The workstream testing whether reported financials describe the underlying business. Add-back discipline, dynamic working capital modelling, and the OEM balance-sheet financing that CIMs under-disclose.
Capacity vs demand, yield analysis, IP audit across four categories, and tier 1/tier 2 supply chain audit. Where technical DD tests the product, this workstream tests the business making it.
The fourteen essays inverted for target-side perspective. What a founder, CEO, or sell-side team should prepare before the process opens so DD Week 1 is signal-dense, not evidence-scramble.
250+ questions organised by DD workstream and AI Power Chain layer. Downloadable reference the fourteen essays produce in aggregate. Meant to be lifted and adapted for your deals.
Three tests: current product against customer specs, roadmap credibility by evidence tier, differentiation audit against decision thresholds. Plus bench work priorities per layer.
Where market DD tests the demand base, this workstream tests what the target captures from it. Concentration decomposition, pricing power diagnosis, twelve-month competitive move tracking.
The workstream that tests whether the demand the target sells into is what the CIM says it is. Bottom-up TAM, growth vintage decomposition, and cyclicality benchmarking.
The Layer 4/5 interface. Where the sidecar power rack meets the IT rack 48V busbar. Is the connector-engineering choke point of the AI-density facility. 400+ ampere continuous current at 48V DC. Blindmate operation required. Failure mode is fire. Three vendors dominate (TE Connect
The sidecar power rack is the specific Layer 4 architecture that OCP Mt. Diablo (v0.7.0, March 2026) established as the reference for hyperscaler AI-density deployments. Physical separation of rack-level power conversion (800V DC to 48V DC) from the IT compute rack. Enables specialised thermal
The solid-state transformer (SST) is consequential piece of equipment in the 800V DC architecture. Four Western vendors (Eaton, Schneider, ABB, Hitachi Energy) plus three credible Chinese entrants (CRRC, BYD, TBEA) constitute the entire universe. Silicon carbide device concentra
800V DC is not the endpoint. Layer 2 (perimeter conversion) faces a specific voltage-ceiling decision that will shape 2028-2032 facility architecture: hold at 800V, step to 1500V DC, or reach for MVDC at 5-15 kV. Each has different copper savings, standards readiness, vendor availability, and r
The pure-DC facility is a specific edge case. Most operational data centres will run zoned hybrid architectures. Parallel AC and DC infrastructure. Through 2035 and beyond. Hyperscaler strategies diverge on this: Meta and Google adopt architected zones. Microsoft site-by-site. AWS