NUAI Model v20.xlsx

	B	C	D	E	F	G	I	J
1
2	Scenario Selector	Realistic Base Case
3	NUAI Current Share Price	$4.78
4
5	NOI Build						Assumptions
6		2026	2027	2028	2029	2030	Revenue / IT MW	$1,860,000.00
7	Gross MW Energized	0	50	359	650	1,400	NOI Margin	99%
8	Revenue Generating IT MW	0	35	254	460	990	Terminal Cap Rate	6.3%
9	Revenue	$0.00	$65,764,285.71	$472,187,571.43	$854,935,714.29	$1,841,400,000.00	LTC	80%
10	OpEx	$0.00	$657,642.86	$4,721,875.71	$8,549,357.14	$18,414,000.00	Probability of Success	75.00%
11	NOI	$0.00	$65,106,642.86	$467,465,695.71	$846,386,357.14	$1,822,986,000.00	Interest Rate	7.00%
12	Debt Repayment	$0.00	$65,106,642.86	$467,465,695.71	$846,386,357.14	$1,822,986,000.00	Discount Rate	11.00%
13							NUAI % Common Equity Ownership	40.33%
14	Terminal Value (TEV)	$29,167,776,000.00					PUE (Gross MW / IT MW)	1.40x
15							Basic Shares Outstanding	101,290,928.00
16	Project Capital Structure	Percent of TEV	Dollars				Executive RSU + PSUs	12,002,781.00
17	Debt at Purchase	80%	$9,600,000,000.00				SharonAI Note Conversion (up to 20% of $50M note)	-
18	Equity at Purchase	20%	$2,400,000,000.00				SPAC Warrants	5,980,750.00
19	Debt at Sale	26%	$7,443,897,073.75				Macquarie warrants	1,162,791.00
20	Equity at Sale	74%	$21,723,878,926.25				Underwriter Optional 15% Over-Allotment	-
21	NUAI Equity Value at Exit	25.02%	$7,296,577,991.33				ATW Warrants	10,426,000.00
22							$100M ATM	0.00
23	NUAI NPV Build	Percent of Total NUAI NPV	Dollars				Legacy Asset Value	$44,000,000.00
24	(+) TCDC NPV of NUAI Common Equity	79%	$4,330,163,899.24				Cash	$80,000,000.00
25	(+) TCDC NPV of NUAI Promote	21%	$1,130,823,910.65				IT MW Utilization Rate	99%
26	NUAI NPV Enterprise Value	100%	$5,460,987,809.89
27	(-) Macquarie Loan		$290,000,000.00
28	(+) Cash / Assets		$124,000,000.00
29	NAUI NPV Equity Value		$5,294,987,809.89
30
31	NUAI Dilution Build	Percent of Total	Shares
32	(+) Basic Shares Outstanding	77%	101,290,928.00	`
33	(+) Executive RSU + PSUs	9%	12,002,781.00
34	(+) SharonAI Note Conversion (up to 20% of $50M note)	0%	-
35	(+) SPAC Warrants	5%	5,980,750.00
36	(+) Macquarie warrants	1%	1,162,791.00
37	(+) Underwriter Optional 15% Over-Allotment	0%	-
38	(+) ATW Warrants	8%	10,426,000.00
39	(+) $100M ATM	0%	0.00
40	Fully Diluted 2030 Share Count		130,863,250.00
41
42	Probability Weighted Price Target	$30.35
43	Potential Upside	534.86%
44
45	100% Probability of Success Price Target	$40.46
46	Potential Upside	746%
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100