The disclosure and our analysis
Evidence dates
Evidence: AIB Data Centers Form 8-K and investor presentation (Exhibit 99.1) dated September 30, 2026; AIB press release dated September 30, 2026 as republished by Quiver Quantitative.
What AIB disclosed
AIB Data Centers, formerly BlockchAIn Digital Infrastructure, furnished an investor presentation with a Form 8-K on September 30, 2026. It says a master colocation services agreement (MCSA) was executed with "a leading AI cloud company" in September 2026. [Source 1] [Source 2]
The presentation lists these terms:
1. **Capacity:** 50 MW of critical IT capacity contracted. [Source 1]
2. **Term:** 12-year initial term, with two five-year renewal options at the customer's election. The 12-year term runs from the first data hall. [Source 1]
3. **Credit support:** a guaranty from Nebius. AIB's risk factors refer to the creditworthiness of Nebius Inc. and its parent, Nebius Group N.V. [Source 1]
4. **Prepayments:** customer prepayments to cover initial development costs, with escrow releases tied to conditions and service levels. [Source 1]
AIB's press release the same day, as republished by Quiver Quantitative, names Nebius as the customer and describes the agreement as binding. [Source 3]
Power and delivery timing
The site, CLT-01, has 65 MW of utility power under a 15-year electric service agreement executed in May 2026. AIB says that service was scheduled to begin October 1, 2026. [Source 1]
AIB itself labels the two figures. The 65 MW is utility load. The 50 MW is critical IT load, measured at the IT equipment. AIB says the two "are not additive." [Source 1]
AIB's targets, measured from the start of utility service:
| Milestone | Target | Capacity |
| --- | --- | --- |
| Data Hall 1 delivered | About month 10 | 25 MW critical IT |
| Data Hall 2 delivered | About month 14 | 25 MW critical IT |
Rent starts hall by hall. As of September 30, AIB says the full construction design was submitted for permits. [Source 1]
Economics
AIB's presentation states an implied rate calculated as "$1.32B ÷ 12 years ÷ 50 MW." That works out to about $2.2 million per MW of critical IT per year over the initial term. AIB compares it with other disclosed AI anchor leases, which it puts between $1.8 million and $2.16 million per MW per year. [Source 1]
AIB notes that escalators, pass-through costs, installation fees and credit support differ by deal and are not normalized in that comparison. The presentation says contract value and prepayments are "per the Company's Form 8-K." As of October 1, 2026, the only AIB 8-K on EDGAR since September 11 is the September 30 investor presentation filing. [Source 1] [Source 2]
AIB shows an illustrative funding plan for an approximately $800 million build: $560 million construction debt, $140 million preferred equity and $100 million equity. It says this is not a projection, the stack could change, and project-level debt and preferred equity have not been arranged. [Source 1]
Buyer analysis
This is our analysis.
**This is contracted capacity, not inventory.** All 50 MW of critical IT at CLT-01 is committed under the MCSA. It is not open space for other buyers.
**The rate is a deal average, not a price quote.** AIB's $2.2 million per MW per year is total contract value spread over critical IT and term. It is a useful benchmark for large AI anchor deals. It does not tell a smaller colocation buyer what retail pricing at this or nearby sites would be.
**Delivery risk sits in permits and financing.** Power is contracted, but construction permits were pending and project debt was not arranged as of September 30. The 10 and 14 month targets are company targets. A buyer evaluating similar new builds should ask the same three questions: is utility service energized, are permits issued, and is construction financing closed.
**Guaranties matter in neocloud deals.** The Nebius guaranty is a central part of the credit story for a small developer. When a tenant is an AI cloud provider, buyers and lenders should check who stands behind the payment obligation.
