Market proof (Jun 2026): Google now pays SpaceX US$920M/mo and Anthropic US$1.25B/mo for rented compute — ~US$26B/yr from the world's most sophisticated buyers, who build their own data centres and still ran out. If they rent, sovereign buyers rent. None of that capacity is Australian. Cluster-size check (SEC FWP): Google's deal = ~110,000 GPUs ≈ ~77 MW — comparable to a Q1 build-out stage by power; the full 800 MW program many times larger.
Toggle parties in or out and drag their demand. Everything aggregates live against Stage-1 and the build-out. Your assembly is saved in this browser. 1 MW ≈ ~483 MI455X GPUs ≈ $8.5m/yr at benchmark rates.
Status honesty: QGOV — workloads live (QChat/QGCS), QWork channel live, volumes in negotiation. Logan City Council — workloads live. UQ & QUT — conversations underway, nothing signed. Demand MW figures are working assumptions for deal assembly, not commitments.
Each colour is an organisation; the stack is total demand growing over time. The grey staircase is available capacity — each step is built only when the stack underwrites it. Named demand underwrites the path to ~100 MW (the investable ramp); 800 MW is the connection-enabled optionality, not a forecast. Per-org targets are planning estimates, not contracted volumes. Green dots mark when the stack fills a tranche. Drag the 2033 targets below to reshape the ramp.
Ramp shapes are smooth S-curves from today's live workloads to each organisation's target (QGOV's anchors to the ~$1.17B/yr 2033 trajectory ≈ 47 MW at A$25m/MW/yr). The unnamed band is EOI-register + future tenancies — dashed because nothing there is named yet. Capacity is never built ahead of underwriting: the staircase follows the stack, not the other way around.
Capacity is sold as tenancies: term agreements over contracted-MW blocks — the data-centre rent roll, applied to compute. QWork is Tenancy 01, the anchor. Toggle tenancies, size the blocks, set term and rate; WALE and underwrite recompute live.
Contract shape (per the SpaceX–Google SEC FWP): capacity ramp at reduced fees → full monthly rent; hard delivery deadline with pro-rata abatement for GPU shortfall; termination on notice after a lock-in date. That is the tenancy template Q1 papers.
Rates: benchmark A$8.5m/MW/yr (~483 MI455X GPUs × $2.35/hr × 85%; MI455X $/GPU-hr pre-NDA). Anchor rate −20% reflects term + credit quality; sovereign premium +20% reflects AU-only residency workloads. No tenancy is signed yet — QWork's channel is live, volumes and tenancy docs are in negotiation. This is a structuring tool, not a rent roll of executed leases.
Live switch + Stage-0 Moorooka rack (8 open-weight models, real telemetry). This raise builds Stage-1: the 30 MW hall at Swanbank, operational Q1 2028.
live product99 ha land lease · dedicated 275 kV grid connection (385 MW gas + 500 MWh battery on precinct) · Cooling Water Dam access. Actively courting tenants.
terms to negotiate275 kV incomer (precinct has a NEW 275 kV substation, commissioned for the battery) → 33 kV → LV + rectifiers. Connection & Access ~$2.5m/yr, N-1.
terms to negotiateQWork (QGOV flagship system) is the offtake channel. Integration is live today — FAIRA review delivered behind QWork links, Organisation-gated across 4 domains. Market: ~$15M/yr now → ~$1.17B/yr at full adoption (2033–35). Volumes/terms not yet contracted.
channel live · volume TBC| Energy (PUE 1.25) | — |
| Powerlink C&A | $2.5m |
| Land lease (placeholder) | $1.5m |
| Staff & ops + bandwidth | — |
| Total opex | — |
| GPU hardware | — |
| Fit-out @ $9k/IT-kW | — |
| Connection yr-1 + WC + team | — |
| Contingency 10% | — |
| Total raise (all-equity worst case) | — |
GPUs are financeable/resaleable — vendor finance cuts the equity cheque materially. Fixed opex held at pilot scale ≤2 MW with operating leverage above (~$0.5M/MW marginal). GPU count from MI455X/Helios facility density (~483 GPU/MW); GPU capex held at H100-class $28k/GPU pending MI455X quotes — modelled estimate, pre-NDA.
