Token computeInterstice Advisory
Constraint Builder
Nordic 40 MW GB200 — Boden SE1 (Sweden)
stableRegime III
Reference scenario — Clone to save changes
Why it bindsThe machine

Global AI demand backlog (SemiAnalysis Oct 2024: 3–5× current supply) fills site to 93% utilization. PPA at $27/MWh is below $30/MWh threshold — cost advantage sustains global customer acquisition. 12% pricing premium reflects GPU-scarce market clearing (CoreWeave H1 2025).

Stressed
Nordic 40 MW GB200 — Boden SE1 (Sweden)SE-SE1
Timeline

Stressed: project timeline is binding — pricing window compressed by deployment delay.

Supply exceeds demand by 7.2×19% premium on binding timeline

Binding constraint

Construction schedule is the critical path to revenue

Every month of delay compresses the pricing window and reduces levered NPV by eroding time-in-market against faster entrants.

The industry optimizes for capital cost per MW. It should optimize for time-to-first-token. The cheapest facility is almost never the most profitable.

Near-binding risks

Hardware

2 percentage points below the binding threshold

Regime 3 — Stressed: Significant supply shortfall. Pricing pressure is acute, unmet demand is material, and the binding constraint is actively limiting revenue.

Regime 3 — Stressed. Binding: Timeline. Near-binding: Hardware.
0.0
PowerElectrical power availability and grid capacity.
0.0
ThermalHeat rejection capacity of the cooling system.
0.0
NetworkExternal bandwidth and path-diversity constraint.
0.5
HardwareGPU and accelerator supply constraint.
0.5
TimelineConstruction and commissioning schedule constraint.
0.0
LaborSkilled workforce availability for operations.
0.2
PermitsRegulatory and permitting approval constraint.
0.0
CapitalCommitted funding availability for the next expansion.
derivedgap metric & fill per node — engine-derived from registry assumptions