What
An 800 MW sovereign-compute program at CleanCo's Swanbank Energy Precinct (Ipswich, QLD) — GPUs behind the meter on firmed power, cooled by the site's own reservoir. Built in stages, starting with a 2 MW pilot.
Q1 deal room·Confidential·2026
Q1: 800 MW of sovereign compute.
Welcome to the deal room.
Australia's AI runs on foreign-owned compute. Q1 changes that: an 800 MW sovereign-compute program on a former power-station site outside Brisbane — with the power, the cooling and the grid connection already there. The first cheque (~AUD $116M) switches on a working 2 MW pilot.
Everything you need to evaluate it is on this page — the story, the numbers, and the documents.
The deal in sixty seconds
Why now
GPU contracts rose ~40% in six months on sold-out capacity — and Google and Anthropic now pay SpaceX ~US$26B/yr for rented compute. Buyers who can't put regulated workloads on foreign clouds have even fewer options. Demand is structural; sovereign supply barely exists.
The first cheque
~AUD $116M (all-equity worst case) energises ~2,850 GPUs and pays back in ~2.4 years on today's rental prices. Most of it buys GPUs — a resaleable asset, so vendor finance can shrink the equity needed.
Who's behind it
AloomU.au — the Australian-owned AI switch, live today. QGOV is the anchor (workloads live; QWork is the offtake channel), Logan City Council runs workloads today, and conversations with UQ and QUT are underway.
The market just proved the thesis
US$920M/moGoogle → SpaceX for ~110,000-GPU "bridge capacity" (Oct 2026–Jun 2029)
US$1.25B/moAnthropic → SpaceX/xAI, three-year compute lease
~US$26B/yrof frontier-lab money now renting third-party compute
The world's most sophisticated AI buyers — companies that build their own data centres — ran out of capacity in June 2026 and started renting at premium prices. Google's bundle works out to roughly US$8,400 per GPU per month; this deal's revenue assumption is ~A$1,500. If Google and Anthropic rent, sovereign buyers will rent — and none of that $26B buys a single sovereign Australian megawatt. (Primary source: SpaceX SEC Form FWP, filed against its S-1 — plus TechCrunch, Tom's Hardware, DCD, June 2026. Google's figure bundles GPUs, CPUs, memory and facility; not a like-for-like GPU-hour price.)
Cluster size — the deal Google signed vs the stages of Q1
| Cluster | GPUs | ~IT load | Context |
|---|---|---|---|
| Google ↔ SpaceX deal (SEC FWP) | ~110,000 | ~77 MW | Rents for US$920M/month — ~US$11B/yr |
| Q1 pilot (first cheque) | ~2,850 | 2 MW | ~A$116M all-in |
| Q1 build-out stage | ~142,000 | 100 MW | ≈ 1.3× the Google deal cluster |
| Q1 full program | ~1.1M | 800 MW | ≈ 7 Google-deal clusters — site optionality the connection allows, not a demand forecast |
The cluster that made global headlines — and helped anchor SpaceX's IPO — fits inside one stage of Q1. Swanbank's target ~1.2 GW connection envelope would hold seven of them. GPU counts at our 80 kW-rack density; the SpaceX agreement also has teeth worth copying: capacity ramp pricing, a hard delivery deadline (Sep 30, 2026) and pro-rata fee reduction for shortfall — the contract shape Q1 offtake should mirror.
The ramp — how demand fills the capacity staircase
Each colour is an organisation; the stack is total demand growing over time. The dark staircase is available capacity — each step is built only when the stack underwrites it. Named demand (QGOV, Logan, UQ, QUT, Tailor) underwrites the path to ~100 MW — that is the investable ramp. The 800 MW program is the optionality the site's connection allows, not a demand forecast. Per-org figures are AloomU planning estimates, not contracted volumes; the dashed band is unnamed pipeline (EOI + future tenancies), shown but never counted as committed.
