Qinari · SPV platform
Qinari: one project, one vehicle. Every partnership ring-fenced.
Qinari is QORINAI's SPV platform. Each partnership — a GPU cluster and its lease, a data-centre build, a new country — is its own special-purpose vehicle under the Qinari name, with its own assets, contracts, capital, lenders and returns. QORINAI operates every Qinari vehicle; partners invest only in the one they choose.
Why a vehicle per project
Infrastructure partners want to underwrite one asset, one contract set and one counterparty — not a whole company.
- 01 · RING-FENCINGRisk stays where it belongs
A construction delay on one site, or a lease event on one cluster, cannot touch the assets or cash flows of another vehicle. Each SPV stands on its own.
- 02 · CLEAN CAP TABLEPartners invest at project level
An energy partner joins a Qinari Factory vehicle; an equipment financier joins a Qinari Intelligence vehicle. Nobody is asked to take exposure to businesses they did not choose.
- 03 · LENDER-READYSingle-purpose, asset-backed
Banks and equipment lenders underwrite a defined asset with a defined contract: GPUs and a lease, or land, power and a hosting agreement. No consolidation, no cross-default.
- 04 · ALIGNMENTSame vehicle, same outcome
QORINAI co-invests and operates each SPV under a services agreement, so the operator's return is tied to the same asset the partner owns.
- 05 · JURISDICTION FITIncorporate where the asset is
An Australian Pty Ltd for Australian assets; a local vehicle for an overseas market, with the same governance template and QORINAI operating it.
- 06 · EXIT OPTIONALITYSell, refinance or hold — one at a time
A vehicle can be refinanced once its asset is operating, or sold to an infrastructure buyer, without disturbing any other Qinari SPV or QORINAI itself.
The Qinari family
Three kinds of vehicle. One name, one operator.
Every SPV carries the Qinari name and a descriptor of what it holds. QORINAI Pty Ltd is the sponsor and operator of each one; project partners hold their interest in the vehicle that matches their capital.
Owns the cluster. Leases the compute.
A vehicle that procures and owns a GPU fleet — for example an NVIDIA HGX B300 cluster — and leases it to the end customer or hosting operator on a multi-year contract. QORINAI deploys, manages and maintains the fleet under an O&M agreement.
- Holds: servers, fabric, spares, warranties
- Contracts: equipment lease or capacity agreement, O&M with QORINAI
- Funded by: equipment finance and partner equity
- Returns: lease income over the term; residual value
Holds the land, the power and the hall.
A vehicle for a single data-centre project: site, grid connection, on-site generation and storage, and the building itself. The asset is leased or licensed to the operating business and its tenants; QORINAI develops, builds and operates it.
- Holds: land, connection rights, plant, buildings
- Contracts: development management, construction, hosting or lease, O&M with QORINAI
- Funded by: partner equity, project or construction debt
- Returns: hosting or lease income; asset re-rating
The same model, incorporated where the partner is.
QORINAI's chain — power, halls, hardware, operations and the IntraLLM platform — is replicable. For a market outside Australia we incorporate a local Qinari vehicle with a local partner, apply the same governance template, and operate it from Sydney with in-country teams.
- Holds: whatever the local project needs — compute, infrastructure or both
- Contracts: local partner agreement, QORINAI services agreement, hardware supply
- Funded by: local partner capital, export or development finance
- Returns: to the partners of that vehicle only
How it fits together
QORINAI operates. Qinari holds. Partners choose their vehicle.
The asset and its contracts
- Legal title to the equipment, land, plant or building
- Customer contracts: lease, capacity agreement or hosting agreement
- Project debt and security over the vehicle's own assets
- Partner shareholdings and the shareholders' agreement
- Ring-fenced bank accounts and monthly reporting
The people, the platform and the IP
- Engineering, deployment and 24×7 operations teams
- The IntraLLM platform and QORINAI's methods and designs
- Hardware supply relationship through strategic shareholder Hyperscalers
- Development-management, O&M and services agreements with each vehicle
- A co-investment in each vehicle alongside partners
From term sheet to operating vehicle
Five steps, the same every time.
Define the vehicle
Scope of assets, counterparties, jurisdiction and term. Compute, infrastructure or international — and which partners sit in it.
Incorporate and govern
Company incorporated under the Qinari name; shareholders' agreement on the common template: board, reserved matters, reporting, distributions, exit.
Contract the asset
Supply and construction on the way in; lease, capacity or hosting agreement on the way out; development-management and O&M with QORINAI; finance documents with lenders.
Operate and report
QORINAI runs the asset. The vehicle reports monthly to its shareholders and lenders: utilisation, availability, revenue, cost, covenants.
Refinance, hold or exit
Once operating, the vehicle can be refinanced on its own cash flows, held for yield, or sold — one vehicle at a time.
Beyond Australia
The chain is built to be replicated.
Power first, liquid-cooled halls, open-OEM hardware, 24×7 GPU operations and a private-AI platform are not Australia-specific. Qinari International vehicles let a partner bring that chain to their own market with QORINAI as operator and a local company as the asset owner.
The first vehicle
QINARI Pty Ltd is the first of these vehicles — formed with Amaze Intelligence Pty Ltd, and already carrying all four capabilities.
