AIB Data Centers (AIB) Emerging Growth Conference 97 summary

Portfolio and strategy

• Portfolio expanded from 65 MW to 120 MW; contracted power capacity is 120 MW, including 50 MW of critical IT load under lease.

• Power-first approach requires firm, contracted power before land acquisition or project development.

• Development focus is 40–90 MW projects, with a goal of building a multi-gigawatt platform in 50-MW increments.

Market demand and constraints

• AI workloads are projected to grow from 82 GW in 2025 to 220 GW by 2030; AI workloads are expected to represent 70% of data center power demand by 2030.

• Global data center investment is projected at $1.7 trillion cumulatively through 2030.

• Power, chips and GPU processing capacity remain constraints; capital availability and debt financing have emerged as additional challenges.

Nebius lease and economics

• Nebius signed a 12-year lease for the full 65-MW anchor site, including 50 MW of critical IT load; the agreement has two five-year renewal options.

• Lease revenue per MW per year is above the cited market range of $1.8 million–$2.1 million over the contract term.

• The modified-gross lease has a 3% escalator; power is passed through, while property management, insurance and property taxes remain landlord costs.

• White-space construction is expected to generate revenue in contract month 4 or 5; data halls are expected to be delivered, energized and revenue-generating in Q4 2027.