This letter reports a compact SPICE model for the electron transport characteristics of Al2O3/HfO2-based nanolaminates for their use in multilevel one-time programmable (M-OTP) memories. The model comprises three simulation blocks corresponding to the electrical stimulus applied to the device, the equivalent circuit of the memory cell, and the events generator associated with the dielectric breakdown of the insulating layer. For a clear assessment of the quantum effects occurring in these structures, constant voltage stress was used as the primary electrical stimulus. The antifuse (AF) cell is represented by a combination of series and parallel resistances that account for the formation of filamentary conducting paths with quantum properties across the structure. The arrival of successive breakdown events is simulated using a power-law nonhomogeneous Poisson process.