Position
The scale site in the portfolio. Land under control, a dated behind the meter gas build that carries the ramp, and firm grid arriving underneath it. A mobile fleet carries the anchor ahead of the permanent plant, so MicroLink can switch on a small anchor early and hand Anthropic a credible ramp to on one campus. Waste heat is a value add to partners on site.
Site and control
Power and energization
A phased behind the meter gas build carries the ramp, with firm grid arriving underneath it in Q4 2028. A temporary mobile fleet carries the anchor ahead of the permanent plant, so revenue begins before the campus completes.
Rent commences per phase on delivery of the applicable premises. Path to structured as a right of first offer on adjacent capacity. P2 is an intermediate step and does not appear as a cover milestone. P2 is 190 MW gas plus mobile. P3 is 450 MW gas plus 50 MW mobile. Firm grid lands Q4 2028 and the mobile fleet retires against it. P4 is 300 MW grid plus 450 MW gas.
FirstEnergy at the substation. Arrives under the gas ramp.
Phased gas, Jenbacher then Bergen.
Mobile fleet bridges to firm grid.
PUE
Alongside ERE . Heat recovery first, dry cooler as fallback.
Deployment schedule
Capital and deal structure
Apollo's commitment is contingent on a locked site and a locked customer, so the Anthropic offtake and this campus together are the trigger.
Economics
| Metric | Basis | Figure |
|---|---|---|
| Contracted lease value | Full path, base term | |
| Implied rent | Per critical IT MW per year | |
| Development cost | Shell, power, cooling, land, network, on site generation | |
| Silicon | Tenant funded, excluded | Tenant |
| Net operating income margin | At scale, net of operating cost | |
| Yield on cost | At full path, indicative | |
| Anchor draw | Apollo first phase |
Indicative · terms not set