Sources and Uses of Cash
Finance
March 28, 2026
Documents funding sources ($45M Series A) and cash allocation across 3 financing cycles for GPU cloud infrastructure.
1
Series A
Q3 2027
$45M
Defined
First 1 MW facility
Full CAPEX + working capital
Full CAPEX + working capital
2
Series B / Project Finance
2030–2031
$60–90M
Assumption
Facilities 2–3 replication
Singapore holding setup
Singapore holding setup
3
Growth Equity / Strategic
2032–2033
$50–100M
Assumption
Scale to 10 MW portfolio
Pre-exit positioning
Pre-exit positioning
Sources of Cash · Cycle 1
Equity — Founder
CEO / Founder
Sweat equity + seed
Ordinary shares, 100% pre-dilution
Active since founding (2024)
Active since founding (2024)
Equity — Institutional
Series A Investors
$40–43M
Preferred equity, terms TBD
VC / infra fund / sovereign
VC / infra fund / sovereign
In-Kind — JV Partner
HPP Owner
BTM power + site
JV co-ownership, MOU signed
Revenue share or equity TBD
Revenue share or equity TBD
Working Capital
Ring-fenced Reserve
$2–5M
Within Series A proceeds
Pre-revenue runway 6–9 months
Pre-revenue runway 6–9 months
✔ All-equity round · No debt instruments · No bank loans
Uses of Cash · Cycle 1 · $45M
GPU Compute
$26.5M
Networking
$4.8M
Contingency
$4.34M
Storage
$2.1M
Cooling (DLC)
$1.6M
Civil / Prefab
$1.6M
Power Infra
$1.06M
Integration
$1.0M
Working Capital
$1.0M
Software
$0.5M
Connectivity
$0.5M
Total Sources
$45M
=
Total Uses
$45M
NVIDIA Concentration
70%
of Cycle 1 CAPEX
$31.3M → Compute $26.5M + Networking $4.8M
Supplier: NVIDIA (direct or authorized partner)
Payment: 30/40/30 structure
Debt Position
$0
all cycles
No bank loans, credit facilities, or liabilities
Cycle 2+ may introduce project finance
to reduce equity dilution [Assumption]
Cumulative Capital Outlook · 2027–2033
Total Cycles
3
prove → replicate → lead
Cumulative Capital
$155–235M
Assumption
Target Portfolio
10 MW
5–10 facilities by 2033
Facility 1 EBITDA
~$12M/yr
Partial self-funding for Cycles 2–3
Exit Strategy
Strategic Acquisition
Hyperscaler / sovereign fund at 10 MW
