{"schemaVersion":1,"releaseId":"nuai-tcdc-v2.6-2026-10-08","title":"NUAI TCDC v2.6: debt capacity and shareholder value","summary":"Holding operating economics fixed, v2.6 separates verified liquidity, conditional debt capacity and value retained by original shareholders.","analysisAsOf":"2026-10-08","publicationTimestamp":null,"status":"Frozen research; conditional and uncommitted","analystVerdict":"Partly supported","selectedCase":{"id":"D-secondary-P1-0.25-delay12-allneeds","scope":"Phase 1 plus Phase 2","valuePerOriginalShareUSD":2.4146388446185982,"valueClassification":"Conditional original-shareholder model value; not a stock-price forecast","financialPass":true,"committed":false,"noSaleReferenceValuePerOriginalShareUSD":2.4105223656155053,"originalSharesMillion":106.559339,"projectSeniorDebtUSDmillion":5589.196178588923,"lenderEligibleCostsUSDmillion":7334.896507690692,"completeConstructionFundingUSDmillion":7375.334996764426,"debtToEligibleCosts":0.7620006870892604,"debtToCompleteConstructionFunding":0.7578226861614984,"powerSPVFundingIncludedInTheseDebtDenominators":false,"bindingConstraint":"Phase 1 and Phase 2 debt-service coverage","applicableDSCR":1.3,"assumedCovenantGraceMonths":3,"rawMinimumRampDSCR":0.43207584590573184,"parentGrossIssuanceUSDmillion":69.18679269560845,"assumedParentIssuePriceUSD":2,"newSharesMillion":34.59339634780422,"originalParentEconomicOwnershipRetained":0.6400708804654305,"nuaiProjectOwnership":{"phase1BeforeSale":0.15,"phase1AfterSale":0.1125,"phase2":0.2},"phase1SecondarySale":{"eventMonth":31,"modeledDate":"2029-05-01","soldProjectInterest":0.0375,"grossUSDmillion":39.613802263249575,"feeUSDmillion":0.7922760452649915,"taxUSDmillion":8.152520505776762,"netCashUSDmillion":30.66900571220782,"buyerHurdle":0.12,"minimumBuyerMOIC":1.5,"modeledBuyerMOIC":3.8705435552092853,"taxBasisAssumptionUSDmillion":0,"seniorTransferConsentVerified":false,"buyerCommitmentVerified":false},"financingOnlyOperatingInputsFrozen":true,"tenantDirectContributionUSDmillion":0,"prepaidRentUSDmillion":0,"treasuryPolicy":"Retain cash for modeled future net funding requirements"},"evidenceGates":{"currentVerifiedExecutableProjectFundingEstablished":false,"currentUnrestrictedCashVerified":false,"amendedMacquariePayoffVerified":false,"discretionaryConstructionGatedByFinancingAvailability":true,"tenantPaymentSupportAssumedNotExecuted":true,"preferredLenderQualifyingEquityVerified":false,"lcReplacementAndCollateralReleaseVerified":false,"lcReplacementCashMarginAssumption":0.1,"lcAdditionalBankAcceptableSupportRequiredUSDmillion":104.4,"lcBankCreditUnderwritingCompleted":false,"vistraEntityAllocation":"5% at PPA-powered project-interest entity; Phase 1 mapping is a proxy, actual legal entity and waterfall unresolved","independentPowerFundingAndDeliveryCommitted":false,"infeasibleDisplay":"No feasible funded value"},"validation":{"spreadsheetEngine":"@oai/artifact-tool 2.8.89","portableFinanceEngine":"2.6.2026-10-08-source-conditional-3","nativeExcelOrLibreOfficeValidationPerformed":false,"nativeValidationLimitation":"Native Excel/LibreOffice unavailable; Artifact component calculation/export/reopen and final OOXML plus independent active-formula replay were checked.","activeFormulaCount":81227,"selectedScheduleAndAggregateComparisons":33932,"pvIdentities":15,"caseSelectors":11,"totalSheets":111,"activeSheets":17,"preservedArchiveSheets":94,"totalFormulaCount":357399,"originalWorkbookPreserved":true,"archivePresentationExceptions":"ARCHIVE title prefixes and gray tab colors; original formulas, caches and non-title content preserved","finiteStaticSearchRecords":7766,"financialPassRecords":85,"globalOptimizationProved":false,"verifiedExecutedProjectPackages":0},"downloads":[{"id":"workbook","label":"Recalculated workbook","filename":"NUAI-TCDC-v2.6-2026-10-08.xlsx","format":"xlsx","mimeType":"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet","sha256":"579282dd882132ff2ddeca3ec769a63f0de1a876dcfb79213844fc173f6d0758","bytes":6718187,"downloadUrl":"/models/NUAI-TCDC-v2.6-2026-10-08.xlsx"},{"id":"reviewMemo","label":"Review memo","filename":"NUAI-TCDC-v2.6-Review-Memo-2026-10-08.pdf","format":"pdf","mimeType":"application/pdf","sha256":"31ec3c272252230d9de2d6add4aeea6a0deda4e7eb5cfe75f02531873b3f18ea","bytes":89573,"downloadUrl":"/models/nuai-v26/NUAI-TCDC-v2.6-Review-Memo-2026-10-08.pdf"},{"id":"simpleExplanation","label":"Plain-English explanation","filename":"NUAI-TCDC-v2.6-Simple-Explanation-2026-10-08.pdf","format":"pdf","mimeType":"application/pdf","sha256":"d7a3e6bd11c97287b4f3bf9b83267bf018ea558e2e41fc0eb9ef45f911c65e97","bytes":78086,"downloadUrl":"/models/nuai-v26/NUAI-TCDC-v2.6-Simple-Explanation-2026-10-08.pdf"},{"id":"sourceChangeQA","label":"Source, change and QA register","filename":"NUAI-TCDC-v2.6-Source-Change-QA-Register-2026-10-08.md","format":"md","mimeType":"text/markdown; 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Downloaded PDFs retain their original private research draft headers; their approved frozen bytes are unchanged. The analysis cutoff remains October 8, 2026.","browserCaptures":{"mode":"captured-workbook-comparisons","defaultCaseId":"D-secondary-P1-0.25-delay12-allneeds","sourceResultsSha256":"7b69bece2db6bb4598d843142cc21d132bee335dec37b57c0f8e23a605f96973","description":"Eleven frozen workbook comparisons. The browser switches captured cases; it does not recalculate debt capacity or simulate live market terms. Economic feasibility and documentary execution remain separate gates.","invariantInputs":["Rent and capacity","Physical capex scope","PUE and operating costs","Power-cost allocation","15-year tenant lease","Construction timetable for B–E","Exit method","11% original-shareholder discount hurdle","Zero tenant direct contributions","Zero prepaid rent"],"currentVerified":{"status":"No verified executable funded project package; discretionary construction remains financing-gated","valuePerOriginalShareUSD":null,"facts":["The October 7 draw was reported October 8. $60m of new borrowing plus approximately $58.3m of existing cash supported the initial power LC collateral.","Initial LC face is $116m; 102% minimum specific cash collateral is $118.32m. LC face value is not drawable construction cash.","Original Macquarie legal maturity is April 6, 2029 after the preceding-business-day adjustment. Six-month lease/funding remedies require the lender's written-notice election; no extension or remedy notice is assumed.","Power security up to $82.8m is due at first delivery in an acceptable form. The model's 25% cash margin and May 2028 posting are assumptions; an earlier September 2027 posting was stressed separately."],"unresolved":["Actual October 8 unrestricted and total restricted cash","Current amended Macquarie principal, PIK, premiums, covenants, warrants and payoff","Actual current share count and unsold ATM capacity","Binding tenant leases and credit/completion support","Executed project/Power funding, LC replacement and lien/release consents","Vistra legal-entity allocation and direct-versus-JV delivery obligations"],"evidenceGates":[{"id":"current-liquidity","label":"Reconciled current cash and loan balances","passed":null,"detail":"Conditional cash-zero/$80.6m debt proxies cannot substitute for actual borrower statements."},{"id":"current-project-funding","label":"Drawable project commitments and conditions","passed":false,"detail":"No verified executed package is established in the source record."},{"id":"current-construction","label":"Discretionary construction funded","passed":false,"detail":"The no-construction-financing path is retained as stress; construction is gated by available finance."}]},"power":{"label":"Independent external Power SPV; NUAI ownership and residual value zero","metrics":[{"id":"powerPhysicalCosts","label":"Physical power capex","value":687.5,"kind":"money"},{"id":"powerDebt","label":"Independent Power debt","value":423.64355358813725,"kind":"money"},{"id":"powerAllInFunding","label":"Independent Power all-in funding","value":759.882040894695,"kind":"money"},{"id":"powerEquity","label":"External Power equity","value":336.2384873065578,"kind":"money"},{"id":"powerAllInLeverage","label":"Debt / Power all-in funding","value":0.5575122595203511,"kind":"percent"},{"id":"powerCoupon","label":"Hypothetical Power coupon","value":0.09,"kind":"percent"},{"id":"powerMeasuredDSCR","label":"Minimum measured after-tax DSCR","value":1.9590025043045072,"kind":"number"},{"id":"powerRequiredDSCR","label":"Required DSCR","value":1.4,"kind":"number"},{"id":"powerNoExitIRR","label":"External equity IRR with no terminal proceeds","value":0.13350013286198903,"kind":"percent"},{"id":"powerEquityHurdle","label":"External equity hurdle","value":0.12,"kind":"percent"},{"id":"powerNoExitNPV","label":"External equity NPV with no terminal proceeds","value":17.733708533594115,"kind":"money"}],"terms":["Power SPV owned generation/electrical equipment and assigned capacity-payment contracts; legal security unverified; not NUAI/tenant-owned GPU collateral","Power contractual capacity revenue after tax/fuel/O&M; no NUAI HoldCo distributions","9% coupon, 15-year fully amortizing debt and six-month DSRA are source model assumptions; construction and collateral are independently funded.","Source capacity/fuel receipts span 15 years; a 20-year PPA does not establish a 20-year tenant lease. PPA/fuel payments are separate from landlord rent.","Removing the entire source terminal value still produces 13.35% external equity IRR versus 12% hurdle; no Power proceeds or collateral are credited to NUAI."],"evidenceGate":{"id":"power-execution","label":"Independent debt, equity, offtake and delivery","passed":false,"detail":"Provider economics pass conditionally; binding capacity offtake, fuel pass-through, external commitments and delivery remain unverified."