Confidential — March 2026

ALTi Global

Sovereign-scale, purpose-built AI GPU data center infrastructure across Central & Eastern Europe.

560 MW

Phase 1 + Phase 2

147,456

Vera Rubin GPUs

2,048

NVL144 Racks

$4.3B

Revenue at Scale

5 GW

CEE Pipeline

ALT Infrastructure SA, Zurich · AGC Poland

EXECUTIVE SUMMARY — STARGARD, POLAND

01 — Investment Thesis

The Opportunity

While the world's hyperscalers race to spend $600B+ in 2026 chasing AI compute capacity they cannot build fast enough, ALTi Global is constructing what they need: sovereign-scale, purpose-built GPU infrastructure that 90% of the world's existing data centers physically cannot deliver. This is not a bet on AI. This is the infrastructure beneath the bet — the power, the cooling, the racks, the chips — at the exact moment when demand has outstripped supply by the widest margin in the history of computing.

The buildout is staged across two phases. Phase 1 delivers 140 MW and 36,864 NVIDIA Vera Rubin NVL144 GPUs in Stargard, Poland — operational Q1 2027, generating $712M in Year 1 revenue at 70% utilization. Phase 2 triples the footprint: three additional 140 MW facilities (420 MW) begin construction Q2 2027 on confirmed expansion land, adding 110,592 GPUs and driving combined platform revenue to $4.3B annually at steady state. The 5 GW CEE pipeline (2 GW Poland, 2 GW Romania, 1 GW Bulgaria) extends the platform far beyond these initial phases.

Three structural advantages make this possible: purpose-built Vera Rubin NVL144 architecture that competitors cannot retrofit for — each rack draws ~264 kW, requires direct-to-chip liquid cooling, and operates as a unified AI supercomputer delivering 3.6 EFLOPS; 40–60% cost advantage through Poland's Special Economic Zone, labor arbitrage, and competitive energy at ~130 USD/MWh; and full vertical integration via four strategic acquisitions controlling MEP engineering, architecture, energy generation, and cooling — compressing the build timeline to under 12 months versus the 18–30 month industry standard. Sources: CreditSights Hyperscaler Capex (Nov 2025); NVIDIA CES 2026 (Jan 2026); ALTi Global financial model

Phase 1 — 140 MW, Stargard

140 MW

Power

36,864

GPUs

512

NVL144 Racks

$712M

Year 1 Revenue

$1.01B

Yr 3 Revenue

$4.27B

Investment

Phase 2 — 3 × 140 MW Expansion (Q2 2027 Start)

420 MW

Additional Power

110,592

Additional GPUs

1,536

Additional Racks

~$3.18B

Yr 4 Revenue (P2)

~$12.8B

Investment (P2)

<12 mo

Each Build

Combined Platform — Phase 1 + Phase 2

560 MW

Total Power

147,456

Total GPUs

2,048

Total Racks

$4.29B

Steady-State Rev

~$3.05B

Steady EBITDA

~$17.1B

Total Investment

28.3%

IRR (P1 Model)

12.2×

Equity MOIC (P1)

5 GW

CEE Pipeline

How Phase 2 Works

Phase 2 construction begins Q2 2027 — immediately after Phase 1 goes live — leveraging the same vertically integrated construction platform, the same NVIDIA NVL144 supply relationship, and the same Stargard Industrial Park expansion land (70+ hectares identified). Each of the three 140 MW builds replicates the Phase 1 template: identical rack configuration (512 NVL144 racks), identical power density (~264 kW/rack), identical CAPEX profile (~$4.27B per facility). The replicability is the point — vertical integration means ALTi Global doesn't re-procure contractors, re-negotiate power, or re-engineer cooling for each build. The template is proven, the land is available, the power consortium agreement covers up to 500 MW, and the construction team is in-house. Phase 2 facilities ramp to 90% utilization within 24 months of go-live, mirroring the Phase 1 70% → 80% → 90% trajectory validated in the financial model.

Source: ALTi Global three-statement financial model (Vera Rubin variant, Q1 2026). Phase 1: WACC 8%, 6% cost of debt, 10× exit multiple, 70%→80%→90% utilization. Phase 2 projections scaled from validated Phase 1 model with 1-year construction lag.

