AIB Data Centers

Predictability is low. AIB de-energized bitcoin-hosting operations on June 5, 2026 and has not yet commenced AI/HPC lease revenue, resulting in a transitional earnings base and negative TTM free cash flow.

Although management reports negotiations with a single prospect for the full 65 MW at CLT-01 and a large development pipeline, there are no executed long-term AI/HPC contracts as of the latest 10-Q. Tenant concentration was high in prior years, and utility true-ups introduced additional variability.

Geographic and regulatory risk appears manageable in the U.S. Southeast, but revenue visibility will remain limited until first leases are signed and initial data halls are energized and accepted.