THE COMPUTE STACK

Every AI company valuation, GPU-backed debt facility, and Neocloud return rests on five core layers. Most market analysis only looks at one. Credit analysts look at SPVs. Equity analysts look at utilization. Infrastructure investors look at power. Evaluating any single layer in isolation creates massive blind spots. The Compute Stack provides an institutional-grade, five-layer framework to evaluate AI infrastructure and data center companies from the ground up. WHAT THIS GUIDE COVERS: * The Five Layers: How Power, Physical Assets, Operating Models, Financing Structures, and Counterparty Credit interlock. * Power as Layer One: Navigating the gap between multi-year grid interconnection queues and rapid data center construction. * The Depreciation Debate: Running the standard 5.5-year useful life directly against the 2.5-year obsolescence bear case. * Neocloud Unit Economics: Understanding breakeven utilization, cash margins, and take-or-pay contract durability. * SPV Debt Mechanics: How delayed-draw term loans and bankruptcy-remote vehicles work in GPU financing. * NVIDIA Across the Stack: Analyzing vendor backstops, circular financing concerns, and related-party disclosures. * Full-Stack Stress Testing: Five worked scenarios showing how covenant breaches and lab defaults cascade across the chain. Equipped with worked financial examples, analytical traps to avoid, and SEC filing guides for 10-K and 20-F reports, this handbook gives underwriters, analysts, and tech executives the tools to evaluate modern AI infrastructure.