02 — Market Context

Demand Drivers & Structural Advantage

⚡ Compute Supply-Demand Gap

Hyperscaler capex is projected to exceed $600B in 2026, a 36% increase over 2025, with ~75% ($450B) tied directly to AI infrastructure. Goldman Sachs projects $1.15 trillion in cumulative hyperscaler capex from 2025–2027. Global data center infrastructure spending reached $290B in 2024 and is projected to surpass $1 trillion annually by 2030. Sources: CreditSights (Nov 2025); Goldman Sachs Research (Dec 2025); IoT Analytics DC Equipment Report (Nov 2025); Futurum Group (Feb 2026)

🇪🇺 European Capacity Deficit

Europe is structurally underbuilt versus North America and APAC. The EU AI Act creates demand for sovereign compute. Poland is the cost-competitive EU entry point — EU membership, NATO membership, and significantly lower costs than Western alternatives. As of late 2025, Synergy Research counted 1,297 operational hyperscale data centers worldwide with 770 in pipeline. Sources: Synergy Research Group (Q4 2025); Data Center Knowledge (Mar 2026)

🧱 The Retrofit Wall — ALTi Global's Core Insight

~90% of existing data centers cannot be retrofitted for Vera Rubin NVL144. Each rack is a unified AI supercomputer delivering 3.6 EFLOPS of NVFP4 inference with 72 Rubin GPUs and 72 Vera CPUs — requiring ~264 kW/rack, direct-to-chip liquid cooling, and NVLink 6 at 3.6 TB/s per GPU. Competitors built for H100/Blackwell face 12–18 month rebuilds. Microsoft has publicly abandoned sites that can't accommodate next-gen architectures. NVIDIA's development leadership has independently validated ALTi Global's strategy, architecture, and implementation plan. Sources: NVIDIA CES 2026 Keynote (Jan 6, 2026); StorageReview Vera Rubin NVL72 Deep Dive (Jan 7, 2026); Tom's Hardware (Jan 5, 2026); Microsoft Fairwater disclosure (Q4 2025)

◆ Vera Rubin NVL144 — Generational Leap

Launched CES 2026, in full production Q1 2026. 5× inference performance and 10× lower cost per token versus Blackwell. 1/4 the GPUs for MoE training. 288 GB HBM4 per GPU at 22 TB/s. 260 TB/s rack-level NVLink 6. Cable-free modular tray design = 18× faster assembly. TSMC 3nm, 336B transistors. Partner availability H2 2026. Sources: NVIDIA Newsroom (Jan 6, 2026); VideoCardz NVL72 Specs (Jan 6, 2026); Supermicro PR (Jan 5, 2026); NVIDIA Technical Blog (Feb 2026)

03 — The Asset

Phase 1 Facility — Stargard, Poland (140 MW)

Phase 1 of a 560 MW platform. Three additional identical 140 MW facilities (Phase 2) begin construction Q2 2027 on the same campus.

Specification	Detail
Total Power Capacity	140 MW (signed commitment from consortium)
GPU Architecture	NVIDIA Vera Rubin NVL144 (72 Rubin GPUs + 72 Vera CPUs per rack)
Rack Count	512 NVL144 rack-scale AI supercomputers
Power per Rack	~264 kW (next-gen liquid-cooled spec)
Total GPU Count	36,864 Rubin GPUs
Rack Performance	3.6 EFLOPS inference / 2.5 EFLOPS training per rack
GPU Price per Rack	~$6.0M per NVL144 rack (after 20% volume discount)
Cooling	Direct-to-chip liquid cooling, PUE ≤ 1.25
Design Standard	Tier III Uptime Institute, N+1 redundancy
Networking	NVIDIA Quantum-X800 InfiniBand / Spectrum-X Ethernet (NVLink 6)
Software	NVIDIA Essentials + Mission Control cluster management
Data Halls	8 purpose-built, ultra-high-density AI halls per facility
Storage	BeeGFS high-IOPS, multi-tenant parallel file system
Resiliency	Tier III Uptime Institute design standard, N+1 redundancy
Compliance	ISO 27001 ready; EU data sovereignty compliant

Sources: ALTi Global financial model; NVIDIA Vera Rubin NVL144 specs (CES 2026); Barron's NVIDIA server pricing (Q4 2025); Wolfe Research NVIDIA price target (Q4 2025)

CAPEX Breakdown — $538.4M Validated

Work Package	Cost (USD)
Design & Engineering	$6.6M
Building Shell & Structure	$60.9M
Technical Infrastructure	$9.1M
Critical Infrastructure (Power, Cooling, UPS)	$375.4M
Office Facilities & Operations Center	$16.5M
External Works	$51.6M
Construction Management & Commissioning	$18.2M
Total Facility CAPEX	$538.4M

Phase 1 CAPEX excludes GPU procurement ($3.072B for 512 NVL144 racks at $6.0M each, 20% volume discount). Total Phase 1: ~$4.27B. Phase 2 replicates this template 3×, for ~$12.81B additional. Total platform investment: ~$17.1B across 2026–2029. Source: ALTi Global financial model; EPC contractor validated proposal

