AIB Data Centers (AIB) investor relations material

Business model and pipeline

• Develops powered sites and electrical and cooling infrastructure for AI compute; targets 40–90 MW facilities designed for delivery within 12–15 months of contract signing.

• Nebius signed a 12-year off-take contract for CLT1; contracts are generally 10+ years.

• Since March, assessed 60+ U.S. sites; 120 MW contracted, 60 MW under LOI and 165 MW under earlier-stage exclusivity.

• Management reported five to six prospective tenants looking at the capacity at each secured site.

CLT1 execution and financing

• Decommissioning has started and local permits are in process; Nebius escrow is in place, starting the 10-month clock for the first data hall, targeted for August 2027; Hall 2 is targeted for December 2027.

• POs for critical long-lead equipment are executed, deposits made and queue positions secured; major vendor POs include liquidated damages for late delivery.

• Estimated CLT1 spend is $800M; planned funding mix includes $500M–$600M debt, $100M–$150M preferred equity and the balance in equity, with project equity already invested.

• Management said no public-company-level common equity is planned to complete CLT1; current financing feedback indicated 70%–80% of project cost at high-single-digit yield, with financing targeted within two months.

• Preferred equity was discussed at a low-teens yield, likely PIK during construction, plus a potential 10%–20% project upside; terms remain prospective.

Returns and operating model

• Management estimates CLT1 yield on cost at 11%+, based on average rent over the contract term; next two or three lease rates are expected to be 10%–20% higher, depending on location and other factors.

• White-space fit-out is contracted alongside the facility build, with operating cash flow expected from project months two or three.

• Management describes the model as developing and stabilizing assets, with completed assets potentially valued at 15x–20x NOI or EBITDA.