Terms indicative and subject to the Information Memorandum and subscription documents.

Expression of interest only — non-binding. To invest, apply through the shareholder application page. By submitting, you ask Tandem Compute Ltd to manage this registration and email you the Information Memorandum. Privacy Notice

Distributed

Standardised pods across host sites of vastly different types and sizes — from a single plant room to a full campus — intended to operate as one connected fleet.

Liquid cooled

Liquid cooling is what lets the most advanced, highest-density chipsets run in a compact footprint — quiet, efficient, and with the heat captured in a recoverable loop instead of blown away.

Useful heat

Heat from two sources: the CHP that turns the host’s gas into power for the compute, and the GPUs themselves. Of 440 kW in at a pool site, around 355 kW comes back as useful heat, warming pools, cutting gas bills and serving industrial processes.

Sovereign

Compute capacity owned and operated in Ireland, under Irish and EU law. Capability the country does not have to rent.

Chip density

Each GPU generation packs more compute — and more heat — into less space. At this density, liquid cooling stops being exotic and becomes the sensible engineering answer.

Liquid cooling

Direct liquid cooling has moved from specialist to standard practice, and it is what makes heat recoverable at useful temperatures.

Nationwide fibre

Ireland’s fibre build-out now reaches towns and host sites that were never connectable at this bandwidth before. Compute no longer has to sit in a Dublin campus.

EU regulation

EU energy-efficiency rules increasingly require data centres to report the heat they reject — and favour designs that put it to use. Heat return is becoming policy, not preference.

Grid guidance

ESB and regulator guidance points away from concentrated new loads and towards distributed connections that work with local network capacity — the shape of a pod fleet.

On-site generation

Fuel-cell power — Bloom-style solid-oxide units — has matured into a practical on-site source, opening sites without a gas or heavy grid connection, common in the west of Ireland.

of Ireland’s installed data centre IT capacity is in the Greater Dublin Area — 1,543 MW across 36 sites.

A pool is one of the few places that needs heat every day of the year — water held near 29°C, showers, warm air. Heat from the CHP at around 90°C and the compute loop at 45–55°C feeds the pool’s heat exchangers through a metered connection, displacing gas the operator would otherwise burn in its boilers. The pool’s own boilers stay in place for resilience and peaks.

From ~9T to ~820T tokens a month across Google’s model APIs, May 2024 to May 2026: 217M to 19B every minute.

~1T to ~13T tokens a month, January to June 2026, while ARR tripled from $100M to $300M+ in ten months.

Up from $9B at end-2025; Q2 revenue of $11.5B against $787M a year earlier.

Usage grows roughly fivefold a year: every efficiency gain is consumed by new demand.

Each chip generation roughly doubles the work done per watt.

More powered compute needed every single year: the gap Tandem sells into. The shortfall compounds — roughly 6.3× short after two years, 15.6× after three.

one RTX PRO 6000 · €16,300 a year at €27 per GPU watt (card power)

earning hours per GPU · 87% of 8,760

blended revenue per earning GPU-hour · €1.86 across all 8,760

per 8-GPU node · per installed GPU megawatt, each year, GPU only

Direct contract

Reserved, Irish-hosted GPUs, nodes or clusters on 12–36 month terms at €2.00 an hour. Contracted first; 60% of capacity.

On-demand and monthly

Whole GPUs and nodes by the hour or month at about a 10% premium to contracted, no commitment: the flexible layer that keeps utilisation high. 22.5% of capacity, 70% busy.

Private AI and managed workloads

Open models on a customer’s own documents, and rendering, transcription and batch jobs we run end to end. One fixed monthly line, 7.5% of capacity.

tandemcompute model API

GLM, Kimi and Qwen behind one OpenAI-compatible endpoint, billed per token. 5% of capacity at €4.05 an hour equivalent, 40% busy.

Inference marketplaces

OpenRouter, Hugging Face and Opper list our hosted endpoints to their developer base. 5% of capacity at €2.85, 40% busy. Spot GPU marketplaces are the floor, never the price.

CPU cloud

VMs and bare metal for applications, databases and agents, on the same network as the GPUs. Modelled at €0.03 per vCPU-hour (hyperscalers ~€0.05), 65% sold.

Shared AI storage

GPU-adjacent storage sold by the gigabyte-month: recurring revenue, and data gravity. Performance tier €0.065, object tier €0.013, 70% occupancy; about €546k per PB-year.

