=== Base inputs ===
  rack_cost_usd_m = 4.0
  facility_eur_m_per_mw = 11.0
  elec_eur_mwh = 165.0
  pue = 1.15
  util = 0.7
  price_h100eq_hr_eur_y1 = 2.0
  price_decline = 0.2
  hw_support_pct = 0.05
  hw_residual = 0.15
  wacc = 0.1

=== Phase 1 sites, base case ===
case | GPUs | racks | IT MW | IT capex | facility | total capex | EU EURm | public total | public/yr | public % capacity | public % revenue | public % capex | Y1 revenue | Y1 EBITDA | Y5 EBITDA | IRR | NPV@wacc
Lot 1 minimum (25k) | 5,495 | 76 | 10.3 | 273 | 142 | 414 | 46 | 93 | 18.5 | 4.7% | 8.6% | 22.4% | 311 | 280 | 108 | 37.5% | 349
Lot 1 score cap (50k) | 10,989 | 153 | 20.6 | 545 | 283 | 828 | 93 | 185 | 37.1 | 4.7% | 8.6% | 22.4% | 621 | 561 | 216 | 37.5% | 698
Lot 1 full EU draw (54k) | 11,868 | 165 | 22.3 | 589 | 306 | 895 | 100 | 200 | 40.0 | 4.7% | 8.6% | 22.4% | 671 | 605 | 233 | 37.5% | 754
Lot 2 minimum (40k) | 8,791 | 122 | 16.5 | 436 | 227 | 663 | 74 | 148 | 29.7 | 4.7% | 8.6% | 22.4% | 497 | 448 | 172 | 37.5% | 559
Lot 2 score cap (70k) | 15,385 | 214 | 28.8 | 763 | 397 | 1,160 | 130 | 259 | 51.9 | 4.7% | 8.6% | 22.4% | 870 | 785 | 302 | 37.5% | 977
Lot 2 full EU draw (108k) | 23,736 | 330 | 44.5 | 1,177 | 612 | 1,789 | 200 | 400 | 80.0 | 4.7% | 8.6% | 22.4% | 1,342 | 1,211 | 466 | 37.5% | 1,508

=== Break-evens, Lot 1 full EU draw (54k), IRR = wacc ===
  utilisation: 0.354
  year-1 price EUR/H100eq-h: 1.057
  annual price decline: 0.643
  electricity EUR/MWh: nan
  rack cost USD m: 9.090

=== Sensitivity, Lot 1 full EU draw (54k): IRR by utilisation x annual price decline ===
util \ decline | 0% | 10% | 20% | 30% | 40%
50% | 35% | 28% | 22% | 16% | 10%
60% | 43% | 36% | 30% | 24% | 18%
70% | 51% | 44% | 38% | 31% | 24%
80% | 58% | 52% | 45% | 38% | 31%
90% | 65% | 59% | 52% | 45% | 38%

=== Electricity: Lot 1 full draw IRR by host country price (Eurostat 2026-S1, excl. VAT, large consumers) ===
  France      72 EUR/MWh: electricity 12.9 m/yr, IRR 39.3%
  Spain       78 EUR/MWh: electricity 14.0 m/yr, IRR 39.2%
  Finland     79 EUR/MWh: electricity 14.2 m/yr, IRR 39.2%
  Sweden      88 EUR/MWh: electricity 15.8 m/yr, IRR 39.0%
  Germany    127 EUR/MWh: electricity 22.8 m/yr, IRR 38.2%
  Italy      133 EUR/MWh: electricity 23.9 m/yr, IRR 38.1%
  Czechia    165 EUR/MWh: electricity 29.6 m/yr, IRR 37.5%
  Poland     184 EUR/MWh: electricity 33.0 m/yr, IRR 37.2%
  US Texas    63 EUR/MWh: electricity 11.3 m/yr, IRR 39.5%

=== What the public money buys (Lot 1 full draw, 54k H100-eq) ===
  Public EUR 200 m over 5 years = 40.0 m/yr
  At the bid price it buys 4.7% of the site's capacity; 8.6% of 5-year revenue; 22.4% of capex
  Klaba (Reuters 23 Sep 2026): break-even 300-400 m/yr per site; public order about 40 m/yr = 10-15%

=== Phase 2: IT capex needed to draw the indicative EU money (17% rule) ===
  Lot1: EU 400.0 m indicative -> IT capex >= 2,353 m; at today's EUR 10,902 per H100-eq that is 215,831 H100-eq, against a phase 2 minimum of 75000
  Lot2: EU 800.0 m indicative -> IT capex >= 4,706 m; at today's EUR 10,902 per H100-eq that is 431,661 H100-eq, against a phase 2 minimum of 100000

=== Scenarios, Lot 1 full EU draw (54k): IRR and 5-year cumulative EBITDA vs capex ===
  Base (today's prices, 70% full from day one): capex 895 m, Y1 rev 671 m, 5y EBITDA 1,993 m, IRR 37.5%, public share of revenue 8.6%
  Ramp (40/60/70% utilisation): capex 895 m, Y1 rev 401 m, 5y EBITDA 1,651 m, IRR 26.3%, public share of revenue 10.1%
  Conservative (1.35x IT overhead, 8% support, 60% util, -30%/yr price, no residual): capex 1,101 m, Y1 rev 581 m, 5y EBITDA 1,201 m, IRR 8.8%, public share of revenue 11.8%
  Bear (EUR 1.50 y1, -35%/yr, 50% util, ramp 30/50, 1.35x, 8%, no residual): capex 1,101 m, Y1 rev 240 m, 5y EBITDA 408 m, IRR -15.1%, public share of revenue 22.1%
  Empty (20% utilisation, otherwise base): capex 895 m, Y1 rev 220 m, 5y EBITDA 478 m, IRR -3.8%, public share of revenue 24.8%
  Nebius mid-term contracts, $20-25m/MW/yr (Q2 2026 call), flat: capex 895 m, Y1 rev 454 m, 5y EBITDA 1,943 m, IRR 30.9%, public share of revenue 8.8%
  CoreWeave FY2025 realised, $5.1bn on ~850 MW = $6m/MW/yr, flat: capex 895 m, Y1 rev 121 m, 5y EBITDA 275 m, IRR -9.6%, public share of revenue 33.2%

=== Full scale: 120 MW (Lot 1) and 150 MW (Lot 2) filled with NVL72-class racks ===
  Lot1: 889 racks, 291,200 H100-eq, IT capex 3,175 m + facility 1,320 m = 4,495 m; public ceiling EU+match 1,000 m = 22.2% of capex, paid over two 5-year windows; market revenue needed to fill it at base price and utilisation 3,571 m/yr
  Lot2: 1,111 racks, 364,000 H100-eq, IT capex 3,968 m + facility 1,650 m = 5,618 m; public ceiling EU+match 2,000 m = 35.6% of capex, paid over two 5-year windows; market revenue needed to fill it at base price and utilisation 4,464 m/yr

=== Levered view, Lot 1 full draw, base case ===
  Debt 626 m at 8.5% = 53 m/yr interest; Y1 EBITDA 605 m; Y5 EBITDA 233 m; 5-year straight-line amortisation of debt = 125 m/yr