Investor Due Diligence for AI Infrastructure
Benchmark scenarios, run sensitivities, and size risks across utilization, power price & hedging, packaging constraints, and build timing.
KPIs
Project NPV (Net Present Value)
Net Present Value of program cash flows at the analysis WACC; includes build, operations, and exit/residual.
Higher is better
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USD (millions)
Project IRR (Internal Rate of Return)
IRR computed on project cash flows over the analysis horizon.
Higher is better
Payback Period
Elapsed days from first capital outlay to cumulative cash neutrality.
Higher is worse
Risk‑Adjusted Valuation Index
Expected NPV under Monte‑Carlo, normalized to 0–1 for comparability.
Higher is better
Debt Service Coverage Index
Covenant‑aware DSCR mapped to 0–1 for teaser use (1.0 at or above target).
Higher is better
Internal Factors
Installed Power Capacity
Commissioned electrical capacity available to the program.
Higher is better
Accelerator Installed Base
Cumulative installed compute accelerators available for revenue.
Higher is better
PPA Hedge Coverage
Share of forecast MWh hedged under Power Purchase Agreements (PPAs) or equivalent instruments.
Higher is better
Supply Lock‑In Ratio
Share of required accelerator capacity under firm orders or long‑term agreements.
Higher is better
Packaging Bottleneck Index
0–1 index of packaging tightness (HBM, CoWoS) affecting accelerator deliveries and yields.
Higher is worse
Interconnection Queue Delay
Effective days of delay from grid interconnection studies and upgrades.
Higher is worse
Power Price
Effective electricity cost per MWh (blended tariffs, PPAs, hedges, imbalance).
Higher is worse
Average Utilization
Delivered compute‑hours as a percent of available compute‑hours for revenue.
Higher is better
Site Readiness Index
Composite 0–1 score of permitting, substation/cooling readiness, and critical path clearance.
Higher is better
Contracted Revenue Coverage
Share of next‑12‑month revenue covered by executed contracts.
Higher is better
Levers
CAPEX Spend Plan
Planned capital outlays by month for land, power, cooling, and compute.
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USD (millions)
Utilization Target
Policy target for average utilization used in planning and pricing.
Higher is better
PPA Hedge Target
Policy target for share of load to hedge with PPAs or equivalent instruments.
Higher is better
Leverage Ratio
Debt as a share of total capitalization at financial close.
Higher is worse
Brownfield Site Share
Share of capacity placed at brownfield locations (vs. greenfield) to reduce permitting risk and time.
Higher is better