What do the simulator metrics mean?
Definitions of IRR, APY, MOIC, DSCR, NOI, and related terms.
| Term | Meaning |
|---|---|
| IRR | Internal rate of return: the annualized rate at which the deal's projected cash flows, including the initial investment and any residual asset value, net to zero. The simulator calculates it with actual dates, matching Excel's XIRR. |
| APY | Annual percentage yield: projected annual cash yield on the invested amount. Toggle between IRR and APY on the headline metric. |
| Steady Market IRR | The IRR under the Steady scenario, used as the reference figure on deal pages. |
| MOIC | Multiple on invested capital: total value returned divided by total capital invested. |
| DSCR | Debt service coverage ratio: cash available for debt service divided by debt payments. Values above 1.0x indicate sufficient cash flow to cover debt payments. |
| NOI | Net operating income: revenue minus energy and hosting costs, before operator share. |
| Operator Share (% NOI) | The portion of NOI paid to the operator. |
| Utilization Rate | The share of available GPU hours assumed to be sold. |
| Asset Depreciation Rate | The annual rate at which GPU asset value is assumed to decline. |
Revenue in the model is calculated as GPUs × Utilization × Hourly Rate × 730 hours per month.
All outputs are based on operator-provided inputs and stated assumptions and are not a guarantee of future performance.
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