AIB to build 50 MW data center for Nebius in $800M project

• —The $800 million budget includes about $560 million in construction debt, $140 million in preferred equity and roughly $100 million in common equity
• —The Nebius contract covers 50 MW of IT load over an initial 12-year term with no termination options without full payment
• —The first 25 MW hall is expected about 10 months after escrow funding, and the second 25 MW hall about 14 months
• —Management projects EBITDA margins near 90% and says AIB controls four more sites with about 280 MW of potential capacity