Before you start

Because this workbook will be accessed by many Advanced (+) subscribers at the same time, the master file is view-only. To change inputs or run your own scenarios, make a personal copy and work from that.

To create your own version:

1. Open the sheet

2. Go to File → Make a copy

3. Save it to your Google Drive

4. Edit freely: assumptions, scenarios, sensitivities, custom tabs, whatever you need

This keeps the master clean and gives you a private, fully editable model you can push as far as you want. The master always stays available as the baseline and the reference structure for the deal.

The Agrippa Infrastructure Model

This is the full version of the engine behind our IREN work, rebuilt as a complete infrastructure underwriting framework. The IRR calculator we released in November 2025 took you from inputs to a return number. This one takes you from a raw deal to the entire picture: build schedule, financing stack, three integrated statements, and a full return and valuation profile, quarter by quarter, over a horizon of up to 25 years.

You start by selecting the deal type. The model handles two: a pure colocation deal, where you are underwriting the shell and the lease, and a full AI Cloud compute deal, where the GPU compute economics sit on top of that shell. From there you plug in the variables that define the deal, things like contract value, GPU count, CapEx assumptions, financing structure, and prepayment terms, and the model builds the complete income statement and detailed cash flow across the entire contract term.

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