Billable capacity, not nameplate
Revenue is driven by the lower of the planned IT load and what the grid import can support after cooling and overhead (PUE). If power is the constraint, the stranded capacity is shown rather than hidden.
Four ways to build
New build, modular, industrial conversion and refurbishment each carry their own time to revenue and cost factor. A conversion adds floor reinforcement for dense racks.
Construction month by month
Land and development costs go in on day one and the rest is spread over the build. Equity goes in first, then debt is drawn, and interest rolls up on the drawn balance.
Lease up and income
Occupancy ramps from the pre let level to the stabilised level over the lease up period, or you can sell at completion and skip stabilisation altogether. Rent escalates and costs inflate each year. Power is treated as a pass through and kept out of net operating income.
Three exits
Sale and leaseback, refinance onto an operational facility, or hold. Set the sale year to 0 to model a sale at completion, with the building pre sold and no stabilisation. Holding ends in a sale at the horizon, valued at the cap rate on the next twelve months of income, less sale costs.
Cover tested every year
O shows the lowest annual cover while there is debt, and the viability check flags weak inputs, such as a missing formal grid offer or a rent outside a sensible range.