}},"cases":[{"id":"B-P1-0","label":"B — Phase 1","layer":"B","scope":"Phase 1","packageName":"Corrected static baseline","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":1454.7839999999999,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":1818.4799999999998,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":1995.868509205322,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.8,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.7288977171042389,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":541.0845092053221,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":1156.527891250074,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":0,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":289.1319728125184,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":5.32796695,"kind":"money"},{"id":"newShares","label":"New parent shares","value":21.3118678,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6955615796679528,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":412.16589867239026,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":1086.8194337599466,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: eligibleCost"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1454.7839999999999,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":1818.4799999999998,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":1995.868509205322,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.8,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7288977171042389,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":541.084509205322,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":0,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.25,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.25,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3579253461024876,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.45392624386817587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":67.673549205322,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1156.527891250074,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":0,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 80% of common capital for 70% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 0%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.12706646876330863,"requiredMOIC":1.5,"modeledMOIC":2.5895096983208004,"hurdleNPVUSDmillion":32.67641846259727,"passed":true,"committed":false,"note":"Lifetime capital invested $1156.528m; lifetime receipts $2994.840m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.15425686076511014,"requiredMOIC":1,"modeledMOIC":10.874143100258685,"hurdleNPVUSDmillion":4.849264157891714,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":5.32796695},{"label":"Issuance fee","valueUSDmillion":0.18647884325000003},{"label":"Net cash","valueUSDmillion":5.141488106750001}],"note":"Assumed price $0.25/share; 21.311868m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":80.82133333333333}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Original Macquarie maturity proxy","date":"2029-04-01","items":[{"label":"Modeled contractual payoff","valueUSDmillion":81.85}],"note":"Monthly conservative timing precedes the April 6, 2029 original business-day-adjusted legal maturity; actual amended payoff and remedy notices are unknown. No extension assumed."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":971.4126774769238}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"B-P1+P2-477","label":"B — Phase 1 plus Phase 2","layer":"B","scope":"Phase 1 plus Phase 2","packageName":"Corrected static baseline","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":5256.384000000001,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":6570.48,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7277.943095224247,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.8000000000000002,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.7222348308066898,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":2021.5590952242464,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":5288.55086718618,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":0,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":100,"kind":"money"},{"id":"newShares","label":"New parent shares","value":400,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.2003420131616531,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":89.17131736456415,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":3717.0845404189536,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: eligibleCost; P2: eligibleCost"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1454.7839999999999,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":1818.4799999999998,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":1995.868509205322,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.8,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7288977171042389,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":541.084509205322,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":0,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.04999999999999993,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.04999999999999993,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3579253461024876,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.45392624386817587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":67.673549205322,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1445.6598640625925,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":0,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 0%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":3801.6000000000013,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":4752,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5282.074586018925,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.8000000000000003,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7197172130174802,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1480.474586018923,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":0,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.09999999999999998,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.09999999999999998,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3781104851419008,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.46154041194164896,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":176.84258601892253,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":3842.8910031235873,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":0,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2041-03-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 0%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.13084371282529272,"requiredMOIC":1.5,"modeledMOIC":2.663495689701396,"hurdleNPVUSDmillion":63.485270928899695,"passed":true,"committed":false,"note":"Lifetime capital invested $1445.660m; lifetime receipts $3850.509m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.12730356042081314,"requiredMOIC":1.5,"modeledMOIC":2.675054092155448,"hurdleNPVUSDmillion":86.63350759240643,"passed":true,"committed":false,"note":"Lifetime capital invested $3842.891m; lifetime receipts $10279.941m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.12087087818475528,"requiredMOIC":1,"modeledMOIC":8.148454484622645,"hurdleNPVUSDmillion":31.542103961362187,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":16.435233160621763},{"label":"Issuance fee","valueUSDmillion":0.5752331606217618},{"label":"Net cash","valueUSDmillion":15.860000000000001}],"note":"Assumed price $0.25/share; 65.740933m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2026-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":80.82133333333333}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2026-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":23.257858376511223},{"label":"Issuance fee","valueUSDmillion":0.8140250431778929},{"label":"Net cash","valueUSDmillion":22.44383333333333}],"note":"Assumed price $0.25/share; 93.031434m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.8070811744386888},{"label":"Issuance fee","valueUSDmillion":0.06324784110535411},{"label":"Net cash","valueUSDmillion":1.7438333333333347}],"note":"Assumed price $0.25/share; 7.228325m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.596257366228313},{"label":"Issuance fee","valueUSDmillion":0.055869007817990965},{"label":"Net cash","valueUSDmillion":1.5403883584103222}],"note":"Assumed price $0.25/share; 6.385029m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5964366961503007},{"label":"Issuance fee","valueUSDmillion":0.05587528436526053},{"label":"Net cash","valueUSDmillion":1.5405614117850401}],"note":"Assumed price $0.25/share; 6.385747m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5966170721634985},{"label":"Issuance fee","valueUSDmillion":0.05588159752572245},{"label":"Net cash","valueUSDmillion":1.540735474637776}],"note":"Assumed price $0.25/share; 6.386468m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.596798500370106},{"label":"Issuance fee","valueUSDmillion":0.055887947512953715},{"label":"Net cash","valueUSDmillion":1.5409105528571523}],"note":"Assumed price $0.25/share; 6.387194m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5969809869079206},{"label":"Issuance fee","valueUSDmillion":0.055894334541777224},{"label":"Net cash","valueUSDmillion":1.5410866523661433}],"note":"Assumed price $0.25/share; 6.387924m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5971645379505386},{"label":"Issuance fee","valueUSDmillion":0.05590075882826886},{"label":"Net cash","valueUSDmillion":1.5412637791222696}],"note":"Assumed price $0.25/share; 6.388658m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5973491597075697},{"label":"Issuance fee","valueUSDmillion":0.055907220589764946},{"label":"Net cash","valueUSDmillion":1.5414419391178047}],"note":"Assumed price $0.25/share; 6.389397m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.597534858424852},{"label":"Issuance fee","valueUSDmillion":0.05591372004486983},{"label":"Net cash","valueUSDmillion":1.5416211383799823}],"note":"Assumed price $0.25/share; 6.390139m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.5977216403846513},{"label":"Issuance fee","valueUSDmillion":0.0559202574134628},{"label":"Net cash","valueUSDmillion":1.5418013829711885}],"note":"Assumed price $0.25/share; 6.390887m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":14.173598594492915},{"label":"Issuance fee","valueUSDmillion":0.4960759508072521},{"label":"Net cash","valueUSDmillion":13.677522643685663}],"note":"Assumed price $0.25/share; 56.694394m new shares. This is a priced funding assumption, not a commitment."},{"label":"Original Macquarie maturity proxy","date":"2029-04-01","items":[{"label":"Modeled contractual payoff","valueUSDmillion":81.85}],"note":"Monthly conservative timing precedes the April 6, 2029 original business-day-adjusted legal maturity; actual amended payoff and remedy notices are unknown. No extension assumed."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":158.39999999999998}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":971.4126774769238}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."