ANTIKYTHERA. COMPUTE-RV — print data — 2026-09-03

Canonical engine output. input_sha256 f5981f4394e4ce7fdb842fe1bdb1575bc549c2f5e21a8057cddb3f851746dce3. Identical inputs reproduce these bytes; the filing pins this document's SHA-256 into the chain.

{
  "calibration": {
    "discount_anchor": {
      "ig_gpu_debt_pct": 6.55,
      "note": "IG = SOFR+2.25 (DDTL 4.0); sub-IG = SOFR+4.50 (DDTL 5.0). Asset-level unlevered discount sits above debt cost \u2014 see assumptions.json.",
      "sofr_assumed_pct": 4.3,
      "sub_ig_gpu_debt_pct": 8.8
    },
    "discount_rate_pct": 12.0,
    "displacement_delta": 0.06,
    "lambda_base_annual": 0.1121,
    "lambda_by_channel": {
      "hyperscaler": 0.1121,
      "marketplace": 0.1735,
      "neocloud": -0.0386
    },
    "successor_ramp_month_offsets": [
      3,
      15,
      27
    ]
  },
  "composite_retention_pct": 74.4,
  "generations": [
    {
      "binding_constraint": "replacement_ceiling",
      "cash_generating_months": 14,
      "cross_check": "within_print_band",
      "fleet_age_months": 70,
      "generation": "A100-80GB",
      "income_pv_usd": 9419,
      "replacement_ceiling_usd": 7197,
      "residual_value_usd": 7197,
      "retention_pct_of_launch": 48.0,
      "secondary_print_band_usd": [
        7000,
        12000
      ],
      "spot_rate_usd_hr": 1.6
    },
    {
      "binding_constraint": "replacement_ceiling",
      "cash_generating_months": 66,
      "cross_check": "within_print_band",
      "fleet_age_months": 18,
      "generation": "B200-192GB",
      "income_pv_usd": 97419,
      "replacement_ceiling_usd": 47500,
      "residual_value_usd": 47500,
      "retention_pct_of_launch": 100.0,
      "secondary_print_band_usd": [
        45000,
        55000
      ],
      "spot_rate_usd_hr": 6.0
    },
    {
      "binding_constraint": "replacement_ceiling",
      "cash_generating_months": 37,
      "cross_check": "within_print_band",
      "fleet_age_months": 47,
      "generation": "H100-80GB-SXM",
      "income_pv_usd": 40368,
      "replacement_ceiling_usd": 21591,
      "residual_value_usd": 21591,
      "retention_pct_of_launch": 72.0,
      "secondary_print_band_usd": [
        15000,
        28000
      ],
      "spot_rate_usd_hr": 3.23
    },
    {
      "binding_constraint": "replacement_ceiling",
      "cash_generating_months": 60,
      "cross_check": "no_print",
      "fleet_age_months": 24,
      "generation": "H200-141GB",
      "income_pv_usd": 65439,
      "replacement_ceiling_usd": 25909,
      "residual_value_usd": 25909,
      "retention_pct_of_launch": 74.0,
      "secondary_print_band_usd": null,
      "spot_rate_usd_hr": 4.2
    }
  ],
  "index": "COMPUTE-RV",
  "input_sha256": "f5981f4394e4ce7fdb842fe1bdb1575bc549c2f5e21a8057cddb3f851746dce3",
  "rubin_frontier_roll_stress": {
    "assumed_frontier_price_perf_multiple": 1.7,
    "composite_retention_pct": 43.7,
    "generations": [
      {
        "generation": "A100-80GB",
        "residual_value_usd": 4234,
        "retention_pct_of_launch": 28.2
      },
      {
        "generation": "B200-192GB",
        "residual_value_usd": 27941,
        "retention_pct_of_launch": 58.8
      },
      {
        "generation": "H100-80GB-SXM",
        "residual_value_usd": 12701,
        "retention_pct_of_launch": 42.3
      },
      {
        "generation": "H200-141GB",
        "residual_value_usd": 15241,
        "retention_pct_of_launch": 43.5
      }
    ]
  },
  "scenario_grid_composite_retention_pct": {
    "base_decay_disc_10": 74.4,
    "base_decay_disc_12": 74.4,
    "base_decay_disc_15": 74.4,
    "high_decay_disc_10": 74.4,
    "high_decay_disc_12": 74.4,
    "high_decay_disc_15": 74.4,
    "low_decay_disc_10": 74.4,
    "low_decay_disc_12": 74.4,
    "low_decay_disc_15": 74.4
  },
  "spec_version": "0.1.0",
  "valuation_date": "2026-09-03"
}