Arqis
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Neoclouds & GPU cloudsGPU supply and customer offtake Data-centre & AI infrastructure operatorsLeases, power and tenant concentration OEM & hardware suppliersDelivery, allocation and warranty exposure Banks, funds & private creditGPU-backed financing and covenants Infrastructure funds & investorsCross-border AI infrastructure capital Insurers & reinsurersStructured exposure and accumulation AI labs & compute buyersFrontier training and inference deals
How Arqis is used Risk coverage Pricing Extensions Methodology Security
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Risk coverage

A credit check covers one risk in eight.

Eight risks sit inside every offtake transaction, and eight modules answer them on the same graph. This page is each one in full: what goes wrong, what the module computes, the signals it watches and the lever it hands you.

Three covered todayCounterparty Risk, Contract Risk Engine and Regulatory Dependency Graph. Every tier above Pilot includes all three.
Five to comeBuilt on the same record, so nothing you enter now is re-entered when they arrive. Order follows what customers put under it first.
One record underneathEvery module writes to the same transaction record, with one methodology and one audit trail across all eight.
01Offtake and Demand 02Counterparty Risk 03Contract Risk Engine 04Regulatory Dependency Graph 05Supply Chain Risk 06Continuous Credit Monitoring 07Underwriting Engine 08Portfolio Risk Graph
01

Offtake and Demand

Demand and stranded asset
In sequence
What goes wrong

Build 300MW, demand does not arrive or the tenant weakens.

How it reads in your world
Data centre
Tenant and stranded capacityYou build 300MW and the anchor tenant weakens, or never takes it
GPU cloud
Demand and idle capacityYou commit to 20,000 GPUs against demand contracted for a fraction of the term
What the module computes
Contracted against availableCommitted capacity, take-or-pay floors and ramp schedules read against what is actually deliverable, by date.
Revenue at risk if demand is lateThe gap between contracted revenue and the capacity behind it, priced, not described.
Where the floor stops protecting youThe utilisation point below which the floor no longer covers fixed cost.
Signals it watches
  • Contracted vs available capacity
  • Take-or-pay and minimum-spend floors
  • Ramp and commencement schedules
  • Tenant or customer pipeline
  • Utilisation against plan
LeversTake-or-pay · termination payment · parent guarantee
02

Counterparty Risk

Counterparty
Covered today
What goes wrong

A tenant, supplier or JV partner deteriorates or becomes restricted.

How it reads in your world
Data centre
CounterpartyA tenant, EPC or JV partner deteriorates or becomes restricted
GPU cloud
Customer credit and concentrationTwo customers carry most of the revenue, and one is venture-funded
What the module computes
Exposure per counterparty, liveCommitted revenue and receivables against each counterparty, aggregated across every contract they sit under.
Deterioration, scoped to your dealsA credit, ownership, funding or listing change mapped only to the deals that depend on it.
What protection you actually holdSecurity, guarantees, prepayment and caps already in your documents, and the gap where none exists.
Signals it watches
  • Credit files and rating actions
  • Ownership and UBO changes
  • Sanctions and restricted-entity lists
  • Filings, funding rounds and listings
  • Payment behaviour against terms
LeversSecurity · exposure cap · step-in rights
03

Contract Risk Engine

Contract
Covered today
What goes wrong

A ten-year agreement has no answer for changed circumstances.

How it reads in your world
Data centre
LeaseA fifteen-year lease has no answer for changed circumstances
GPU cloud
Contract mismatchA five-year obligation sits under an eighteen-month customer commitment
What the module computes
The obligation register, from the documentsObligations, rights, options, notice windows, caps and cure periods extracted from the executed set including amendments and side letters.
Where the agreement has no answerThe changed circumstance the contract does not address, and what that silence costs.
The lever still availableAmendment, side letter, renewal or exit, with the deadline that governs each one.
Signals it watches
  • Executed contracts, amendments, annexes
  • Side letters and variations
  • Notice, renewal and cure windows
  • Liability caps and exclusions
  • Change-in-law and force majeure terms
LeversAmendment · side letter · renewal · exit
04

Regulatory Dependency Graph

Regulatory and geopolitical
Covered today
What goes wrong

Export controls, sanctions or AI rules move under the deal.

