| Tenant | Provider | Date | Gross MW |
PUE | Eff. MW |
Revenue ($M) |
Rev / eff. MW |
Capex $M/eff |
EV / Gross MW |
EV / Eff. MW |
Initial term |
EBITDA % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMD | RIOT | 1/16/26 | 38 | 1.50 | 25 | 31 | 1.24 | 4 | 6.4 | 9.60 | 10 | 80% |
| Nscale | WFYI | 12/18/25 | 52 | 1.30 | 40 | 87 | 2.17 | 10 | 11.1 | 14.43 | 10 | 85% |
| Anthropic/Fluidstack | HUT | 12/17/25 | 330 | 1.35 | 245 | 467 | 1.91 | 10 | 10.7 | 14.45 | 15 | 97% |
| AMZN | CIFR | 11/3/25 | 300 | 1.40 | 214 | 367 | 1.71 | 10 | 7.3 | 10.22 | 15 | 85% |
| Hyperscaler | APLD | 10/22/25 | 236 | 1.18 | 200 | 333 | 1.67 | 12 | 5.1 | 6.02 | 15 | 86% |
| Fluidstack | CIFR | 9/25/25 | 244 | 1.45 | 168 | 300 | 1.79 | 10 | 8.5 | 12.32 | 10 | 85% |
| Fluidstack | WULF | 8/14/25 | 450 | 1.25 | 360 | 670 | 1.86 | 9 | 10.9 | 13.62 | 10 | 85% |
| CRWV | APLD | 6/2/25 | 472 | 1.18 | 400 | 733 | 1.83 | 12 | 6.9 | 8.14 | 15 | 88% |
| CRWV | GLXY | 4/23/25 | 800 | 1.52 | 526 | 1,000 | 1.90 | 14 | 5.1 | 7.75 | 15 | 90% |
| CRWV | CORZ | 2/26/25 | 800 | 1.36 | 590 | 850 | 1.44 | 3 | 8.2 | 11.15 | 12 | 78% |
| Core42 | WULF | 12/23/24 | 73 | 1.21 | 60 | 90 | 1.50 | 6 | 7.5 | 9.07 | 10 | 70% |
Assumptions. Maint. capex 2% of revenue. Annual pricing escalator 3% and discount rate 10%. Unless otherwise specified for a deal, LTV 80% and all-in interest 7–9% (modeled as 8% or 9% per row).