Prototype · illustrative data · fictional companiesNot investment research · not for distribution

AI Signal Gauge · standalone page

Helix Compute Partners (HLCX)

Filings-based rating of whether a company’s AI is earning its cost · quarterly · two cohorts

AI Signal Gauge for HLCX

Infrastructure

Neutral

Infrastructure cohort · quarterly · as of 10-Q filed 4 Aug 2026

Capped at Neutral. The factors alone read Earning. The veto applies because the useful-life extension supplies more than a quarter of operating income. It lifts when that share falls below 25% or when the company shows older hardware still earning.

Claim–reality divergence · ModerateClaims are specific and match the capex programme. The cap comes from the depreciation factor, not from the claims.

Factor checklist

next input: 10-K, Mar 2027

Post-buildout free cash flowOCF − capex − leases − commitments
−$120M · improving from −$410M over 8q · cohort median −$260M▲ improvingWhat would change this: Deterioration for two quarters after commitments. Next: 10-Q, Nov 2026.
✓Supports
Depreciation useful lifechange in accounting estimate
Servers extended 5 → 6 years · +$310M operating income · 38% of total▼ worseningWhat would change this: Disclosure that older generations retain paying workloads at acceptable margin. Veto lifts below a 25% share.
✕Against
Customer-funded revenue>10% customers, related parties
Two customers above 10% · one is also a disclosed investor→ flatWhat would change this: Concentration below 10% or the related-party commitment expiring. Next: FY26 10-K.
✕Against
Debt & guaranteeson-balance-sheet only
Take-or-pay commitments $1.9B · maturities matchedWhat would change this: Partial factor. Off-balance-sheet vehicles not scored.
–Neutral
Claim–reality divergenceclaims vs. financial movement
Moderate · specific claims, mixed delivery→ flatWhat would change this: Two quarters of agreement between claim and cash.
–Neutral
Capacity utilisationnot disclosed at company level
Not measured
Not measured

Ranked within the Infrastructure cohort only · greyed rows are unmeasurable by designMethod →

Reality Bar · AI Infrastructure & Software ETF

illustrative · 100 holdings

Compounding: 11
Earning: 19
Neutral: 23
Leaking: 8
Talking: 14
Insufficient disclosure: 25

Coverage, stated

41 of 60 demo names fully scored · 19 return insufficient disclosure, 17 of them in the application cohort. The number is published on the method page and moves as disclosure improves.

What this rating is not

It does not measure tokens, cost per task or hidden reasoning. It measures what public filings allow: disclosed cost against a provider price index, where AI sits in the business, and whether the claims match the numbers.