# NUAI TCDC v2.6 - Source, Change and QA Register

As of 8 October 2026. Private research draft. No publication or production changes were made.

This companion distinguishes executed disclosures, company guidance, independently recalculated model outputs and conditional assumptions. A mathematically funded case is not a capital commitment. The active `26` tabs are authoritative for v2.6. The retained earlier tabs are labeled as the Frozen v2.5 archive.

## Source preservation and exact starting point

Original file: `NUAI-TCDC-v2.5-2026-09-28.xlsx`. SHA-256: `a38adbae8375242a10c40bb81ca9eed680717d14bb70969287e98298ead042e9`. The standalone original file remained unchanged. The final workbook retains its 94 archived sheets, formulas, inputs and cached numerical results; an ARCHIVE prefix on one safe title cell per original tab and gray tab colors identify the archive.

Final workbook: `NUAI-TCDC-v2.6-2026-10-08.xlsx`. SHA-256: `579282dd882132ff2ddeca3ec769a63f0de1a876dcfb79213844fc173f6d0758`. It contains 111 sheets: 17 active and 94 archival; 357,399 formulas, including 81,227 active formulas. Existing defined-name local scopes are remapped by semantic sheet name.

The saved Base / Current Verified / Pro-Rata JV figures reproduce: $4,806.605m operating-and-residual PV; $4,987.648m physical development cost PV; -$181.043m unlevered NPV; $5.3734 conditional payout per original share. The $3,310.003m missing cash and default preferred investor failure make that conditional payout an unfunded illustration.

The independent source replay evaluated 276,172 formulas with 0 exceptions and 0 targeted live differences. The 45 non-live numerical differences are legacy Debt and Coverage sentinel branches caused by near-zero normalized debt/payment values; 29 differences concern blank displays. Full native-Excel equivalence is not claimed.

## Applied source-to-cell mapping

The table describes the new active module, not an overwrite of the archived assumptions. Unknown current balances remain unknown; any zero-access or conservative balance guard is explicitly a modeling assumption.

