AIB Data Centers (AIB) IAccess Alpha Virtual Best Ideas Fall Investment Conference 2026 summary

Market opportunity and strategy

• Focuses on mid-market AI and cloud companies with valuations between $10B and $100B, targeting a segment underserved by larger data center providers.

• Emphasizes speed to market by developing smaller, faster-to-lease data centers with simpler supply chains and higher permitting certainty.

• Operates a power-first strategy, only acquiring land with secured power agreements, addressing the industry's main bottleneck: power availability.

• Plans to acquire 4-5 new sites totaling over 300 MW in the next 3-6 months, aiming to contract over 300 MW by year-end or Q1 2027.

• Current stock trades at a significant discount to peers, attributed to the lack of executed tenant contracts, but expects valuation to rise with contract execution.

Financial outlook and capital structure

• A 65 MW utility contract at 1.3 PUE translates to 50 MW of critical IT load, generating $93M annual revenue at stabilization with 85%-90% NOI margins.

• A single 12-year lease at current market rates yields $1.32B in total contract value, repaying project costs by year nine and generating substantial margin thereafter.

• Capital stack for new developments includes 65% project-level debt, with the remainder funded by preferred equity or LP partners, keeping debt off the public balance sheet.

• Recent capital raise exceeded $60M from top institutional investors, and the company was added to the Russell 3000 Index.

Team, execution, and pipeline

• Leadership team has executed over $40B in deals and 3 GW of data center construction, with deep experience in leasing, construction, and power procurement.

• Management and key shareholders have no intention to sell shares after lock-up expiry, signaling confidence in undervalued stock.

• Tenant pipeline is strong, with strategic relationships and deep understanding of client needs, enabling tailored site acquisitions.

• Every asset under diligence has 4-6 potential customers identified, supporting rapid lease-up and revenue generation.