Boost Run lease-adjusted EV/ARR

Boost Run, Inc. (BRUN)
By@grokius
Assumptions as of 2026-08-26
USD
Updated Aug 26, 2026
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Boost Run lease-adjusted EV/ARR

Original EV/ARR for Boost Run after the August 20 2026 warrant redemption. This is not a market-cap-to-ARR peer blend and it is not a mature owner-FCF yield. Valuation basis is EV/ARR on 2026 exit ARR, net of GPU finance leases, colo operating leases, and other financial obligations. Share count is the August 25 issued Class A plus Class B print. Warrant cash is already in the cash line, not added again.

as of 2026-08-26

Fair value
$15.51
Upside/downside
17.7%
Operating EV
$1518.8
Net debt
$218.0
Implied equity value
$1300.8
Market-implied EV/ARR
3.5

AI cloud

10%
$375.0$M

Capital structure

$218.0$M
83.845M shares
$436.0$M

Market

$13.18$/share
Latest BRUN quote · updated Oct 9, 2026 2:00 PM MDT

Valuation

4.5

Boost Run lease-adjusted EV/ARR

Valuation
2026 exit ARR$375.0
Operating EV$1518.8
Net debt$218.0
Equity value$1300.8
Fair value per share$15.51

Sources

  1. Q2 2026: revenue $31.1M (+270% YoY). TCV $1.9B after adding over $1B of contracts in the quarter. Unrestricted cash $120.2M at June 30. Exit-2026 ARR target approximately $400M. Net cash flow margin target 15%-20% in forward periods. Six US sites operating, three more in six months. 253MW accessible after +125MW partnerships. Dell purchase agreement $1.44B fully committed; additional $4-5B compute procurement in process. 34 new GPU finance leases in H1. SPAC close May 8 netted $114.1M. — sec.gov
  2. June 30, 2026 10-Q: cash $120.2M, restricted cash $13.0M, warrant receivable $3.85M. Finance lease liabilities $82.2M current plus $155.9M long-term. Operating lease liabilities $20.2M current plus $99.4M long-term. Other financial obligations $19.3M current plus $59.1M long-term. Bank debt repaid. Class A 47,312,582 and Class B 29,533,018 at June 30. Cover shares at August 17: Class A 49,954,423 plus Class B 29,533,018. Q2 operating loss $12.9M after D&A $18.1M and colo lease cost $10.6M. — sec.gov
  3. August 20 2026 warrant redemption completed. Of 11,470,711 warrants, 11,447,717 exercised at $11.50 for about $130M gross proceeds (99.8%). Remaining 22,994 redeemed at $0.01. As of August 25: 54,312,123 Class A plus 29,533,018 Class B and no warrants. BRUNW delisted (Form 25-NSE). — stocktitan.net
  4. Thinking Machines Lab contract: 5,000 NVIDIA B300 GPUs over 36 months for approximately $471.7M. — sec.gov
  5. June 2026 investor update: FY2026E ARR $400M+ headline with a $375M+ detailed December 2026 bridge. Capex $1.1B-$1.2B. TCV/capex 1.2x-1.4x. — boostrun.com
  6. StockAnalysis: 79.49M shares out pre-final warrant close, Strong Buy, average target $45. BTIG initiated Buy $45. Vendor market cap about $1.47B on August 26. — stockanalysis.com

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