HYDRA INTERNAL / DEAL 01 / ACTIVE

Project Red Mesa pipeline

8 × Supermicro GB300 NVL72 racks · 576 GPUs · ~135 kW/rack liquid-cooled · ~1.1 MW IT load · operated on Brokkr.

Meridian Ridge CapitalFICTIONAL→Quillfield Inference Co.FICTIONAL→Red Mesa Data Centers, DC-2FICTIONAL

Preview as role Preview

Intake

02Commercial / offtake

03Capital

Site / colo

05Procurement

06Logistics

07Build & acceptance

08RFS & operate

SHIP DATE · SUPERMICROFri Jun 4, 2027

READY-FOR-SERVICE · RANGEJul 12 – Aug 2, 2027

SHIP ≠ RFS

CRITICAL PATH / 1 OF 4 PASSED

Gate command board

Clear the gates before committing RFS

GATE Ablocked

Commercial

MSA + Order Form signed; credit support agreed

OWNER Hydra Capital

TARGET Jan 15, 2027

IN GATE 10 days

EXIT CHECKLIST

Requirements written (SKU, count, fabric, region, term)

Term sheet issued to offtaker (Dec 4)

Credit support agreed in term sheet

Take-or-pay, no termination for convenience, assignable to SPV/lender

RFS + acceptance thresholds defined in MSA

MSA + Order Form signed (nothing final “on text”)

Lender requires a 20% letter of credit from non-investment-grade offtakers. Quillfield won't post an LC. Proposal: 3-month prepay + parent guarantee; lender accepts at +100 bps. Awaiting Quillfield answer by Dec 18.

EVIDENCE

GATE Bnot started

Capital

Financing committed

OWNER Hydra Capital + Prairie Peak

TARGET Feb 12, 2027

IN GATE —

EXIT CHECKLIST

Equity deposit paid (~$9M, Oct 23)

Offtaker credit pack delivered (T12M financials, KYC/AML)

Loan & security agreement signed; UCC-1 filed

CPs mapped: Draw 1 at dock/serial check; Draw 2 at acceptance

Escrow longstop tracked

No customer RFS commitment before this gate

If loan closes Feb 12 with 150-day longstop → Jul 12, 2027: the first day of the RFS window. Ask for Sep 30 or tie to Gate D.

EVIDENCE

GATE Cpassed

Site / colo

Colo signed with energization dates in writing

OWNER AI Factory + FDEs

TARGET Passed Nov 20, 2026

IN GATE —

EXIT CHECKLIST

FDE site visit (Oct 14)

kW/rack + cooling matched (Hall B → Hall A liquid)

Hall A energization in writing: Apr 30, 2027

Colo term ≥ offtake term (3 yrs + 1 renewal)

Acceptable-use check on jurisdiction

Landlord / collateral-access waiver requested

Caught Oct 14: original offer was Hall B (80 kW/rack air). GB300 NVL72 needs ~135 kW liquid.

EVIDENCE

GATE Dnot started

Acceptance

Acceptance certificate + lender verification

OWNER FDEs + lender

TARGET Jul 9, 2027

IN GATE —

EXIT CHECKLIST

Rack & stack, cabling, Brokkr out-of-band onboarding

DCGM → HPL → NCCL (2 nodes → full) → 24h real job

Burn-in 3–7 days

Certificate signed vs pre-agreed thresholds

Independent verification; Draw 2 released

Acceptance thresholds still TBD in MSA.

EVIDENCE

SCHEDULE LOGIC

Worked back from RFS window

RFSJul 12–Aug 2

AcceptanceJul 9

Burn-inJun 28

RackJun 15

DockJun 14

ShipJun 4

POOct 23

Gate CNov 20

Latest safe dates Gate A · Jan 15 Gate B · Feb 12

Ship Jun 4 → Dock Jun 14 → Rack & stack Jun 15–25 → Burn-in Jun 28–Jul 5 → Acceptance Jul 9 → RFS Jul 12–Aug 2.

SHARED EXECUTION

Action plan / 16 TASKS

T1Upload trailing-12-month financials for lender

Quillfield Inference Co. · Gate B

Dec 18

T2Respond to credit-support proposal (3-mo prepay + parent guarantee)

Quillfield Inference Co. · Gate A

Dec 18

T3Complete KYC/AML forms

Quillfield Inference Co. · Gate B

Dec 22

T4Approve +100 bps model impact (decision #6)

Meridian Ridge Capital · Gate A

Dec 16

T5Board sign-off on credit-support swap

Meridian Ridge Capital · Gate A

Dec 21

T6Confirm prepay + guarantee meets credit box in writing

Prairie Peak Credit Partners · Gate A

Dec 18

T7Send loan & security agreement draft

Prairie Peak Credit Partners · Gate B

Jan 8

T8Confirm CDU ownership + coolant spec

Red Mesa Data Centers, DC-2 · Gate C

Jan 15

T9Countersign landlord / collateral-access waiver

Red Mesa Data Centers, DC-2 · Gate C

Jan 29

T10Confirm ship date per PO line incl. optics, switches, CDUs

Supermicro · Gate —

OVERDUE · Dec 15

T11Confirm NVIDIA allocation letter

Supermicro · Gate —

Dec 20

T12Draft acceptance test plan + thresholds for MSA

Hydra forward-deployed engineers · Gate D

Dec 30

T13Rack elevation + network design to colo

Hydra forward-deployed engineers · Gate C

Jan 12

T14MSA redline round 2 (credit support, assignment, no termination for convenience)