},{"label":"P2 modeled senior maturity","date":"2041-03-01","items":[{"label":"Balloon principal","valueUSDmillion":2538.4678651238046}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"C-P1-602","label":"C — Phase 1","layer":"C","scope":"Phase 1","packageName":"Broader lender-eligible uses","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":1528.353512507143,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.757772052681014,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":488.55052492706295,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":1329.9650311374899,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":293.91043361972373,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":5.32796695,"kind":"money"},{"id":"newShares","label":"New parent shares","value":21.3118678,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6955615796679528,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":209.15410670351608,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":1169.8094040073843,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1528.353512507143,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.757772052681014,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":389.25163774676537,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":99.2988871802973,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.1499999999999999,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.1499999999999999,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573184,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":71.09585108976925,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1329.9650311374899,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":293.91043361972373,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.1229213165363231,"requiredMOIC":1.5,"modeledMOIC":2.459444266399993,"hurdleNPVUSDmillion":14.189245629537822,"passed":true,"committed":false,"note":"Lifetime capital invested $1329.965m; lifetime receipts $3270.975m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10464489646283581,"requiredMOIC":1,"modeledMOIC":1.084169455272785,"hurdleNPVUSDmillion":0.8367659176199211,"passed":true,"committed":false,"note":"Lifetime capital invested $293.910m; lifetime receipts $318.649m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.11815740591143598,"requiredMOIC":1,"modeledMOIC":6.5099887508624175,"hurdleNPVUSDmillion":0.689515615519422,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":5.32796695},{"label":"Issuance fee","valueUSDmillion":0.18647884325000003},{"label":"Net cash","valueUSDmillion":5.141488106750001}],"note":"Assumed price $0.25/share; 21.311868m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":154.98774793172632}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Original Macquarie maturity proxy","date":"2029-04-01","items":[{"label":"Modeled contractual payoff","valueUSDmillion":81.85}],"note":"Monthly conservative timing precedes the April 6, 2029 original business-day-adjusted legal maturity; actual amended payoff and remedy notices are unknown. No extension assumed."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1020.5377414900254}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"C-P1+P2-1065","label":"C — Phase 1 plus Phase 2","layer":"C","scope":"Phase 1 plus Phase 2","packageName":"Broader lender-eligible uses","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":5589.196178588923,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":7334.896507690692,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7334.896507690692,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.7620006870892604,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.7620006870892604,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":1745.7003291017681,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":5226.908344821176,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":0,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":100,"kind":"money"},{"id":"newShares","label":"New parent shares","value":400,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.2003420131616531,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":90.01793878848193,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":3957.6096601747113,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR; P2: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1528.353512507143,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2007.6627023731492,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7612601014605488,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":479.3091898660058,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":0,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.04999999999999993,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.04999999999999993,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573184,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":71.09585108976925,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1431.237933926664,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":0,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 0%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":4060.8426660817804,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":5327.233805317543,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5327.233805317543,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7622797899405739,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7622797899405739,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1266.3911392357604,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":0,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.09999999999999998,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.09999999999999998,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3000000000000003,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573195,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":188.90201980373473,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":3795.670410894512,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":0,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2041-03-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 0%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.1356570990357736,"requiredMOIC":1.5,"modeledMOIC":2.6540291396676117,"hurdleNPVUSDmillion":84.75956220273054,"passed":true,"committed":false,"note":"Lifetime capital invested $1431.238m; lifetime receipts $3798.547m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.13319315463650316,"requiredMOIC":1.5,"modeledMOIC":2.660093981085916,"hurdleNPVUSDmillion":141.5211641850849,"passed":true,"committed":false,"note":"Lifetime capital invested $3795.670m; lifetime receipts $10096.840m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.11879411710338916,"requiredMOIC":1,"modeledMOIC":7.973745650889094,"hurdleNPVUSDmillion":27.682574571955005,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":16.435233160621763},{"label":"Issuance fee","valueUSDmillion":0.5752331606217618},{"label":"Net cash","valueUSDmillion":15.860000000000001}],"note":"Assumed price $0.25/share; 65.740933m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2026-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":154.98774793172632}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2026-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6640759930915368},{"label":"Issuance fee","valueUSDmillion":0.058242659758203794},{"label":"Net cash","valueUSDmillion":1.605833333333333}],"note":"Assumed price $0.25/share; 6.656304m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":23.257858376511223},{"label":"Issuance fee","valueUSDmillion":0.8140250431778929},{"label":"Net cash","valueUSDmillion":22.44383333333333}],"note":"Assumed price $0.25/share; 93.031434m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.8070811744386888},{"label":"Issuance fee","valueUSDmillion":0.06324784110535411},{"label":"Net cash","valueUSDmillion":1.7438333333333347}],"note":"Assumed price $0.25/share; 7.228325m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6211593358016856},{"label":"Issuance fee","valueUSDmillion":0.056740576753059},{"label":"Net cash","valueUSDmillion":1.5644187590486265}],"note":"Assumed price $0.25/share; 6.484637m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.62134773457165},{"label":"Issuance fee","valueUSDmillion":0.056747170710007754},{"label":"Net cash","valueUSDmillion":1.5646005638616423}],"note":"Assumed price $0.25/share; 6.485391m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6215372323344412},{"label":"Issuance fee","valueUSDmillion":0.05675380313170545},{"label":"Net cash","valueUSDmillion":1.5647834292027358}],"note":"Assumed price $0.25/share; 6.486149m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6217278355008484},{"label":"Issuance fee","valueUSDmillion":0.0567604742425297},{"label":"Net cash","valueUSDmillion":1.5649673612583188}],"note":"Assumed price $0.25/share; 6.486911m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6219195505190593},{"label":"Issuance fee","valueUSDmillion":0.056767184268167084},{"label":"Net cash","valueUSDmillion":1.5651523662508922}],"note":"Assumed price $0.25/share; 6.487678m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6221123838748752},{"label":"Issuance fee","valueUSDmillion":0.056773933435620635},{"label":"Net cash","valueUSDmillion":1.5653384504392547}],"note":"Assumed price $0.25/share; 6.488450m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6223063420919341},{"label":"Issuance fee","valueUSDmillion":0.0567807219732177},{"label":"Net cash","valueUSDmillion":1.5655256201187164}],"note":"Assumed price $0.25/share; 6.489225m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6225014317319273},{"label":"Issuance fee","valueUSDmillion":0.05678755011061746},{"label":"Net cash","valueUSDmillion":1.5657138816213099}],"note":"Assumed price $0.25/share; 6.490006m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.6226976593948192},{"label":"Issuance fee","valueUSDmillion":0.05679441807881868},{"label":"Net cash","valueUSDmillion":1.5659032413160006}],"note":"Assumed price $0.25/share; 6.490791m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":13.949149906959406},{"label":"Issuance fee","valueUSDmillion":0.4882202467435792},{"label":"Net cash","valueUSDmillion":13.460929660215827}],"note":"Assumed price $0.25/share; 55.796600m new shares. This is a priced funding assumption, not a commitment."},{"label":"Original Macquarie maturity proxy","date":"2029-04-01","items":[{"label":"Modeled contractual payoff","valueUSDmillion":81.85}],"note":"Monthly conservative timing precedes the April 6, 2029 original business-day-adjusted legal maturity; actual amended payoff and remedy notices are unknown. No extension assumed."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":358.43136870582254}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1020.5377414900254}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."},{"label":"P2 modeled senior maturity","date":"2041-03-01","items":[{"label":"Balloon principal","valueUSDmillion":2711.5737092730124}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"D-P1-1190-LC_replacement","label":"D — Phase 1","layer":"D","scope":"Phase 1","packageName":"Integrated funding package","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":1528.353512507143,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.757772052681014,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":488.55052492706295,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":1329.9650311374899,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":293.91043361972373,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":5.32796695,"kind":"money"},{"id":"newShares","label":"New parent shares","value":21.3118678,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6955615796679528,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":100.36910670351747,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":1167.7444040073842,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1528.353512507143,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.757772052681014,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":389.25163774676537,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":99.2988871802973,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.1499999999999999,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.1499999999999999,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573184,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":71.09585108976925,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1329.9650311374899,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":293.91043361972373,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.1229213165363231,"requiredMOIC":1.5,"modeledMOIC":2.459444266399993,"hurdleNPVUSDmillion":14.189245629537822,"passed":true,"committed":false,"note":"Lifetime