Construction Timeline — Phase 1 (140 MW)

Stage 1 · Through Q1 2026

Pre-Construction

Site acquisition, permitting, GPU ordering, power agreements finalized

Stage 2 · Q2–Q4 2026

Facility Build

Shell construction, HVAC, power infrastructure, BESS integration

Stage 3 · Q1–Q2 2027

Internal Fit-Out

NVL144 assembly, NVIDIA Mission Control config, burn-in, go-live

Construction Timeline — Phase 2 (3 × 140 MW)

Stage 4 · Q2 2027

Phase 2 Groundbreak

Three simultaneous 140 MW builds begin on Stargard expansion land. Leverages same vertically integrated construction team, same power consortium (500 MW pathway), same NVIDIA NVL144 supply chain.

Stage 5 · Q3 2027–Q1 2028

Parallel Build

Shell, MEP, power, and cooling across all three facilities. Replicable template eliminates re-engineering. In-house MEP, architecture, and cooling teams deploy proven Phase 1 design at 3× scale.

Stage 6 · Q2 2028

Phase 2 Go-Live

1,536 NVL144 racks installed across three facilities. Burn-in, Mission Control config, customer onboarding. First Phase 2 revenue: $2.136B (Year 1, 70% utilization).

04 — Site & Expansion

CEE Strategic Ranking — 5 GW Pipeline

Multi-country platform assessed across power, EU membership, SEZ incentives, connectivity, labor, stability, land, and climate.

Tier	Country	Capacity	Status	Assessment
S	Poland	2 GW	Going Live	Phase 1 under construction. 140 MW confirmed, 500 MW pathway. SEZ incentives, NVIDIA-validated.
A	Romania	2 GW	In Planning	Capacity identified near Bucharest. EU member, growing tech sector, strong grid.
A	Bulgaria	1 GW	In Planning	90 hectares, power being secured. Priority Phase 2 candidate. Competitive energy, EU.
B+	Czech Republic	—	Up Next	Strong infrastructure, EU, established industrial base. Higher labor but developed grid.
B+	Estonia	—	Up Next	Digital governance leader, NATO Cyber Center. Strategic for sovereign compute.
B	Hungary	—	Up Next	Competitive energy, central EU location. Industrial zone framework similar to Polish SEZ.
B	Lithuania	—	Up Next	Growing tech ecosystem, Baltic fiber hub. EU/NATO, renewable potential.
B–	Latvia / Slovakia	—	Evaluate	EU/NATO, developing DC markets. Smaller grid but competitive costs.
C	Croatia / Slovenia	—	Evaluate	EU members. Limited DC infrastructure but growing demand.
D	Serbia, BiH, Others	—	Monitor	Non-EU. Regulatory gaps. Long-term monitoring only.
	Total Pipeline	5 GW		Poland (2 GW) + Romania (2 GW) + Bulgaria (1 GW)

05 — Power & Energy

Phase 1: 140 MW · Phase 2: 420 MW · Pathway to 500 MW+

Phase 1

140 MW

Signed commitment · Q1 2027 go-live

Phase 2 (3× builds)

420 MW

Within 500 MW consortium pathway · Q2 2027 start

National Grid

1 GW

PSE application pending · CEE expansion

Energy cost modeled at ~500 PLN/MWh (average Polish commercial rate), with nominal 112 MW usage and 90 MW real load. Vertical integration extends to energy generation through acquisition of renewable assets (behind-the-meter capacity). International, world-class Battery Energy Storage Systems provide peak load handling and grid stabilization. Poland's 2023 Energy Law amendment enables behind-the-meter generation. Sources: ALTi Global financial model; gramwzielone.pl, TGE, Axpo Poland energy pricing (Q1 2025); Polish Energy Law 2023 amendment

06 — Business Model

Revenue Projections — From Financial Model

Wholesale GPU compute via fixed enterprise rack rentals at ~$3.15/GPU-hour (Year 1, with 5% annual escalation). 884,736 GPU-hours capacity per day across 36,864 GPUs. Phased utilization ramp: 70% Year 1, 80% Year 2, 90% Year 3+. Source: ALTi Global three-statement financial model (Vera Rubin variant). GPU-hour pricing benchmarked against current H100 wholesale rates ($2–5/hr, Q4 2025).

