| Tenant | Provider | Date | Gross MW |
Power Usage Effectiveness(PUE) | Critical MW |
Revenue / Critical MW |
Revenue ($M) |
Capex $M / Critical MW |
Enterprise Value / Gross MW |
Enterprise Value / Critical MW |
Initial term |
EBITDA % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMD | RIOT | 1/16/26 | 38 | 1.50 | 25 | 1.24 | 31 | 4 | 6.4 | 9.6 | 10 | 80% |
| Nscale | WFYI | 12/18/25 | 52 | 1.30 | 40 | 2.17 | 87 | 10 | 11.1 | 14.4 | 10 | 85% |
| Anthropic/Fluidstack | HUT | 12/17/25 | 330 | 1.35 | 245 | 1.91 | 467 | 10 | 10.7 | 14.4 | 15 | 97% |
| AMZN | CIFR | 11/3/25 | 300 | 1.40 | 214 | 1.71 | 367 | 10 | 7.3 | 10.2 | 15 | 85% |
| Hyperscaler | APLD | 10/22/25 | 236 | 1.18 | 200 | 1.67 | 333 | 12 | 5.1 | 6.0 | 15 | 86% |
| Fluidstack | CIFR | 9/25/25 | 244 | 1.45 | 168 | 1.79 | 300 | 10 | 8.5 | 12.3 | 10 | 85% |
| Fluidstack | WULF | 8/14/25 | 450 | 1.25 | 360 | 1.86 | 670 | 9 | 10.9 | 13.6 | 10 | 85% |
| CRWV | APLD | 6/2/25 | 472 | 1.18 | 400 | 1.83 | 733 | 12 | 6.9 | 8.1 | 15 | 88% |
| CRWV | GLXY | 4/23/25 | 800 | 1.52 | 526 | 1.90 | 1,000 | 14 | 5.1 | 7.8 | 15 | 90% |
| CRWV | CORZ | 2/26/25 | 800 | 1.36 | 590 | 1.44 | 850 | 3 | 8.2 | 11.2 | 12 | 78% |
| Core42 | WULF | 12/23/24 | 73 | 1.21 | 60 | 1.50 | 90 | 6 | 7.5 | 9.1 | 10 | 70% |
| Average | 3795 | 1.34 | 2828 | 1.73 | 448 | 9.1 | 8.0 | 10.6 | 12 | 84% | ||
Assumptions. Assumed annual pricing escalator 3% and discount rate 10%. Unless otherwise specified for a deal, LTV 80% and all-in interest 7-9%.
Disclaimer
This comp sheet has been prepared by Modular Capital Investments, LLC ("Modular Capital") for informational purposes only and should not be relied upon as investment advice or a recommendation to buy or sell any security. As of the date hereof, Modular Capital and/or its affiliates may hold long or short positions in the securities referenced herein. All data is sourced from public filings and third-party sources believed to be reliable; Modular Capital makes no representation as to its accuracy or completeness. Figures marked as pipeline or projected reflect Modular Capital's own estimates and assumptions and are inherently uncertain — actual results may differ materially. This material is subject to change without notice and Modular Capital undertakes no obligation to update it. Past performance is not indicative of future results.
This comp sheet has been prepared by Modular Capital Investments, LLC ("Modular Capital") for informational purposes only and should not be relied upon as investment advice or a recommendation to buy or sell any security. As of the date hereof, Modular Capital and/or its affiliates may hold long or short positions in the securities referenced herein. All data is sourced from public filings and third-party sources believed to be reliable; Modular Capital makes no representation as to its accuracy or completeness. Figures marked as pipeline or projected reflect Modular Capital's own estimates and assumptions and are inherently uncertain — actual results may differ materially. This material is subject to change without notice and Modular Capital undertakes no obligation to update it. Past performance is not indicative of future results.