capital invested $1329.965m; lifetime receipts $3270.975m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10464489646283581,"requiredMOIC":1,"modeledMOIC":1.084169455272785,"hurdleNPVUSDmillion":0.8367659176199211,"passed":true,"committed":false,"note":"Lifetime capital invested $293.910m; lifetime receipts $318.649m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.1435389840606377,"requiredMOIC":1,"modeledMOIC":9.350346701813185,"hurdleNPVUSDmillion":3.3968384781760803,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":5.32796695},{"label":"Issuance fee","valueUSDmillion":0.18647884325000003},{"label":"Net cash","valueUSDmillion":5.141488106750001}],"note":"Assumed price $0.25/share; 21.311868m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":154.98774793172632}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1020.5377414900254}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"D-P1+P2-1365-LC_replacement","label":"D — Phase 1 plus Phase 2","layer":"D","scope":"Phase 1 plus Phase 2","packageName":"Integrated funding package","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":true,"executionPass":false,"valuePerOriginalShareUSD":2.4105223656155053,"status":"Conditional economically feasible; uncommitted","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $2/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":5589.196178588923,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":7334.896507690692,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7375.334996764426,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.7620006870892604,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.7578226861614984,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":1786.1388181755028,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":4863.2945604883735,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":1074.7313696521323,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":98.96063649529532,"kind":"money"},{"id":"newShares","label":"New parent shares","value":49.48031824764766,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.5875328691392306,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":0,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":4074.0846509509756,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR; P2: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1528.353512507143,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.757772052681014,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":389.25163774676537,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":99.2988871802973,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.1499999999999999,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.1499999999999999,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573184,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":71.09585108976925,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1329.9650311374899,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":293.91043361972373,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":4060.8426660817804,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":5327.233805317543,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5358.4309593302205,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7622797899405739,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7578417445149591,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1033.8508352711133,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":263.7374579773248,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.19999999999999996,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.19999999999999996,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3000000000000003,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573195,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":188.90201980373473,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":3533.329529350883,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":780.8209360324087,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2041-03-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":true,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.1229213165363231,"requiredMOIC":1.5,"modeledMOIC":2.459444266399993,"hurdleNPVUSDmillion":14.189245629537822,"passed":true,"committed":false,"note":"Lifetime capital invested $1329.965m; lifetime receipts $3270.975m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10464489646283581,"requiredMOIC":1,"modeledMOIC":1.084169455272785,"hurdleNPVUSDmillion":0.8367659176199211,"passed":true,"committed":false,"note":"Lifetime capital invested $293.910m; lifetime receipts $318.649m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.12076178499785939,"requiredMOIC":1.5,"modeledMOIC":2.4607748077478075,"hurdleNPVUSDmillion":7.3113277365972635,"passed":true,"committed":false,"note":"Lifetime capital invested $3533.330m; lifetime receipts $8694.728m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-preferred","label":"P2 preferred investor","requiredReturn":0.1,"modeledReturn":0.10457853434657871,"requiredMOIC":1,"modeledMOIC":1.092650512647273,"hurdleNPVUSDmillion":1.862477443031409,"passed":true,"committed":false,"note":"Lifetime capital invested $780.821m; lifetime receipts $853.164m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.12262490732909914,"requiredMOIC":1,"modeledMOIC":7.218642387004723,"hurdleNPVUSDmillion":37.74776033743398,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":16.435233160621763},{"label":"Issuance fee","valueUSDmillion":0.5752331606217618},{"label":"Net cash","valueUSDmillion":15.860000000000001}],"note":"Assumed price $2/share; 8.217617m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":154.98774793172632}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2026-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.891191709844559},{"label":"Issuance fee","valueUSDmillion":0.031191709844559566},{"label":"Net cash","valueUSDmillion":0.8599999999999994}],"note":"Assumed price $2/share; 0.445596m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":22.48497409326425},{"label":"Issuance fee","valueUSDmillion":0.7869740932642488},{"label":"Net cash","valueUSDmillion":21.698}],"note":"Assumed price $2/share; 11.242487m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2028-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":358.43136870582254}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2029-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2029-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2030-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":1.0341968911917092},{"label":"Issuance fee","valueUSDmillion":0.036196891191709823},{"label":"Net cash","valueUSDmillion":0.9979999999999993}],"note":"Assumed price $2/share; 0.517098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.756896087761537},{"label":"Issuance fee","valueUSDmillion":0.026491363071653798},{"label":"Net cash","valueUSDmillion":0.7304047246898833}],"note":"Assumed price $2/share; 0.378448m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.4142424364739076},{"label":"Issuance fee","valueUSDmillion":0.014498485276586768},{"label":"Net cash","valueUSDmillion":0.39974395119732087}],"note":"Assumed price $2/share; 0.207121m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.4149193077166888},{"label":"Issuance fee","valueUSDmillion":0.01452217577008411},{"label":"Net cash","valueUSDmillion":0.40039713194660465}],"note":"Assumed price $2/share; 0.207460m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.41560012737505353},{"label":"Issuance fee","valueUSDmillion":0.014546004458126875},{"label":"Net cash","valueUSDmillion":0.40105412291692666}],"note":"Assumed price $2/share; 0.207800m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.37439428738173564},{"label":"Issuance fee","valueUSDmillion":0.013103800058360749},{"label":"Net cash","valueUSDmillion":0.3612904873233749}],"note":"Assumed price $2/share; 0.187197m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.37508307310289246},{"label":"Issuance fee","valueUSDmillion":0.013127907558601238},{"label":"Net cash","valueUSDmillion":0.36195516554429125}],"note":"Assumed price $2/share; 0.187542m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.37577587674075946},{"label":"Issuance fee","valueUSDmillion":0.013152155685926582},{"label":"Net cash","valueUSDmillion":0.36262372105483287}],"note":"Assumed price $2/share; 0.187888m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3764727217331779},{"label":"Issuance fee","valueUSDmillion":0.013176545260661228},{"label":"Net cash","valueUSDmillion":0.36329617647251666}],"note":"Assumed price $2/share; 0.188236m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.37717363165471873},{"label":"Issuance fee","valueUSDmillion":0.013201077107915156},{"label":"Net cash","valueUSDmillion":0.36397255454680355}],"note":"Assumed price $2/share; 0.188587m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.37787863021747053},{"label":"Issuance fee","valueUSDmillion":0.01322575205761147},{"label":"Net cash","valueUSDmillion":0.3646528781598591}],"note":"Assumed price $2/share; 0.188939m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3785877412718366},{"label":"Issuance fee","valueUSDmillion":0.013250570944514282},{"label":"Net cash","valueUSDmillion":0.3653371703273223}],"note":"Assumed price $2/share; 0.189294m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2031-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.379300988807354},{"label":"Issuance fee","valueUSDmillion":0.013275534608257393},{"label":"Net cash","valueUSDmillion":0.36602545419909666}],"note":"Assumed price $2/share; 0.189650m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3800183969534964},{"label":"Issuance fee","valueUSDmillion":0.013300643893372373},{"label":"Net cash","valueUSDmillion":0.366717753060124}],"note":"Assumed price $2/share; 0.190009m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.38073998998048914},{"label":"Issuance fee","valueUSDmillion":0.013325899649317121},{"label":"Net cash","valueUSDmillion":0.367414090331172}],"note":"Assumed price $2/share; 0.190370m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.38146579230013977},{"label":"Issuance fee","valueUSDmillion":0.013351302730504893},{"label":"Net cash","valueUSDmillion":0.3681144895696349}],"note":"Assumed price $2/share; 0.190733m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.38219582846665706},{"label":"Issuance fee","valueUSDmillion":0.013376853996332998},{"label":"Net cash","valueUSDmillion":0.3688189744703241}],"note":"Assumed price $2/share; 0.191098m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3402016794557937},{"label":"Issuance fee","valueUSDmillion":0.011907058780952781},{"label":"Net cash","valueUSDmillion":0.32829462067484094}],"note":"Assumed price $2/share; 0.170101m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.34094025755242835},{"label":"Issuance fee","valueUSDmillion":0.011932909014334993},{"label":"Net