Infrastructure & Capital Inputs
10.0 GW
4 Phases (2.5GW/ea)
120 kW
1.18
$20 B
Original proposal: $150B+ | Reported cut: -$130B
5.50%
$25.0 M
Syndicated Debt Financing Risk
ELEVATED SPREAD
Low (Sponsor Backed)
High (Unhedged Debt)
TOTAL CAMPUS CAPEX
$250.0B
10,000 MW Total Power
ACTIVE NEXT-GEN GPUS
2.26 M
70.6k Total Racks
BLENDED COST OF CAPITAL (WACC)
8.42%
+162 bps vs Full Guarantee
DEBT SERVICE COVERAGE (DSCR)
1.34x
$18.6B Annual Debt Serv.
10GW Campus Power & Grid Flow (MW Distribution)
PJM Interconnect
Project Financing Capital Stack Waterfall
Debt vs Equity Tranches
Campus Phase Schedule & Tranche Sensitivity Analysis
Substations 1-4 Energized
| PHASE | NAMEPLATE POWER | IT COMPUTE POWER | ACTIVE RACKS | EQUITY REQUIRED | VENDOR GUARANTEE | SYNDICATED DEBT | FINANCING STATUS |
|---|