| Source / input | Effective date | Previous input | Revised input | Evidence classification | Active location | Uncertainty / source |
| --- | --- | --- | --- | --- | --- | --- |
| Original v2.5 workbook | 2026-09-28T00:00:00.000Z | Saved 94-tab model | Preserved exact archive | Authenticated source workbook | 26 Data / frozen A / original archive | a38adbae8375242a10c40bb81ca9eed680717d14bb70969287e98298ead042e9 |
| NUAI LC arrangement | 2026-10-07T00:00:00.000Z | 0.25 | 1.02 | Executed summarized terms | 26 Liquidity C9 / 26 Controls restricted opening | 102% cash pledge; full amendment terms unavailable; https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm |
| A2/A3 funded draw | 2026-10-07T00:00:00.000Z | 20 | 80 | Historical principal plus disclosed new funded amount | 26 Liquidity C10 / C15 | $80m arithmetic excludes unknown PIK / repayments / premium, not payoff |
| Current unrestricted cash | 2026-10-08T00:00:00.000Z | 48.82139 | Unknown; conditional scenario zero | Unreconciled actual balance / model assumption | 26 Controls B10 / B34 | Historical June cash is not current drawable liquidity |
| New warrants | 2026-10-07T00:00:00.000Z | 24.914739 | 25.327794 | New disclosed warrants added to economic awards | 26 Controls B13 | Original cohort fixed; current actual ATM shares unresolved |
| Broader eligible uses | 2026-10-08T00:00:00.000Z | Physical denominator only | Independent IDC / fee / reserve eligibility | Conditional underwriting assumption | 26 Controls D27:E29 / 26 Solver | Peer terms do not establish NUAI lending approval |
| Sponsor debt prohibition | 2026-10-08T00:00:00.000Z | 0 | Distribution / value / maturity constrained sizing | Conditional model improvement | 26 Funding C48:C53 / 26 HoldCo N:R | Borrowed equity and collateral consents independently required |
| Cash coupon / PIK memo flag | 2026-09-28T00:00:00.000Z | Memo claims accrued cash coupons | Exact source already separates coupon / PIK | Source reverified; no duplicate repair | 26 Project1 Y:Z / 26 Project2 Y:Z | New formulas fund and pay coupons on dates; capacity / return gates apply |
| Negative cash / unclassified carry | 2026-10-08T00:00:00.000Z | Unpaid legacy contractual uses could become plug source | All mandatory uses retained as dated calls | Formula correction | 26 HoldCo S:AB / 26 Funding C54:C57 | No unpaid claim is treated as free capital |
| Undated issuance value | 2026-10-08T00:00:00.000Z | Residual / public issue-date transfer concerns | Cohort receipts valued from actual issue date | Formula correction | 26 HoldCo AK:AP | Public price / provider hurdle / MOIC separately tested |
| Tail obligations at property exit | 2026-10-08T00:00:00.000Z | Full exit distribution with later mandatory costs | Named future-obligation retention reserve | Required treasury correction | 26 HoldCo T / AN:AO | LC / overhead do not vanish with terminal asset sale |
| Complete all-in construction funding | 2026-10-08T00:00:00.000Z | Senior-facility uses excluded junior construction fees and paid coupons | Add junior preferred origination fees and construction cash coupons | Required denominator presentation correction | 26 Funding C65:D68 / 26 Eligible Costs C26:D29 | Eligible costs remain separately defined; capital provider funding reconciles complete cash uses |
| Secondary project-equity sale | 2026-10-08T00:00:00.000Z | Verified proceeds0; no modeled cash gift | Priced conditional sale of a fraction of NUAI residual stake | Independent modeling assumption | 26 Recycling / 26 Controls D75:E85 / Project BC:BE | Buyer12% return and1.5xMOIC; seller fee/tax; transfer consents and buyer commitment unverified |
| Future net-needs cash retention | 2026-10-08T00:00:00.000Z | Only terminal mandatory cost reserve | Independent alternative retaining all known future net needs | Treasury modeling assumption | 26 HoldCo AV / 26 Controls B73 | Same dated cash economics; independent public provider return gates remain |
| Stale sensitivities | 2026-10-08T00:00:00.000Z | Saved comparisons could survive input changes | Dated captures with live driver-change gate | Formula correction | 26 Cases K:M / 26 Controls B51:E52 | Selected case live; finite search rerun required for new rankings |
| NUAI_LOC_20261008 | 2026-10-07T00:00:00.000Z | Peer / official source | SEC 8-K | executed agreement summarized; full documents deferred to Q3 10-Q | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm |
| NUAI_PPA_20260921 | 2026-09-18T00:00:00.000Z | Peer / official source | SEC 8-K | executed PPA/DFA summary; full documents deferred | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026101642/ea0305716-8k_newera.htm |
| NUAI_ATM_20260924 | Not separately specified | Peer / official source | SEC 8-K | executed sales agreement; sales optional, no actual sale count disclosed | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026102859/ea0306502-8k_newera.htm |
| NUAI_ATM_PROSPECTUS | Not separately specified | Peer / official source | SEC 424B5 | hypothetical offering illustration | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026102865/ea0306416-424b5_newera.htm |
| NUAI_TERM_ORIGINAL | 2026-04-08T00:00:00.000Z | Peer / official source | executed original term loan contract | original terms; later amendment acknowledged, not available in reviewed record | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026041499/ea028535301ex10-1.htm |
| NUAI_Q2 | Not separately specified | Peer / official source | SEC 10-Q | historical actual balances plus July consent | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026090138/ea0301610-10q_newera.htm |
| NUAI_DECK_AUG | Not separately specified | Peer / official source | company investor presentation | financing strategy/guidance | Research sensitivity / source conditions | https://s25.q4cdn.com/652716748/files/doc_financials/2026/q2/NUAI-Q2-FY26-Business-Update-vF.pdf |
| NUAI_NNN_STRATEGY | Not separately specified | Peer / official source | SEC-filed company presentation | NNN/SPV strategy, not executed tenant lease | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/2028336/000121390026029087/ea028197201ex99-1.htm |
| APLD_LEVERAGE_DECK | Not separately specified | Peer / official source | SEC company investor presentation | illustrative capitalization subject to further definitive documentation | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000036/apld_invxinvestorpresent.htm |
| APLD_COMPUTECO3_CLOSE | Not separately specified | Peer / official source | SEC 8-K | executed offering and completion guarantee | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1144879/000149315226028899/form8-k.htm |
| APLD_COMPUTECO2_CLOSE | Not separately specified | Peer / official source | SEC 8-K | executed offering, escrow and completion guarantee | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1144879/000149315226009538/form8-k.htm |
| APLD_Q1_2027 | Not separately specified | Peer / official source | SEC 10-Q | latest actual debt and preferred capital update | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm |
| APLD_Q1_RELEASE | Not separately specified | Peer / official source | company earnings release | current update referencing earlier June financing | Research sensitivity / source conditions | https://ir.applieddigital.com/news-events/press-releases/detail/163/applied-digital-reports-fiscal-first-quarter-2027-results |
| HUT_RIVERBEND_LTC | 2026-04-30T00:00:00.000Z | Peer / official source | SEC-filed company earnings release | closed notes; approximate management LTC | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926055894/hut-20260506xex99d1.htm |
| HUT_RIVERBEND_INDENTURE | 2026-04-30T00:00:00.000Z | Peer / official source | executed indenture | contractual definitions and security | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926053247/tm2613163d1_ex4-1.htm |
| HUT_Q2 | Not separately specified | Peer / official source | SEC 10-Q | actual closed project debt terms | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm |
| HUT_BEACON_CLOSE | 2026-06-09T00:00:00.000Z | Peer / official source | SEC 8-K | closed project notes; no verified LTC | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926071952/tm2617190d1_8k.htm |
| HUT_SEPT_REVOLVER | 2026-09-24T00:00:00.000Z | Peer / official source | SEC 8-K | executed corporate secured revolver | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm |
| HUT_REVOLVER_CONTRACT | 2026-09-24T00:00:00.000Z | Peer / official source | executed credit agreement | collateral and liquidity definitions | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex10-1.htm |
| HUT_REVOLVER_RELEASE | Not separately specified | Peer / official source | SEC-filed company release | intended LOC uses | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex99-1.htm |
| CIFR_LTC_DECK | Not separately specified | Peer / official source | SEC-filed company investor presentation | management-reported LTC; denominator not fully reconciled | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm |
| CIFR_BLACKPEARL_CLOSE | Not separately specified | Peer / official source | SEC 8-K | executed offering and completion guarantee | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000095010326001966/dp241421_8k.htm |
| CIFR_BLACKPEARL_DECK | Not separately specified | Peer / official source | company financing presentation | tenant credit, capex basis and security description | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000095010326001480/dp240991_ex9901.htm |
| CIFR_BARBER_SEPT_AMENDMENT | 2026-09-24T00:00:00.000Z | Peer / official source | SEC 8-K | executed amendment plus binding follow-on lease commitment | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/cifr-20260924.htm |
| CIFR_STINGRAY_DECK | Not separately specified | Peer / official source | company financing presentation | offering and amortization illustration; no verified LTC | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000095010326008635/dp248110_ex9901.htm |
| CIFR_Q2 | Not separately specified | Peer / official source | SEC 10-Q | actual cash restrictions and corporate revolver | Research sensitivity / source conditions | https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm |

