---
schema_version: "secwatch.filing_event.v1"
accession: "0001829126-26-004060"
form_type: "8-K"
ticker: "BCAR"
cik: "0002065779"
company_name: "D. Boral ARC Acquisition I Corp."
filed_at: "2026-04-29T23:59:59+00:00"
generated_at: "2026-05-15T02:25:06.198281+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Exascale Labs to merge with SPAC BCAR at $500M pre-money; FY25 rev $7M up 5.3x

## Summary
- Exascale pre-money valuation $500M; pro forma enterprise value $632M; SPAC trust has $280M cash.
- Exascale securityholders roll over 100% equity; expected 54.8% pro forma ownership (0% redemptions).
- FY2025 GAAP revenue $7.0M (vs $1.3M FY2024); 22 enterprise customers; 92% retention; $300K avg revenue.
- $300M qualified pipeline; 500 MW aggregate AIDC deployment size across active opportunities.
- Minimum $5M cash financing condition not yet satisfied; no PIPE assumed in base case.

## SEC filing metadata
- accession: 0001829126-26-004060
- form_type: 8-K
- ticker: BCAR
- cik: 0002065779
- company_name: D. Boral ARC Acquisition I Corp.
- filed_at: 2026-04-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2065779/000182912626004060/0001829126-26-004060-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2065779/000182912626004060/dboralarcacq1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829126-26-004060
- JSON: https://secwatch.observer/filing/0001829126-26-004060.json
- Plain text: https://secwatch.observer/filing/0001829126-26-004060.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.