Purpose-built nodes tuned for AI inference and training, deployed where energized capacity is available now.
Compute sits near the users and systems it serves, cutting the round-trips that remote hyperscale campuses impose.
Many distributed sites, orchestrated as one fabric — scalable site by site instead of one monolithic build.
Demand-led. Nodes sit inside major MSAs, close to users. Each node is small, so capacity is built by aggregation.
Power-led and geography-agnostic. Follows cheap, abundant, fast-to-interconnect power wherever it lives.
By targeting buildings with existing electrical service, Voltron sidesteps the multi-year interconnection queue that gates greenfield builds.
Nodes consume no water. This opens arid, power-rich markets and removes water draw — the single biggest source of community and regulatory opposition to new data centers.
Many surplus-power nodes operate as one coordinated, low-latency network — expandable site by site without relocating.
| # | Market | Pop¹ | Dem | Net | RE | Pwr | Composite² |
|---|---|---|---|---|---|---|---|
| 01 | Chicago, IL | 9.4M | 5 | 5 | 4 | 3 | 4.50 |
| 02 | Dallas–Fort Worth, TX | 8.3M | 4 | 5 | 4 | 5 | 4.45 |
| 03 | SF Bay / Silicon Valley | 4.7M | 5 | 5 | 5 | 1 | 4.40 |
| 04 | Atlanta, GA | 6.4M | 4 | 5 | 4 | 4 | 4.30 |
| 05 | New York Tri-State | 19.9M | 5 | 5 | 3 | 2 | 4.15 |
| 06 | Austin–San Antonio, TX | 2.6/2.7M | 3 | 4 | 5 | 5 | 4.00 |
| 07 | Houston, TX | 7.8M | 4 | 3 | 4 | 5 | 3.85 |
| 08 | Northern Virginia / DC | 6.4M | 4 | 5 | 3 | 2 | 3.80 |
| 09 | Phoenix, AZ | 5.2M | 3 | 5 | 3 | 4 | 3.75 |
| 10 | Seattle, WA | 4.1M | 3 | 4 | 4 | 4 | 3.65 |
| 11 | Los Angeles, CA | 12.9M | 5 | 3 | 3 | 2 | 3.55 |
| 12 | Philadelphia, PA | 6.3M | 4 | 3 | 3 | 3 | 3.35 |
| 13 | Charlotte–Raleigh, NC | 2.8/1.5M | 3 | 3 | 3 | 4 | 3.15 |
| 14 | Miami, FL | 6.5M | 4 | 3 | 2 | 3 | 3.15 |
| 15 | Boston, MA | 4.9M | 4 | 3 | 3 | 1 | 3.05 |
| 16 | Denver, CO | 3.0M | 3 | 3 | 3 | 3 | 3.00 |
| 17 | Minneapolis–St. Paul, MN | 3.7M | 3 | 3 | 3 | 3 | 3.00 |
| 18 | Detroit, MI | 4.3M | 3 | 2 | 4 | 3 | 2.90 |
| 19 | Tampa–St. Petersburg, FL | 3.3M | 3 | 2 | 3 | 3 | 2.70 |
| 20 | San Diego, CA | 3.3M | 3 | 2 | 3 | 2 | 2.55 |
Strong on every pillar. The Texas and Georgia leaders pair top-tier networks with friendlier, faster power than the coastal hubs.
