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VOLTRON
Technology

Decentralized compute
for the AI age.

Custom compute nodes deployed into existing real estate with surplus power — networked into a fast, low-latency fabric close to customers.
High performance / Low latency / Decentralized
High-Performance Edge Computing
Strategy & Site-Targeting Framework
2026
01 / The Constraint

Demand is skyrocketing.
Power — not silicon — is the bottleneck.

Greenfield data centers are slow and expensive to build, and new capacity is gated by multi-year grid interconnection queues. The conventional market is effectively sold out — which is the opening for a model that deploys into power that already exists.
~1.4%
Vacancy across primary U.S. data-center markets at year-end 2025 — conventional capacity is gone.
Source: CBRE · approx.
9,432MW
Primary-market supply, up ~36% year-over-year — and still outstripped by demand.
Source: CBRE · approx.
Years
Typical wait for new large-load grid interconnection in major markets — the true gating factor.
Industry range · verify by utility
VOLTRON  TECHNOLOGY
The Constraint
2 / 28
02 / The Voltron Model

Skip the queue. Deploy into
power that already exists.

Voltron places proprietary compute nodes inside existing buildings that already carry surplus electrical service, then links them into a coordinated, low-latency network close to customers — built for AI, autonomous systems, and IoT workloads where responsiveness is paramount.
// PERFORMANCE

High performance

Purpose-built nodes tuned for AI inference and training, deployed where energized capacity is available now.

// LATENCY

Low latency

Compute sits near the users and systems it serves, cutting the round-trips that remote hyperscale campuses impose.

// TOPOLOGY

Decentralized footprint, unified network

Many distributed sites, orchestrated as one fabric — scalable site by site instead of one monolithic build.

Signal — the queue can become a wall
Some cities are now halting new large data centers outright. In June 2026, Seattle passed a one-year emergency moratorium on facilities above ~20 MVA — joining Minneapolis, Denver, Baltimore and Indianapolis. These bans target large single campuses; a distributed footprint of smaller nodes is a different profile.
Sources: Seattle City Council & Seattle City Light, June 2026 · GeekWire · KING 5
VOLTRON  TECHNOLOGY
The Voltron Model
3 / 28
03 / Two Product Lines

Two products, two siting filters.

// INFERENCE

Last-mile AI networking (Inference)

Demand-led. Nodes sit inside major MSAs, close to users. Each node is small, so capacity is built by aggregation.

  • Sited for proximity & network density
  • Distributed surplus-power sites
  • Goal: aggregate 100 MW+ per MSA
  • Serves AI, autonomous systems, IoT
// LEARNING

Maximal training capacity (Learning)

Power-led and geography-agnostic. Follows cheap, abundant, fast-to-interconnect power wherever it lives.

  • Sited for power economics, not latency
  • 20 MW+ floor wherever power exists
  • 50 MW+ threshold for standalone non-MSA sites
  • Diverges entirely from the inference map
VOLTRON  TECHNOLOGY
Two Product Lines
4 / 28
04 / Why Voltron Wins

Three advantages competitors can't easily copy.

// 01 SPEED-TO-POWER

Energized capacity, now

By targeting buildings with existing electrical service, Voltron sidesteps the multi-year interconnection queue that gates greenfield builds.

// 02 WATER-FREE COOLING

Proprietary closed-loop dry cooling

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.

// 03 NETWORK

Decentralized, unified fabric

Many surplus-power nodes operate as one coordinated, low-latency network — expandable site by site without relocating.

VOLTRON  TECHNOLOGY
Differentiators
5 / 28
05 / Real-Estate Strategy

Capitalize on a generational office market correction.

A
Target the top-20 MSAs for inference
Concentrate the last-mile network where demand and digital infrastructure already exist.
B
Acquire deeply discounted, distressed office & high-power industrial space
A historic repricing in office real estate has created steep, asset-specific discounts — plus power-rich industrial/tech sites.
C
Lease with an option to purchase — buy outright only when deeply distressed
Preserves capital and optionality; converts to ownership where the discount justifies it.
D
Aggregate 100 MW+ per MSA; pursue 50 MW+ non-MSA sites for learning
Inference scales by aggregation in-metro; learning follows standalone power anywhere.
Signal — the most distressed towers clear for cents
Select foreclosure and auction sales are clearing around 10–20¢ on the dollar of prior value — sometimes far less. Midtown Manhattan's 135 W. 50th St. sold for $8.5M, ~97% below its 2006 price; Chicago Loop towers have traded 70–94% down; San Francisco towers 76–90% off. The most distressed assets, not the market average.
Sources: Crain's New York · The Real Deal · Fox Business / Bloomberg · CoStar (2024–2026)
Flag: "Surplus power" must be verified as usable, permitted capacity at the utility level before any commitment.
VOLTRON  TECHNOLOGY
Real-Estate Strategy
6 / 28
05b / RE Ownership — Why It Works

Own the real estate.
Own the power stack.