## Original saved-cell verification snapshots

Original workbook references and values are retained below as a verification checklist. Their associated changes are applied through the active module and the mapping above. The preceding audit and memo are not authoritative inputs.

### LC_EXECUTED_MARGIN

Classification: FACT. Original references: `22 Controls!B95`, `22 Controls!E95`, `22 Controls!B97`, `22 Controls!E97`, `23 Facilities!G23`.

Previous saved values: `{"face_usd_m": 116, "margin_pct": 25}`.

Evidence or revised values: `{"cash_collateral_usd_m": 118.32, "face_usd_m": 116, "margin_pct": 102}`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm

### LC_EXECUTED_FEES

Classification: FACT. Original references: `22 Controls!B98`, `22 Controls!E98`.

Previous saved values: `{"annual_fee_pct": 2}`.

Evidence or revised values: `{"annual_fee_pct": 2, "annual_fee_usd_m": 2.32, "drawn_reimbursement_interest_pct": 12, "fronting_fee_pct": 1, "fronting_fee_usd_m": 1.16}`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm

### TERM_FUNDED_HISTORY

Classification: FACT with currentbalance unknown. Original references: `22 Controls!B82`, `22 Controls!E82`, `22 Controls!B83`, `22 Controls!E83`, `22 Controls!B85`, `23 Facilities!G17`.

Previous saved values: `{"headline_undrawn_usd_m": 270, "june_principal_usd_m": 20, "pi_proxy_usd_m": 0.6}`.

Evidence or revised values: `{"current_actual_principal_usd_m": null, "known_cumulative_funding_usd_m": 80, "model_discretionary_drawable_default_usd_m": 0, "new_loc_funding_usd_m": 60, "remaining_unconditional_drawable_usd_m": null}`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm

### CURRENT_CASH

Classification: FACT historical; CURRENT UNKNOWN; conservative modelguard. Original references: `22 Controls!B73`, `22 Controls!B74`, `22 Controls!B75`, `22 Controls!B76`, `22 Controls!B77`, `22 Controls!B78`, `22 Controls!B259`, `22 Controls!B260`.

Previous saved values: `{"burn_proxy_usd_m": 6, "cutoff_blocked_proxy_usd_m": 30, "cutoff_cash_proxy_usd_m": 48.82139, "june_blocked_usd_m": 15, "june_unrestricted_usd_m": 69.82139, "transfer_proxy_usd_m": 15}`.

Evidence or revised values: `{"cash_used_for_lc_usd_m_approx": 58.3, "current_lc_restricted_usd_m": 118.32, "current_unrestricted_usd_m": null, "model_free_opening_cash_default_usd_m": 0}`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm

### LC_REPLACEMENT

Classification: INFERENCE / conditional scenario. Original references: `22 Controls!B99`, `22 Controls!B101`, `22 Controls!B146`, `22 Controls!B269`.

Previous saved values: `null`.

Evidence or revised values: `null`.

### MACQ_DATES_AND_REMEDIES

Classification: Original executed terms; later amendment unknown. Original references: `22 Controls!B92`, `22 Controls!E92`, `22 Controls!B146`, `22 Controls!E146`, `22 Controls!B288`, `22 Controls!E288`.

Previous saved values: `{"no_observed_monthly_remedy": 0, "stated_maturity_month": 30}`.