Phase 1 — Projected P&L (140 MW, 512 Racks)

	2026	2027	2028	2029	2030	2031
GPU Utilization	—	70%	80%	90%	90%	90%
Revenue	$0	$712M	$854M	$1.009B	$1.060B	$1.113B
EBITDA	($3.6M)	$494M	$603M	$718M	$753M	$790M
EBITDA Margin	—	69.4%	70.6%	71.1%	71.1%	71.0%
Net Profit	($3.6M)	($331M)	($61M)	$158M	$281M	$392M

Source: ALTi Global financial model — Analysis sheet. Utilization: 70%→80%→90%. Energy at ~130 USD/MWh. 5% annual price escalation.

Phase 2 — Projected P&L (3 × 140 MW, 1,536 Racks · Construction starts Q2 2027)

	2027	2028	2029	2030	2031
Status	Building	Yr 1 (70%)	Yr 2 (80%)	Yr 3 (90%)	Yr 4 (90%)
Revenue (3× P1)	—	$2.136B	$2.562B	$3.027B	$3.180B
EBITDA (3× P1)	—	$1.482B	$1.809B	$2.154B	$2.259B
Net Profit (3× P1)	—	($993M)	($183M)	$474M	$843M

Phase 2 = 3 × Phase 1 financial model, lagged by 1 year. Same GPU pricing, utilization ramp (70%→80%→90%), cost structure, and EBITDA margins. Construction Q2 2027, first revenue Q2 2028.

Combined Platform — Phase 1 + Phase 2

	2027	2028	2029	2030	2031
Phase 1 Revenue	$712M	$854M	$1.009B	$1.060B	$1.113B
Phase 2 Revenue (3× P1)	—	$2.136B	$2.562B	$3.027B	$3.180B
Combined Revenue	$712M	$2.990B	$3.571B	$4.087B	$4.293B
Phase 1 EBITDA	$494M	$603M	$718M	$753M	$790M
Phase 2 EBITDA (3× P1)	—	$1.482B	$1.809B	$2.154B	$2.259B
Combined EBITDA	$494M	$2.085B	$2.527B	$2.907B	$3.049B
Combined Net Profit	($331M)	($1.054B)	($25M)	$755M	$1.235B

Phase 2 = exactly 3× Phase 1 financial model, lagged 1 year. Same pricing, utilization ramp, cost structure. Phase 2 construction begins Q2 2027 on confirmed expansion land within 500 MW consortium pathway. First Phase 2 revenue Q2 2028.

Customer Pipeline — Four Target Segments

U.S. Hyperscalers

Wholesale GPU Capacity

Active negotiations with major hyperscale cloud providers seeking dedicated GPU capacity in the European market. EU data residency requirements and sovereign compute mandates are forcing hyperscalers to secure purpose-built European infrastructure they cannot build fast enough internally. ALTi Global's Vera Rubin NVL144 architecture positions the platform as one of the first European-based next-gen GPU deployments, directly addressing $80B+ in unfulfilled Azure backlog alone.

AI Scale-Ups

Dedicated Training Clusters

High-growth AI companies — including frontier model labs, enterprise AI platforms, and vertical AI specialists — requiring dedicated NVL144 clusters for model training at scale. These companies face hyperscaler pricing constraints ($3-5/GPU-hour for H100) and 6+ month procurement queues. ALTi Global offers 30-50% cost savings, guaranteed capacity, no platform lock-in, and purpose-built Vera Rubin architecture unavailable from incumbents.

European Multinationals

Sovereign AI & Compliance

European-centric multinational corporations across financial services, pharmaceuticals, automotive, and industrial sectors facing dual pressure: the EU AI Act mandating data sovereignty for AI workloads, and competitive urgency to deploy proprietary AI models. These enterprises require European-hosted, ISO 27001-ready infrastructure with full GDPR compliance, Tier III resiliency, and no dependency on US-headquartered cloud providers.

Middle Eastern Sovereigns

Strategic Backup & Resilience

Sovereign entities across the Gulf seeking strategic compute capacity through direct infrastructure partnerships, with emphasis on geographic diversification and backup workload resilience. Given the current geopolitical situation in the Middle East, sovereign compute programs (Saudi NEOM, UAE G42/MGX, Qatar digital mandates) are increasingly prioritizing European-based backup infrastructure for mission-critical AI workloads — creating demand for NATO/EU-member-hosted facilities with bilateral treaty protections.

07 — Corporate Structure

Governance & Vertical Integration

Swiss HoldCo

ALT Infrastructure SA, Zurich

GPU assets as collateral. Revenue via equipment leasing to Polish OpCo. Swiss governance, EU capital markets access.

Polish OpCo

AGC Poland

Operations, customer contracts, employees, facility management. SEZ (up to 40% CapEx offset), EU regulatory compliance.

