Valuation
The AI Infrastructure Valuation Trap
Enterprise value per megawatt is a convenient yardstick. It also conceals most of what determines whether a project earns its cost of capital.
4 minute read
Insights
The thinking behind the thesis.
Articles on how AI infrastructure is valued, financed and operated, and where Outpace thinks the market is heading.
Start here
From Megawatts to Intelligence
The thesis in one article. Everything else on this site follows from it.
The first phase of AI infrastructure rewarded scarce inputs. The next rewards the ability to convert them into contracted, productive intelligence.
Five articles, written as working notes rather than marketing. Each states what would have to be true for its argument to hold.
The series
Four arguments that follow from it.
Framework
Intelligence Yield
A working framework for connecting physical AI capacity to the customer value it produces and the capital employed to produce it.
3 minute read
Demand
Why Capacity Is Not Economic Output
The customer contract is not only a revenue instrument. It is the evidence that makes an AI infrastructure project financeable.
3 minute read
Assurance
Sovereign and Assured AI Infrastructure
Sovereignty, provenance and assurance can be real commercial attributes, but only when the evidence behind them is defined.
3 minute read
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