Hollis & Crane LLP · Gate A

Jan 6

T15Insert RFS/acceptance definition clause

Hollis & Crane LLP · Gate A

Jan 6

T16Ask lender for Sep 30 longstop

Hydra · Gate B

Jan 20

INTERNAL ONLY / RISK REGISTER

Active risks

Risk	Severity	Owner / mitigation
Escrow longstop Jul 12 collides with RFS	blocked	Hydra Capital · request Sep 30
Quillfield credit / LC refusal	blocked	Hydra Capital · prepay + guarantee
Optics / switch / CDU dates unconfirmed	at risk	Procurement · T10 overdue
Hall A energization slips Apr 30	at risk	FDE · track commissioning
Acceptance thresholds absent from MSA	at risk	Legal + FDE · T12 / T15

MILESTONES

Deal timeline

Oct 5, 2026

Investor qualified; model run, lenders introduced, OEM quotesIntake

Oct 9, 2026

Supermicro reconfirms 32 weeks (was 19); RFS window movedProcurement

Oct 14, 2026

FDE visit; Hall B mismatch foundSite

Oct 23, 2026

Equity deposit paid; PO placed; ship Jun 4, 2027Procurement

Nov 20, 2026

Colo signed; Hall A energization Apr 30, 2027Gate C

Dec 4, 2026

Quillfield term sheet; LC issue surfacedGate A

Jan 15, 2027

MSA + Order Form targetGate A

Feb 12, 2027

Loan signed, UCC-1, CPs mappedGate B

Apr 30, 2027

Hall A energized; CDU commissioningSite

Jun 4, 2027

Supermicro ships — NOT RFSShip

Jun 14, 2027

Serial check; Draw 1Dock

Jun 15–25, 2027

Rack & stackBuild

Jun 28–Jul 5, 2027

Burn-inTest

Jul 9, 2027

Acceptance + lender verification; Draw 2Gate D

Jul 12–Aug 2, 2027

Billing + SLA start; Rental/Support handoffRFS

AI RISK FLAGS (MOCK)

Signals requiring attention

Longstop collisionHIGH

Why it matters · Longstop Jul 12 = first day of RFS window.

Offtaker gone quietHIGH

Why it matters · Quillfield hasn't opened the portal in 6 days; 2 tasks due Dec 18.

OEM task overdueMEDIUM

Why it matters · Per-line ship dates overdue since Dec 15.

Lead-time rippleMEDIUM

Why it matters · 19→32 wk moved 3 parties’ dates; offtaker has not acknowledged.

AI FORECAST SUMMARY (MOCK)

Red Mesa / Q3 2027

Red Mesa: 576 GPUs, expected online Q3 2027 (RFS window Jul 12–Aug 2). 1 of 4 gates cleared → Pipeline. Moves to Best Case when Gate A clears (target Jan 15). Biggest risks: credit support and escrow longstop. Lead-time change already priced in (was Q2 at 19 wks).

INVESTOR VIEW · ILLUSTRATIVE

Economics

ALL-IN CAPEX~$30M

CAPITAL STACK30 / 70~$9M equity · ~$21M delayed-draw loan

OFFTAKE$3.10per GPU-hour · 3-year take-or-pay

MOCK REVENUE~$15.6M/ year · ~$46.9M over term

INTERNAL ONLY / ASSUMPTION

Internal positioning

Hydra management fee: 5% (ASSUMPTION) — rate from a call; basis assumed as % of rental revenue — ≈ ~$2.35M over 3-year term on mock revenue. Hardware passed through at no markup (assumption). Margin lives in the rental contract.

INTERNAL ONLY / NEGOTIATING NOTES

Commercial posture

Brightwater Tokens is a live second bidder — use it as leverage on credit support. Don't go below 3 months prepay. Spec cluster = rate likely higher by delivery; keep offtake rate firm at $3.10. Lender flexible on +100 bps, not on LC-equivalent.

INTERNAL ONLY / TEAM THREAD

Internal comments

Matthew D.Dec 14 · 09:42

Quillfield counsel says prepay OK, guarantee needs parent board — expect Dec 21.

Hydra CapitalDec 13 · 16:18

Prairie Peak verbally OK with prepay + guarantee at +100 bps.

Dana K. (FDE)Dec 12 · 11:03

Need CDU spec before rack elevation is final.

ProcurementDec 12 · 08:30

Supermicro still hasn't confirmed optics line — chasing.

FOR: VP BUSINESS DEVELOPMENT / NICK

GPUs-online forecast by gate

0–1 gates = Pipeline · 2 = Best Case · 3 = Commit · 4 = Online

Deal	GPUs	Gates	Category	Quarter
Red Mesa	576	1/4	Pipeline	Q3 '27
Juniper Flats	256	3/4	Commit	Q2 '27
Copper Basin	1,152	0/4	Pipeline	Q4 '27

Red Mesa slipped Q2→Q3 '27 due to 32-week lead time. Rep comp is paid on GPUs online — forecast counts only GPUs past RFS.

FOR: VP AI DEPLOYMENTS / RYAN

Deployment readiness

Power energizedApr 30 target · pendingat risk

Cooling / CDU commissionedCDU spec open · T8at risk

BOM incl. optics & switchesT10 overdueat risk

NVIDIA allocation confirmedT11 pendingnot started

FDE crew booked Jun 15–25tentativepassed

Acceptance thresholds in MSATBDblocked

Brokkr out-of-band onboardingdraftpassed

Rental / Support handoff packetnot startednot started

CRITICAL PATH / BOM LEAD TIMES

GB300 NVL72 racks

32 wks confirmed

800G optics

unconfirmed

Quantum-X800 IB switches

unconfirmed

CDUs

unconfirmed