01
Control the RE and power
No landlord can reprice, restrict, or reclaim capacity as compute value accretes. Voltron owns the power stack end-to-end.
02
Lower cost per MW
Acquiring at 10–31¢ on the dollar means each MW costs a fraction of greenfield or market-rate alternatives. The basis advantage is permanent.
03
Compounding upside — cash flow and equity
Compute revenue grows NOI; rising NOI against a fixed low basis drives exponential equity appreciation. Income and asset value accrete together.
04
One refinance seeds the entire region
A single performing asset recapitalizes the sponsor — returning equity and funding the next acquisition. The first deal pays for the second.
05
Increase power through permitting
Controlled real estate means Voltron can permit additional capacity at a known address — without moving, re-leasing, or competing for a new site.
06
Eliminate lease-renewal risk
Compute nodes embed deeply over time. Ownership removes the risk of a landlord terminating or repricing at the moment of maximum operational value.
VOLTRON  TECHNOLOGY
RE Ownership — Why It Works
7 / 28
06 / Inference Targeting — Method

How the MSA ranking is built.

Each market is scored 1–5 on four pillars, weighted to reflect an inference thesis — proximity and network matter most; per-site power is a feasibility gate, not the driver, because nodes are small.
Demand densityMSA size + enterprise/AI base
35%
Network / infrastructurePeering, fiber, cloud on-ramps
30%
Surplus real-estate opportunityDistressed / vacant office
20%
Power / grid friendlinessCost, headroom, permitting
15%
Pillar scores are analyst judgment derived from the cited sources, not a published index. Weights are a strategic choice — re-weighting changes the order.
VOLTRON  TECHNOLOGY
Methodology
8 / 28
Tier 1Tier 2Tier 3
07 / Inference — Top-20 MSA Ranking
#MarketPop¹DemNetREPwrComposite²
01Chicago, IL9.4M55434.50
02Dallas–Fort Worth, TX8.3M45454.45
03SF Bay / Silicon Valley4.7M55514.40
04Atlanta, GA6.4M45444.30
05New York Tri-State19.9M55324.15
06Austin–San Antonio, TX2.6/2.7M34554.00
07Houston, TX7.8M43453.85
08Northern Virginia / DC6.4M45323.80
09Phoenix, AZ5.2M35343.75
10Seattle, WA4.1M34443.65
11Los Angeles, CA12.9M53323.55
12Philadelphia, PA6.3M43333.35
13Charlotte–Raleigh, NC2.8/1.5M33343.15
14Miami, FL6.5M43233.15
15Boston, MA4.9M43313.05
16Denver, CO3.0M33333.00
17Minneapolis–St. Paul, MN3.7M33333.00
18Detroit, MI4.3M32432.90
19Tampa–St. Petersburg, FL3.3M32332.70
20San Diego, CA3.3M32322.55
¹ 2024 U.S. Census estimates, approximate.   ² Composite = 0.35·Demand + 0.30·Network + 0.20·RE + 0.15·Power; scores are analyst judgment. Treat sub-0.10 gaps between neighbors as noise — read the tiers, not the exact rank.
08 / What the Ranking Says

Tier 1 leads — but two markets carry a strategic catch.

// TIER 1

The clear leads

Strong on every pillar. The Texas and Georgia leaders pair top-tier networks with friendlier, faster power than the coastal hubs.

  • Chicago · Dallas–Fort Worth · SF Bay
  • Atlanta · New York · Austin–San Antonio
// TWO IRONIES

Read these before deploying

  • Northern Virginia has the best network on earth but the worst incremental power (moratorium risk) — the exact problem this model exists to route around. Rank overstates practical priority.
  • San Francisco has the deepest office discounts and the strongest AI demand — but AI tenants are re-leasing that space fast. The surplus-office window is closing: a move-now market.
VOLTRON  TECHNOLOGY
What the Ranking Says
10 / 28
09 / Learning — Power-Led Site Screen

Follow the power. Ignore the MSA map.

