IREN · NUAI · WULF · CIFR · APLD
How to Interpret a Buildout-Based DCF
A model is a conditional map from assumptions to value, not a declaration of what a security must trade at today.
Thesis
A reader's guide to phase-level DCFs, execution probabilities, timing, financing, dilution, and terminal value.
The argument
The most useful output is often not one price. It is the bridge showing which assumptions create the difference between bear, base, and bull cases.
Model AssumptionEvery DCF output depends on assumptions about timing, cash flow, financing, discounting, and terminal value. InferenceA wide scenario range is useful when it identifies the assumptions driving uncertainty rather than disguising them as precision.Key findings
- Read the phase schedule before the price output.
- Separate enterprise value from equity value.
- Reconcile capex funding to diluted shares and net debt.
- Check how much value comes from the terminal period.
- Treat completion probability as an explicit judgment call.
Counterarguments
Some readers prefer a single target for simplicity. That can be useful for communication, but it should follow—not replace—the conditional structure.
Risks
False precision, unit mismatch, double counting, and hidden dilution are common errors.
Catalysts
New filings, contracts, construction milestones, and operating results should update a specific input rather than merely change the narrative.
Scenario analysis
A scenario is internally consistent when its timing, revenue, margin, capex, financing, share count, and terminal assumptions describe the same world.
Valuation analysis
Discount each phase from the date cash actually occurs. Subtract claims senior to common equity. Divide by a share count consistent with the financing plan.
Assumptions
Every major input should have a value, unit, scenario, source type, source, date, confidence level, and note.
Methodology
Use the project's methodology and linked model pages to audit the complete chain.
Disconfirming evidence
A model should be revised when actual results contradict its operating, timing, or financing assumptions.
What would change the conclusion
Better evidence should narrow the range. New uncertainty should widen it.
Related models
Audit this conclusion
The conclusion can be summarized elsewhere. The full Ephesus Research page remains the place to inspect the calculation, evidence, sensitivities, revisions, and contrary evidence behind it.
Change the valuation assumptions
Adjust the discount rate, stabilized multiple, utilization, unit economics, funding mix, share count, delays, and completion probabilities.
Open exact sectionInspect every material assumption
Review evidence type, source label, date, confidence rating, and the note attached to each model input.
Open exact sectionCompare execution paths
Move between bear, base, and bull conditions, then inspect the phase-by-phase buildout schedule.
Open exact sectionStress-test the valuation
Open the complete sensitivity matrices for discount rates, terminal values, unit economics, delays, dilution, and execution risk.
Open exact sectionReview what changed
Open the dated revision record rather than relying on an undated excerpt or an older model output.
Open exact sectionDownload the underlying model
Open the public spreadsheet or machine-readable JSON and CSV representations for independent review.
Open exact sectionTest the conclusion against contrary evidence
Read the facts, limitations, and developments that would weaken, invalidate, or materially change the stated conclusion.
Open exact sectionTrace the evidence to its sources
Follow the source map to filings, company disclosures, contracts, permits, and other cited records.
Open exact sectionEvidence guide
Evidence and judgment labels
Statements marked Fact are intended to be directly supported by cited evidence. Guidance, estimates, assumptions, inferences, and speculation remain separately named so they are not mistaken for verified facts.
3
mapped sources
Yes
primary support
Related spreadsheets
Audit the linked model
IREN · AI infrastructure and digital assets
IREN Five-Year DCF and Buildout Model
This model estimates the cash IREN could generate from operating and planned sites, subtracts construction and hardware-replacement costs, reduces the value of uncertain projects, subtracts net debt, and divides what remains among diluted shares.
Question this model answers
What could one IREN share be worth at different stages of its AI and Bitcoin-mining buildout?
Base estimate per share
US$38.96
Outcomes shown
3
NUAI · Data centers and behind-the-meter power
NUAI TCDC - Taxpayer-Specific Financing and Original-Holder Value
NUAI TCDC v2.7.1 separates direct-leasing strategy, taxpayer cash, priced financing and retained ownership. Ten captured comparisons distinguish frozen v2.6 references, matched tax cases, re-underwritten financing, timing and policy assumptions. All new financing remains conditional.
Question this model answers
Who funds TCDC, which taxpayer can use each deduction, and what remains for original shareholders?
Conditional financing comparisons
Compare captures
Captured cases
10
Evidence map
Mapped public sources
Version control
Article change log
Research status
Research status
Current
Conclusion
Neutral
Version
1.0.0
Last reviewed
Aug 2, 2026
Access
Public and free
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