QINARI Pty Ltd (ACN 702 671 967, ABN 84 702 671 967, registered office in Alexandria, New South Wales) was formed by QORINAI Pty Ltd with Amaze Intelligence Pty Ltd (ACN 142 237 830), an Australian sovereign AI, cloud and data provider. Both registrations are public on the Australian Business Register. What normally sits in four unrelated companies sits here in one vehicle.
- 01 · SUPPLYAn open-OEM manufacturer on the register
GPU servers, storage and networking from Hyper Scalers Pty Ltd, QORINAI's strategic shareholder. Systems are configured, burned in and warranted in Australia, with domestic spares and lab validation before capital is committed.
- 02 · OPERATEAn operator already running fleets
Amaze Intelligence Pty Ltd runs sovereign AI, cloud and data services in Australia — GPU capacity from a single card to multi-node NVLink clusters, private cloud and bare metal on OpenStack, colocation, storage and disaster recovery — under ISO 27001 controls.
- 03 · HOUSETier III+ carrier-neutral halls
Capacity is deployed into established Australian colocation in Sydney and Melbourne rather than a facility built around a single tenant. Facilities are named to counterparties in the deployment documentation rather than published.
- 04 · HOLDOne vehicle, one set of books
QINARI Pty Ltd owns the equipment, signs the supply and hosting agreements, carries the debt and distributes the returns. Security is limited to this company — no consolidation with QORINAI, no cross-default with any other Qinari vehicle.
- 05 · RESIDENCYThe workload never has to leave
Where an end customer carries data-residency obligations, the workload stays on Australian soil, in a contracted facility that can evidence it, operated by an Australian-domiciled company.
- 06 · SERVICEService levels are contractual
Availability, power and thermal envelope, support response and remediation are written into the hosting and service agreements — enforceable, because the manufacturer, the operator and the facility all answer to the same vehicle.
Company details are drawn from the Australian Business Register. Platform and certification details are as published by Amaze Intelligence Pty Ltd.
Compliance
Controlled hardware, documented end to end.
Advanced accelerators are controlled items. A supplier allocating them needs to know who will run workloads on them, where the machines physically sit, and that nothing moves without a record. The vehicle is built so those three questions have documented answers before an order is placed — not after.
Authorised channel
- Bought through an authorised channel, never a broker or the grey market
- ODM platforms integrated in Australia, traceable manufacture to rack
- Serial numbers recorded at delivery, held for the life of the unit
End user, before quotation
- Two-page checklist at enquiry: entity, ownership, UBO at 25 %, end user, end use, site, power, funding
- Returned by the end user from a corporate address, not relayed by an intermediary
- Seven-page version completed before contract
Lists that matter
- UN, US (OFAC SDN and the 50 % rule, BIS entity and denied-party), EU, UK, AU and SG lists
- Owners and their customers screened, not just the signatory
- Repeated at order, at delivery and at renewal
Restricted by contract
- Title retained until a transaction completes
- Deployed only into named, contracted, assessed facilities
- Resale, sub-lease, relocation or change of end user require written approval
- Remote access limited to the jurisdictions named in the documentation
Auditable by design
- Single-purpose books: one fleet, not a share of a group balance sheet
- Deployment status, utilisation and compliance reporting on a defined cycle
- Inspection rights written into the agreements
What we hold ourselves to
- Title retained until completion
- Named, contracted facilities only
- Serial register, delivery to end of term
- Re-screened at order, delivery and renewal
The same checks we are willing to be audited against. Complete documentation protects the supplier as much as it protects us.
The counterparty KYC checklist (2 pages), its pre-contract version (7 pages) and the full AI hardware compliance handbook (39 pages, English and Chinese) are sent on request. Nothing is withheld as a negotiating tactic — each stage unlocks what can be shared once the counterparty and the end use are documented.
Questions partners ask
Frequently asked.
What is Qinari?
Qinari is QORINAI's special-purpose-vehicle (SPV) platform. Each partnership is set up as its own ring-fenced company under the Qinari name — Qinari Intelligence for GPU equipment and leases, Qinari Factory for data-centre development, Qinari International for markets outside Australia.
Who owns a Qinari SPV?
The partners who invest in that specific vehicle, alongside a QORINAI co-investment. Ownership is set out in the vehicle's shareholders' agreement and does not extend to any other vehicle or to QORINAI Pty Ltd.
How does QORINAI earn from a vehicle?
Through its co-investment and through the services it provides to the vehicle — development management, deployment, operations and maintenance — under arm's-length agreements disclosed to all shareholders. Terms are set per vehicle.
Can a partner join one vehicle and not others?
Yes — that is the point of the structure. An equipment financier can hold a Qinari Intelligence vehicle without any exposure to a construction project, and vice versa.
What do lenders see?
A single-purpose company with defined assets, a defined revenue contract and security limited to that vehicle. No consolidation with QORINAI and no cross-default with other Qinari vehicles.
Why the name Qinari?
Qinari — "core in fabric" — names the vehicles that hold the physical core QORINAI builds and operates. Each SPV is one thread; together they are the fabric of AI factories.
This page describes QORINAI's general approach to structuring partnerships. It is not an offer or a commitment to establish any vehicle. Terms, jurisdictions, shareholdings and economics are agreed per vehicle and documented under NDA.
Tell us which vehicle fits.
Compute, infrastructure or a market outside Australia — we will scope the SPV, the counterparties and the timeline.