TierRegionWhy it screens wellVerify
T1Texas — ERCOTDFW, San Antonio, West Texas, HoustonDeregulated grid = fastest interconnect + competitive pricing; gas + wind; already the #2 U.S. data-center market.ERCOT price volatility; confirm large-load queue timing.
T1Iowa / Des MoinesAmong the cheapest power in the U.S. (wind + low density); proven hyperscale presence.Confirm headroom after hyperscale buildout.
T2Ohio / IndianaPJM & MISOColumbus a fast-growing hub; central; gas + nuclear.PJM capacity prices have spiked — check forward cost.
T2NevadaReno / Tahoe-RenoCheap power, dry climate, hyperscale + incentives. Water-free cooling neutralizes the desert knock.Transmission to specific parcels.
T2Mississippi / TVAVery low rates; TVA courting load; large committed AI projects signal capacity.TVA regulated — interconnection terms differ.
T3Upper PlainsND · SD · NE · WYLowest posted rates in the U.S.; cold climate. Ideal pure-power, non-MSA, 50 MW+ sites.Thin fiber backbone — verify long-haul.
T3Pennsylvania / MichiganFlagged as emerging for large AI training (gas/nuclear adjacency; flexible permitting).Less proven — confirm deliverable capacity.
T3Central WashingtonQuincy / Grant Co.Cheap hydro, cool climate, existing hyperscale cluster.Hydro allocations may be largely committed.
Cooling = a siting advantage
Voltron's water-free dry cooling removes water from the screen entirely — turning arid, power-cheap regions (West Texas, Arizona, Nevada, the Upper Plains) from a liability into a target. Validate hot-climate cooling efficiency per market.
Electricity figures are state averages (EIA-derived, 2025–26) for relative screening only — large-load contract rates are negotiated and differ materially.
01
Live Opportunities

From framework
to actionable deal.

The screen identifies where to deploy. The pipeline proves it's real. First up: a distressed, receiver-controlled Class A campus inside the Seattle MSA, available before it reaches the open market.
VOLTRON  TECHNOLOGY
Example 01 — Advanta, Bellevue WA
Live Pipeline
10 / Advanta — The Opportunity

A Class A Eastside campus — controlled by a receiver.

Advanta Office Commons is a three-building, 617K-SF Class A campus in Bellevue — about 5 miles from downtown Bellevue, 10 from Seattle and 5 from Redmond — ringed by Microsoft, Amazon, Meta and T-Mobile's headquarters. Previously master-leased by Microsoft, it is now controlled by a receiver, with a credible path to acquire it before it is listed to the open market.
617K SF
Class A · 7 floors · built 2008
~31¢
on the dollar — improvements only (land excluded)
~10 mi
to downtown Seattle · ~5 to Bellevue
3 bldgs
on one connected campus
Steel + concrete
Post-tensioned slab; shear-wall core
Fiber in place
Redundant Lumen to all three buildings
Why it qualifies

Inference-grade siting

  • Inside the Seattle MSA — a Tier-2 inference market on our screen, dense with AI/cloud demand.
  • In Bellevue, not Seattle — outside the city's new data-center moratorium (slide 02).
  • Distressed basis — exactly the office repricing the strategy targets (slide 06).
Why ownership — not a lease — is the right structure here
Owning the asset means controlling the power stack end-to-end. The distressed basis (~31¢) permanently lowers cost per MW; a Year-2 cash-out refi returns all equity and seeds the next acquisition; and permitting headroom lets Voltron grow the MW footprint at this address without competing for a new site.
VOLTRON  TECHNOLOGY
Advanta — The Opportunity
13 / 28
11 / Advanta — The Asset

Three buildings, one reinvigorated campus.

The campus — 617K SF across three Class A buildings
Eastside setting — Lake Washington & the Seattle skyline beyond
Renderings courtesy of the offering memorandum (Newmark / Talon Private Capital).
12 / Advanta — Location & Catchment

Last-mile to the Eastside's demand — and the region's.

I-5 I-405 I-90 SR-520 10 MI 20 MI EVERETT SEATTLE BELLEVUE REDMOND KIRKLAND MERCER IS. RENTON SEATAC ISSAQUAH TACOMA AMAZON MICROSOFT META T-MOBILE ADVANTA 617K SF · 15 MW
Seattle–Tacoma–Bellevue MSA. Diamonds mark major tech headquarters; rings show the 10- and 20-mile inference catchment from the site (true-distance). Geography stylized; coordinates approximate; markers indicate proximity, not tenancy.
13 / Advanta — Fit to the Model

Energized power and redundant fiber, already in the building.

