{
  "as_of": "2026-10-22",
  "classification": "Illustrative sensitivities and company-disclosed peer proxies,not NUAI forecasts or per-share valuations",
  "source_registers": [
    "source-register.json"
  ],
  "rows": [
    {
      "figure": "01",
      "scenario": "Phase1 minimum electricity supply",
      "metric": "capacity",
      "value": 200,
      "unit": "MW",
      "formula": "disclosed contract minimum",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "01",
      "scenario": "Phase1 maximum electricity supply",
      "metric": "capacity",
      "value": 207,
      "unit": "MW",
      "formula": "disclosed contract maximum",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "01",
      "scenario": "Phase2 generation envelope",
      "metric": "capacity",
      "value": 550,
      "unit": "MW",
      "formula": "company-disclosed generation envelope",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "01",
      "scenario": "Hypothetical Phase2 facility delivery",
      "metric": "capacity",
      "value": 495,
      "unit": "MW",
      "formula": "550*firm_delivery_factor",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "01",
      "scenario": "Hypothetical combined facility delivery",
      "metric": "capacity",
      "value": 702,
      "unit": "MW",
      "formula": "207+550*firm_delivery_factor",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "01",
      "scenario": "Hypothetical critical IT",
      "metric": "capacity",
      "value": 540,
      "unit": "MW",
      "formula": "(207+550*firm_delivery_factor)/peak_overhead_ratio",
      "assumptions": "firm_delivery_factor=0.90;peak_overhead_ratio=1.30 only in hypothetical cases. Different disclosed boundaries;no commercial-stage fractions.",
      "sources": "ENG01;ENG02;ENG11"
    },
    {
      "figure": "02",
      "scenario": "peak_overhead_ratio=1.2",
      "metric": "critical_it",
      "value": 172.5,
      "unit": "MW",
      "formula": "207/peak_overhead_ratio",
      "assumptions": "Fixed207MW delivery;peak_overhead_ratio is a hypothetical design ratio,not annual PUE",
      "sources": "ENG01;ENG11"
    },
    {
      "figure": "02",
      "scenario": "peak_overhead_ratio=1.3",
      "metric": "critical_it",
      "value": 159.23076923076923,
      "unit": "MW",
      "formula": "207/peak_overhead_ratio",
      "assumptions": "Fixed207MW delivery;peak_overhead_ratio is a hypothetical design ratio,not annual PUE",
      "sources": "ENG01;ENG11"
    },
    {
      "figure": "02",
      "scenario": "peak_overhead_ratio=1.4",
      "metric": "critical_it",
      "value": 147.85714285714286,
      "unit": "MW",
      "formula": "207/peak_overhead_ratio",
      "assumptions": "Fixed207MW delivery;peak_overhead_ratio is a hypothetical design ratio,not annual PUE",
      "sources": "ENG01;ENG11"
    },
    {
      "figure": "02",
      "scenario": "k1.30 to1.20",
      "metric": "incremental_gross_rent",
      "value": 23884615.38461539,
      "unit": "USD/year",
      "formula": "(207/1.2-207/1.3)*1000*150*12",
      "assumptions": "Assumed150USD/kW/month;excludes costs/financing/tax/ownership",
      "sources": "ENG01;analyst assumptions"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=7",
      "metric": "annual_fuel",
      "value": 16863000.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=7",
      "metric": "average_gas_volume",
      "value": 44.55159112825458,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=9",
      "metric": "annual_fuel",
      "value": 21681000.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=9",
      "metric": "average_gas_volume",
      "value": 57.28061716489874,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=11",
      "metric": "annual_fuel",
      "value": 26499000.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.5;HR=11",
      "metric": "average_gas_volume",
      "value": 70.00964320154291,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=7",
      "metric": "annual_fuel",
      "value": 25294500.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=7",
      "metric": "average_gas_volume",
      "value": 66.82738669238186,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=9",
      "metric": "annual_fuel",
      "value": 32521500.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=9",
      "metric": "average_gas_volume",
      "value": 85.92092574734812,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=11",
      "metric": "annual_fuel",
      "value": 39748500.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.75;HR=11",
