Deep Dive Analysis

Explore the comprehensive investment thesis across 9 critical research streams. Each analysis provides detailed market data, financial modeling, and strategic insights.

Part 1

Executive Opportunity

Why San Antonio, AI demand gap, and strategic timing for high-density compute.

YoC Target

11%

Market Demand

3x Capacity

Key Highlights

Green & Gray Arbitrage

Market Environment

AI Demand Gap

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Part 2

Market Demand Foundation

Texas AI compute surge, capacity shortage, and addressable market TAM.

Vacancy Rate

2.3%

AI CAGR

25%+

Key Highlights

Texas AI Compute Surge

Vacancy Rates

Power Queue Pressure

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Part 3

Power Infrastructure

MW available, substation capacity, grid reliability, and redundancy.

Power Cost

$0.06/kWh

Grid CapEx

$30MM

Key Highlights

Utility Structure

Capacity Requirement

Grid Connection CapEx

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Part 4

Liquid Cooling Strategy

Technology stack, CapEx efficiency vs. air cooling, and thermal management.

Target PUE

< 1.15

Max Density

100+ kW

Key Highlights

Density Support

Thermal Management

Efficiency Metric (PUE)

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Part 5

SAWS Water Integration

Recycled water availability, cost model, and sustainability ROI.

Recycled Water

100%

OpEx Savings

$400K+

Key Highlights

Recycled Water Availability

Sustainability ROI

Cost Model

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Part 6

Financial Model Phasing

CapEx per MW, OpEx breakdown, ARR trajectory, EBITDA, and IRR/payback.

Stabilized YoC

11%

Cap Rate

6.5%

Key Highlights

Target Metrics

Phased Deployment Model

CapEx Per MW

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Part 7

Lease Validation & Demand

Multi-year commitments, capacity overfilled timeline, and revenue security.

Market Demand

3x Capacity

Lease Rate

$212/kW

Key Highlights

Demand Validation

Lease Rate Economics (Base Rent)

Revenue Model

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Part 8

Construction & Contractors

Critical path, long-lead items (transformer, cooling), and risk mitigation.

Phase 1 Target

22 Months

Transformer Lead

72+ wks

Key Highlights

Critical Path Driver

Long-Lead Items (2025 Benchmarks)

Construction Draw Schedule

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Part 9

Regulatory & Tax Environment

Texas business advantages, incentives, and compliance framework.

Sales Tax

Property Tax Abatement

Up to 100%

Key Highlights

Primary Regulatory Constraint

Environmental Zoning Risk

Sales Tax Exemption (Central Lever)

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