campus, and a helium project should not be forced into the same spreadsheet structure.
Estimate the cash the business or project may produce each year.
Include operating costs, construction spending, equipment replacement, taxes, and financing costs where relevant.
Reduce cash expected years from now because it arrives later and may never arrive. A higher discount rate produces a lower value today.
Add or subtract cash, debt, and other claims, then divide by the expected diluted share count when the output is a per-share estimate.
Not every model in the library is a conventional DCF. The method changes when the economics, evidence, and main risks change.
Forecasts cash flow from an operating company while modeling major projects separately by timing, cost, and risk.
Values individual project phases and gives less credit to capacity that is not yet leased, financed, or built.
Forecasts the production, prices, costs, taxes, funding, and dilution of one development project.
Explains one valuation relationship, such as how cap rates and interest rates affect asset values. It is not a stock valuation.
These terms appear throughout the model pages and spreadsheets.
Choose a model
The cards below explain the practical purpose of each model before showing the technical valuation approach.
IREN · AI infrastructure and digital assets
This model estimates the cash IREN could generate from operating and planned sites, subtracts construction and hardware-replacement costs, reduces the value of uncertain projects, subtracts net debt, and divides what remains among diluted shares.
Question this model answers
What could one IREN share be worth at different stages of its AI and Bitcoin-mining buildout?
Base estimate per share
US$38.96
Outcomes shown
3
NUAI · Data centers and behind-the-meter power
This model estimates the income each TCDC phase could produce, converts stabilized income into a project value, adjusts for NUAI's ownership and the chance that each phase is completed, subtracts net debt, and divides the result among diluted shares.
Question this model answers
What could NUAI's ownership in TCDC be worth if one or more phases are financed, built, and leased?
Base estimate per share
US$5.62
Outcomes shown
3
Cross-sector · AI infrastructure
This educational model starts with an example asset's annual net operating income and applies different cap rates and growth assumptions to show how the estimated asset value changes.
Question this model answers
How do interest rates, income growth, and cap rates change the value of a stabilized infrastructure asset?
Base example asset value
US$1,333m
Outcomes shown
3
SPCX · Aerospace, satellite connectivity, and artificial intelligence
This model values SpaceX's major businesses separately, subtracts the capital and hardware replacement needed to build them, and then combines Bear, Base, Bull and Elon outcomes using explicit probability weights. Negative raw equity values remain visible as funding warnings, but common equity is floored at zero when the probability-weighted per-share result is calculated.
Question this model answers
What could SpaceX's common equity be worth when Connectivity, Space, AI Infrastructure, AI Applications and orbital optionality are valued according to their own economics?
Base estimate per share
US$0.00
Outcomes shown
4
Pulsar Helium · Primary helium and industrial gases
This model forecasts helium and CO2 production, selling prices, operating costs, royalties, taxes, plant spending, and financing. It limits production using the available resource and well evidence, then accounts for the remaining funding gap and the new shares that may be issued.
Question this model answers
What could Pulsar's Topaz project and related optional assets be worth after development costs, financing, and dilution?
Base estimate per share
$0.19
Outcomes shown
3
Ucore Rare Metals Inc. · Critical materials
A comprehensive 2026-stub and 2027-2031 valuation of Louisiana, a risked Canadian Sm/Gd SMC, Bokan-Dotson Ridge, external RapidSX optionality, corporate cash, overhead, financing need and dilution.
Question this model answers
Estimate Ucore common-equity value without treating Louisiana as the entire portfolio or assigning unsupported value to uncontracted optionality.
Base estimate per share
$2.05
Outcomes shown
3