Phase 1 Facility

Six vehicles.
One programme.

A coordinated $72M outside equity facility committed across six Phase 1 vehicles, drawn down across thirty months and deployed alongside $270M of project debt. Liquid cooled compute inside industrial host facilities. Phase 1 is the architecture; Phase 2 and Phase 3 are the platform compounding.

Active Raise
Phase 1 Facility
$72M
$72M outside equity · alongside $270M debt · $344M total
Preferred
Whole facility
Available
Vehicle level
At Year Seven
Workbook v1.0 · 12x base
Consolidated EBITDA
23 SPVs at maturity
$456M
Platform Enterprise Value
12x acquisition multiple
$5.47B
LP MOIC blended
$72M deployed · 7-yr hold
4.2x
~23% IRR base 2.4x to 6.0x Layer 6 envelope
Phase 1 Capital Stack
Six vehicles · drawn over 30 months · all figures USD
HoldCo
Platform · 10%
Seattle
5 MW · 20%
San José
15 MW · 20%
Dublin
5 MW · 20%
Edge
1 MW · 20%
Brewery
0.5 MW · 0%
Whole Stack
Combined
Outside equity
$5M
15-20M
36M
14-20M
$2M
Sponsor
72M
Sponsor / grant
None
None
None
None
None
$2M
$2M
Project debt
None
$60M
144M
$56M
8-12M
2M
270M
Total capital
5M
$75M
180M
70M
10-13M
4M
344M
Note 01
Phase 1 is the seed. Phase 2 deploys six new SPVs at scale across NYC, Tokyo, Frankfurt, and Stickney. Phase 3 saturates with London, Austin, Cape Town, and the university network. Twenty-three SPVs at maturity producing $456M of consolidated EBITDA at year seven.
The Programme at Maturity
23 SPVs · ~310 MW main + 250 edge sites + 10 brewery sites · Y7 EBITDA
Phase 1
6 vehicles · architecture
$97M
Phase 2
6 vehicles · scale
$184M
Phase 3
5 vehicles · saturation
$146M
HoldCo platform
Hybrid extraction
22-28M
Y7 Consolidated
Platform EBITDA
456M
Y7 EV at 12-15 · 5.47 base case
Y10 EBITDA · 582 · EV 6.98
Public REIT comps · 14-12-18 trailing