Mirrors swanbank-financial-model.xlsx. Before financing, tax, ramp. Energy benchmark: AEMO QLD Q1 2026 wholesale avg $65/MWh via a dedicated 275 kV grid connection. Revenue benchmark: 2026 H100-class 1-yr contract ~$2.35/GPU-hr held as the per-GPU basis (MI455X $/GPU-hr unconfirmed, pre-NDA) — the SemiAnalysis 1-Year Rental Price Index print for Mar 2026 (up ~40% from $1.70 in Oct 2025); the model sits at-market, not above it.
| Component | Counterparty | Structure | Cost | Status |
|---|---|---|---|---|
| Land | CleanCo | 99 ha lease within the 336 ha precinct | $/ha/yr + term TBC | awaiting rate |
| Grid connection | Powerlink | Connection & Access Agreement, N-1 · 275 kV incomer (new substation on precinct, commissioned for the battery) | ~$2.5m / yr | indicative |
| Energy | Powerlink / CleanCo | Dedicated 275 kV grid connection. The precinct's on-site generation (385 MW gas) and operational 500 MWh battery sit behind the same node on CleanCo's clean-energy trajectory — grid-connected supply, firming context not relied on contractually. | ~$65/MWh benchmark | to negotiate |
| Reticulation | AloomU build | 275 kV → 33 kV site HV → 240 V LV + rectifiers (DC halls) | in fit-out capex | capex TBC |
| Cooling | CleanCo | Closed-loop liquid to Cooling Water Dam (non-potable since 2007). Access terms + PFAS containment design with CleanCo environmental team. | in fit-out capex | access TBC |
| Offtake | QGOV via QWork | QWork (QGOV flagship system) is the compute-offtake channel — integration live today (FAIRA delivered behind QWork links, Organisation-gated, 4 domains). Plus Tailor customer #1 (live) and the Plan B EOI register (open). Market ~$15M/yr → ~$1.17B/yr; contracted volumes TBC. | volume TBC | channel live |
Recurring contracted floor once signed: land lease + ~$2.5m/yr Powerlink C&A. Everything else resolves through the CleanCo / Powerlink term sheets.
• Sovereign switch live at aloomu.au/v1 (residency guard, failover, audit trail)
• Stage-0 silicon serving 8 open-weight models with public telemetry
• Swanbank Battery operational at full output (Feb 2026) — fresh 275 kV substation on precinct
• Site facts grounded; thesis, terms, financial model, deck, dashboard written
• Tailor as customer #1; QGOV offtake channel live via QWork (flagship system — FAIRA delivered behind QWork links, Organisation-gated)
• Land lease $/ha/yr + term — the model's one placeholder
• CleanCo: BTM firming access + dam access + PFAS containment sign-off
• Powerlink: confirm spare energised capacity + connection timeline
• Real MI455X GPU capex + fit-out quotes (currently $28k/GPU H100-basis, $9k/kW assumed; MI455X pricing pre-NDA)
• Raise shape decision (staged equity + vendor finance vs all-equity)
• Renewable-provenance framing decision
• QGOV compute volumes/terms through QWork — channel is live, contract is not
| Artifact | Purpose |
|---|---|
swanbank-pitch-deck.pptx | 9-slide deck for the live pitch |
swanbank-company-onepager.pdf | The full written pitch (needs AloomU re-cut) |
swanbank-deal-summary.pdf | One-page investor sheet (needs AloomU re-cut) |
swanbank-financial-model.xlsx | 6-tab editable model (assumptions → P&L → sensitivity → use of funds) |
swanbank-sovereign-dc-onepager.md/pdf | Site deep-dive (cooling dam, PFAS, open CleanCo questions) |
deal-dashboard.html | This canvas |