The five-year contract locks the revenue side. The cash flows then pass three break-variable gates inside the hosting-margin corridor — click each gate to hold or break it and watch which terminal the cash flows reach.
Five-year fixed GPU hosting economics: revenue through three break-variable gates to two terminal outcomes
hosting profit = (rate × utilization × GPU count) − (power $ × draw) − opex − depreciation
5-yr fixed contract
locks the revenue side
$350M TCV · ~$70M ARR
capex funding stack
deposit + 0% convertible
+ equipment financing
5-yr locked revenue stream
1
2
3
1 · utilization
hosts fill clusters
hold
2 · obsolescence
GB300 serves the term
hold
3 · power cost
cheap hydro holds
hold
? actual $/MWh not disclosed
De-risked cash flows
margin intact · capex de-risked
Margin headwind
5-yr commitment + leverage
break variables: utilization · GPU obsolescence (opex + depreciation) over the 5-yr term · power cost