Evidence or revised values: `null`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026041499/ea028535301ex10-1.htm

### ATM_AND_WARRANTS

Classification: FACT authorization/newinstrument; actualsales/shares UNKNOWN. Original references: `22 Controls!B118`, `22 Controls!B143`, `22 Controls!B271`.

Previous saved values: `{"basic_million_asof_aug10": 106.559339, "executed_atm_proceeds_model_usd_m": 0, "warrants_million_baseline": 9.416958}`.

Evidence or revised values: `null`.

### POSTLEASE_LTC_PACKAGE

Classification: scenario calibration; notNUAIcommitment. Original references: `22 Controls!B30`, `22 Controls!B227`, `23 Facilities!B8`, `23 Facilities!D8`, `23 Facilities!B10`, `23 Facilities!D10`, `23 Facilities!B12`, `23 Facilities!D12`, `23 Facilities!B13`, `23 Facilities!D13`, `23 Facilities!B16`, `23 Facilities!D16`, `23 Facilities!B19`, `23 Facilities!D19`.

Previous saved values: `{"amort_years": 20, "dscr": 1.3, "dsra_months": 6, "eligible_ltc_pct": 80, "guarantee_fee_pct": 0, "maturity_years_from_operations": 10}`.

Evidence or revised values: `null`.

### ADDITIONAL_PPA_SECURITY_TIMING

Classification: Executed obligation; form and actual delivery date unresolved. Original references: `22 Controls!B96`, `22 Controls!B97`, `22 Controls!B147`, `22 Funding!B10`.

Previous saved values: `{"additional_security_face_usd_m": 82.8, "cash_margin_assumption_pct": 25, "phase1_cash_rent_month": 19, "security_duration_assumption_months": 240}`.

Evidence or revised values: `null`.

Source: https://www.sec.gov/Archives/edgar/data/2028336/000121390026101642/ea0305716-8k_newera.htm