Vertical Integration — 4 Strategic Acquisitions

Acquisition	Strategic Rationale	Status
Acquisition A	Mechanical, electrical, and plumbing (MEP) experts; critical execution capability for high-density data center infrastructure	Closing 30d
Acquisition B	Architecture firm specializing in commercial, industrial, and high-performance compute facility design	Closing 30d
Acquisition C	Renewable energy assets providing behind-the-meter generation and long-term energy cost control	Closing 30d
Acquisition D	Specialized cooling engineering for ultra-high-density GPU deployments; NVL144-class thermal management	Closing 30d

Board & Leadership

Michel Combes — Chairman: Former CEO, SoftBank International. Institutional credibility, SWF network, telecom/infrastructure relationships.
Jan Sędęk — Founder & CEO: 19+ years industrial electrical infrastructure. Direct NVIDIA relationships. Large-scale infrastructure across CEE.
Hunter Lee Soik — Founder & Vice Chairman: Capital strategy & institutional investor pipeline. SWF/government partnerships across USA, UAE, Europe.
Marek Pawletko — Founder & Board Member: Board Member of top-five Polish insurance consortium. Governance and strategic oversight.

SHA completed by Baker McKenzie (Zurich). Big Four audit engagement in process. 5-year lock-up, bad leaver at 50% FMV, 1–2 Series A board seats.

08 — Financial Overview

Capital Structure, Returns & Valuation

Capital Layer	Amount	Status
Founder Capital	$7M	Invested
Seed Round	$64M	Closing within 30 days
Equity Investment (Phase 1)	$1.2B	From financial model
GPU Financing (Debt/Lease)	$3.072B	6% cost of debt, 5-yr term
Total Phase 1 Investment	$4.272B	Equity + GPU Finance
Phase 2: 3× Facility Replication	~$12.81B	3 × $4.27B (identical template)
Total Platform Investment (P1 + P2)	~$17.1B	Staged over 2026–2029

Source: ALTi Global financial model — DCF Analysis & Leasing sheets. GPU equipment: 512 NVL144 racks × $6.0M = $3.072B (20% volume discount from nominal).

Phase 1 Investment Returns — From Financial Model

28.3%

Unlevered IRR

53.7%

Levered IRR

2.96×

MOIC (Total)

12.17×

MOIC (Equity)

$6.53B

P1 DCF EV

$7.90B

P1 Exit (10× EBITDA)

Source: ALTi Global financial model — IRR Analysis, DCF Analysis, Investment Metrics sheets. WACC 8%, terminal growth 2%, 10× EV/EBITDA exit. 5-year hold period (2026–2031). Phase 2 returns expected to replicate Phase 1 IRR profile given identical template and cost structure.

ALTi Global — Implied Valuation Range

EV/Revenue Multiple	Phase 1 Only (Yr 3: $1.01B rev)	Phase 1 + Phase 2 (Steady: $4.29B rev)	Methodology
8.0× (Conservative)	$8.1B	$34.3B	Traditional DC REIT range
11.6× (Wtd. Avg. Comps)	$11.7B	$49.8B	Weighted avg. of 10 comps
15.0× (GPU Cloud Premium)	$15.1B	$64.4B	CoreWeave / Aligned tier
Phase 1 DCF: $6.53B (WACC 8%, 10× exit). Phase 2 multiples applied to combined steady-state revenue ($4.29B). Pre-revenue assets trade at significant discounts. Total platform investment: ~$17.1B.

Comparable Transaction Analysis — 10-Company Weighted

Company	LTM Rev	Enterprise Value	EV/Rev	EV/EBITDA	Weight
CoreWeave (CRWV)	$5.1B	$67.3B	13.2×	21.4×	20%
Equinix (EQIX)	$9.1B	$70.1B	7.7×	18.4×	15%
Digital Realty (DLR)	$6.0B	$51.0B	8.5×	22.0×	10%
Aligned DC (2025 acq.)	~$2.7B	$40.0B	~15×	~25×	15%
AirTrunk (2024 acq.)	~$0.9B	A$24B	~18×	~28×	10%
QTS (2021 acq.)	~$0.6B	$10.0B	~14×	~25×	5%
Vantage DC (private)	~$1.2B	~$14.4B	~12×	~22×	5%
Switch (private)	~$0.8B	~$8.0B	~10×	~20×	5%
American Tower (AMT)	$11.1B	$99.9B	9.0×	19.0×	10%
Iron Mountain (IRM)	$6.2B	$46.5B	7.5×	17.5×	5%
Weighted Average			~11.6×	~21.8×	100%
ALTi Global — Phase 1	$1.01B	$8.1B – $15.1B	8×–15×	—	P1 only
ALTi Global — P1 + P2	$4.29B	$34.3B – $64.4B	8×–15×	—	Steady-st.

