AIB Data Centers (AIB) LD Micro 20th Annual Main Event Conference summary

Strategy and market

• Target developments of 40–90 MW, with a 50–75 MW sweet spot; prioritize simpler leasing, manageable supply chains and community engagement.

• Pursue sites only when power is assured within 12 months; 120 MW of power is secured under ESA or FEA agreements.

• Global data center power demand was cited at 82 GW in 2025 and projected to reach 220 GW by 2030, with AI workloads expected to represent 70% of capacity.

• Market constraints include grid connection queues averaging 4+ years, low vacancy and 88% of capacity pre-leased in many markets; land acquisition and capital are key competitive pressures.

Anchor project and business model

• Nebius contracted for 65 MW of utility power and 50 MW of critical IT load under a 12-year lease with two five-year renewal options.

• First project delivery is phased: 25 MW in the first data hall within 10 months, followed by the second hall four months later; construction begins after long-term leases are secured.

• Customer-funded white-space buildout is expected to generate operational cash flow in month three; electricity is passed through to the tenant, while property management, taxes and insurance remain landlord responsibilities.

• Expected yield on cost is in the low double digits, with design and procurement specifications still evolving; the stated contract value over its life exceeds $1 billion.

• Lease includes a 30-day grace period and termination optionality if delivery is delayed more than six months, subject to contract provisions including force majeure.

Funding and capital plans

• Customer prepayments, typically one to two years of rent and estimated at $100–$200 million, are intended to fund construction through escrowed permitted uses.

• Project-level debt was expected by mid-December 2026 or early January 2027; preferred equity is also planned at project or platform level.

• A June follow-on offering raised $63 million for site work, long-lead equipment deposits and land; no additional common-equity raise was planned for the project or at the public-company level at the time.