cash","valueUSDmillion":0.3290073485380934}],"note":"Assumed price $2/share; 0.170470m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3416831440212909},{"label":"Issuance fee","valueUSDmillion":0.011958910040745183},{"label":"Net cash","valueUSDmillion":0.32972423398054573}],"note":"Assumed price $2/share; 0.170842m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3424303639945579},{"label":"Issuance fee","valueUSDmillion":0.011985062739809527},{"label":"Net cash","valueUSDmillion":0.33044530125474836}],"note":"Assumed price $2/share; 0.171215m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3431819427510001},{"label":"Issuance fee","valueUSDmillion":0.012011367996285004},{"label":"Net cash","valueUSDmillion":0.3311705747547151}],"note":"Assumed price $2/share; 0.171591m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3439379057168556},{"label":"Issuance fee","valueUSDmillion":0.012037826700089948},{"label":"Net cash","valueUSDmillion":0.33190007901676566}],"note":"Assumed price $2/share; 0.171969m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.34469827846667983},{"label":"Issuance fee","valueUSDmillion":0.012064439746333795},{"label":"Net cash","valueUSDmillion":0.332633838720346}],"note":"Assumed price $2/share; 0.172349m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2032-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3454630867242091},{"label":"Issuance fee","valueUSDmillion":0.01209120803534732},{"label":"Net cash","valueUSDmillion":0.3333718786888618}],"note":"Assumed price $2/share; 0.172732m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3462323563632423},{"label":"Issuance fee","valueUSDmillion":0.012118132472713481},{"label":"Net cash","valueUSDmillion":0.3341142238905288}],"note":"Assumed price $2/share; 0.173116m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-02-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3470061134085024},{"label":"Issuance fee","valueUSDmillion":0.012145213969297585},{"label":"Net cash","valueUSDmillion":0.33486089943920483}],"note":"Assumed price $2/share; 0.173503m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-03-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.34778438403652745},{"label":"Issuance fee","valueUSDmillion":0.012172453441278461},{"label":"Net cash","valueUSDmillion":0.33561193059524896}],"note":"Assumed price $2/share; 0.173892m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-04-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.34856719457654833},{"label":"Issuance fee","valueUSDmillion":0.012199851810179192},{"label":"Net cash","valueUSDmillion":0.33636734276636915}],"note":"Assumed price $2/share; 0.174284m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-05-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3057715589152696},{"label":"Issuance fee","valueUSDmillion":0.010702004562034436},{"label":"Net cash","valueUSDmillion":0.2950695543532351}],"note":"Assumed price $2/share; 0.152886m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-06-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3065635288822262},{"label":"Issuance fee","valueUSDmillion":0.010729723510877918},{"label":"Net cash","valueUSDmillion":0.2958338053713483}],"note":"Assumed price $2/share; 0.153282m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-07-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.307360118673993},{"label":"Issuance fee","valueUSDmillion":0.010757604153589756},{"label":"Net cash","valueUSDmillion":0.2966025145204032}],"note":"Assumed price $2/share; 0.153680m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-08-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3081613552395432},{"label":"Issuance fee","valueUSDmillion":0.010785647433384013},{"label":"Net cash","valueUSDmillion":0.2973757078061592}],"note":"Assumed price $2/share; 0.154081m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-09-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.30896726568505883},{"label":"Issuance fee","valueUSDmillion":0.01081385429897706},{"label":"Net cash","valueUSDmillion":0.29815341138608176}],"note":"Assumed price $2/share; 0.154484m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-10-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.3097778772748396},{"label":"Issuance fee","valueUSDmillion":0.010842225704619386},{"label":"Net cash","valueUSDmillion":0.2989356515702202}],"note":"Assumed price $2/share; 0.154889m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2033-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":0.31059321743222895},{"label":"Issuance fee","valueUSDmillion":0.010870762610128015},{"label":"Net cash","valueUSDmillion":0.2997224548221009}],"note":"Assumed price $2/share; 0.155297m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1020.5377414900254}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."},{"label":"P2 modeled senior maturity","date":"2041-03-01","items":[{"label":"Balloon principal","valueUSDmillion":2711.5737092730124}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]},{"id":"E-P1-1765-LC","label":"E — Phase 1","layer":"E","scope":"Phase 1","packageName":"Stronger-credit package, 85% sensitivity","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced.","The stronger-credit terms form one conditional analyst package; they are not NUAI lending terms or an exact copy of a peer transaction. The 95% ceiling is separately gated and does not override debt-service sizing."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":1220.4990606447273,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.5725980940995223,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":911.011807487143,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":367.0140355711144,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":187.25205896485434,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":367.0140355711144,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":100,"kind":"money"},{"id":"newShares","label":"New parent shares","value":400,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.2003420131616532,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":382.41707931089405,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":835.0955220600422,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1220.4990606447273,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5725980940995223,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":725.8468059653658,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":185.16500152177704,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.35,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.35,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":205.37418912211456,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":367.0140355711144,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":187.25205896485434,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2041-04-01.","Eligible-cost ceiling 85%; value ceiling 65%; required equity 15%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 50% of common capital for 60% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.13264873342965944,"requiredMOIC":1.5,"modeledMOIC":6.1392989081925595,"hurdleNPVUSDmillion":58.776044885617125,"passed":true,"committed":false,"note":"Lifetime capital invested $367.014m; lifetime receipts $2253.209m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10462586428167675,"requiredMOIC":1,"modeledMOIC":1.395608284708259,"hurdleNPVUSDmillion":2.3849376174802166,"passed":true,"committed":false,"note":"Lifetime capital invested $187.252m; lifetime receipts $261.331m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.1128947887851629,"requiredMOIC":1,"modeledMOIC":5.892411544297972,"hurdleNPVUSDmillion":5.310016339564259,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":16.435233160621763},{"label":"Issuance fee","valueUSDmillion":0.5752331606217618},{"label":"Net cash","valueUSDmillion":15.860000000000001}],"note":"Assumed price $0.25/share; 65.740933m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"Conditional parent public issuance","date":"2026-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":54.27535661812666},{"label":"Issuance fee","valueUSDmillion":1.8996374816344332},{"label":"Net cash","valueUSDmillion":52.37571913649222}],"note":"Assumed price $0.25/share; 217.101426m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":191.61024804033326}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2026-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":18.909829231620016},{"label":"Issuance fee","valueUSDmillion":0.6618440231067007},{"label":"Net cash","valueUSDmillion":18.247985208513317}],"note":"Assumed price $0.25/share; 75.639317m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":10.379580989631563},{"label":"Issuance fee","valueUSDmillion":0.3632853346371048},{"label":"Net cash","valueUSDmillion":10.016295654994458}],"note":"Assumed price $0.25/share; 41.518324m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 modeled senior maturity","date":"2041-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1.929478798956552e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."}]},{"id":"E-P1+P2-1960-LC","label":"E — Phase 1 plus Phase 2","layer":"E","scope":"Phase 1 plus Phase 2","packageName":"Stronger-credit package, 85% sensitivity","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced.","The stronger-credit terms form one conditional analyst package; they are not NUAI lending terms or an exact copy of a peer transaction. The 95% ceiling is separately gated and does not override debt-service sizing."