CoreWeave: EV $67.3B, LTM rev $5.1B, EV/Rev 13.2×, EV/EBITDA 21.4× — Public Comps (Jan 2026); Motley Fool Q4 2025 Transcript (Feb 2026)
Equinix: EV ~$70B, LTM rev $9.1B, 2026E rev $10.1–10.2B — Equinix Q4 2025 PR (Feb 2026)
Digital Realty: LTM rev ~$6.0B, adj. EBITDA ~$3.5B — DCD Q3 2025 Results (Nov 2025)
Aligned DC: $40B acquisition by MGX/BlackRock/GIP — CNBC (Dec 2025)
AirTrunk: A$24B acquisition by Blackstone (2024); QTS: $10B acquisition by Blackstone (2021) — DCD M&A Database

09 — Team & Partnerships

Execution Capability

Partner	Role	Status
NVIDIA	GPU supplier & technology partner	Letter in draft · Architecture validated · GTC 2026
Delta	NVIDIA-accredited installer (41 yrs)	Confirmed
Acq. A	MEP contractor (acquisition)	Closing 30d
Acq. B	Architecture firm (acquisition)	Closing 30d
EU Networks	Fiber connectivity	Confirmed
Baker McKenzie	Legal counsel (Zurich)	SHA complete
Big Four Firm	Audit & compliance	In process

10 — Risk Factors

Transparent Disclosure & Mitigants

Risk	Description	Mitigants
Construction	First build at this scale	4 vertically integrated acquisitions, NVIDIA-accredited installer, purpose-built NVL144 design
Power	Scaling 140→540 MW	Signed consortium (500 MW pathway covers P1+P2), renewable energy assets, BESS, PSE 1 GW national grid application
Market	Pre-revenue pipeline	$600B+ hyperscaler capex in 2026 (CreditSights), structural deficit, active negotiations
Technology	Rapid GPU evolution	Purpose-built NVL144, modular upgrades, NVIDIA partnership, 3rd-gen MGX cable-free design
Regulatory	Geopolitical proximity	NATO/EU member, SEZ 15-year terms, EU AI Act creates sovereign compute demand
Financing	$17.1B total platform capital	Staged P1→P2, blended equity + debt, P1 model shows 28.3% IRR, P2 replicates proven template

11 — Execution Roadmap

Milestone-Driven Deployment

Through May 2026

Foundation

Close $64M seed + 4 acquisitions
Finalize NVIDIA commitment letter
Advance customer LOIs
Big Four audit engagement
$30M+ incentive applications

May–August 2026

Anchor Capital

Close >$1B blended financing
Begin Phase 1 construction (Q2)
Advance Romania & Bulgaria sites
Target SWF/infra anchor investors

Q1–Q2 2027

Go-Live + Phase 2 Start

Phase 1 NVL144 install & go-live
Customer onboarding → $712M Yr 1
Phase 2: begin 3× 140 MW construction
Phase 2 first revenue H1 2028

12 — AI Infrastructure Capital

SWFs & Asset Managers

SWFs deployed $66B+ into AI & digital infrastructure in 2025. The hyperscaler capex supercycle — projected to exceed $600B in 2026 — is creating unprecedented demand for co-investment capital from sovereign and institutional allocators, reshaping how AI infrastructure gets financed globally.
Sources: Global SWF Annual Report (Q4 2025); CreditSights Hyperscaler Capex Report (Nov 2025)

🇦🇪

MGX Mubadala-backed

AI Investment Vehicle — Abu Dhabi

Co-led $40B Aligned DC deal with BlackRock/GIP. Anchor investor in Stargate ($500B) alongside OpenAI & SoftBank. Raising $25B for dedicated AI infrastructure fund. Key member of the AI Infrastructure Partnership (AIP).
CNBC (Dec 2025)

🇦🇪

Mubadala $302B AUM

Sovereign Wealth Fund — Abu Dhabi

Record $32.7B deployed in 2025 across 40 transactions — most active SWF globally. $12.9B directed to AI & digital infrastructure. Parent entity of MGX. Strategic partner to BlackRock.
Bloomberg (Q4 2025)

🇸🇦

Saudi PIF $930B AUM

Sovereign Wealth Fund — Saudi Arabia

$36.2B deployed in 2025 — largest SWF dealmaker globally. AI is a priority mandate through NEOM and advanced technology investments. Saudi Arabia introducing DC investment frameworks for foreign providers.
Global SWF (Q4 2025)