| Original cell | Saved value | Original formula |
| --- | --- | --- |
| `22 Controls!B147` | 240 | `E147` |
| `22 Funding!B10` | 19 | `'22 Funding'!$B$8+'22 Funding'!$B$9` |
| `23 Facilities!D7` | 0.07 | `'23 Facilities'!$D$5+'23 Facilities'!$D$6` |
| `23 Facilities!D8` | 0.8 | `MIN(0.95,'22 Controls'!$B$227+'22 Controls'!$B$174*'23 Milestones'!$B$18)` |
| `23 Facilities!D9` | 0.2 | `MAX(0,'22 Controls'!$B$228-'22 Controls'!$B$175*'23 Milestones'!$B$18)` |
| `23 Facilities!D10` | 1.3 | `'22 Controls'!$B$229` |
| `23 Facilities!D12` | 20 | `'22 Controls'!$B$231+'22 Controls'!$B$178*'23 Milestones'!$B$18` |
| `23 Facilities!D13` | 10 | `MIN('22 Controls'!$B$10-'22 Controls'!$B$233,'22 Controls'!$B$232+'22 Controls'!$B$177*'23 Milestones'!$B$18,IF('22 Controls'!$B$154=1,MAX('22 Controls'!$B$232,'22 Controls'!$B$170),1000))` |
| `23 Facilities!D15` | 0.02 | `'22 Controls'!$B$234+'22 Controls'!$B$184*'23 Milestones'!$B$18` |
| `23 Facilities!D16` | 6 | `MAX(0,'22 Controls'!$B$235-'22 Controls'!$B$176*'23 Milestones'!$B$18)` |
| `23 Facilities!D17` | 10000 | `'22 Controls'!$B$236` |
| `23 Facilities!G7` | 0.1175 | `'23 Facilities'!$G$5+'23 Facilities'!$G$6` |
| `23 Facilities!G17` | 270 | `'22 Controls'!$B$85` |
| `23 Facilities!G23` | 0.25 | `'22 Controls'!$B$97` |
| `23 Facilities!G24` | 2 | `2` |
| `22 Controls!H3` | 2 | `None` |
| `22 Controls!H4` | 0 | `None` |
| `22 Controls!H5` | 1 | `None` |
| `22 Controls!B30` | 0.8 | `E30` |
| `22 Controls!B73` | 69.82139 | `E73` |
| `22 Controls!B74` | 15 | `E74` |
| `22 Controls!B75` | 6 | `E75` |
| `22 Controls!B76` | 15 | `E76` |
| `22 Controls!B77` | 48.821389999999994 | `MAX(0,'22 Controls'!$B$73-'22 Controls'!$B$75-'22 Controls'!$B$76)` |
| `22 Controls!B78` | 30 | `'22 Controls'!$B$74+'22 Controls'!$B$76` |
| `22 Controls!B82` | 20 | `E82` |
| `22 Controls!B83` | 0.6 | `E83` |
| `22 Controls!B85` | 270 | `E85` |
| `22 Controls!B95` | 116 | `E95` |
| `22 Controls!B96` | 82.8 | `E96` |
| `22 Controls!B97` | 0.25 | `E97` |
| `22 Controls!B98` | 0.02 | `E98` |
| `22 Controls!B99` | 0 | `E99` |
| `22 Controls!B101` | 0 | `E101` |
| `22 Controls!B118` | 106.559339 | `106.559339` |
| `22 Controls!B143` | 9.416958 | `E143` |
| `22 Controls!B144` | 9.649418 | `E144` |
| `22 Controls!B145` | 1 | `E145` |
| `22 Controls!B146` | 1 | `IF('22 Controls'!$H$6=1,E146,IF('22 Controls'!$B$288=1,0,1))` |
| `22 Controls!B269` | 0 | `E269` |
| `22 Controls!B271` | 0 | `E271` |
| `22 Controls!B288` | 0 | `E288` |
| `22 Funding!C12` | 4400 | `MAX(0,'22 Funding'!$C$6*'22 Controls'!$B$244-'22 Funding'!$C$11*'22 Controls'!$B$57)` |
| `22 Funding!C13` | 352 | `'22 Funding'!$C$12*'22 Controls'!$B$23` |
| `22 Funding!C22` | 4752 | `MAX(0,'22 Funding'!$C$12+'22 Funding'!$C$13+'22 Funding'!$C$14-'22 Funding'!$C$15*'22 Controls'!$B$51)` |
| `22 Funding!C23` | 3801.6000000000004 | `'22 Funding'!$C$22*'23 Facilities'!$D$8` |
| `22 Funding!C24` | 4073.058918525335 | `MAX(0,MIN('22 Funding'!$C$21/MAX(0.001,'23 Facilities'!$D$10*(-PMT('23 Facilities'!$D$7/12,'23 Facilities'!$D$12*12,1))*12-'23 Facilities'!$D$7*'22 Controls'!$B$14+'23 Facilities'!$D$19),('22 Funding'!$C$19-'22 Funding'!$C$17-'22 Funding'!$C$12*'22 Controls'!$B$13-'22 Funding'!$C$18*'22 Controls'!$B$136-'22 Funding'!$C$20*(1-'22 Controls'!$B$28))/MAX(0.001,'23 Facilities'!$D$10*(-PMT('23 Facilities'!$D$7/12,'23 Facilities'!$D$12*12,1))*12+'23 Facilities'!$D$19)))` |
| `22 Funding!C25` | 4247.1 | `'22 Funding'!$C$19/'22 Controls'!$B$37*'23 Facilities'!$D$11` |
| `22 Funding!C26` | 3801.6000000000004 | `MAX(0,'22 Funding'!$C$22*(1-'23 Facilities'!$D$9)+'22 Funding'!$C$11*('22 Controls'!$B$39*IF(OR('22 Controls'!$B$151=0,'22 Controls'!$B$87=1),1,0))+'22 Funding'!$C$15*'22 Controls'!$B$52)` |
| `22 Funding!C28` | 0 | `IF(OR('22 Controls'!$H$6=1,'22 Controls'!$H$4>=5),MIN('22 Funding'!$C$23,'22 Funding'!$C$24,'22 Funding'!$C$25,'22 Funding'!$C$26,'22 Funding'!$C$27,'23 Facilities'!$D$17)*IF(AND('22 Controls'!$B$166>='23 Milestones'!$B$16,'22 Controls'!$B$166>='22 Controls'!$B$165,'22 Controls'!$B$29=1,'22 Controls'!$B$166>='22 Controls'!$B$222),1,0),0)` |
| `22 Funding!C30` | 0 | `SUMIFS('22 Project Monthly'!J365:J724,'22 Project Monthly'!B365:B724,"<"&'22 Funding'!$C$10)` |
| `22 Funding!C31` | 0 | `'22 Funding'!$C$28*'23 Facilities'!$D$15+'22 Funding'!$C$29*'23 Facilities'!$D$16/12+'22 Funding'!$C$28*'23 Facilities'!$D$23+SUM('22 Project Monthly'!DF365:DF724)` |
| `22 Funding!C33` | 4752 | `'22 Funding'!$C$12+'22 Funding'!$C$13+'22 Funding'!$C$14+'22 Funding'!$C$16+'22 Funding'!$C$30+'22 Funding'!$C$31+'22 Funding'!$C$32` |
| `22 Funding!C42` | 4752 | `'22 Funding'!$C$33+'22 Funding'!$C$35*'22 Controls'!$B$68` |
| `22 Funding!C46` | 0 | `IF('22 Funding'!$C$42>0,'22 Funding'!$C$28/'22 Funding'!$C$42,0)` |

## Denominator verification

The ~72% claim is confirmed only for the reconstructed conditional Phase 2 debt case. The selected Current Verified cache has zero project debt. The conditional calculation is $4,752m eligible construction x 80% = $3,801.6m debt. Construction interest $277.2m, fee $76.032m and DSRA $176.842586m bring all-in uses to $5,282.074586m, so debt/all-in funding is 71.9717%. The external Power SPV is outside this denominator.