      "metric": "average_gas_volume",
      "value": 105.01446480231436,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=7",
      "metric": "annual_fuel",
      "value": 30353400.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=7",
      "metric": "average_gas_volume",
      "value": 80.19286403085825,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=9",
      "metric": "annual_fuel",
      "value": 39025800.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=9",
      "metric": "average_gas_volume",
      "value": 103.10511089681775,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=11",
      "metric": "annual_fuel",
      "value": 47698200.0,
      "unit": "MMBtu/year",
      "formula": "550*8760*CF*HR",
      "assumptions": "Illustrative output boundary;HHV;equipment unverified",
      "sources": "ENG13"
    },
    {
      "figure": "03",
      "scenario": "CF=0.9;HR=11",
      "metric": "average_gas_volume",
      "value": 126.01735776277724,
      "unit": "MMcf/day",
      "formula": "550*24*CF*HR/1037",
      "assumptions": "1037Btu/cf normalization;not actual gas quality or peak reservation",
      "sources": "ENG17"
    },
    {
      "figure": "04",
      "scenario": "WUE=0.05",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 59130000.0,
      "unit": "litres/year",
      "formula": "150*1000*8760*0.9*WUE",
      "assumptions": "150MW IT capacity,90% average loading;selected WUE on withdrawal/makeup basis,not net consumption;not site estimates",
      "sources": "ENG11"
    },
    {
      "figure": "04",
      "scenario": "WUE=0.05",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 15620493.455937317,
      "unit": "US gallons/year",
      "formula": "litres/3.785411784",
      "assumptions": "Same withdrawal/makeup boundary;US liquid gallon exact conversion",
      "sources": "ENG11;analyst arithmetic"
    },
    {
      "figure": "04",
      "scenario": "WUE=0.2",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 236520000.0,
      "unit": "litres/year",
      "formula": "150*1000*8760*0.9*WUE",
      "assumptions": "150MW IT capacity,90% average loading;selected WUE on withdrawal/makeup basis,not net consumption;not site estimates",
      "sources": "ENG11"
    },
    {
      "figure": "04",
      "scenario": "WUE=0.2",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 62481973.82374927,
      "unit": "US gallons/year",
      "formula": "litres/3.785411784",
      "assumptions": "Same withdrawal/makeup boundary;US liquid gallon exact conversion",
      "sources": "ENG11;analyst arithmetic"
    },
    {
      "figure": "04",
      "scenario": "WUE=1",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 1182600000.0,
      "unit": "litres/year",
      "formula": "150*1000*8760*0.9*WUE",
      "assumptions": "150MW IT capacity,90% average loading;selected WUE on withdrawal/makeup basis,not net consumption;not site estimates",
      "sources": "ENG11"
    },
    {
      "figure": "04",
      "scenario": "WUE=1",
      "metric": "annual_onsite_withdrawal_makeup",
      "value": 312409869.11874634,
      "unit": "US gallons/year",
      "formula": "litres/3.785411784",
      "assumptions": "Same withdrawal/makeup boundary;US liquid gallon exact conversion",
      "sources": "ENG11;analyst arithmetic"
    },
    {
      "figure": "05",
      "scenario": "6months",
      "metric": "operating_pv_loss",
      "value": 0.05084200424750096,
      "unit": "fraction",
      "formula": "1-(1.11)**(-months/12)",
      "assumptions": "Identical future operating cash flows shifted;capex/carry/financing unchanged",
      "sources": "Analyst assumption"
    },
    {
      "figure": "05",
      "scenario": "6months",
      "metric": "incremental_lc_fee",
      "value": 1160000.0,
      "unit": "USD",
      "formula": "116000000*0.02*months/12",
      "assumptions": "Constant LC face and2%annual fee throughout extension;no other charges",
      "sources": "S04;finance evidence"
    },
    {
      "figure": "05",
      "scenario": "12months",
      "metric": "operating_pv_loss",
      "value": 0.0990990990990992,
      "unit": "fraction",
      "formula": "1-(1.11)**(-months/12)",
      "assumptions": "Identical future operating cash flows shifted;capex/carry/financing unchanged",
      "sources": "Analyst assumption"
    },
    {
      "figure": "05",
      "scenario": "12months",
      "metric": "incremental_lc_fee",
      "value": 2320000.0,
      "unit": "USD",
      "formula": "116000000*0.02*months/12",
      "assumptions": "Constant LC face and2%annual fee throughout extension;no other charges",
