# Hadean Financial Model Distributed computing platform ("metaverse infrastructure") enabling massively scalable virtual worlds, simulations, and synthetic environments for gaming, enterprise, and defence. - Canonical: https://finamodel.com/startups/hadean - Excel download: https://finamodel.com/startup-models/hadean.xlsx - Category: Media/Gaming - Model type: SaaS ARR / Valuation - Funding round: Series A - Funding: $30M - Founded: 2022 - Geography: UK-headquartered (Hadean Supercomputing Ltd, © 2022). Clients span US (USMC via Microsoft, Epic), UK (MoD, BAE, CAE, Minecraft/Mojang), and globally connected deployments. - Customer: B2B ## About the company Hadean provides a Rust-based distributed cloud platform for massive virtual worlds, simulations, and synthetic environments. It sits between applications and hardware, supports public, private, on-premise, and air-gapped deployments, and integrates with game engines, APIs, AI libraries, and blockchain tooling. Its product suite includes Metaverse Hub, Simulate, Connect, Orchestrate, Authenticate, and Studio. Revenue is inferred to combine recurring platform licences, multi-year delivery and co-development contracts, bespoke Studio services, and grants; the deck does not disclose a pricing unit, ARR, or customer count. The company had raised $37 million and cites 14,274 concurrent players in EVE Aether Wars. Other references include a three-year CAE agreement simulating more than two million entities and 300-plus users. The model should distinguish licence, services, and grant revenue from cloud infrastructure, engineering, and sales costs. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition Hadean's core product is the **Hadean Distributed Cloud Platform** - a high-performance Rust-based distributed computing layer that replaces legacy cloud middleware. It sits between application and hardware, eliminating the need for bespoke microservice stacks, manual DevOps, and bespoke auto-scaling. Key differentiators vs. legacy stack: - "Bare metal" performance at cloud scale - Dynamic scalability without manual operations - Interoperable via C++ / Python APIs, game engines (Unity, Unreal, O3DE, VBS), AI/ML libs, and blockchain - Cloud-native: public cloud (Azure, AWS, Oracle), on-prem, air-gapped, private cloud Built on top of the platform, Hadean sells six products: 1. **Hadean Metaverse Hub** - interoperability, social graphing, tokenised economy 2. **Hadean Simulate** - high-fidelity large-scale world simulation 3. **Hadean Connect** - global connectivity, bandwidth reduction, low latency 4. **Hadean Orchestrate** - parallelised simulation and data modelling 5. **Hadean Authenticate** - traffic verification, no shared/stored data 6. **Hadean Studio** - appears as a delivery/professional services arm for bespoke builds (mentioned in GamesCoin and Pixelynx case studies) The core value proposition: enable customers to run massive-scale concurrent virtual environments (10K–14K+ CCU) that are structurally impossible on existing cloud infrastructure. ## Market - Total metaverse economy (TAM): **$8–13 trillion by 2030** - Commercial segment (gaming, virtual concerts, entertainment): **$200bn** - Enterprise segment (digital twins, virtual workspaces, autonomous systems): **$70bn** - Government segment (synthetic environments, training, decision support): **$20bn** No SAM or SOM breakdown provided. No CAGR cited for segment-level growth. The deck positions the $290bn addressable sub-market ($200bn + $70bn + $20bn) as Hadean's near-term target. ## Revenue model Not explicitly stated in deck. Revenue model must be inferred from case studies and product positioning: - **Platform licensing / SaaS**: Implied by "distributed cloud platform" model. Enterprise and government clients likely pay recurring platform access fees. - **Multi-year contracts**: CAE deal is explicitly described as a "deal over 3 years comprising multi-project delivery and co-development" - suggests milestone-based or annual contract revenue. - **Professional services / Studio**: Hadean Studio delivers bespoke builds (GamesCoin metaverse, Pixelynx musicverse, Sony SIMS). May carry a services/implementation revenue line alongside platform licensing. - **Grants**: Epic MegaGrant received for Unreal Engine integration; DASA (UK Defence and Security Accelerator) programme mentioned. These are non-dilutive grant revenues. Pricing unit is not disclosed. No per-CCU, per-seat, per-compute-hour, or ACV/ARR figures appear in the deck. ## Traction & metrics No revenue or ARR figures disclosed. Traction presented through partnerships and technical benchmarks: - **Funding raised to date**: $37m - **Record concurrency (gaming)**: 14,274 CCU in a single PvP battle (EVE Aether Wars, 2019) - claimed as world record; vs. Improbable/ScavLab 10K CCU (2021) and Epic Games/Fortnite 100 CCU (present) per bar chart on slide 04 - **Minecraft**: 10x increase on player capacity; backend/networking upgrade delivered in 50% of planned time; 1 developer scaled lobbies from 100 to 1K+ players in 3 days - **CAE deal**: 3-year multi-project + co-development agreement; simulation of 2M+ entities, 300+ concurrent users - **UK MoD**: Pathfinder agreement for Defence Synthetic Environment Platform (DSEP) and CTTP - **Microsoft (USMC tender)**: Selected as core simulation engine for multi-level global conflict simulation - **BAE Systems**: Partnership for multi-domain synthetic training (air, land, sea, space, cyber) - **COVID-19 simulations**: Francis Crick Institute (2-year contract); Imperial College London national-scale contact