Square-root MW scale so the 2 MW pilot and the 800 MW program fit on one chart. QGOV's band anchors to an internal market-sizing estimate — ~$15M/yr of state AI spend today scaling toward ~$1.17B/yr by 2033 (≈47 MW at A$25m/MW/yr). That trajectory is AloomU's own sizing, not a published QGOV figure; contracted volumes are TBC. Want to reshape it? The deal builder has the same chart with sliders →
The numbers that matter
~$50Mannual revenue at the pilot (2,850 GPUs · 85% utilised)
~$41MEBITDA — an ~83% margin
~2.4 yrsimple payback on ~$98M capex
<3%of revenue goes to electricity — power is the moat, not the cost
~1.2 GWtarget precinct connection envelope (275 kV live on site; envelope being confirmed with Powerlink) — Q1's 800 MW sits inside it
Stabilised year-1, before financing, tax and ramp-up. Every assumption is editable in the financial model below — and stress-tested down to $1.80/GPU-hr and 65% utilisation. Prefer to explore it live? Open the deal builder →
The documents
PDF · 9 slides
Pitch deck
The whole story in nine slides — the thesis, the site, the flywheel, the economics, the ask. Start here.
Download PDF PowerPoint version →PDF · 1 page
Deal summary
One page for a quick read: headline economics, commercial terms, use of funds, the runway and the ask.
Download PDFXLSX · editable
Financial model
Six tabs, every assumption a yellow editable cell — P&L, build-out staircase, sensitivity grid, use of funds.
Download modelInteractive
Deal builder
Assemble the demand stack and the offtake tenancy schedule — QWork as the anchor tenancy — then flex the economics. Sliders for everything; your assembly saves in the browser.
Open the builderPDF · 2 pages
Company one-pager
The company case for cofounders and early investors — problem, insight, moat, risks and the hire.
Download PDFWeb
Full investor briefing
The complete written briefing — site detail, commercial structure, milestones, and the things we say plainly.
Read the briefingAll documents are confidential drafts, figures directional and pre-final-terms. Land-lease rate, firmed energy price and hardware quotes are in negotiation and marked TBC where they appear.
The site, in plain terms
Power
385 MW of firm gas generation plus a 250 MW / 500 MWh battery that's been operational since February 2026. The precinct was built to make power; we put compute next to it.
Cooling
The old power station's cooling reservoir becomes our heat sink — a closed loop that recirculates non-potable water. Zero drinking water per token.
Grid
A new 275 kV substation is live on the precinct (a 250 MW battery already connects through it). The program targets a ~1.2 GW connection envelope — being confirmed with Powerlink, not yet a contracted figure. Even so, a 100 MW campus uses under 10% of it.
Land
The DC sits on a verified 192.55 ha lot already zoned Industry (CleanCo-owned, 209-217 Swanbank Rd) — no rezoning risk on a former power-station site — with cooling from the adjacent 46.10 ha freehold lake lot. Source: Cotality / QLD Dept of Resources.
Landlord
CleanCo, Queensland-government-owned, actively redeveloping the precinct and looking for exactly this kind of tenant. 11 km from Ipswich; on Brisbane's doorstep.
Three things we say before you ask
The gas question. Yes, the site's firm generation is gas. Our framing is battery-first, with gas as transitional firming on CleanCo's clean-energy trajectory. We don't claim the pilot runs on 100% renewables — we claim the cheapest firmed sovereign megawatts in the country.
The offtake question. Queensland Government workloads run on AloomU today, QWork — QGOV's flagship system — is the named offtake channel with live integration, and Logan City Council runs workloads today. UQ and QUT conversations are underway. Offtake is structured as tenancies — term agreements over firmed-MW blocks, a compute rent roll — and QWork is Tenancy 01, the anchor. But no tenancy is signed yet: channels live, volumes and tenancy docs in negotiation.
The PFAS question. The site has legacy firefighting-foam contamination, publicly acknowledged by CleanCo. Our closed-loop design neither consumes nor discharges dam water — contained by construction, scoped with CleanCo's environmental team before any build.