DEAL BRIEF / PROJECT 01
Project Red Mesa
8 × Supermicro GB300 NVL72 racks · 576 GPUs · Hall A liquid cooling · Abilene-area, Texas
Meridian Ridge CapitalFICTIONAL→Quillfield Inference Co.FICTIONAL→Red Mesa Data Centers, DC-2FICTIONAL
SHIP DATE · SUPERMICROFri Jun 4, 2027
READY-FOR-SERVICE · RANGEJul 12 – Aug 2, 2027
SHIP ≠ RFSDELIVERY / CURRENT STATE
Deal at a glance
CAPACITY
576 GPUs
8 liquid-cooled GB300 NVL72 racks · ~135 kW/rack · ~1.1 MW IT load.
GATES
1 of 4 passed
Site / colo cleared Nov 20, 2026. Commercial remains blocked.
VIEWING AS
Hydra Internal
Internal deal overview.
01 / CRITICAL PATH
Gate status
GATE A / COMMERCIALblocked
MSA + Order Form signed; credit support agreed
TargetJan 15, 2027
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.
GATE B / CAPITALnot started
Financing committed
TargetFeb 12, 2027
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.
GATE C / SITE / COLOpassed
Colo signed with energization dates in writing
TargetPassed Nov 20, 2026
Caught Oct 14: original offer was Hall B (80 kW/rack air). GB300 NVL72 needs ~135 kW liquid.
GATE D / ACCEPTANCEnot started
Acceptance certificate + lender verification
TargetJul 9, 2027
Acceptance thresholds still TBD in MSA.
02 / EXECUTION
Delivery phases
NEXT ACTIONS
Open work
T1 · Upload trailing-12-month financials for lenderDec 18
T2 · Respond to credit-support proposal (3-mo prepay + parent guarantee)Dec 18
T3 · Complete KYC/AML formsDec 22
T5 · Board sign-off on credit-support swapDec 21
T6 · Confirm prepay + guarantee meets credit box in writingDec 18
View action plan SHARED RECORD
Latest decisions
3-mo prepay + parent guarantee instead of 20% LC; +100 bps accepted (Quillfield pending)Dec 10
Colo term = 3 years + 1 renewal (≥ offtake term)Nov 20
Hall B rejected; Hall A requiredOct 14
Decision log 03 / RECORDS