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":4463.370960908495,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":7704.039550614311,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7782.993757045426,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.5793546270868497,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.573477391892818,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":3319.6227961369304,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":2139.8313797543897,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":682.3441899727006,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":534.9578449385972,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":5.32796695,"kind":"money"},{"id":"newShares","label":"New parent shares","value":21.3118678,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6955615796679528,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":668.1227404657476,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":2829.0488453984135,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR; P2: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1220.4990606447273,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5725980940995223,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":725.8468059653658,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":185.16500152177704,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.04999999999999993,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.04999999999999993,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":205.37418912211456,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":587.2224569137832,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":187.25205896485434,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2041-04-01.","Eligible-cost ceiling 85%; value ceiling 65%; required equity 15%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 80% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":3242.871900263768,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":5590.577258213579,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5651.482888913555,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5800602961884477,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5738090274722888,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1919.055909655927,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":489.5550789938589,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.09999999999999998,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.09999999999999998,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":545.6802126432996,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1552.6089228406067,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":495.0921310078463,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2044-03-01.","Eligible-cost ceiling 85%; value ceiling 65%; required equity 15%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 80% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.12751939712682103,"requiredMOIC":1.5,"modeledMOIC":5.755592726430521,"hurdleNPVUSDmillion":54.27648830755828,"passed":true,"committed":false,"note":"Lifetime capital invested $587.222m; lifetime receipts $3379.813m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10462586428167675,"requiredMOIC":1,"modeledMOIC":1.395608284708259,"hurdleNPVUSDmillion":2.3849376174802166,"passed":true,"committed":false,"note":"Lifetime capital invested $187.252m; lifetime receipts $261.331m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.1254440040561441,"requiredMOIC":1.5,"modeledMOIC":5.788941642034771,"hurdleNPVUSDmillion":77.63557377672032,"passed":true,"committed":false,"note":"Lifetime capital invested $1552.609m; lifetime receipts $8987.962m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-preferred","label":"P2 preferred investor","requiredReturn":0.1,"modeledReturn":0.10463721357292288,"requiredMOIC":1,"modeledMOIC":1.4203487269520831,"hurdleNPVUSDmillion":5.179800834875481,"passed":true,"committed":false,"note":"Lifetime capital invested $495.092m; lifetime receipts $703.203m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.12688590347564743,"requiredMOIC":1,"modeledMOIC":10.346809249612495,"hurdleNPVUSDmillion":1.8230377927992856,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":5.32796695},{"label":"Issuance fee","valueUSDmillion":0.18647884325000003},{"label":"Net cash","valueUSDmillion":5.141488106750001}],"note":"Assumed price $0.25/share; 21.311868m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":191.61024804033326}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":470.40857425318427}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 modeled senior maturity","date":"2041-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1.929478798956552e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."},{"label":"P2 modeled senior maturity","date":"2044-03-01","items":[{"label":"Balloon principal","valueUSDmillion":4.7919002099661157e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."}]},{"id":"E95-P1-2941-LC","label":"E95 — Phase 1","layer":"E95","scope":"Phase 1","packageName":"Exceptional 95% sensitivity, separately gated","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced.","The stronger-credit terms form one conditional analyst package; they are not NUAI lending terms or an exact copy of a peer transaction. The 95% ceiling is separately gated and does not override debt-service sizing."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":1220.4990606447273,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.5725980940995223,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":911.011807487143,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":367.0140355711144,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":187.25205896485434,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":367.0140355711144,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":100,"kind":"money"},{"id":"newShares","label":"New parent shares","value":400,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.2003420131616532,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":382.41707931089405,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":835.0955220600422,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1220.4990606447273,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5725980940995223,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":725.8468059653658,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":185.16500152177704,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.35,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.35,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":205.37418912211456,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":367.0140355711144,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":187.25205896485434,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2041-04-01.","Eligible-cost ceiling 95%; value ceiling 65%; required equity 5%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 50% of common capital for 60% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.13264873342965944,"requiredMOIC":1.5,"modeledMOIC":6.1392989081925595,"hurdleNPVUSDmillion":58.776044885617125,"passed":true,"committed":false,"note":"Lifetime capital invested $367.014m; lifetime receipts $2253.209m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10462586428167675,"requiredMOIC":1,"modeledMOIC":1.395608284708259,"hurdleNPVUSDmillion":2.3849376174802166,"passed":true,"committed":false,"note":"Lifetime capital invested $187.252m; lifetime receipts $261.331m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.1128947887851629,"requiredMOIC":1,"modeledMOIC":5.892411544297972,"hurdleNPVUSDmillion":5.310016339564259,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":16.435233160621763},{"label":"Issuance fee","valueUSDmillion":0.5752331606217618},{"label":"Net cash","valueUSDmillion":15.860000000000001}],"note":"Assumed price $0.25/share; 65.740933m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"Conditional parent public issuance","date":"2026-11-01","items":[{"label":"Gross proceeds","valueUSDmillion":54.27535661812666},{"label":"Issuance fee","valueUSDmillion":1.8996374816344332},{"label":"Net cash","valueUSDmillion":52.37571913649222}],"note":"Assumed price $0.25/share; 217.101426m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":191.61024804033326}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"Conditional parent public issuance","date":"2026-12-01","items":[{"label":"Gross proceeds","valueUSDmillion":18.909829231620016},{"label":"Issuance fee","valueUSDmillion":0.6618440231067007},{"label":"Net cash","valueUSDmillion":18.247985208513317}],"note":"Assumed price $0.25/share; 75.639317m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional parent public issuance","date":"2027-01-01","items":[{"label":"Gross proceeds","valueUSDmillion":10.379580989631563},{"label":"Issuance fee","valueUSDmillion":0.3632853346371048},{"label":"Net cash","valueUSDmillion":10.016295654994458}],"note":"Assumed price $0.25/share; 41.518324m new shares. This is a priced funding assumption, not a commitment."},{"label":"P1 modeled senior maturity","date":"2041-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1.929478798956552e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."}]},{"id":"E95-P1+P2-3136-LC","label":"E95 — Phase 1 plus Phase 2","layer":"E95","scope":"Phase 1 plus Phase 2","packageName":"Exceptional 95% sensitivity, separately gated","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":false,"executionPass":false,"valuePerOriginalShareUSD":null,"status":"No feasible funded value","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $0.25/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced.","The stronger-credit terms form one conditional analyst package; they are not NUAI lending terms or an exact copy of a peer transaction. The 95% ceiling is separately gated and does not override debt-service sizing."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":4463.370960908495,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":7704.039550614311,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7782.993757045426,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.5793546270868497,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.573477391892818,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":3319.6227961369304,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":2139.8313797543897,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":682.3441899727006,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":534.9578449385972,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":5.32796695,"kind":"money"},{"id":"newShares","label":"New parent shares","value":21.3118678,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6955615796679528,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":668.1227404657476,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":2829.0488453984135,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR; P2: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1220.4990606447273,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2113.4622924007326,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2131.51086813187,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5774879755523498,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5725980940995223,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":725.8468059653658,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":185.16500152177704,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.04999999999999993,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.04999999999999993,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":205.37418912211456,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":587.2224569137832,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":187.25205896485434,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2041-04-01.","Eligible-cost ceiling 95%; value ceiling 65%; required equity 5%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 80% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":3242.871900263768,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":5590.577258213579,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5651.482888913555,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.5800602961884477,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.5738090274722888,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1919.055909655927,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":489.5550789938589,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.09999999999999998,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.09999999999999998,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.44872435233428587,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":545.6802126432996,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1552.6089228406067,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":495.0921310078463,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 