{
  "01_capacity_waterfall": {
    "title": "Power boundaries and commercial acceptance",
    "subtitle": "Engineering sensitivities and contractual milestones are separate.",
    "caption": "Sources: ENG01-02/11; analyst sensitivity, not a TCDC forecast or certified capacity.\nThe 90% allowance is not annual capacity factor; k is not annual PUE.\nSequence is simplified; executed contracts determine commencement and billing.",
    "source_ids": [
      "ENG01",
      "ENG02",
      "ENG11"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Engineering sensitivities and contractual milestones are separate. Sources: ENG01-02/11; analyst sensitivity, not a TCDC forecast or certified capacity. The 90% allowance is not annual capacity factor; k is not annual PUE. Sequence is simplified; executed contracts determine commencement and billing. Phase1 minimum electricity supply: 200 MW; Phase1 maximum electricity supply: 207 MW; Phase2 generation envelope: 550 MW; Hypothetical Phase2 facility delivery: 495 MW; Hypothetical combined facility delivery: 702 MW; Hypothetical critical IT: 540 MW Commercial sequence: construction, commissioning, tenant acceptance, lease commencement, billing. No numerical assumptions apply to these milestones.",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/01-capacity-waterfall.svg"
  },
  "02_phase1_overhead": {
    "title": "Phase 1 IT capacity depends on overhead",
    "subtitle": "Fixed electricity delivery: 207 MW. Design/peak ratio k, not annual PUE.",
    "caption": "Source: ENG01 and DOE ENG11; analyst-selected k. No certified TCDC design.\nCapacity rent requires built, accepted, commenced and billable capacity.",
    "source_ids": [
      "ENG01",
      "ENG11"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Fixed electricity delivery: 207 MW. Design/peak ratio k, not annual PUE. Source: ENG01 and DOE ENG11; analyst-selected k. No certified TCDC design. Capacity rent requires built, accepted, commenced and billable capacity. peak_overhead_ratio=1.2: 172.5 MW; peak_overhead_ratio=1.3: 159.23077 MW; peak_overhead_ratio=1.4: 147.85714 MW; k1.30 to1.20: 23884615 USD/year",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/02-phase1-overhead.svg"
  },
  "03_gas_heat_rate_loading": {
    "title": "Gas demand: heat rate and annual loading",
    "subtitle": "550 MW example. Fuel: million MMBtu/year; heat rate: MMBtu/MWh (HHV).",
    "caption": "Source: EIA ENG13/17; analyst cases. 7 is combined-cycle-like, not TCDC guidance.\nAverage fuel is not peak firm transport; no price pass-through is assumed.",
    "source_ids": [
      "ENG13",
      "ENG17"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "550 MW example. Fuel: million MMBtu/year; heat rate: MMBtu/MWh (HHV). Source: EIA ENG13/17; analyst cases. 7 is combined-cycle-like, not TCDC guidance. Average fuel is not peak firm transport; no price pass-through is assumed. CF=0.5;HR=7: 16863000 MMBtu/year; CF=0.5;HR=7: 44.551591 MMcf/day; CF=0.5;HR=9: 21681000 MMBtu/year; CF=0.5;HR=9: 57.280617 MMcf/day; CF=0.5;HR=11: 26499000 MMBtu/year; CF=0.5;HR=11: 70.009643 MMcf/day; CF=0.75;HR=7: 25294500 MMBtu/year; CF=0.75;HR=7: 66.827387 MMcf/day; CF=0.75;HR=9: 32521500 MMBtu/year; CF=0.75;HR=9: 85.920926 MMcf/day; CF=0.75;HR=11: 39748500 MMBtu/year; CF=0.75;HR=11: 105.01446 MMcf/day; CF=0.9;HR=7: 30353400 MMBtu/year; CF=0.9;HR=7: 80.192864 MMcf/day; CF=0.9;HR=9: 39025800 MMBtu/year; CF=0.9;HR=9: 103.10511 MMcf/day; CF=0.9;HR=11: 47698200 MMBtu/year; CF=0.9;HR=11: 126.01736 MMcf/day",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/03-gas-heat-rate-loading.svg"
  },
  "04_water_wue": {
    "title": "Onsite water depends on WUE",
    "subtitle": "150 MW IT capacity operating at 90% average load; annual water sensitivity.",
    "caption": "Source: DOE ENG11; illustrative withdrawal/makeup basis, not net consumptive loss.\nNot TCDC's water forecast; excludes offsite generation water and peak-day sizing.",
    "source_ids": [
      "ENG11"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "150 MW IT capacity operating at 90% average load; annual water sensitivity. Source: DOE ENG11; illustrative withdrawal/makeup basis, not net consumptive loss. Not TCDC's water forecast; excludes offsite generation water and peak-day sizing. WUE=0.05: 59130000 litres/year; WUE=0.05: 15620493 US gallons/year; WUE=0.2: 2.3652e+08 litres/year; WUE=0.2: 62481974 US gallons/year; WUE=1: 1.1826e+09 litres/year; WUE=1: 3.1240987e+08 US gallons/year",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/04-water-wue.svg"
  },
  "05_delay_and_lc_carry": {
    "title": "Delay reduces PV and adds financing carry",
    "subtitle": "Operating-cash-flow PV loss at 11%; constant $116m LC at 2% annual fee.",