🇶🇦

QIA $524B AUM

Sovereign Wealth Fund — Qatar

Anchored Blue Owl's $3B+ DC platform with $1B initial equity commitment. Investor in Anthropic Series F ($13B round). Committed $500B to US over next decade with AI & data centers as priority sectors.
SEC Filings (Q4 2025)

🇦🇪

ADIA $1T AUM

Sovereign Wealth Fund — Abu Dhabi

World's 3rd largest SWF. Active in DC sector, backed Thoma Bravo's $12B Dayforce acquisition. Co-investor in Blackstone/Hologic $18.3B deal. Increasingly deploying directly into digital infrastructure and AI-adjacent assets.
Bloomberg (Q4 2025)

🇰🇼

KIA $969B AUM

Sovereign Wealth Fund — Kuwait

$6B deployed into AI & digitalization in 2025 — second-largest Middle East SWF allocation to the sector after Mubadala. Growing infrastructure and technology mandate.
Global SWF (Q4 2025)

🇦🇪

ADQ / XRG $200B+ AUM

Sovereign Holding & Energy — Abu Dhabi

ADQ assets doubled in 4 years, investing in critical minerals for AI. XRG (ADNOC's intl. arm) focused on energy systems powering data centers, bridging hydrocarbon capital with AI infrastructure demand.
Reuters (Q4 2025)

🇮🇩

Danantara $900B AUM

Sovereign Wealth Fund — Indonesia (est. 2025)

Indonesia's newest SWF, 7th largest globally. AI and digital ecosystem designated as priority investment areas. Sovereign AI Fund planned for 2027–2029. $4B co-investment partnership with Qatar announced.
Asia House (Sep 2025); GovInsider (2025)

🇨🇦

CPP Investments C$675B AUM

Pension Fund — Canada

Canada's largest pension fund. Active infrastructure investor with growing digital and data center portfolio. Long-duration capital aligned with AI infrastructure build cycle.
CPP Investments AR (Q4 2025)

🇨🇦

CDPQ / OTPP / BCI C$1T+ combined

Canadian Pension Alliance

CDPQ (~C$473B), Ontario Teachers' (~C$266B), and British Columbia Investment (~C$250B) collectively represent massive infrastructure capital. CDPQ invested in European digital infrastructure; OTPP active in data center JVs.
CDPQ AR (2025)

🇺🇸

BlackRock / GIP $11.5T AUM

Asset Manager — New York

Led $40B Aligned DC acquisition (largest DC deal ever). AI Infrastructure Partnership (AIP) targeting $30B equity / $100B total deployment. GIP manages ~$170B, scaling to $210B by 2026.
CNBC (Dec 2025)

🇺🇸

Blackstone $1.1T AUM

Private Equity — New York

Acquired QTS for $10B (2021) and AirTrunk for A$24B (2024). Aggressively expanding both portfolios. The dominant PE player in global data center ownership with billions in additional committed capital.
Bloomberg (Q4 2025)

🇨🇦

Brookfield $1T AUM

Alt. Asset Manager — Toronto

Major DC developer in Europe and Americas. Power and renewables portfolio critical for energy-for-AI. Developing gigawatt-scale campuses including facilities in Sweden (Strängnäs) and North America.
Brookfield IR (Q4 2025)

🇺🇸

KKR $637B AUM

Private Equity — New York

Growing digital infrastructure portfolio with active Middle East franchise. DC investments increasingly co-invested with SWF capital. Targeting infrastructure-grade AI assets across US and Europe.
KKR AI Infrastructure Report (2025)

🇸🇪

EQT €130B AUM

Private Equity — Stockholm

Leading European PE firm with dedicated infrastructure strategy. Active in power generation, cooling systems, and secondary DC infrastructure across Europe. Growing AI-adjacent portfolio through EQT Infrastructure funds.
EQT Group (Q4 2025)

🇫🇷

Amundi €2.2T AUM

Asset Manager — Paris

Europe's largest asset manager. Expanding real assets and infrastructure allocation with growing focus on digital infrastructure and energy transition assets that support AI data center buildout.
Amundi AR (2025)

🇦🇺

Macquarie $600B+ AUM

Infrastructure Manager — Sydney

Pioneered DC infrastructure investing. Sold Aligned ($40B) and AirTrunk (A$24B) — two of the largest DC exits ever. Deep global digital infrastructure portfolio spanning towers, fiber, and colocation.
Macquarie IR (2025)

