AIB Data Centers (AIB) investor relations material

Strategic positioning and operations

• Focused on constructing and managing data centers with a strict philosophy that power availability is the top priority, followed by fiber optics and favorable community relations.

• Transitioned from a Bitcoin mining data center operator to an AI-focused data center company about seven months ago, leveraging existing powered sites.

• Currently has 65 MW energized, 90 MW under development, and a pipeline of 485 MW, with all sites under evaluation and backed by real assets.

• Maintains a nimble team of fewer than 20 employees, many with backgrounds in AWS and AI, and emphasizes strong supply chain relationships.

• Recently went public and aims to secure 375 MW by the end of 2028, with a major site in South Carolina being repurposed for AI workloads.

Market dynamics and customer approach

• Sees surging demand for data center capacity, with power constraints as the main market bottleneck.

• Engages in active commercial dialogues with a range of potential customers, remaining agnostic to AI workload types and hardware.

• Several companies are lined up as potential tenants, awaiting available power at upcoming sites.

• Customer diversification is a key focus, targeting Neo Clouds, hyperscalers, bare metal, and sovereign cloud clients.

Project economics and financial model

• Illustrative 20 MW site has a $350 million total cost, with a 20x EBITDA multiple expected upon stabilization and a 10-year initial lease term, plus two 7-year renewals.

• Projected annual revenue is $36 million, with an 85%-90% stabilized EBITDA margin and a power rate of $0.075 per kWh.

• Modified gross leases pass through power costs, include 3% annual escalators or 75% of CPI, and require strong credit-backed tenants.

• Typical capital stack targets 65% debt and 35% GP/LP equity, with the company aiming for a 51% GP position for project control.

• Value creation modeled at $262 million promote fee on recapitalization, with a 2-3x multiple of invested capital within 12 months.