    "caption": "Source: analyst timing formula; disclosed LC terms (S04).\nLC fees shown separately: no term-loan interest, opportunity cost or equity valuation.",
    "source_ids": [
      "S04"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Operating-cash-flow PV loss at 11%; constant $116m LC at 2% annual fee. Source: analyst timing formula; disclosed LC terms (S04). LC fees shown separately: no term-loan interest, opportunity cost or equity valuation. 6months: 0.050842004 fraction; 6months: 1160000 USD; 12months: 0.099099099 fraction; 12months: 2320000 USD; 24months: 0.18837757 fraction; 24months: 4640000 USD",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/05-delay-and-lc-carry.svg"
  },
  "06_noi_cap_rate_heatmap": {
    "title": "Asset value sensitivity: NOI and cap rate",
    "subtitle": "Illustrative gross asset value = annual NOI / capitalization rate.",
    "caption": "Source: analyst-selected normalized cases. USD billions; not NUAI valuation.\nBefore debt, preferred claims, remaining capex, taxes, ownership and dilution.",
    "source_ids": [],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Illustrative gross asset value = annual NOI / capitalization rate. Source: analyst-selected normalized cases. USD billions; not NUAI valuation. Before debt, preferred claims, remaining capex, taxes, ownership and dilution. NOI=90m;cap=0.06: 1.5e+09 USD; NOI=90m;cap=0.07: 1.2857143e+09 USD; NOI=90m;cap=0.08: 1.125e+09 USD; NOI=100m;cap=0.06: 1.6666667e+09 USD; NOI=100m;cap=0.07: 1.4285714e+09 USD; NOI=100m;cap=0.08: 1.25e+09 USD; NOI=110m;cap=0.06: 1.8333333e+09 USD; NOI=110m;cap=0.07: 1.5714286e+09 USD; NOI=110m;cap=0.08: 1.375e+09 USD",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/06-noi-cap-rate-heatmap.svg"
  },
  "07_peer_revenue_intensity": {
    "title": "Average undiscounted lease revenue proxy",
    "subtitle": "Initial-term announced revenue / critical IT kW / months. USD per kW-month.",
    "caption": "Sources: lease-peers.json and LP source register; issuer disclosures.\nNot starting rent, NOI or NUAI pricing. Scope, ramp and fit-out differ; Riot is historical.",
    "source_ids": [
      "LP01",
      "LP02",
      "LP05",
      "LP06",
      "LP07",
      "LP14",
      "LP15",
      "LP16",
      "LP17",
      "LP18",
      "LP19",
      "LP20"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Initial-term announced revenue / critical IT kW / months. USD per kW-month. Sources: lease-peers.json and LP source register; issuer disclosures. Not starting rent, NOI or NUAI pricing. Scope, ramp and fit-out differ; Riot is historical. RIOT_AMD_ORIGINAL: 103.66667 USD/critical IT kW/month; APLD_PF3: 138.88889 USD/critical IT kW/month; HUT_BEACON_P1: 154.67172 USD/critical IT kW/month; HUT_RIVER: 158.73016 USD/critical IT kW/month; WULF_JUSTIFIED: 197.42311 USD/critical IT kW/month",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/07-peer-revenue-intensity.svg"
  },
  "08_integrated_dependencies": {
    "title": "Readiness depends on connected evidence",
    "subtitle": "Conceptual dependencies, not a site map, physical route or certified critical path.",
    "caption": "Source: analyst synthesis of eight workstreams. Arrows show selected dependencies.\nCommon causes can affect several gates; delays and risk haircuts are not additive.",
    "source_ids": [],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Conceptual dependencies, not a site map, physical route or certified critical path. Source: analyst synthesis of eight workstreams. Arrows show selected dependencies. Common causes can affect several gates; delays and risk haircuts are not additive. ",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/08-integrated-dependencies.svg"
  },
  "09_fuel_continuity": {
    "title": "Fuel continuity is an end-to-end obligation",
    "subtitle": "Contract and equipment chain; no specific TCDC pipeline route is asserted.",
    "caption": "Source: ENG03/09/18/19; analyst synthesis. Operator names do not prove firmness.\nMap common causes, curtailment rights and tested backup before assigning uptime.",
    "source_ids": [
      "ENG03",
      "ENG09",
      "ENG18",
      "ENG19"
    ],
    "width_pt": 560,
    "height_pt": 340,
    "classification": "Illustrative sensitivity or conceptual synthesis; figure07 contains company-disclosed revenue proxies.",
    "description": "Contract and equipment chain; no specific TCDC pipeline route is asserted. Source: ENG03/09/18/19; analyst synthesis. Operator names do not prove firmness. Map common causes, curtailment rights and tested backup before assigning uptime. 550MW four-hour bridge: 2200 MWh",
    "svg_url": "/research/nuai-from-announced-megawatts-to-bankable-cash-flow/09-fuel-continuity.svg"
  }
}