Very XC! Lots of wide “via pecuaria” – fast, sandy fireroads basically. Fairly flattish for the first 45km or so with just the one technical section, then the slog up to the Barranca carpark, over to Cercedilla for the main feed station. Then it’s the climb up to the Fuenfría which is the only really significant climb on the route. A fast downhill towards Segovia where the main risk comes from the speed, rather than anything particularly complicated. And a final 10km flattish ride into Segovia.
Or at least it was like that when I did it, which was admittedly getting on for 10 years ago… bikes are definitely more capable now so they might have made it a bit more technical. Then again, these days we have the National Park which massively limits the trails they can use.
I did it with some friends, and it was a good day out. As long as you don’t go into it expecting some major Red Bull style enduro action…