Land estimated value, accepted sponsor contribution credit and lender-recognized value are separate. A contribution supplies no cash. Reimbursement, asset sale or an equity sale contributes only dated net proceeds after liens, reserves, fees and the corresponding loss of ownership or future cash flow. Tenant-owned GPUs are excluded. The PPA is not rental revenue or a tenant lease.

## Changes and financial limits

- The actual source already repaired cash-coupon/PIK separation and independent unclassified-cash verification; these were reverified rather than redundantly rewritten.
- The active module prices every dated base-case capital call and tests provider returns, contractual cash and maturity, collateral restrictions, qualifying equity and independently verified capital.
- Fixed-claim B-E attribution and separately optimized per-layer frontiers are shown separately. B-E freeze the authenticated physical/operating arrays; F shifts construction/rent/independent Power dates as a separate financing-enabled timing sensitivity.
- Current unrestricted cash and loan payoff remain unknown. Zero free cash and an $80.6m loan are explicit modeling guards/proxies, not reported current balances.
- Primary-grid reference package: D-P1+P2-1365-LC_replacement, $2.410522 per original share, preserved in baseline_D_result.json. Combined static records 7,766 / 85 financial passes include 7,644 primary candidates, 120 sale/policy cases and two no-sale controls; no actual execution evidence passes.
- Secondary residual-equity sale/treasury-policy grid: 120 candidates / 35 passes. Best augmented case D-secondary-P1-0.25-delay12-allneeds: $2.414639, selling 3.75% of Phase 1 at month 31, $30.669006m net proceeds and $69.186793m gross parent issuance. The priced buyer passes a 12% return / 1.5x minimum MOIC gate, but transfer consent, basis and commitment remain assumed. This is not a global optimization proof.
- Replacement LC additionally needs acceptable support for $104.4m contingent bank exposure; no validated NUAI unsecured LC credit line or credit-loss underwriting is established.
- Vistra is entitled to 5% non-voting fully diluted equity at the entity holding direct/indirect interests in the PPA-powered project portion after first delivery. Applying the claim only to Phase 1 is a scope-consistent proxy; the actual entity, indirect ownership and waterfall remain unresolved.
- Independent Power capacity/fuel cash streams last 15 operating years. Zero terminal proceeds still pass with 13.35% equity IRR versus 12%, $17.7337m provider NPV and 2.4975x MOIC; debt is repaid. This robustness check does not verify firm offtake, fuel pass-through, commitments or delivery.
- Additional power security form/date, LC replacement and bank/Vistra/lender consents, preferred qualification, private capital calls, public execution and completion obligations remain conditional.
- Complete selected construction funding is $7,375.334997m: senior-facility uses $7,334.896508m plus $7.260727m junior fees and $33.177762m construction cash coupons. Debt/full funding is 75.7823%; debt/lender-eligible uses 76.2001%. Independent Power and parent uses are separate.
- Applicable senior covenant DSCR is 1.30x after an assumed three-month grace; raw minimum ramp coverage is 0.432x. Ramp cash calls, covenant grace and debtlike preferred qualification require actual provider consent.
- Augmented selected nominal cash financing cost is $4,073.834842m, including the $0.792276m seller fee. The $8.152521m gain tax is additional; combined cash financing plus sale tax is $4,081.987363m. Private/public equity profit allocations are separate priced claims. This is not an annual WACC or a negative financing expense.
- Winner-specific LC margin back-solve is 35.633401% of face / $76.985255m gross release / $-24.428912m net after payoff and fees. The negative net event is funded by priced parent capital. Winner-specific F shifts all P2/Power streams and yields $3.069576, without verified physical readiness or executable funding.
- Calculation uses the portable JavaScript finance/source replay engine 2.6.2026-10-08-source-conditional-3 and @oai/artifact-tool 2.8.89 live workbook calculations. The Artifact component is exported/reopened; the final XLSX is reopened through OOXML and independent active-formula replay. Native Excel/LibreOffice is unavailable.
- Final assembled-workbook independent QA passes 81,227 active formulas with zero exceptions/cache differences, 33,932 selected monthly/aggregate/buyer checks, all 11 case selectors and 15 complete PV bridge identities. The final 111-tab file binds SHA-256 579282dd882132ff2ddeca3ec769a63f0de1a876dcfb79213844fc173f6d0758.
- Independent frozen-source/OPC QA passes: all 94 original sheets preserve formulas, cached results and non-title content, with only ARCHIVE literal titles and gray tab colors excepted. Names, styles, shared strings, relationships, package references and sheet order pass. This is semantic preservation, not byte-identical worksheet XML or native calculation equivalence.
- Complete winner PV bridge at the original 11% hurdle: unlevered $-181.613323m + financing after junior fees $891.697455m - outside common/preferred/Vistra net $224.987242m = raw NUAI $485.096891m; subtract buyer net claim $3.248461m and sale charges $6.844551m = effective $475.003879m. HoldCo/public/awards/carried-cash allocation leaves original-holder PV $257.302319m / $2.414638845 per original share.
- Companion PDFs reopened as five review pages and two explanation pages; all seven pages rendered with Poppler at 120 dpi and visually inspected for clipping, overlap, table wrapping and legibility. No unresolved placeholders remain.
- The review-complete package independently matches the preserved earlier package in every formula and numeric value. One Recycling title is shorter; Terms wrapping, percentage/ownership/share-value formats and disabled-MOIC display are corrected. Earlier workbook, PDFs and register remain untouched.
- The review-complete PDFs are byte-identical copies of the two previously reopened and visually inspected reports. Their five-plus-two pages and cryptographic hashes pass fresh copy/reopen checks.
- The .32m minimum LOC cash pledge is specific collateral, not a complete reconciliation of corporate restricted cash. Current unrestricted cash, other restricted balances and the actual amended loan payoff remain unresolved.

