Andrew Karos

• Founded Boost Run in 2023 and leads the enterprise GPU cloud business for AI and HPC customers.
• Former Managing Director and Head of Electronic Trading at Galaxy Digital, and a member of its executive committee from 2020 to 2023.
• Co-founder and CEO of Blue Fire Capital, acquired by Galaxy. Operated across six countries and thirteen data centers.
• Track record deploying and monetizing billions in credit facilities, including the $1.44B infrastructure purchasing agreement with Dell.
• Derivatives and mathematical background. Worked the prepayment-to-capex arithmetic live on the Q2 call rather than handing it to the CFO.

Harry Georgakopoulos

• COO since April 2024, overseeing operations, AI data pipelines and reinforcement learning model implementation.
• Former Managing Director at Galaxy Digital leading on-chain activities; previously Head of Digital Assets at Blue Fire Capital.
• Author of Quantitative Trading with R (Palgrave Macmillan, 2015).
• MS, Financial Mathematics, University of Chicago.

Erik Guckel

• Closed over $2B in corporate transactions and managed a $3B debt portfolio.
• Secured funding for first of a kind facility construction. Specialist in FP&A, M&A, structured finance and debt capital markets across the Americas, Europe and Asia.
• PhD, Chemical Engineering, University of Illinois at Urbana-Champaign.
• MBA, Finance, University of Chicago.

Daniel Gormley-Rahn

• Manages secure and scalable deployment of thousands of GPUs across data centers for HPC and AI/ML workloads.
• Drives network architecture, security implementation and resource optimization for operational efficiency.
• Mission critical systems background. Awarded the Army Commendation Medal for maintaining complex communications equipment.

Karim Ali

• Nearly twenty years of infrastructure and engineering leadership in performance sensitive environments.
• Built ultra low latency trading networks across four continents using microwave, millimeter wave and global fiber.
• Led FedRAMP certification and containerized migration at a major SaaS security product.
• Former CTO and Head of Infrastructure.

Blue Fire Capital

• Karos co-founds and runs the firm. Georgakopoulos heads digital assets.
• Proprietary trading across six countries and thirteen data centers. Compute is an internal cost line, not a product.

Galaxy Digital

• Blue Fire is acquired. Karos becomes MD and Head of Electronic Trading and joins the executive committee, 2020 to 2023.
• Georgakopoulos becomes a Managing Director leading on-chain activities.

Boost Run

• Karos founds the company in 2023. Georgakopoulos joins as COO in April 2024.
• Same two operators, second company, now selling the capability they previously built for themselves.

No salary, no employment agreement

• Andrew Karos received no salary in fiscal 2024 or fiscal 2025 and is not party to an employment agreement, per the S-4 executive compensation disclosure.
• His compensation is 7,875,000 earnout shares, vesting only on share price performance.
• Tranches required VWAP at or above $12.50, $15.00 and $17.50 for 20 of 30 consecutive trading days.
• All three cleared during Q2 FY2026. Shareholders who entered at the $10.00 deal price were above $17.50 before the final tranche vested.

Cash compensation is small

• CFO Erik Guckel: $250,000 base, $200,000 discretionary bonus target, $80,000 sign-on, $350,000 transaction bonus at closing.
• COO Harry Georgakopoulos: $250,000 base, no bonus or transaction bonus in his offer letter.
• Adjusted SG&A ran roughly $6.4M against $31.1M of Q2 revenue, about 20%, which management described as meaningfully below the peer group.
• There is no dedicated sales organisation. Engineers run customer conversations.

“This isn’t just, ‘Hey, we passed this.’ This is a pounding on the network, redlining it to the fullest, and ensuring 95% performance guarantee of the capabilities of the network and the entire stack.”Andrew Karos, Founder & CEO

“Nothing goes into production at Boost Run, and I mean nothing on cluster size, unless it has passed that rigorous architecture review board, which is an actual committee at NVIDIA.”Andrew Karos, Founder & CEO

“Say we have a $500 million contract with $250 million of CapEx. If a customer is putting down 15%, that’s actually 30% because the TCV is two to one versus a CapEx.”Andrew Karos, Founder & CEO

“We continue to innovate on financing structures beyond the equipment financing approach used to date and expect to provide additional color and progress on this over the next quarter.”Erik Guckel, CFO

Four certifications held

• SOC 2 Type I and Type II
• HIPAA, with DICOM compliant storage for medical imaging
• ISO 27001 information security management
• ISO 27701 privacy information management, as both controller and processor
• Vertical tooling includes clinical trial environments, preconfigured VaR and Monte Carlo frameworks for finance, and guaranteed isolation between competing trading firms.

Eight sites named, 253MW accessible

• Online: Seattle WA (B300), Eagan MN (B300), Charlotte NC (B300), Raleigh NC (B200), Fort Worth TX (H200), Richardson TX (mixed)
• Scheduled: Rock Island IL (B300), Marietta GA (B300)
• Six locations live at the Q2 call with three more coming online over the following six months.
• Stated playbook: four 25MW sites over one 100MW site, every time, run in parallel using a templatized design.

$4B to $5B across multiple OEMs

• Roughly three times the entire Dell agreement, sized against active conversations with NVIDIA, investment grade financial institutions and frontier labs.
• Requirements in those conversations run 5,000 to 50,000+ GPUs per customer. A single 50,000 GPU customer would exceed the current fleet.
• In process, not signed.

Beyond equipment leasing

“We continue to innovate on financing structures beyond the equipment financing approach used to date and expect to provide additional color and progress on this over the next quarter.”Erik Guckel, CFO

AI Cloud Partner optionality

“It’s a well-known publicized program with NVIDIA, and obviously NVIDIA’s investment grade. At the appropriate time, we can get into more details on that.”Andrew Karos, Founder & CEO

253MW accessible, 60% of it unneeded

• At roughly $18M to $19M of ARR per MW on new Blackwell builds, $2.8B to $3.0B of ARR needs about 150 to 160MW.
• 253MW is already accessible, before the 10X expansion to 111MW across two further sites in 2027.
• The plan needs barely 60% of the power already secured.

The procurement must convert

• The $4B to $5B is in process, not signed. Until it is contracted, the $2.8B to $3.0B figure is arithmetic rather than a plan.

Deployment decides the year

• The existing $1.9B book only comes fully live in Q1 2027. A two quarter slip moves a 2027 exit number into 2028.

The structure must stay non dilutive

• Prepayment plus project debt is designed to cover roughly all of project cost. A large equity raise would change the per share arithmetic materially.