FLEET EBITDA / YR
$168.5M
↑ base case · all chains live
NET OPERATING INCOME
$124.6M
DSCR 2.75× base
CONTRACTED POWER
12 MW
10 units · 1.2 MW each
CASH SWEEP → DEBT-FREE
~3.1 YR
$500M · 8.0% IO · 36-mo
CONTROL PLANE ARCHITECTURE ● ALL SYSTEMS NOMINAL
AI Command Center cross-chain architecture AI COMMAND CENTER MEV · SWQoS · Capital Routing SOLANA $91.6M · ANCHOR AVALANCHE $19.2M · PRIMARY ETHEREUM $14.6M · EIGEN COSMOS IBC $12.4M · 50+ CHAINS POLKADOT $4.8M · RELAY H100 GPU LAYER $30.2M · 2,000 NET
AI DECISION FEED ● STREAMING
SOL · VALIDATOR STAKING
$45.2M
Anchor chain · largest single stream
H100 GPU · 2,000 NET
$30.2M
AI / HPC inference · $35M asset-backed
AI MEV SEARCHER · PROPRIETARY
$28.0M
Proprietary bundle selection · Jito
ETHEREUM + EIGENLAYER
$14.6M
Restaking yield optimization
AVALANCHE + L1 SUBNETS
$19.2M
Validator rewards · subnet participation
SWQOS ROUTING
$10.0M
Priority lane access · bandwidth
SCORING FUNCTION · ADJUSTABLE WEIGHTS ● LIVE
Score(tx)= w₁·tip+ w₂·cu_eff w₃·conflict+ w₄·jito_bonus w₅·latency
Bundle = argmax Σ Score(txᵢ) · subject to Σ cu ≤ 48,000,000 · no state conflicts
w₁ · TIP WEIGHT0.45
w₂ · COMPUTE EFFICIENCY0.25
w₃ · CONFLICT PENALTY0.20
w₄ · JITO BUNDLE BONUS0.15
w₅ · LATENCY PENALTY0.10
SLOT 247,831,092
MEMPOOL · CANDIDATES 18 TXN
HASHTIP SOLCUTYPESCORESTATUS
OPTIMIZED BUNDLE AWAITING...
01awaiting optimizer...
02awaiting optimizer...
03awaiting optimizer...
04awaiting optimizer...
05awaiting optimizer...
TOTAL TIP
COMPUTE UNITS
BUNDLE SCORE
NAIVE vs AI · DELTA PENDING
FIFO (NAIVE)
TIP
CONFLICTS
CU USED
SCORE
AI OPTIMIZED
TIP
CONFLICTS
CU USED
SCORE
AI ADVANTAGE / BLOCK
Run optimizer
ANNUALIZED · 10 UNITS
AI MODEL ARCHITECTURE · 5-STAGE PIPELINE
01
INGEST
All pending txns streamed from mempool via gRPC. Parsed for tip, compute units, account keys, and Jito bundle membership.
stream.filter(
 tip > MIN_TIP
)
02
CONFLICT GRAPH
DAG built over account state dependencies. Transactions writing to the same account flagged — only one can execute per block.
G.add_edge(a,b)
 if overlap(
  a.keys, b.keys)
03
SCORE
Each transaction scored via weighted function. Weights updated per epoch from historical block reward data via gradient descent.
s = w1*tip
 + w2*cu_eff
 - w3*conflict
 + w4*jito
04
OPTIMIZE
Greedy knapsack over conflict-free subgraph. Maximizes total bundle score subject to 48M CU block limit. Runs in <2ms.
bundle=knapsack(
 txns,
 CU_MAX=48e6)
05
SUBMIT
Bundle submitted to Jito block engine with leader schedule awareness. Tip split 95/5. Confirmation within 1 block.
jito.submit(
 bundle,
 tip_split=.95)
FINANCIAL STRESS TEST · INTERACTIVE MODEL
Adjust inputs to stress DSCR and NOI. Base case assumes all 6 chains live at $145 SOL.
