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MISSION · deap CS-7 26.1224°N · 80.1373°W JAN 2027
deap

Hydrospace travel

A 500-dive operator · A $5M asset for $1.4M · The world's largest cruise tourism market — converging in a 12-month window.
02 · The Shift

Most of our world is underwater.
Most of it remains unseen. Until now.

Luxury has moved beyond ownership to experience. Those who have already seen the world are no longer collecting things — they're seeking rare moments that few will ever live.

Industry maturity. Submarine tourism just crossed from prototype to proven operations. Classified submarines are now safe and operate at high volumes. Regulation, insurance, and supply chain all in place.

▸ The category is open. ▸ Someone will define it. ▸ By 2027.
A new dimension
of travel.
03 · The Experience

With deap hydrospacecraft

04 · Proven Revenue Model VIKING · OPERATIONAL
commercial submarine

Submarine tourism works.
We are the proof.

At Viking, we operate the highest-volume passenger submarine program at sea today.

200 Passengers / Week
$500 Per Seat
50–60% Conversion rate190–230 of 378 passengers
$100K Added Revenue / Ship / Week
3 Person Team
05 · The Asset U-BOAT WORX · CS-7 · 2022
Acquisition Cost
$5M
→
$1.4M
+ $1M Refit · Classification · Shipping
= $2.4M All-In
Vessel
CS-7 · 2022
Operating Hours
< 50 dives
Discount to Replacement
28¢ / $1
Manufacturer
U-Boat Worx
Day-One Equity $2.6M
CS7
06 · Why Now

In a world where everything can be simulated, reality becomes premium.

Three forces converge. Briefly.

i. Vanishing Asset

Distressed sub assets at this scale don't repeat.

Next CS7 is $5M+. Cycle bottoms once.

ii. Demand Peak

10.6M cruise passengers — a record.

Post-pandemic experience economy. Luxury travelers hunting the last unexplored frontier.

iii. Open Position

Submarine tourism has no global brand.

The first operator to scale shore-based defines the category.

▸ The deep ocean is the last unsimulated frontier on Earth.
▸ It won't be this cheap to claim ever again.

07 · The Founder
Seth Mandoki
Seth Mandoki
Founder · Pilot · 500+ Descents

Operator. Pilot.
Engineer.

iRunning the highest-volume passenger submarine program at sea today. Viking Cruises.
ii5+ years piloting. 500+ commercial dives. Multi-class certified.
iiiMSc Engineering, KTH Stockholm. MSc Economics & Management, UTS Sydney.
ivWide industry network. Sourced the CS7 from seller before it hit the market.
vStart-up experience managing Radinn's global dealer network across the yachting industry. Years selling experiential products to deap's eventual customer.

Anyone can buy a sub. The infrastructure to run it safely and profitably takes years to build — and we already have it.

08 · The Market  ·  26.1224°N, 80.1373°W

The most-traveled tourism corridor in the world.

10.6M cruise passengers a year — the world's #1 and #3 cruise ports. 25M South Florida visitors. Year-round operating season.

One in a thousand cruise passengers (0.1% of one segment)
↓
$5.3M Revenue · $2.9M EBITDA
$10B+ yachting industry at the doorstep.
09 · Single Sub · Y1–Y5 Projections 2027 — 2031

One sub. One city.
Five years.

Cash-flow positive Year 2. 55% EBITDA margin at scale.

▸ Prove the model in one city. ▸ Then replicate.

Breakeven at 27% utilization Y1. Plan calls for 23% ramp.
CS7 pays itself back by Month 28 (mid Year 3).
$9.57M cumulative EBITDA across 5 years on a $2.4M asset.

// Y1 slight loss reflects Commercial Director + Fractional CFO hired pre-launch. Source: Financial Model v2.4 §22.

Single-Sub · Y1–Y5
Op. Costs
EBITDA
10 · Expansion · 7-Year Fleet 2027 — 2033

Same playbook.
In 10 new locations.

By 2033: $62M revenue. ~69% EBITDA margin. 11 subs. ~10 cities.

▸ Each new city earns its own Y1.
▸ CS11 has 67% more capacity but similar operational costs.

Same model. Replicated. Every CS11 follows the identical CS7 ramp.
No demand inheritance. Each new city earns its Y1 from zero.
Single-sub is self-sustaining. Series A is an accelerant, not a lifeline.

// Source: Financial Model v2.4. HQ overhead ramps to ~9% of revenue at fleet maturity.

Fleet · Y1–Y7
Op. Costs
EBITDA
11 · The Ask · Mission Budget SEED · v2.3

$5M Raise · $15M Cap

Allocation

$5.0M
Total Raise
▸ Hover a Slice
Three buckets, one purpose: launch by January 2027, fully staffed.

Mission Milestones

  • JAN 2027 — First location launch, fully staffed.
  • Y2 — Cash-flow positive ($1.69M EBITDA / 45% margin).
  • Y3 — $2.5M+ EBITDA run-rate. Single-sub unit economics proven.
  • Y3 (Series A) — Fleet upside unlocks: $4.8M EBITDA on $9.9M revenue.
  • Y5 — Single-sub plateau: 55% margin, $5.08M revenue / $2.79M EBITDA.

Returns Potential

ScenarioMOICIRRHold
Single-sub success — Y5/Y7 exit at 8× EBITDA1.8–2.0×10–14%5–7 yrs
Series A 2029, modest outcome3–5×16–20%3–7 yrs
Series A 2029 + fleet expansion5–15×35–50%+5–7 yrs

▴ Downside protection — Asset Preservation

$2.4M classified asset on the balance sheet from Day 1 — capital backed by the sub itself, not paper equity.

// All returns traceable to Financial Model v2.4. Structure & timing discussed at term-sheet review.

Be the pioneers who open a new dimension of travel,
and build the first global brand in submarine exploration.

Take the leap.
And go deap.

seth@the-deap.com