🇺🇸

Microsoft / NVIDIA Strategic

Corporate AI Infrastructure Investors

Both AIP members. Microsoft investing $120B+ in FY2026 AI DC capex. NVIDIA building own AI Factory Research Center in Manassas, VA for Vera Rubin reference designs. Combined strategic influence shapes the entire AI infrastructure market.
Futurum Group (Feb 2026); NVIDIA Newsroom (Jan 2026)

🇺🇸

Goldman Sachs / TPG $334B dry powder

PE & Infrastructure Funds

Active across the DC supply chain. Goldman sold Boyd Thermal to Eaton ($9.5B). TPG investing in power generation and secondary DC infrastructure. $334B in infrastructure-focused dry powder as of end-2025.
Goldman Sachs Research (Dec 2025)

🇸🇬

GIC $770B+ AUM

Sovereign Wealth Fund — Singapore

Co-investor in Anthropic and Blackstone/Hologic deal. Deep portfolio in digital infrastructure, global DC assets, and semiconductor supply chain. Long-duration capital ideal for AI infrastructure build cycle.
GIC AR (2025)

🇸🇬

Temasek $389B AUM

Sovereign Investment — Singapore

Owns ST Telemedia Global Data Centres with facilities across APAC. Active investor in AI companies, semiconductor firms, and digital infrastructure platforms. Strategic bridge between APAC and global AI capital flows.
Temasek AR (2025)

🇮🇩

Danantara $900B AUM

Sovereign Wealth Fund — Indonesia (est. 2025)

7th largest SWF globally. AI & digital ecosystem designated as priority investment areas. Sovereign AI Fund planned for 2027–2029 period. $4B co-investment partnership with Qatar. Oracle partnership confirmed for AI data sovereignty.
Asia House (Sep 2025)

🇰🇷

NPS $800B AUM

National Pension Service — South Korea

World's 3rd largest pension fund. Expanding alternative investments allocation with growing digital infrastructure mandate. Active in global infrastructure co-investments alongside PE sponsors.
Reuters (Q4 2025)

🇲🇾

Khazanah Nasional $30B AUM

Sovereign Wealth Fund — Malaysia

Malaysian SWF with growing digital infrastructure portfolio. Strategic investor in Southeast Asian technology and data center assets. Partner in regional sovereign compute initiatives.
Khazanah AR (2025)

🇦🇺

AirTrunk / Blackstone A$24B platform

APAC Data Center Platform

Blackstone's A$24B AirTrunk acquisition created the dominant APAC DC platform. Expanding hyperscale capacity across Australia, Japan, Singapore, and Malaysia. Validates APAC demand for sovereign-adjacent infrastructure.
Bloomberg (Q4 2025)

Supplementary

Intelligence Dashboards

🇷🇴 Expansion Site

Romania — Avram Iancu Site Analysis (2 GW)

Full-permit site analysis using the 24-Factor Institutional Scoring Matrix. MPP 130 MW Mixt Power Plant. Click to open →

🌐 Market Intelligence

Global Data Center & Vera Rubin Deployment Tracker

Live intelligence on operating mega-sites, planned Vera Rubin NVL144 deployments, and the sovereign & institutional capital powering the AI infrastructure supercycle. Click to open →

13 — Data Room

Data Room Contents

The following materials are available or in preparation for qualified investor review upon execution of a non-disclosure agreement.

Corporate & Legal

Swiss HoldCo formation documents (ALT Infrastructure SA, Zurich); Polish OpCo registration (AGC Poland); Shareholders' Agreement (Baker McKenzie, Zurich — complete); Investment Agreement template; board resolutions; Big Four audit engagement documentation.

Financial

Three-statement financial model (scenario-based, U.S./international SWF standard); five-year projections with DCF, IRR, MOIC analysis; capital structure and use of funds; comparable transaction analysis; GPU lease terms and financing documentation.

Technical

EPC contractor CAPEX proposal (full 46-page scope of works across 7 work packages); facility design specifications; NVIDIA Vera Rubin NVL144 architecture documentation; cooling and power distribution schematics; Tier III design certification.

Site & Energy

Power consortium allocation documentation (140 MW confirmed, 500 MW pathway); site plans and surveys; SEZ confirmation and tax incentive calculations ($30M+ identified); BESS integration specifications; behind-the-meter renewable energy documentation.

Commercial

Customer pipeline summary with engagement status; market analysis and demand projections; competitive landscape assessment; pricing methodology and GPU-hour benchmarking; off-taker strategy documentation.

Team

Full biographies and reference contacts; organizational chart; advisory board composition; key partnership agreements (NVIDIA, Delta, EU Networks, Baker McKenzie); vertical integration acquisition documentation.