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Scenario SelectorRealistic Base Case
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NUAI Current Share Price$4.27
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NOI BuildAssumptions Terminal Cap Rate
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20262027202820292030Revenue / IT MW$1,860,000.00$29.308.00%7.50%7.00%6.50%6.00%5.50%5.00%4.50%
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Gross MW Energized0503596501,400NOI Margin 99%NUAI % Equity5%$6.35$6.66$7.02$7.42$7.90$8.46$9.14$9.96
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Revenue Generating IT MW035254460990Terminal Cap Rate6.3%10%$8.27$8.81$9.42$10.13 $ 10.96 $ 11.94 $ 13.12 $ 14.55
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Revenue $0.00$65,764,285.71$472,187,571.43$854,935,714.29$1,841,400,000.00LTC80%15% $ 10.18 $ 10.95 $ 11.83 $ 12.84 $ 14.02 $ 15.42 $ 17.10 $ 19.15
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OpEx $0.00$657,642.86$4,721,875.71$8,549,357.14$18,414,000.00Probability of Success 75.00%20% $ 12.10 $ 13.10 $ 14.24 $ 15.55 $ 17.09 $ 18.90 $ 21.08 $ 23.74
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NOI$0.00$65,106,642.86$467,465,695.71$846,386,357.14$1,822,986,000.00Interest Rate7.00%25% $ 14.01 $ 15.24 $ 16.64 $ 18.26 $ 20.15 $ 22.38 $ 25.06 $ 28.33
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Debt Repayment $0.00$65,106,642.86$467,465,695.71$846,386,357.14$1,822,986,000.00Discount Rate11.00%30% $ 15.93 $ 17.38 $ 19.05 $ 20.97 $ 23.21 $ 25.86 $ 29.04 $ 32.92
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NUAI % Common Equity Ownership40.33%
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Terminal Value (TEV)$29,167,776,000.00PUE (Gross MW / IT MW)1.40xProbability of Success
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Basic Shares Outstanding 93,522,797.00 $ 29.30 10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%90.00%100.00%
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Project Capital Structure Percent of TEVDollarsExecutive RSU + PSUs 11,602,781.00 NUAI % Equity2.50% $ 0.83 $ 1.66 $ 2.49 $ 3.31 $ 4.14 $ 4.97 $ 5.80 $ 6.63 $ 7.46 $ 8.28
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Debt at Purchase80%$9,600,000,000.00SharonAI Note Conversion (up to 20% of $50M note) 2,341,920.37 5% $ 1.02 $ 2.04 $ 3.06 $ 4.08 $ 5.10 $ 6.12 $ 7.14 $ 8.16 $ 9.18 $ 10.20
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Equity at Purchase20%$2,400,000,000.00SPAC Warrants 6,211,486.00 10% $ 1.40 $ 2.81 $ 4.21 $ 5.62 $ 7.02 $ 8.43 $ 9.83 $ 11.23 $ 12.64 $ 14.04
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Debt at Sale26%$7,443,897,073.75Macquarie warrants 1,164,144.00 15%$1.79$3.58$5.36$7.15$8.94$10.73$12.52$14.30$16.09$17.88
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Equity at Sale74%$21,723,878,926.25Underwriter Optional 15% Over-Allotment 4,477,611.94 20%$2.17$4.34$6.52$8.69$10.86$13.03$15.20$17.37$19.55$21.72
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NUAI Equity Value at Exit25.02%$7,296,577,991.33ATW Warrants 16,200,000.00 25%$2.56$5.11$7.67$10.22$12.78$15.33$17.89$20.45$23.00$25.56
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$100M ATM 0.0030%$2.94$5.88$8.82$11.76$14.70$17.64$20.58$23.52$26.46$29.40
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NUAI NPV BuildPercent of Total NUAI NPVDollarsLegacy Asset Value $44,000,000.00
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(+) TCDC NPV of NUAI Common Equity79%$4,330,163,899.24Cash $80,000,000.00
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(+) TCDC NPV of NUAI Promote21%$1,130,823,910.65IT MW Utilization Rate99%
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NUAI NPV Enterprise Value 100%$5,460,987,809.89
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(-) Macquarie Loan $290,000,000.00
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(+) Cash / Assets $124,000,000.00
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NAUI NPV Equity Value $5,294,987,809.89
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NUAI Dilution Build Percent of Total Shares
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(+) Basic Shares Outstanding69% 93,522,797.00 `
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(+) Executive RSU + PSUs9% 11,602,781.00
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(+) SharonAI Note Conversion (up to 20% of $50M note)2% 2,341,920.37
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(+) SPAC Warrants 5% 6,211,486.00
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(+) Macquarie warrants1% 1,164,144.00
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(+) Underwriter Optional 15% Over-Allotment3% 4,477,611.94
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(+) ATW Warrants 12% 16,200,000.00
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(+) $100M ATM0%0.00
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Fully Diluted 2030 Share Count 135,520,740.32
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Probability Weighted Price Target $29.30
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Potential Upside 586.27%
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100% Probability of Success Price Target$39.07
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Potential Upside815%
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