A demand cascade that locates where money originates, and a scorecard responsive to three diagnostic inputs. The boutique Sydney-metro standalone sits inside the REIT and infrastructure fund thesis, with a sovereign-strategic adjacency on the government-mid segment.
External customer revenue versus the recycled equity-to-compute loop. Indicative annualised flows for 2025 and 2026.
The recycled flow (coral, dashed) is not external revenue. Any underwriting that treats lab-side compute backlog as if it were external revenue should be discounted to the share that external customer revenue plausibly supports.
Slide your priors on the three diagnostic inputs. The cells and the verdict on each thesis respond.
Defaults reproduce the brief's central case. Each slider drives the four cells in its column and the verdict at the start of each row.
| Thesis | Q1. Enterprise revenue persistence | Q2. Circular-flow exposure | Q3. GPU residual value |
|---|---|---|---|
|
Hyperscaler captive
AWS, Azure, GCP, Meta
|
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Neocloud merchant
CoreWeave, Lambda, Nebius, Crusoe
|
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REIT / infrastructure fund
Digital Realty, Equinix, Brookfield, KKR
|
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Sovereign / strategic
Stargate, G42, HUMAIN, EU sovereign
|
Three favourable: deserves capital. Two favourable: capital, with structural protection. One favourable: caution; probably refuse. Zero favourable: refuse.
Australian application. REIT and infrastructure fund is the structural fit — power, shell, connection rights as the durable asset; GPU obsolescence with the tenant. Sovereign-strategic applies to government-mid specifically. Hyperscaler-captive is the comparator. Neocloud does not apply.