## Primary-source register

Transaction dates and later reporting dates are separated where disclosed. Earlier executed precedents are identified as precedents rather than new October financing. A company illustration is not an executed lender advance.

1. **NUAI_LOC_20261008** - SEC 8-K. Published 2026-10-08; effective / transaction 2026-10-07. executed agreement summarized; full documents deferred to Q3 10-Q
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026107704/ea0308042-8k_newera.htm

2. **NUAI_PPA_20260921** - SEC 8-K. Published 2026-09-21; effective / transaction 2026-09-18. executed PPA/DFA summary; full documents deferred
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026101642/ea0305716-8k_newera.htm

3. **NUAI_ATM_20260924** - SEC 8-K. Published 2026-09-24; effective / transaction Not separately specified. executed sales agreement; sales optional, no actual sale count disclosed
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026102859/ea0306502-8k_newera.htm

4. **NUAI_ATM_PROSPECTUS** - SEC 424B5. Published 2026-09-24; effective / transaction Not separately specified. hypothetical offering illustration
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026102865/ea0306416-424b5_newera.htm

5. **NUAI_TERM_ORIGINAL** - executed original term loan contract. Published Not separately specified; effective / transaction 2026-04-08. original terms; later amendment acknowledged, not available in reviewed record
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026041499/ea028535301ex10-1.htm

6. **NUAI_Q2** - SEC 10-Q. Published 2026-08-14; effective / transaction Not separately specified. Period ending 2026-06-30. historical actual balances plus July consent
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026090138/ea0301610-10q_newera.htm

7. **NUAI_DECK_AUG** - company investor presentation. Published 2026-08-17; effective / transaction Not separately specified. financing strategy/guidance
   https://s25.q4cdn.com/652716748/files/doc_financials/2026/q2/NUAI-Q2-FY26-Business-Update-vF.pdf

8. **NUAI_NNN_STRATEGY** - SEC-filed company presentation. Published 2026-03-17; effective / transaction Not separately specified. NNN/SPV strategy, not executed tenant lease
   https://www.sec.gov/Archives/edgar/data/2028336/000121390026029087/ea028197201ex99-1.htm

9. **APLD_LEVERAGE_DECK** - SEC company investor presentation. Published 2026-04-23; effective / transaction Not separately specified. illustrative capitalization subject to further definitive documentation
   https://www.sec.gov/Archives/edgar/data/1144879/000114487926000036/apld_invxinvestorpresent.htm

10. **APLD_COMPUTECO3_CLOSE** - SEC 8-K. Published 2026-06-16; effective / transaction Not separately specified. executed offering and completion guarantee
   https://www.sec.gov/Archives/edgar/data/1144879/000149315226028899/form8-k.htm

11. **APLD_COMPUTECO2_CLOSE** - SEC 8-K. Published 2026-03-10; effective / transaction Not separately specified. executed offering, escrow and completion guarantee
   https://www.sec.gov/Archives/edgar/data/1144879/000149315226009538/form8-k.htm

12. **APLD_Q1_2027** - SEC 10-Q. Published 2026-10-07; effective / transaction Not separately specified. Period ending 2026-08-31. latest actual debt and preferred capital update
   https://www.sec.gov/Archives/edgar/data/1144879/000114487926000059/apld-20260831.htm

13. **APLD_Q1_RELEASE** - company earnings release. Published 2026-10-07; effective / transaction Not separately specified. current update referencing earlier June financing
   https://ir.applieddigital.com/news-events/press-releases/detail/163/applied-digital-reports-fiscal-first-quarter-2027-results

14. **HUT_RIVERBEND_LTC** - SEC-filed company earnings release. Published 2026-05-06; effective / transaction 2026-04-30. closed notes; approximate management LTC
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926055894/hut-20260506xex99d1.htm

15. **HUT_RIVERBEND_INDENTURE** - executed indenture. Published 2026-05-01; effective / transaction 2026-04-30. contractual definitions and security
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926053247/tm2613163d1_ex4-1.htm

16. **HUT_Q2** - SEC 10-Q. Published 2026-08-04; effective / transaction Not separately specified. Period ending 2026-06-30. actual closed project debt terms
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm

