Calculators › Project finance — CFADS, DSCR & IRR

Project finance — CFADS, DSCR & IRR

Model an AI data center as a project financing: a construction period with capitalized IDC, a revenue ramp, cash taxes net of the depreciation and interest shields, and sustaining capex → CFADS, the lender's true DSCR (CFADS ÷ debt service), separate project and equity IRR, NPV, and equity multiple. Pathological inputs are rejected, not coerced.

ScenarioNVIDIA GB200 NVL72 · 56 active / 72 installed GPUs · 0.13 MW IT · $5M programguide defaults (asof 2026-07)Edit the shared scenario →

Project finance — CFADS, DSCR, IRR

Total capex$Mexcl. interest during constructionConstruction periodyrdelays first revenue; accrues IDCDebt / leverage%0–100% of capexInterest rate%Debt termyramortization from CODDSRAmodebt-service reserve, funded at closeGrace periodyrinterest-only years from COD — how real deals sculpt debt service over the rampRevenue (stabilized)$M/yrRamp to stabilizedyrlinear ramp from CODRevenue growth%/yrdefault is a decline — GPU rental rates fall; flat only if contractedOpex% of revSustaining capex% of revCash tax rate%Tax depreciation lifeyrstraight-line shieldHold periodyrExit multiple× EBITDADiscount rate%for project NPV

64.9% equity IRR

Project (unlevered) IRR44.5%

Min / avg DSCR (CFADS ÷ debt service)3.06× / 4.55×

Debt at COD (incl. $0M IDC)$3M

Equity invested (incl. $0M DSRA)$2M

Project NPV @ 10%$14M

Equity multiple13.78×

A real CFADS pro-forma: capex draws over the build with capitalized IDC, a revenue ramp, cash taxes net of the straight-line depreciation and interest shields, and sustaining capex. DSCR is CFADS ÷ debt service — the lender's ratio, stricter than EBITDA coverage; screen against ~1.3–1.5× contracted, ~1.75–2× merchant. Contracted offtake supports more leverage than merchant. Working-capital swings and NOL carryforwards are not modeled → Ch 2.5.

These are transparent screening estimates, not final designs, financial advice, or project approvals. Replace every default with current project data and have the responsible project authorities validate the result. You can save, share a permalink, or export to CSV; see the full calculator suite.