      "sources": "S04;finance evidence"
    },
    {
      "figure": "05",
      "scenario": "24months",
      "metric": "operating_pv_loss",
      "value": 0.1883775667559453,
      "unit": "fraction",
      "formula": "1-(1.11)**(-months/12)",
      "assumptions": "Identical future operating cash flows shifted;capex/carry/financing unchanged",
      "sources": "Analyst assumption"
    },
    {
      "figure": "05",
      "scenario": "24months",
      "metric": "incremental_lc_fee",
      "value": 4640000.0,
      "unit": "USD",
      "formula": "116000000*0.02*months/12",
      "assumptions": "Constant LC face and2%annual fee throughout extension;no other charges",
      "sources": "S04;finance evidence"
    },
    {
      "figure": "06",
      "scenario": "NOI=90m;cap=0.06",
      "metric": "gross_asset_value",
      "value": 1500000000.0,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=90m;cap=0.07",
      "metric": "gross_asset_value",
      "value": 1285714285.7142856,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=90m;cap=0.08",
      "metric": "gross_asset_value",
      "value": 1125000000.0,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=100m;cap=0.06",
      "metric": "gross_asset_value",
      "value": 1666666666.6666667,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=100m;cap=0.07",
      "metric": "gross_asset_value",
      "value": 1428571428.5714285,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=100m;cap=0.08",
      "metric": "gross_asset_value",
      "value": 1250000000.0,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=110m;cap=0.06",
      "metric": "gross_asset_value",
      "value": 1833333333.3333335,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=110m;cap=0.07",
      "metric": "gross_asset_value",
      "value": 1571428571.4285712,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "06",
      "scenario": "NOI=110m;cap=0.08",
      "metric": "gross_asset_value",
      "value": 1375000000.0,
      "unit": "USD",
      "formula": "annual_NOI/cap_rate",
      "assumptions": "Steady-state normalized property example;not equity or NUAI value",
      "sources": "Analyst assumption"
    },
    {
      "figure": "07",
      "scenario": "RIOT_AMD_ORIGINAL",
      "metric": "revenue_intensity",
      "value": 103.66666666666667,
      "unit": "USD/critical IT kW/month",
      "formula": "initial_tcv_usd/(initial_term_years*critical_it_MW*1000*12)",
      "assumptions": "Average undiscounted announced initial-term revenue;not starting rent/NOI;no renewals",
      "sources": "LP14;LP15"
    },
    {
      "figure": "07",
      "scenario": "APLD_PF3",
      "metric": "revenue_intensity",
      "value": 138.88888888888889,
      "unit": "USD/critical IT kW/month",
      "formula": "initial_tcv_usd/(initial_term_years*critical_it_MW*1000*12)",
      "assumptions": "Average undiscounted announced initial-term revenue;not starting rent/NOI;no renewals",
      "sources": "LP05;LP06;LP07"
    },
    {
      "figure": "07",
      "scenario": "HUT_BEACON_P1",
      "metric": "revenue_intensity",
      "value": 154.67171717171718,
      "unit": "USD/critical IT kW/month",
      "formula": "initial_tcv_usd/(initial_term_years*critical_it_MW*1000*12)",
      "assumptions": "Average undiscounted announced initial-term revenue;not starting rent/NOI;no renewals",
      "sources": "LP17;LP18;LP20;LP33"
    },
    {
      "figure": "07",
      "scenario": "HUT_RIVER",
      "metric": "revenue_intensity",
      "value": 158.73015873015873,
      "unit": "USD/critical IT kW/month",
      "formula": "initial_tcv_usd/(initial_term_years*critical_it_MW*1000*12)",
      "assumptions": "Average undiscounted announced initial-term revenue;not starting rent/NOI;no renewals",
      "sources": "LP16;LP19;LP32"
    },
    {
      "figure": "07",
      "scenario": "WULF_JUSTIFIED",
      "metric": "revenue_intensity",
      "value": 197.42310889443058,
      "unit": "USD/critical IT kW/month",
      "formula": "initial_tcv_usd/(initial_term_years*critical_it_MW*1000*12)",
      "assumptions": "Average undiscounted announced initial-term revenue;not starting rent/NOI;no renewals",
      "sources": "LP01;LP02"
    },
    {
      "figure": "09",
      "scenario": "550MW four-hour bridge",
      "metric": "usable_storage",
      "value": 2200,
      "unit": "MWh",
      "formula": "550MW*4h",
      "assumptions": "Illustrative delivered energy;installed storage needs loss/reserve allowance",
      "sources": "Analyst arithmetic"
    }
  ]
}