Deal Desk
Price an offtake for 512 × H100 SXM: set the server price and contract terms on the left, read profitability on the right.
Hardware
$
$
Offtake contract
All years sell at the market curve below.
Market pricing
%
%
FarmGPU operator
%
Site & lifetime
$/kWh
$/kW·mo
yr
Capital
%
%
yr
%
%
Deal returnsBelow hurdle
IRRs don't depend on your cost of capital — the hurdles do. Each return is shown against the rate it has to beat.
Project IRR-9.0%-18.2 pts vs 9.1% hurdle
Equity IRRn/m— vs 20.0% Ke
Project NPV$-6.3M-35.2% of CapEx
Equity NPV$-4.5Mat 20.0% cost of equity
Equity multiple0.44×cash out ÷ cash in
PaybackNeverproject, from close
Min DSCR-0.07×equity cures shortfalls
Total CapEx$18.0M$4.5M equity · $13.5M debt
Break-even
What it takes to earn exactly 20.0%, holding every other input fixed.
Minimum Y1 market price$3.44/hrYou're at $2.63/hr · short by 23.6%
Maximum server price$107,093You're at $200,000 · over by 46.5%
Year-1 unit economics
Per GPU per available hour (8,760 h/yr). CapEx recovery ignores the return on capital — that's what the hurdle rates above add.
Market price × utilization$2.236
Power (avg draw × PUE)−$0.108
Colo + people−$0.343
Sales & marketing + AMC−$0.112
Cash margin (EBITDA)$1.673
CapEx recovery (5 yr straight-line)−$0.802
Margin after capital$0.871
Contract coverage
Spot only — every dollar of payback depends on the market curve. Set a term to see how much of the CapEx an offtake locks in.
Equity IRR — y1 market price × server price
Green clears the 20.0% hurdle. Centre cell is the current deal. n/m = no meaningful IRR (check NPV).
| Server ↓ / Price → | $2.10 | $2.37 | $2.63 | $2.89 | $3.16 |
|---|---|---|---|---|---|
| $160K | n/m | n/m | n/m | n/m | n/m |
| $180K | n/m | n/m | n/m | n/m | n/m |
| $200K | n/m | n/m | n/m | n/m | n/m |
| $220K | n/m | n/m | n/m | n/m | n/m |
| $240K | n/m | n/m | n/m | n/m | n/m |
Deal cash flows
Close (Y0) is when CapEx is spent and the equity cheque goes in. Negative equity cash in an operating year is an equity cure for a debt-service shortfall.
| Year | $/hr | Billed | Revenue | EBITDA | Project CF | Equity CF | Debt (end) | DSCR |
|---|---|---|---|---|---|---|---|---|
| Y0 | Financial close | $-19.8M | $-6.3M | $13.5M | ||||
| Y1 | $2.63 | 85% | $10.0M | $7.5M | $6.7M | $3.2M | $10.8M | 1.89× |
| Y2 | $2.01 | 85% | $7.7M | $5.2M | $4.9M | $1.6M | $8.1M | 1.45× |
| Y3 | $1.21 | 85% | $4.6M | $2.2M | $2.2M | $0 | $5.4M | 0.69× |
| Y4 | $0.81 | 85% | $3.1M | $724K | $724K | $-1.6M | $2.7M | 0.24× |
| Y5 | $0.57 | 85% | $2.2M | $-211K | $1.6M | $-3.1M | $0 | -0.07× |
● contract year · operations end after Y5; remaining debt is repaid and the working-capital reserve released in that year