Development Overview
Development, Milestones & Exit Conditions
March 27, 2026
Long-term development overview: three-phase strategy, key risks, investor exit conditions for energy-native GPU cloud.
5–10 MW
Year 5 Capacity
$50–80M
Year 5 Revenue
8–12×
Exit EBITDA Multiple
3
Development Phases
Section 01 · 02
Three-Phase Development Strategy
Phase 1
Concentration
2028 – 2029
- Capacity: 1 MW
- Revenue: $12.85–15.6M
- GPUs: 288 Rubin Ultra
- Staff: 6
- Clients: 1 anchor + 2–5
- EBITDA: ~92%
- Funding: Series A $45M
Phase 2
Controlled Replication
2030 – 2031
- Capacity: 3–5 MW
- Revenue: $30–50M [A]
- Facilities: 3–5 sites
- Staff: 12–18 [A]
- Clients: 5–15
- Markets: Gulf + EU
- Funding: Cash flow + Series B
Phase 3
Platform & Partnerships
2032 – 2033
- Capacity: 5–10 MW
- Revenue: $50–80M [A]
- Staff: 25–40 [A]
- Model: IaaS + Managed
- Holding: Singapore Pte.
- Board: Formal BoD
- Exit: Optionality open
CAPEX Allocation · Phase 1
GPU + Networking · $31.5M
Facility · $6.75M
Software · $2.25M
Contingency · $4.5M
Milestone-Triggered Hiring
Q3–Q4 2027
CFO
Trigger: Series A close · $96–132K · 0.5–1.5% equity
Q1–Q2 2028
Production Mgr
Trigger: Facility completion · $36–48K · 0.25–0.75% equity
2029+
HR Director
Trigger: Headcount >15 · $42–60K · 0.1–0.5% equity
Section 03
Key Business Risks
01NVIDIA single-vendor dependency — ~70% supply chainCRITICAL
02BIS export controls — policy change without noticeCRITICAL
03Client concentration — 1–2 clients per facilityHIGH
04Pre-commercial credibility gap — zero track recordHIGH
05GPU price erosion — 5–10% per year compressionHIGH
06Hyperscaler competitive entry into niche segmentHIGH
07Georgian geopolitical and sovereign riskMED
08Hydro resource variability — drought exposureMED
09Key personnel risk — 5–6 staff, no redundancyHIGH
10Financing risk — $45M Series A must close on scheduleHIGH
Section 04
Investor Exit Conditions
Strategic Acquisition
PRIMARY · Year 5–7
→
Sovereign / PE Fund
SECONDARY · Partial liquidity
→
Management Buyback
TERTIARY · Cash flow funded
Exit Trigger Conditions
5–10 MW
Operational capacity
>$50M
Annual revenue
80%+
Sustained EBITDA margin
3+
Facilities with anchor clients
Valuation Target
8–12× EBITDA
Founder Majority
Retained through Year 3
IPO Status
Not planned at current scale