INPUT ASSUMPTIONS
CHAINS ACTIVE 6 of 6
SOL PRICE $145
MEV CAPTURE RATE 100%
GPU UTILIZATION 85%
OPEX MULTIPLIER 1.0×
MODEL OUTPUT
GROSS REVENUE
$168.5M
FLEET OPEX
($15.5M)
FLEET EBITDA
$168.5M
DEBT SERVICE
($43.9M)
NET OPERATING INCOME
$124.6M
DSCR
2.75×
BASE CASE · ALL CHAINS LIVE
Base case — fully operational. 2.75× DSCR exceeds 1.25× lender covenant by a wide margin.
SWQOS ROUTING MAP · STAKE-WEIGHTED QOS
The AI engine routes transactions through highest-stake validators to capture priority fee premiums.
NETWORK TOPOLOGY · SOLANA MAINNET ● LIVE
SWQoS routing map IRONCLAD AI ROUTING ENGINE V018.2M SOL V026.1M V034.9M V043.7M V053.1M V062.8M V072.4M V085.6M
LANE METRICS
PRIORITY LANES ACTIVE
3 / 8
AVG ROUTE LATENCY
8.2ms
TXNS ROUTED / SEC
4,812
SWQOS ANNUAL YIELD
$10.0M
HOW SWQOS WORKS
Stake-Weighted QoS gives validators with more delegated SOL priority packet processing. Ironclad's AI engine routes high-fee transactions through preferred lanes, capturing the spread between standard and priority execution.
EXIT THESIS · STRATEGIC ACQUIRERS · 2028–2030
COINBASE
$3.0B+
2030 target · 18× EBITDA · validator + GPU infrastructure roll-up
GALAXY DIGITAL
$2.4B
Post-debt EV · institutional crypto infrastructure consolidation
BLACKROCK DIGITAL / COREWEAVE
$1.9B
Equity value post-debt · sovereign-grade infrastructure for digital asset ETFs
MILESTONE TIMELINE
MO 1–12 · FAB + DEPLOY
10 units fabricated and deployed. $40M interest reserve pre-funds debt service. Full ops live Month 13.
MO 13 · FULL OPERATIONS
All 6 chains live. AI Command Center active. Cash sweep begins. $100M self-staked at 7% = $7M reserve yield.
Q2 2028 · EARLIEST EXIT
14× EBITDA at stabilized NOI. $2.4B EV / $1.9B equity post-debt. Strategic M&A window opens.
2030 · TARGET EXIT
18× at $3.0B+. Coinbase, Galaxy Digital, BlackRock Digital as likely acquirers. Phase 2 sovereign LNG site in active identification.
DENNIS A. CLOSE · OPERATING PRINCIPAL
DC
Dennis A. Close
MANAGING DIRECTOR · DICE HOLDINGS LLC
Principal operator at the intersection of institutional capital markets and regulated digital infrastructure. Thirty years building, scaling, and exiting complex operating platforms — including a $150M strategic fintech exit in December 2025 and over $2B+ in cumulative asset value under Dice Holdings LLC. Ironclad is the current principal deployment.
$150M Strategic Exit · Dec 2025
Built and scaled Liquidity One — a SEC/FINRA-registered ATS for tokenization and real-time settlement — from inception through strategic acquisition by DeRisk Digital / Bosonic Digital.
Dice Holdings LLC · $2B+ AUM
Private family-office operating platform. Active divisions: Ironclad (cross-chain digital compute), Liquidity One (exited), and sovereign infrastructure development.
U.S. Navy Submariner · 1996–2005
USS Maryland, USS Kentucky, USS West Virginia. Eight strategic deterrent patrols. Sub-Safe Program Director — zero deficiencies. TS/SCI clearance. STA-21 selectee: 1 of 273 from 3,800 applicants. Zero-fail execution standard applied across all platforms.
$2B+
CUMULATIVE AUM · DICE HOLDINGS
$150M
STRATEGIC EXIT · DEC 2025
$500M
SENIOR DEBT · IRONCLAD PHASE 1
30 YRS
PRINCIPAL OPERATIONS
CONTACT · QUALIFIED INVESTORS & PARTNERS
PHONE(561) 420-7299
ENTITYIronclad I, LLC · SPV of Dice Holdings
DATEMay 2026 · Confidential
▶ REQUEST MATERIALS
For qualified investors and strategic partners only. SOL spot ~$95 (30-day avg, May 2026). Not an offer to sell securities. Projected financials available on request.