6.192%; fee 2.0%; amortization 13 years; legal operating term 13 years, monthly maturity 2044-03-01.","Eligible-cost ceiling 95%; value ceiling 65%; required equity 5%; DSCR 1.30; DSRA 18 months; covenant grace 3 months.","Outside common funds 80% of common capital for 90% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":false,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.12751939712682103,"requiredMOIC":1.5,"modeledMOIC":5.755592726430521,"hurdleNPVUSDmillion":54.27648830755828,"passed":true,"committed":false,"note":"Lifetime capital invested $587.222m; lifetime receipts $3379.813m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10462586428167675,"requiredMOIC":1,"modeledMOIC":1.395608284708259,"hurdleNPVUSDmillion":2.3849376174802166,"passed":true,"committed":false,"note":"Lifetime capital invested $187.252m; lifetime receipts $261.331m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.06192,"modeledReturn":0.06192,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.1254440040561441,"requiredMOIC":1.5,"modeledMOIC":5.788941642034771,"hurdleNPVUSDmillion":77.63557377672032,"passed":true,"committed":false,"note":"Lifetime capital invested $1552.609m; lifetime receipts $8987.962m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-preferred","label":"P2 preferred investor","requiredReturn":0.1,"modeledReturn":0.10463721357292288,"requiredMOIC":1,"modeledMOIC":1.4203487269520831,"hurdleNPVUSDmillion":5.179800834875481,"passed":true,"committed":false,"note":"Lifetime capital invested $495.092m; lifetime receipts $703.203m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.12688590347564743,"requiredMOIC":1,"modeledMOIC":10.346809249612495,"hurdleNPVUSDmillion":1.8230377927992856,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."}],"pvBridge":[{"label":"Complete claimant waterfall","valueUSDmillion":null,"note":"An independently captured full PV bridge for this comparison is not included in the compact extract. See the live workbook for its dated waterfall; no bridge is invented here."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":5.32796695},{"label":"Issuance fee","valueUSDmillion":0.18647884325000003},{"label":"Net cash","valueUSDmillion":5.141488106750001}],"note":"Assumed price $0.25/share; 21.311868m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":191.61024804033326}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":470.40857425318427}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 modeled senior maturity","date":"2041-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1.929478798956552e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."},{"label":"P2 modeled senior maturity","date":"2044-03-01","items":[{"label":"Balloon principal","valueUSDmillion":4.7919002099661157e-11}],"note":"Fully amortizing conditional package; exact legal documents and day counts are unverified."}]},{"id":"D-secondary-P1-0.25-delay12-allneeds","label":"D — Phase 1 plus Phase 2, priced equity sale and cash retention","layer":"D","scope":"Phase 1 plus Phase 2","packageName":"Integrated funding package","comparisonGroup":"Optimized finite-grid financing frontiers; fixed timetable","financialPass":true,"executionPass":false,"valuePerOriginalShareUSD":2.4146388446185982,"status":"Conditional economically feasible; uncommitted","assumptions":["Captured frozen workbook comparison; switching cases selects stored results and does not run a live calculation.","Zero tenant direct contribution and zero prepaid rent; financing-only comparisons preserve operating inputs and the construction timetable.","This frontier allows priced provider/ownership terms to vary within a common search domain. It is not a one-variable financing attribution; the workbook separately preserves fixed-claim B–E comparisons.","Opening unrestricted cash of zero and Macquarie principal of $80.6m are conditional proxies, not verified October 8 balances.","Hypothetical parent issuance at $2/share, with a $100m modeled gross ceiling. Unsold ATM capacity and dated market access are unverified.","Vistra's 5% PPA-powered project-interest entity is mapped to Phase 1 as a proxy; actual legal entity and waterfall remain unresolved.","Raw ramp debt-service coverage is below the covenant. The assumed three-month grace, funded investor calls and lender consent are necessary conditions.","No Macquarie extension is assumed; the original business-day-adjusted maturity is April 6, 2029, represented conservatively on April 1 in the monthly model.","Preferred equity is assumed to qualify toward lender equity requirements. Acceptance is unverified; rejection can independently make the package infeasible.","LC replacement requires 10% cash margin on $116m face, $104.4m additional bank-acceptable credit support, lender/Vistra/bank consent and actual collateral release. No unsecured credit approval is evidenced.","The best finite-grid package sells 3.75% of the Phase 1 project in May 2029, retains 11.25%, and reserves cash for future modeled funding needs. Sale/transfer consent, buyer commitment, tax basis and cash policy are assumptions."],"metrics":[{"id":"projectSeniorDebt","label":"Project senior debt","value":5589.196178588923,"kind":"money","note":"Excludes the independently funded external Power SPV."},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":7334.896507690692,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":7375.334996764426,"kind":"money","note":"Includes construction junior fees and cash coupons; distinct from lender eligibility."},{"id":"debtToEligible","label":"Debt / lender-eligible costs","value":0.7620006870892604,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete construction funding","value":0.7578226861614984,"kind":"percent"},{"id":"constructionProjectEquity","label":"Initial project equity requirement","value":1786.1388181755028,"kind":"money"},{"id":"lifecycleOutsideCommon","label":"Outside common lifecycle capital calls","value":4863.2945604883735,"kind":"money","note":"Includes later debt balloons/redemptions; not solely upfront construction equity."},{"id":"lifecyclePreferred","label":"Preferred lifecycle capital calls","value":1074.7313696521323,"kind":"money"},{"id":"nuaiSponsorCash","label":"NUAI lifecycle project cash calls","value":0,"kind":"money"},{"id":"sponsorDebt","label":"Sponsor / HoldCo debt draw","value":0,"kind":"money"},{"id":"parentGrossIssuance","label":"Parent gross issuance","value":69.18679269560845,"kind":"money"},{"id":"newShares","label":"New parent shares","value":34.59339634780422,"kind":"shares"},{"id":"originalParentRetained","label":"Original parent economic ownership retained","value":0.6400708804654305,"kind":"percent","note":"Denominator includes modeled pre-existing awards; original-share denominator is frozen v2.5, not verified current shares."},{"id":"peakCashDeficit","label":"Peak unfunded cash deficit","value":0,"kind":"money"},{"id":"nominalFinancingCashCost","label":"Lifetime nominal financing cash cost","value":4073.8348424632513,"kind":"money","note":"Debt interest/fees, junior charges and parent financing costs; equity profit allocations and secondary-sale gain tax are separate."},{"id":"bindingDebtConstraint","label":"Binding project debt constraint","value":null,"kind":"text","text":"P1: DSCR / DSCR; P2: DSCR / DSCR"},{"id":"specificLCRestrictedOpening","label":"Opening specific LC collateral proxy","value":118.32,"kind":"money","note":"Specific pledged LC amount, not reconciled total corporate restricted cash."},{"id":"netLCRelease","label":"Net conditional LC capital released","value":5.305833333333336,"kind":"money"}],"phases":[{"id":"P1","label":"Phase 1","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":1528.353512507143,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":2007.6627023731492,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":2016.904037434206,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7612601014605488,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.757772052681014,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":389.25163774676537,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":99.2988871802973,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.1499999999999999,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.11249999999999993,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.2999999999999998,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573184,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":71.09585108976925,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":1329.9650311374899,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":293.91043361972373,"kind":"money"}],"terms":["Borrower: P1 project SPV. Collateral: P1 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P1 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2038-04-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]},{"id":"P2","label":"Phase 2","metrics":[{"id":"projectSeniorDebt","label":"Senior debt","value":4060.8426660817804,"kind":"money"},{"id":"lenderEligibleCosts","label":"Lender-eligible costs","value":5327.233805317543,"kind":"money"},{"id":"completeConstructionFunding","label":"Complete construction funding","value":5358.4309593302205,"kind":"money"},{"id":"debtToEligible","label":"Debt / eligible costs","value":0.7622797899405739,"kind":"percent"},{"id":"debtToCompleteFunding","label":"Debt / complete funding","value":0.7578417445149591,"kind":"percent"},{"id":"initialCommon","label":"Construction common funding","value":1033.8508352711133,"kind":"money"},{"id":"initialPreferred","label":"Construction preferred gross funding","value":263.7374579773248,"kind":"money"},{"id":"nuaiOwnershipBeforeSale","label":"NUAI project interest before sale","value":0.19999999999999996,"kind":"percent"},{"id":"nuaiOwnershipAfterSale","label":"NUAI project interest after sale","value":0.19999999999999996,"kind":"percent"},{"id":"minApplicableDSCR","label":"Minimum applicable covenant DSCR","value":1.3000000000000003,"kind":"number","note":"Measured after 3-month assumed grace; threshold 1.30."},{"id":"rawRampDSCR","label":"Raw minimum ramp DSCR","value":0.43207584590573195,"kind":"number","note":"Below the covenant; requires explicitly funded ramp support and consent."},{"id":"debtReserve","label":"Initial debt-service reserve","value":188.90201980373473,"kind":"money"},{"id":"commonLifecycleInvested","label":"Outside common lifecycle funding","value":3533.329529350883,"kind":"money"},{"id":"preferredLifecycleInvested","label":"Preferred lifecycle funding","value":780.8209360324087,"kind":"money"}],"terms":["Borrower: P2 project SPV. Collateral: P2 landlord-owned property; tenant-owned GPUs excluded.","Repayment source: P2 binding tenant payments (assumed); collateral value and eligible expenditure are separate tests.","Hypothetical coupon 7.000%; fee 2.0%; amortization 20 years; legal operating term 10 years, monthly maturity 2041-03-01.","Eligible-cost ceiling 80%; value ceiling 65%; required equity 20%; DSCR 1.30; DSRA 6 months; covenant grace 3 months.","Outside common funds 100% of common capital for 80% ownership; hurdle 12%, minimum MOIC 1.5. Later calls are priced obligations, not committed cash.","Preferred fraction of residual need 20%, cash coupon 10%, PIK 0%, fee 2%; lender equity acceptance assumed True, verified False.","Recourse: Priced outside-investor completion support hypothetical; no parent guarantee assumed. Senior debt service/reserves and preferred claims precede common distributions. Actual lien, distribution and completion wording is unverified."]