{
  "version": 1,
  "checked_on": "2026-09-25",
  "scope": "Selected public contract conditions and conceptual FOCUS 1.4 column relationships. Not a conformant FOCUS export, complete amendment history, observed issuer cash ledger, accounting determination or legal opinion.",
  "perspective": "FOCUS describes customer billing/cost data; the worked example measures the provider's incoming cash. These are related but different perspectives.",
  "sources": [
    {"id":"NBIS-BASE","url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926052948/nbis-20251231xex4d4.htm","sections":["1.1A(b)-(j)","2","3.2"]},
    {"id":"IREN-SOW","url":"https://www.sec.gov/Archives/edgar/data/1878848/000187884826000015/exhibit103-partnerstatem.htm","sections":["2.1","3.2(a)(iii)-(iv)","3.2(e)"]},
    {"id":"FOCUS-ISSUE","url":"https://focus.finops.org/docs/specification/v1-4/columns/invoice-detail/invoice-issue-date/","sections":["3.4.13"]},
    {"id":"FOCUS-DUE","url":"https://focus.finops.org/docs/specification/v1-4/columns/invoice-detail/payment-due-date/","sections":["3.4.19"]},
    {"id":"FOCUS-BILLED","url":"https://focus.finops.org/docs/specification/v1-4/columns/invoice-detail/billed-cost/","sections":["3.4.1"]}
  ],
  "public_condition_records": [
    {"id":"NBIS-fee-gate","source_id":"NBIS-BASE","clause":"1.1A(b)-(i)","event":"financing evidence or notified self-funding completion","condition_evidence":"disclosed","actual_event_date":null,"actual_event_date_status":"not established by reviewed source","cash_amount_received":null,"model_relation":"Motivates a separate fee gate; does not supply the synthetic date or require all debt to be drawn first."},
    {"id":"NBIS-acceptance","source_id":"NBIS-BASE","clause":"2","event":"acceptance following testing, or applicable deemed acceptance","condition_evidence":"disclosed with redactions","actual_event_date":null,"acceptance_period_days":null,"period_status":"redacted","model_relation":"The example takes an assumed accepted start, not an automatically computed contractual acceptance date."},
    {"id":"IREN-notice-minimum","source_id":"IREN-SOW","clause":"2.1","event":"valid delivery notice after minimum GPU condition","condition_evidence":"disclosed with redactions","minimum_quantity_fraction":null,"fraction_status":"redacted","actual_event_date":null,"model_relation":"A physical delivery date alone is not used as recurring invoice eligibility."},
    {"id":"IREN-monthly-eligibility","source_id":"IREN-SOW","clause":"3.2(a)(ii),(iv)","event":"monthly invoicing commencing on acceptance of at least the minimum quantity","condition_evidence":"disclosed","actual_event_date":null,"model_relation":"The synthetic monthly schedule adds its own assumed month-end rule; that rule is not extracted from this SOW."},
    {"id":"IREN-invoice-due","source_id":"IREN-SOW","clause":"3.2(a)(iii)-(iv)","event":"payment following an invoice","condition_evidence":"timing rule disclosed but intervals redacted","due_offset_days":null,"due_offset_status":"redacted","actual_invoice_date":null,"actual_due_date":null,"actual_settlement_date":null,"model_relation":"The example's 10-day advance and 30-day recurring terms are hypothetical; unknown issuer terms are not filled with these numbers."},
    {"id":"IREN-value-preservation","source_id":"IREN-SOW","clause":"3.2(e)","event":"service-end adjustment after delayed start to preserve aggregate consideration","condition_evidence":"disclosed","actual_adjustment_date":null,"loan_maturity_change_established":false,"model_relation":"Motivates separate service and debt calendars; a single synthetic cohort shifted by two months does not implement IREN's multi-tranche legal formula."}
  ],
  "conceptual_column_relationships": [
    {"local_field":"issueDate","focus_column":"InvoiceDetail.InvoiceIssueDate","source_id":"FOCUS-ISSUE","relationship":"Corresponding timing concept, not a conformant timestamp export.","does_not_establish":"cash received or payment eligibility under a particular contract"},
    {"local_field":"dueDate","focus_column":"InvoiceDetail.PaymentDueDate","source_id":"FOCUS-DUE","relationship":"Specified invoice deadline, kept distinct from settlement.","does_not_establish":"payment actually received on that date"},
    {"local_field":"amountDue","focus_column":"InvoiceDetail.BilledCost","source_id":"FOCUS-BILLED","relationship":"Conceptually related net invoice amount after covered portions; the example is invoice-level, whereas real FOCUS data has its own detail grain, currency and issuer identities.","does_not_establish":"recognized revenue, bank cash or full FOCUS conformance"},
    {"local_field":"advanceApplied","focus_column":null,"source_id":"FOCUS-BILLED","relationship":"Local reconciliation control: avoid recounting a previously funded advance as new service cash. It is not claimed to be a FOCUS column.","does_not_establish":"that a particular customer's advance is legally applicable or already funded"},
    {"local_field":"settlementDate","focus_column":null,"source_id":null,"relationship":"Separate payment evidence or explicit scenario assumption. No claim that the whole FOCUS ecosystem lacks settlement integrations.","does_not_establish":"zero receipts or default when null"},
    {"local_field":"acceptedServiceStart","focus_column":null,"source_id":"IREN-SOW","relationship":"External contract/operations evidence or an explicit hypothetical milestone, not an inferred cloud-cost metric.","does_not_establish":"contractual deemed acceptance, bank settlement or debt extension"}
  ],
  "synthetic_case": {
    "period":"2027 hypothetical",
    "all_amounts_and_dates":"assumptions, not calibrated to Nebius, IREN or CoreWeave",
    "amount_unit":"USD",
    "gross_service_value":120000000,
    "advance":24000000,
    "recurring_net_invoices":96000000,
    "cash_ledger_counts":"24 million advance plus 96 million subsequent net receipts, not 144 million",
    "credit_rule":"equal application over four modeled months, not IREN's after-month-24 rule",
    "cost_rule":"explicit fixed cash installments held constant for pure timing shocks; one separate scenario adds 10 million of extra delay cost",
    "not_implemented":["contract-text parsing","business-day and holiday conventions","partial calendar months","partial settlement","force majeure or termination adjudication","refunds","tax","loan interest and fees","profit or fair-value accounting","integration into previous financing engine"]
  }
}