| Tier | Region | Why it screens well | Verify |
|---|---|---|---|
| T1 | Texas — ERCOTDFW, San Antonio, West Texas, Houston | Deregulated grid = fastest interconnect + competitive pricing; gas + wind; already the #2 U.S. data-center market. | ERCOT price volatility; confirm large-load queue timing. |
| T1 | Iowa / Des Moines | Among the cheapest power in the U.S. (wind + low density); proven hyperscale presence. | Confirm headroom after hyperscale buildout. |
| T2 | Ohio / IndianaPJM & MISO | Columbus a fast-growing hub; central; gas + nuclear. | PJM capacity prices have spiked — check forward cost. |
| T2 | NevadaReno / Tahoe-Reno | Cheap power, dry climate, hyperscale + incentives. Water-free cooling neutralizes the desert knock. | Transmission to specific parcels. |
| T2 | Mississippi / TVA | Very low rates; TVA courting load; large committed AI projects signal capacity. | TVA regulated — interconnection terms differ. |
| T3 | Upper PlainsND · SD · NE · WY | Lowest posted rates in the U.S.; cold climate. Ideal pure-power, non-MSA, 50 MW+ sites. | Thin fiber backbone — verify long-haul. |
| T3 | Pennsylvania / Michigan | Flagged as emerging for large AI training (gas/nuclear adjacency; flexible permitting). | Less proven — confirm deliverable capacity. |
| T3 | Central WashingtonQuincy / Grant Co. | Cheap hydro, cool climate, existing hyperscale cluster. | Hydro allocations may be largely committed. |
| Purchase price | $52,445,000 |
| Acquisition costs, fee & closing | $2,710,025 |
| Capital reserves | $1,500,000 |
| Total uses | $56,655,025 |
| Senior debt (65% LTC) | $36,825,766 |
| Sponsor equity (35%) | $19,829,259 |
| Prior sale price | $169,000,000 |
| Our purchase — $85 / SF | $52,445,000 |
| On improvements | ≈ 31¢ / dollar |
| $ thousands | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Exit |
|---|---|---|---|---|---|---|
| Occupancy | 0% | 20% | 40% | 60% | 70% | 80% |
| Avg. lease rate ($/SF) | 12.00 | 12.60 | 13.86 | 15.25 | 16.77 | 18.45 |
| Base rental income | 7,404 | 7,774 | 8,552 | 9,407 | 10,347 | 11,382 |
| (−) Vacancy & credit loss | (7,404) | (6,219) | (5,131) | (3,763) | (3,104) | (2,276) |
| Voltron — learning (LLM) | 16,875 | 16,875 | 16,875 | 16,875 | 16,875 | 16,875 |
| Voltron — inference | 6,375 | 6,375 | 6,375 | 6,375 | 6,375 | 6,375 |
| Expense reimbursements | 0 | 1,064 | 2,181 | 3,354 | 4,013 | 4,704 |
| Effective gross income | 23,250 | 24,805 | 26,671 | 28,894 | 30,493 | 32,356 |
| (−) Operating expenses | (5,201) | (5,321) | (5,453) | (5,591) | (5,733) | (5,881) |
| Net operating income | 18,049 | 20,548 | 23,399 | 26,658 | 28,773 | 31,180 |
| (−) Debt service | (2,984) | (8,784) | (8,784) | (8,784) | (8,784) | (8,784) |
| Levered cash flow | 15,065 | 11,764 | 14,615 | 17,874 | 19,990 | 22,396 |
| Refinance loan | $143,466,233 |
| (−) Retire acquisition debt | ($36,825,766) |
| (−) Return of sponsor equity | ($19,829,259) |
| Net cash-out to sponsor | $86,811,208 |
| Premises — Suite 505 | 39,000 SF |
| Base rent (Yr 1, NNN) | $60 / SF |
| TI allowance | $70 / SF |
| Term | 10 years |
| Usable power | 6 MW |
| Purchase price | $135,000,000 |
| Price / SF | $758 |
| Senior debt (90% LTC) | $124,380,000 |
| Sponsor equity (10%) | $13,820,000 |
| Power to Voltron by purchase | 10–12 MW |
| $ thousands · 100% leased | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Exit |
|---|---|---|---|---|---|---|
| In-place base rent | 8,748 | 9,011 | 9,191 | 9,375 | 9,562 | 9,754 |
| Parking & other income | 2,247 | 2,315 | 2,361 | 2,408 | 2,456 | 2,505 |
| Voltron — learning (LLM) | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 | 9,000 |
| Voltron — inference | 3,400 | 3,400 | 3,400 | 3,400 | 3,400 | 3,400 |
| Voltron — expansion (Yr 3+) | — | — | 6,200 | 6,200 | 6,200 | 6,200 |
| Effective gross income | 23,396 | 23,725 | 30,152 | 30,383 | 30,619 | 30,859 |
| (−) Operating expenses | (4,973) | (5,119) | (5,267) | (5,420) | (5,577) | (5,739) |
| (+) Expense reimbursements | 2,553 | 2,630 | 2,709 | 2,790 | 2,874 | 2,960 |
| Net operating income | 20,977 | 21,236 | 27,593 | 27,753 | 27,916 | 28,081 |
| (−) Debt service | (8,085) | (8,085) | (8,085) | (8,085) | (8,085) | (8,085) |
| Levered cash flow | 12,892 | 13,152 | 19,509 | 19,669 | 19,831 | 19,996 |
| Purchase price | $135,000,000 |
| Total uses (fee, reserves, closing) | $138,200,000 |
| Senior debt (90% LTC) | $124,380,000 |
| Sponsor equity (10%) | $13,820,000 |