}],"economicGates":[{"id":"project-facilities","label":"Project debt sizing, draw and maturity tests","passed":true,"detail":"Each phase is constrained by its own eligible cost, value, equity, commitment and debt-service tests."},{"id":"project-providers","label":"Project investor claims and qualifying equity","passed":true,"detail":"Priced common/preferred calls include future takeout support; qualification of preferred as lender equity is conditional."},{"id":"holdco-funding","label":"Dated HoldCo sources and uses","passed":true,"detail":"A failed dated cash requirement has no feasible funded value. Negative cash is not carried without a provider."},{"id":"lc-route","label":"Conditional LC event ledger","passed":true,"detail":"Gross collateral release is reduced by the proxy debt payoff and new fees; new cash margin remains restricted."},{"id":"secondary-buyer","label":"Secondary buyer return and priced transfer","passed":true,"detail":"Buyer claims, transfer charges and future sold capital calls are priced and reconciled."}],"evidenceGates":[{"id":"project-commitment","label":"Executed project debt and equity commitments","passed":false,"detail":"The research cases are uncommitted; a mathematical pass does not establish drawable capital."},{"id":"tenant-credit","label":"Binding tenant rent and credit support","passed":false,"detail":"Lease, tenant credit, completion obligations and enforceable lender assignments are assumptions requiring documentation."},{"id":"lien-priority","label":"Macquarie priority and senior-lender consent","passed":false,"detail":"Macquarie first-lien subordination/release and intercreditor permissions are assumed, not verified."},{"id":"verified-liquidity","label":"Reconciled current unrestricted cash and amended payoff","passed":null,"detail":"Latest amended loan balances, fees, warrants, shares and available ATM capacity cannot be reconciled from the acquired disclosures."},{"id":"preferred-qualification","label":"Preferred accepted as lender qualifying equity","passed":false,"detail":"Assumed acceptance is distinct from contractual senior-lender approval."},{"id":"lc-consents","label":"Replacement LC and actual collateral release","passed":false,"detail":"No validated $104.4m bank credit support, replacement facility or release consents; tenant signature alone cannot release collateral."},{"id":"sale-consents","label":"Secondary sale consent and committed buyer","passed":false,"detail":"Zero senior debt takeout at sale requires assumed transfer consent; no executed buyer funding is established."},{"id":"power-delivery","label":"Independent Power SPV funding and delivery","passed":false,"detail":"External Power debt/equity, capacity offtake, fuel pass-through and delivery remain independent execution gates."}],"providers":[{"id":"P1-senior","label":"P1 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P1-outside","label":"P1 outside common investor","requiredReturn":0.12,"modeledReturn":0.1229213165363231,"requiredMOIC":1.5,"modeledMOIC":2.459444266399993,"hurdleNPVUSDmillion":14.189245629537822,"passed":true,"committed":false,"note":"Lifetime capital invested $1329.965m; lifetime receipts $3270.975m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P1-preferred","label":"P1 preferred investor","requiredReturn":0.1,"modeledReturn":0.10464489646283581,"requiredMOIC":1,"modeledMOIC":1.084169455272785,"hurdleNPVUSDmillion":0.8367659176199211,"passed":true,"committed":false,"note":"Lifetime capital invested $293.910m; lifetime receipts $318.649m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-senior","label":"P2 senior lender","requiredReturn":0.07,"modeledReturn":0.07,"requiredMOIC":null,"modeledMOIC":null,"hurdleNPVUSDmillion":null,"passed":true,"committed":false,"note":"Displayed return is the assumed contractual coupon, not a separately captured lender IRR. Amount, covenants, reserves and dated principal are tested; lender commitment is hypothetical."},{"id":"P2-outside","label":"P2 outside common investor","requiredReturn":0.12,"modeledReturn":0.12076178499785939,"requiredMOIC":1.5,"modeledMOIC":2.4607748077478075,"hurdleNPVUSDmillion":7.3113277365972635,"passed":true,"committed":false,"note":"Lifetime capital invested $3533.330m; lifetime receipts $8694.728m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"P2-preferred","label":"P2 preferred investor","requiredReturn":0.1,"modeledReturn":0.10457853434657871,"requiredMOIC":1,"modeledMOIC":1.092650512647273,"hurdleNPVUSDmillion":1.862477443031409,"passed":true,"committed":false,"note":"Lifetime capital invested $780.821m; lifetime receipts $853.164m. IRR is null where the source comparison did not capture its root; NPV/MOIC provider tests remain recorded."},{"id":"public-cohorts","label":"Parent public-issuance investors","requiredReturn":0.11,"modeledReturn":0.12247754811442524,"requiredMOIC":1,"modeledMOIC":7.4205790054730745,"hurdleNPVUSDmillion":14.343765893086788,"passed":true,"committed":false,"note":"Minimum cohort IRR and MOIC; sum of cohort hurdle NPVs. Required return is the source 11% public-equity hurdle. Current market access and unsold ATM capacity are unverified."},{"id":"P1-secondary","label":"Secondary project-equity buyer","requiredReturn":0.12,"modeledReturn":0.12000000000000022,"requiredMOIC":1.5,"modeledMOIC":3.8705435552092853,"hurdleNPVUSDmillion":2.6645352591003757e-14,"passed":true,"committed":false,"note":"Buyer receives sold future receipts and assumes sold future calls. Assumed senior transfer consent permits zero principal takeout; buyer commitment is unverified."}],"pvBridge":[{"label":"Unlevered project economics","valueUSDmillion":-181.61332270766218,"operation":"subtotal","note":"Subtotal; 11% original-holder hurdle."},{"label":"Project financing effect after junior origination fees","valueUSDmillion":891.6974554879424,"operation":"add","note":"Add the signed cash flow or financing effect."},{"label":"Outside common net claim","valueUSDmillion":183.28201154180687,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Preferred net claim","valueUSDmillion":-3.0426491192022525,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Vistra Phase 1 proxy claim","valueUSDmillion":44.74787969555236,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"NUAI project PV before secondary sale","valueUSDmillion":485.0968906621243,"operation":"subtotal","note":"Subtotal; 11% original-holder hurdle."},{"label":"Secondary buyer net claim","valueUSDmillion":3.2484606042611155,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Secondary sale charges","valueUSDmillion":6.844551021999625,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Effective NUAI project and sale PV","valueUSDmillion":475.0038790358636,"operation":"subtotal","note":"Subtotal includes net secondary-sale proceeds; do not add them again."},{"label":"HoldCo obligations excluding secondary-sale proceeds","valueUSDmillion":-200.35019110945188,"operation":"add","note":"Add the signed cash flow or financing effect."},{"label":"Restricted-cash posting PV","valueUSDmillion":34.10265460501596,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Restricted-cash release PV","valueUSDmillion":117.51086413080179,"operation":"add","note":"Add the signed cash flow or financing effect."},{"label":"Dated gross public funding PV","valueUSDmillion":69.18679269560842,"operation":"add","note":"Add the signed cash flow or financing effect."},{"label":"Public issuance fees PV","valueUSDmillion":2.4215377443462947,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Carried cash change PV","valueUSDmillion":22.83679936758489,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"All parent common distributions PV","valueUSDmillion":401.99035303587465,"operation":"subtotal","note":"Subtotal; 11% original-holder hurdle."},{"label":"New public shareholder receipts PV","valueUSDmillion":83.53055858869523,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Pre-existing awards receipts PV","valueUSDmillion":61.15747524089788,"operation":"subtract","note":"Subtract the signed claim or cost."},{"label":"Original shareholder receipts PV","valueUSDmillion":257.30231920628154,"operation":"subtotal","note":"Subtotal; 11% original-holder hurdle."}],"fundingEvents":[{"label":"Conditional parent public issuance","date":"2026-10-08","items":[{"label":"Gross proceeds","valueUSDmillion":69.1867926956084},{"label":"Issuance fee","valueUSDmillion":2.421537744346294},{"label":"Net cash","valueUSDmillion":66.76525495126211}],"note":"Assumed price $2/share; 34.593396m new shares. This is a priced funding assumption, not a commitment."},{"label":"Conditional LC replacement and Macquarie takeout","date":"2026-11-01","items":[{"label":"Gross collateral release","valueUSDmillion":106.72},{"label":"New retained cash margin","valueUSDmillion":11.600000000000001},{"label":"Proxy bridge payoff including premium","valueUSDmillion":100.25416666666666},{"label":"New upfront fee","valueUSDmillion":1.16},{"label":"Net available cash","valueUSDmillion":5.305833333333336}],"note":"Gross release already excludes the new cash margin. Principal/premium are conservative proxies; actual amended payoff is unknown. $104.4m additional credit support and consents are unverified."},{"label":"P1 first modeled construction debt draw","date":"2026-11-01","items":[{"label":"First-month senior draw","valueUSDmillion":154.98774793172632}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P2 first modeled construction debt draw","date":"2029-04-01","items":[{"label":"First-month senior draw","valueUSDmillion":358.43136870582254}],"note":"Conditional monthly schedule; complete funding is drawn across the construction period, not all at this date."},{"label":"P1 conditional secondary equity sale","date":"2029-05-01","items":[{"label":"Gross buyer proceeds","valueUSDmillion":39.613802263249575},{"label":"Senior debt repayment","valueUSDmillion":0},{"label":"Required reserve","valueUSDmillion":0},{"label":"Sale fee","valueUSDmillion":0.7922760452649915},{"label":"Gain tax, zero basis assumed","valueUSDmillion":8.152520505776762},{"label":"Net cash to NUAI","valueUSDmillion":30.66900571220782}],"note":"Sells 3.75% of project ownership, retaining 11.25%. Senior transfer/release consent, buyer and tax basis are unverified."},{"label":"P1 modeled senior maturity","date":"2038-04-01","items":[{"label":"Balloon principal","valueUSDmillion":1020.5377414900254}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."},{"label":"P2 modeled senior maturity","date":"2041-03-01","items":[{"label":"Balloon principal","valueUSDmillion":2711.5737092730124}],"note":"The 20-year amortization / 10-year maturity package requires priced investor capital calls for its balloon; no unsupported refinancing is assumed."}]}]}}