The publication notes that the published materials about the facility's opening do not contain summary data on the number of GPUs actually commissioned at the time of launch, the volume of connected IT capacity, or the current infrastructure utilization by clients.

On the Firebird website, the first DC-1 site in Hrazdan is presented as having 6,144 NVIDIA B200 GPUs with a capacity of 15 MW. However, official materials about the first phase of the project published in June listed over 6,000 GPUs and a capacity of 18 MW. TECHi notes that there is no public explanation yet for the discrepancy between the 15 and 18 MW figures. The publication believes this could be due to different characteristics of the facility's capacity, such as IT load, overall power consumption, or reserved capacity, although Firebird has not publicly clarified its calculation methodology for these figures.

TECHi's separate analysis is devoted to the project's financing. Six Armenian financial institutions provided $300 million in syndicated financing. Furthermore, the Armenian government has signed a five-year agreement to purchase $25 million in high-performance computing resources from Firebird.

TECHi views the government contract as a factor partially mitigating demand risks during the initial phase of the facility's operation. However, the publication estimates that the project's future economics will depend primarily on commercial capacity utilization, electricity costs, and the price at which Firebird will be able to sell computing resources.

TECHi places particular emphasis on the energy component. The transition from the current first site to the stated 300 MW will require a significant increase in available energy resources. The publication also recalls a statement by Armenian Prime Minister Nikol Pashinyan in June, who stated that the country no longer has the same electricity surplus it once had and called for the creation of new energy capacity to realize the investment potential of the Firebird project.

Another issue is commercial demand. Firebird names Perplexity as one of the first clients of the Armenian AI Factory. However, the contract value, the volume of reserved computing resources, the agreement terms, and the actual workload of the site for this client's tasks were not publicly disclosed.

TECHi believes that the number of GPUs actually commissioned, the actual IT capacity connected, and the volume of computing resources already contracted by clients will be of particular importance in assessing Firebird's future development.

Thus, the publication notes, the launch of the AI ​​Factory has become a significant infrastructure event for Armenia, but the further scaling of the project will depend on the extent to which the declared capacity can be supplied with energy and meet commercial demand.-0-