How it reads in your world
Data centre
Regulatory and geopoliticalExport controls, sanctions or data rules move under your tenant
GPU cloud
Export control and jurisdictionWhere the GPUs sit, and who may use them, moves under the rules
What the module computes
The rule, cited and versionedEvery test names the rule, its version and its effective date, so the position survives the person who ran it.
Which deals a rule change touchesA designation or rule update mapped to the transactions that actually depend on it, not a blanket alert.
The contractual answer to itThe restriction, rep, audit right or change-in-law clause that carries the risk, or the fact that none does.
Signals it watches
  • Export-control rules and classifications
  • Sanctions and restricted-party designations
  • Foreign and outbound investment regimes
  • Data, bulk-data and AI rules
  • Effective dates and rule versions
LeversRestrictions · reps · audit rights · change-in-law
05

Supply Chain Risk

Supply chain
In sequence
What goes wrong

Transformer, GPU, switchgear or cooling delivery slips.

How it reads in your world
Data centre
Delivery and gridTransformer, switchgear, cooling or interconnect slips past RFS
GPU cloud
Allocation and deliveryGPU allocation slips, or the site is not energised when the racks land
What the module computes
Delivery against the date the contract assumesEach dependency dated against the commencement, RFS or energisation date that your revenue is written to.
The consequence of a slip, in dollarsDelay mapped through to commencement, SLA, damages cap and financing milestone.
Who carries it under the documentsWhether the delay lands on you, the OEM, the EPC or the customer, and what notice starts the clock.
Signals it watches
  • OEM delivery schedules and lead times
  • EPC and commissioning milestones
  • Interconnect and energisation dates
  • Allocation and substitution notices
  • Logistics and customs events
LeversMilestone alignment · cure period · phased ramp
06

Continuous Credit Monitoring

Financing
In sequence
What goes wrong

The assumptions holding up the debt stop being true.

How it reads in your world
Data centre
FinancingThe assumptions holding up the construction facility stop being true
GPU cloud
Financing and covenantUtilisation, collateral value or coverage tests move against the facility
What the module computes
Headroom against every covenantCoverage, leverage and borrowing-base tests re-run as the inputs move, not at the reporting date.
Which assumption stopped being trueThe specific input behind a test that has drifted, traced to the deal that produced it.
Time to breach, and the re-cut that avoids itDistance to the test, and the covenant reset or milestone re-cut that keeps you inside it.
Signals it watches
  • Covenant tests and certificates
  • Borrowing-base inputs
  • Utilisation and collateral values
  • Coverage and leverage ratios
  • Facility milestones and conditions
LeversCovenant reset · milestone re-cut
07

Underwriting Engine

Insurance and accumulation
In sequence
What goes wrong

The insurer cannot price what it cannot see.

How it reads in your world
Data centre
Insurance and accumulationThe insurer cannot price a campus it cannot see inside
GPU cloud
Insurance and residual valueThe next generation lands, collateral value moves, and nobody can price the downside
What the module computes
Exposure structured the way an underwriter reads itPeril by peril, with the method shown rather than asserted.
Mitigations with evidence attachedEach mitigation cited to the clause, security or programme that carries it.
Residual after mitigationWhat is actually being asked to be written, and what is still open.
Signals it watches
  • Exposure by peril and location
  • Mitigations and their evidence
  • Claims and loss history
  • Accumulation across the book
  • Renewal and placement dates
LeversStructured exposure and evidence an underwriter accepts
08

Portfolio Risk Graph

Portfolio concentration
In sequence
What goes wrong

The same tenant, GPU or grid sits under many assets at once.

How it reads in your world
Data centre
Portfolio concentrationThe same tenant, OEM or utility sits under many sites at once
GPU cloud
Portfolio concentrationThe same customer, OEM or site sits under many commitments
What the module computes
One counterparty, one exposureThe same tenant, customer, OEM, site or grid aggregated across every deal it sits under.
Correlated failure, not independent riskWhat moves together when one dependency fails, across the whole book.
Distance to your own limitsConcentration against the limits you set, with the deals driving it named.
Signals it watches
  • Shared counterparties across deals
  • Shared OEMs, sites and grids
  • Concentration limits and policy
  • Contracted value by dependency
  • Portfolio-level scenarios
LeversConcentration limits · diversified offtake
One counterparty across nine transactions is one exposure, not nine
Before a module is live

The five not yet covered still have an answer.

Two of them already reach you through the extensions, because the packaged output is the part customers need first. Underwriting Engine (07) is what an insurer-ready risk package is built from, and Continuous Credit Monitoring (06) is what a lender-ready package evidences. The record exists today; the module is what makes it continuous.

Insurer-ready and lender-ready packages → What each tier includes → Ask what is covered for your book →