RTX PRO 6000, a jack of all trades.

Standardise before we optimise. As Ryanair runs one aircraft, Tandem launches on one node: NVIDIA’s RTX PRO 6000 Blackwell Server Edition, eight to a liquid-cooled server. One set of spares, firmware, tooling and procedures covers the whole fleet, and any workload can move to any site. The chip is the all-rounder of NVIDIA’s current generation, running inference, fine-tuning, training, image and video generation, rendering and simulation, and it puts twice the GPUs into each block as a flagship chip would, for less capital.

built with

RTX PRO 6000 Blackwell GPUs on Dell servers

• No electricity generation required
• ~80% of energy passed on as heat
• 12 weeks to deploy
• No planning. No rent.

Pools are ideally suited because of heat reuse. Tandem locates on site, draws electricity on its own new connection, and the heat goes back into the pool. Over 350 pools in Ireland spend around €70m a year on heating, mostly gas and oil, ready to convert. Sub-1 MVA connections are treated as de minimis under the current ESB process.

• Industrial sites on non-constrained land
• Grid + Bloom self-generation
• Bloom heat at 350°C for industrial reuse
• Clean (non-combustion) and quieter

Industrial sites acquired in unconstrained regions, with grid capacity augmented by Bloom solid-oxide fuel cells: non-combustion, clean and quiet. Bloom also produces heat at 350°C, so the industrial host takes the heat as process heat. Sites enter ESB’s defined large-energy-user pathway with their own firming generation.

• National-scale industrial projects
• Own generation, campus-scale heat offtake
• Securing the opportunity

National-scale industrial projects: frontier-class clusters on industrial land with self-generated power and industrial or district heat offtake. Tandem is in the process of securing the opportunity; sized for the institutional capital the first two tiers unlock.

Pre-trading, so the investment carries 50% EIIS income-tax relief: the highest rate under the scheme.

€5.5M of A Ordinary Shares at €3.50, on a €25.0M pre-money valuation (€30.5M post-money). 7,142,858 shares before the raise, 1,571,428 new EIIS shares, 8,714,286 after it; EIIS investors hold ~18.0%. This follows €600K of founder seed capital. The full programme is up to €16.5M over three years, in tranches of no more than €5.5M in any rolling twelve months. Facilities are built at ~€5M per MW (~€1M per 200 kVA); compute and storage hardware is leased from Dell, our hardware partner, so equity buys the energised facility. Tandem Compute Limited is pre-trading; this round funds the start of its trade. Holding period an absolute minimum of four years.

There is no set exit date and no set price. After the four-year holding period you remain an owner: keep your shares, sell them if there is a buyer, or accept or decline any buy-back the Company offers.

50% EIIS tax relief. tandemcompute is a qualifying pre-trading company raising investment under EIIS. The scheme operates on a self-certification basis, so there is no general Revenue approval outstanding. Following investment and the required filings, investors receive a Statement of Qualification to support their claim. Investors are responsible for meeting the individual investor conditions.

Capital is at risk. Relief depends on the Company and each investor meeting the statutory conditions. Shares are unlisted with no guaranteed exit, buy-back or dividend.

Ordinary Shares are the founder and day-one seed class: John Kelly, Simon Kelly, ExTarget (Barry Walsh) and Paddy Connolly, one vote each, held directly. A Ordinary Shares are the EIIS investor class, none in issue at incorporation, to be allotted for this round and held for investors by the nominee Redquartz Trustees Ventures Limited (CRO 670489, Commercial House, Millbank Business Park, Lucan, Dublin, K78 X5W6).

Summary of the final-draft constitution (v2.3), subject to legal and tax review and not for execution or filing. Full terms are in the Information Memorandum and subscription documents.

Any future investment would involve early-stage, unquoted shares and could result in the loss of all capital invested. There is no guaranteed market, exit or redemption. EIIS relief depends on each investor meeting the individual investor conditions. Full risks and terms will be set out in the final documentation. Independent financial, legal and tax advice should be obtained.

Read the full expression-of-interest and risk notice

Expression of interest only — non-binding. To invest, apply through the shareholder application page. By submitting, you ask Tandem Compute Ltd to manage this registration and email you the Information Memorandum. Privacy Notice