tracing model - **CCP (EVE Online)**: 5x bandwidth reduction, 3x cost efficiency - **Xsolla**: 10K+ connected users per room, virtual conference capability - **British Army DASA**: 9–12 month analytic process reduced to <1 day No customer count, logo count, revenue, churn, or NRR metrics disclosed. ## Competition / moat Competitive positioning shown via CCU benchmark chart: - Hadean: 14K CCU (2019) - Improbable (SpatialOS): 10K CCU (2021) - Epic Games (Fortnite): 100 CCU (present) Competitive moat claimed: - **Technical**: High-performance Rust core; "secure by design"; bare-metal performance without legacy middleware layers - **First-mover records**: World's first 14K CCU single-shard PvP event - **Enterprise lock-in**: Multi-year co-development deals (CAE) create switching costs; platform becomes embedded in customer simulation architecture - **Government clearance / relationships**: MoD Pathfinder, DASA, USMC via Microsoft - high-barrier relationships that take years to build - **Ecosystem integrations**: Epic MegaGrant, Unity, Unreal, O3DE, Azure, AWS, Oracle - broad integration surface Primary named competitor is Improbable (SpatialOS). AWS, Azure native solutions, and bespoke game studio netcode are implicit alternatives. ## Team & funding ask / use of funds **Team**: - Craig Beddis, Co-Founder & CEO - 25 yrs enterprise tech; Automic Software (50% YoY growth, $600m exit); raised $37m for Hadean - Aidan Hobson-Sayers, Co-Founder & CTO - distributed compute expert; co-authored 2 books on Docker; Rust core contributor; Cambridge CS - Mimi Keshani, Co-Founder & COO - Cambridge Masters; leads Life Science R&D and partnerships - Shany Elkarat, Chief Product Officer - 25 yrs product/marketing in tech/telecoms - Ralf Paschen, Chief Marketing Officer - enterprise tech marketing (CA, Automic) - Lars Koschin, Chief Gaming Officer - 25+ yrs MMO veteran; launched 25 MMO titles incl. Runes of Magic **Advisors / investors**: John Taysom (18+ IPOs, 82 investments, co-founder Privitar); Robert Sansom (Cambridge Angels, FORE Systems £2.8bn exit); Phil Osborn CBE (former Chief of Defence Intelligence); Marcus Willett OBE (GCHQ); Prof. David May (XMOS, invented first parallel microprocessor); Prof. Paul Kelly (Imperial College); Jerome Joaug (Ader Capital, DeepTech); David Gardner OBE (co-founder LVP, 30 yrs games) --- ## Recommended financial model - **Archetype + why**: **B2B platform SaaS + professional services / contract revenue model** (multi-segment). Hadean has two distinct revenue streams - (1) recurring platform licensing across commercial (gaming, entertainment) and enterprise customers and (2) large government/defence contracts (multi-year, milestone-based). The correct model is a segmented revenue build: recurring ARR/TCV for commercial/enterprise, plus a backlog/contract-revenue waterfall for government. A simple 3-statement model should sit underneath. - **Forecast horizon & granularity**: 5 years (2023–2027), quarterly for years 1–2, annual thereafter. Government contracts require a contract-backlog schedule. Quarterly granularity needed to model milestone payments and cash timing. - **Key drivers & assumptions**: - *Commercial segment* - Number of new gaming/entertainment clients per year - Average ACV per commercial customer - Net revenue retention / expansion rate - Professional services attach rate and average project size - *Enterprise segment* - Number of enterprise digital twin / virtual workspace customers - ACV - *Government / defence segment* - Active contracts: CAE (3-year, size undisclosed), MoD Pathfinder, USMC via Microsoft, BAE, DASA (Cervus) - Average government contract TCV - Win rate on future tenders - *Grant revenue* - Recognised as received; lumpy, non-recurring - *Cost structure* - R&D headcount as % of total opex - Gross margin on platform - Gross margin on professional services - Blended gross margin - Total headcount and cost base - *Market sizing seed* - $290bn combined near-term addressable sub-market; Hadean captures <0.1% in early years - **Scenarios (Base / Bull / Bear - which variables flex)**: - *Bear*: Government tender wins delayed; commercial gaming adoption slow post-metaverse hype cycle; 2–3 commercial wins/year, ACV at low end, gross margin compressed by cloud pass-through costs - *Base*: CAE-style 3-year deals with 2–3 new government clients/year; 5–8 commercial wins/year; platform gross margin 65% - *Bull*: Microsoft/USMC deal scales into multi-contract US DoD relationship; gaming platform becomes standard for major studios; 15+ commercial clients/year; high NRR expansion; potential Minecraft/Mojang enterprise contract converts to large platform deal - **Required sheets / outputs**: 1. Assumptions dashboard (all drivers, scenario toggle) 2. Commercial revenue waterfall (gaming + entertainment clients - cohort model, ACV × logo count) 3. Enterprise revenue waterfall (digital twins + workspace clients) 4. Government contract backlog schedule (contract by contract: TCV, start date, milestone schedule, recognised revenue per quarter) 5. Professional services revenue (attach rate × project size) 6. Grant revenue schedule 7. Headcount plan and opex build 8. P&L (blended gross margin, EBITDA) 9. Cash flow statement (critical: government contracts have long cash conversion cycles) 10. Balance sheet (light version; key: cash runway) 11. KPI summary: ARR, logo count by segment, backlog TCV, gross margin %, burn rate, runway months ## Frequently asked questions ### Is the Hadean financial model free? Yes. The Hadean model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.