Capital flow architecture

The capital flow architecture traces the path of equity through three structural layers.

Personal participation layer. Kai's equity contribution under any tier sits at the Causara level (for Tier 4) or at the HoldCo level (for Tiers 1 to 3). HoldCo owns one third of CEI. CEI is the 30 per cent co-General Partner of Hydra Compute Capital. Economic value flows in the reverse direction: GP economics from Hydra Compute Capital distribute to the three co-GP parties per the contribution matrix; CEI's share flows to the CEI entity, of which HoldCo owns one third; HoldCo's share flows to Causara.

Co-GP layer. Hydra Capital, Kardeshev Capital, and CEI jointly hold the Hydra Compute Capital General Partner entity at 35 per cent / 35 per cent / 30 per cent respectively per the signed Co-GP document of 4 April 2026.

Fund deployment layer. Capital from external LPs flows into Hydra Compute Capital through three channels. CEI raises through Luxembourg and Singapore feeder vehicles, primarily targeting European and Asian institutional investors. Hydra and Kardeshev raise direct from their relationships, primarily North American institutional and family office capital. Each feeder is a passive jurisdictional gateway; investment decisions sit at the co-GP level. The aggregated LP capital enters the Master SPV at the GP entity level. Senior debt (approximately 58 per cent of the capital stack per project) and offtaker prepayment (approximately 12 per cent) layer onto the equity at the Project Vehicle level. Each Project Vehicle is a per-cluster SPV with approximately USD 500 million in enterprise value, supporting around 6,480 Nvidia B300 GPUs.

Kai's rights as an equity holder in HoldCo or Causara include standard information rights (financial statements, capital account statements, GP-level reporting) and consent rights on material decisions (issuance of new equity, transfer of material assets, dissolution). The signed Co-GP document provides parallel rights at the CEI level for HoldCo's interest in the GP entity.