17. **HUT_BEACON_CLOSE** - SEC 8-K. Published 2026-06-10; effective / transaction 2026-06-09. closed project notes; no verified LTC
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926071952/tm2617190d1_8k.htm

18. **HUT_SEPT_REVOLVER** - SEC 8-K. Published 2026-09-28; effective / transaction 2026-09-24. executed corporate secured revolver
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm

19. **HUT_REVOLVER_CONTRACT** - executed credit agreement. Published Not separately specified; effective / transaction 2026-09-24. collateral and liquidity definitions
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex10-1.htm

20. **HUT_REVOLVER_RELEASE** - SEC-filed company release. Published 2026-09-28; effective / transaction Not separately specified. intended LOC uses
   https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_ex99-1.htm

21. **CIFR_LTC_DECK** - SEC-filed company investor presentation. Published 2026-02-24; effective / transaction Not separately specified. management-reported LTC; denominator not fully reconciled
   https://www.sec.gov/Archives/edgar/data/1819989/000181998926000007/cipherdigital_businessup.htm

22. **CIFR_BLACKPEARL_CLOSE** - SEC 8-K. Published 2026-02-11; effective / transaction Not separately specified. executed offering and completion guarantee
   https://www.sec.gov/Archives/edgar/data/1819989/000095010326001966/dp241421_8k.htm

23. **CIFR_BLACKPEARL_DECK** - company financing presentation. Published 2026-02-04; effective / transaction Not separately specified. tenant credit, capex basis and security description
   https://www.sec.gov/Archives/edgar/data/1819989/000095010326001480/dp240991_ex9901.htm

24. **CIFR_BARBER_SEPT_AMENDMENT** - SEC 8-K. Published 2026-09-25; effective / transaction 2026-09-24. executed amendment plus binding follow-on lease commitment
   https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/cifr-20260924.htm

25. **CIFR_STINGRAY_DECK** - company financing presentation. Published 2026-06-08; effective / transaction Not separately specified. offering and amortization illustration; no verified LTC
   https://www.sec.gov/Archives/edgar/data/1819989/000095010326008635/dp248110_ex9901.htm

26. **CIFR_Q2** - SEC 10-Q. Published 2026-08-04; effective / transaction Not separately specified. Period ending 2026-06-30. actual cash restrictions and corporate revolver
   https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm

## Calculation and model bindings

Calculation engine: `2.6.2026-10-08-source-conditional-3`. The frozen output selects `D-secondary-P1-0.25-delay12-allneeds` at $2.414638845 per original share, with 7,766 static records and 85 financial passes. Executed-capital gate passes: 0. The reference D case remains separate at $2.410522366.

| Bound source / result | SHA-256 |
| --- | --- |
| finance_engine.mjs | 1585bbd7d50ef4c49f4ae590c5050eeab81d10e9d47cc04403ada4629f723316 |
| financing_inputs.json | 0363c2f7539f9b6e4aed4694c412967f94732c9737e77990d8b42fa0c03ae75a |
| selected_result.json | 93908fec7d7b202921553f17f4c5210b1d0da666c1fec58ca36d71477dbd8d53 |
| baseline_D_result.json | b0b2af0b50f1407557c0ebd784ae8642e80d566dec16559a71af146cabe2ebbd |
| capital_recycling_results.json | 1aa671f6bb57fe6cf522806d61d3f61388eb6a896f5e17cd76c05702694f10e2 |
| augmented_backsolve_stress_results.json | e6afcd3a4bc7b33c8b03585fc6c1df62eaa2804f8719369d224716e8be98d589 |
| power_facility_results.json | 621906803ce8dcf66353a33d2b71c7ae855284d6d5edcdf958b6b00a3eb996a7 |

PortableJS authenticated-source finance engine plus independent source/cash/claimant checks; nativeExcel/LibreOffice unavailable. Artifact live formulas verified independently before packaging. No actual cash reconciliation or execution commitment supplied.

## Material unresolved evidence

- NUAI full amended loan terms, current principal/PIK/payoff, repayment notice and applicable conditions.
- NUAI actual ATM sales, current shares and cash, executed lease/guarantee, Phase1 budget and additional PPA security form.
- HUT management 95% LTC reconciliation to contractual numerator and denominator.
- Cipher exact LTC eligible costs and revised Barber Lake budget after September changes.
- No executed NUAI tenant-backed project finance or unconditional remaining Macquarie draw verified as of October 8.

## Conclusion and scope

The analyst's criticism is partly supported. The old eligible denominator and blanket residual-debt prohibition justify independent broader-cost and sponsor-capacity tests. Current Verified project-finance gating remains appropriately cautious; the executed initial 102% LC margin makes its old 25% assumption optimistic. The selected static conditional value is not an executable capital structure or stock-price forecast.

The finite candidate search identifies the best passing case within the disclosed grid. It is not proof of a global lowest-cost transaction, market availability or executable capital commitments. Every reported comparison must be read with its provider-return, cash, maturity, collateral and evidence gates.