17.58 MW
In-place electrical service across the campus
existing · no interconnect queue
15 MW
Reserved for Voltron compute (≈85% of capacity)
2.58 MW residual to the property
2 × fiber
Redundant Lumen entries; six 4" conduits each
low-latency, carrier-grade
~$23M/yr
Projected compute revenue (LLM + inference)
underwriting assumption
Speed-to-power

Deploy into capacity that exists today

  • Building A and Building B each carry two 4,000A services; Building C a single 5,000A — all 277/480V, 3-phase. Three chiller plants already installed.
  • Redirecting ~15 MW to compute skips the multi-year interconnection queue a greenfield build would face.
Dual use

Inference + learning under one roof

  • Inference nodes serve the dense in-MSA catchment on slide 12.
  • LLM capacity rides the same power envelope — a single site spanning both product lines.
Source — Ownership Records
Primary electrical service design capacity for Buildings A and B was nearly doubled from its original design with each building served by two 4,000 amp, 277/480 volt main services, with provisions for future upgrades to Building C. Primary and secondary feeders were upgraded from aluminum to copper; service transformers tripled; switchgear, panel, and related electrical infrastructure upgraded to the highest industry design standards. An additional 500 kW back-up generator was added alongside the existing 200 kW and 350 kW life-safety generators, with UPS battery back-up for the Building A computer lab and data network cabling rooms. Fully redundant permanent power infrastructure feeds all three buildings from multiple Puget Sound Energy substations via pad-mounted transformers to 277/480-volt main switchboards in each building.
14 / Advanta — The Acquisition

Buy off-market — then recapitalize in Year 2.

$52.4M
Purchase price · $85 / SF
$56.7M
Total capitalization (all-in)
65%
Senior debt (LTC) — $36.8M
35%
Sponsor equity — $19.8M
Sources & Uses
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
Acquisition loan: 6.5%, 25-yr amortization, 5-yr term. Receiver-controlled — acquiring before a public listing avoids a competitive marketing process.
The basis
Prior sale price$169,000,000
Our purchase — $85 / SF$52,445,000
On improvements≈ 31¢ / dollar
Why now
A receiver controls the asset. Acquiring before a public listing avoids a competitive marketing process — the gap between this basis and a market-clearing one. The Year-2 recapitalization (slide 15) returns capital fast.
VOLTRON  TECHNOLOGY
Advanta — The Acquisition
17 / 28
15 / Advanta — The Proforma

The five-year cash flow.

$ thousandsYear 1Year 2Year 3Year 4Year 5Exit
Occupancy0%20%40%60%70%80%
Avg. lease rate ($/SF)12.0012.6013.8615.2516.7718.45
Base rental income7,4047,7748,5529,40710,34711,382
(−) Vacancy & credit loss(7,404)(6,219)(5,131)(3,763)(3,104)(2,276)
Voltron — learning (LLM)16,87516,87516,87516,87516,87516,875
Voltron — inference6,3756,3756,3756,3756,3756,375
Expense reimbursements01,0642,1813,3544,0134,704
Effective gross income23,25024,80526,67128,89430,49332,356
(−) Operating expenses(5,201)(5,321)(5,453)(5,591)(5,733)(5,881)
Net operating income18,04920,54823,39926,65828,77331,180
(−) Debt service(2,984)(8,784)(8,784)(8,784)(8,784)(8,784)
Levered cash flow15,06511,76414,61517,87419,99022,396
Year-2 cash-out refinance
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
Projected returns
  • Going-in cap rate — 34.4%  ·  Year-1 DSCR — 6.0×
  • Equity multiple — 21.5×  ·  Levered IRR — 232%
  • Avg cash-on-cash — 80%  ·  Exit value — $416M ($674/SF)
Operating-expense detail (per SF): taxes $2.50 · insurance $0.40 · utilities $2.00 · electricity $0.14/kWh · R&M $1.25 · G&A $1.00 · management 2.5% of EGI. In-place underwriting starts at $12/SF (vs $33–41/SF prior rents). Projected per the sponsor proforma (05/10/26); driven primarily by the compute-revenue assumption and not guaranteed.
16 / Advanta — Path to Close

A clean six-step path to fee-simple close.

NOW · JUN 2026
Engage & pre-negotiate
Stay close to brokers and the receiver. Pre-negotiate every term possible before the asset is publicly listed.
~6 MONTHS
Collapse land lease
Collapse the ground lease so the deal delivers as clean, fee-simple title — a prerequisite to close.
2–3 MONTHS AFTER TITLE CLEAR
Due diligence
Open full diligence once the land lease is collapsed and fee-simple title is confirmed.
2 WEEKS
Negotiate PSA
Finalize and execute the Purchase & Sale Agreement within approximately 2 weeks of completing diligence.
60–90 DAYS
Close transaction
60 to 90 day closing period following PSA execution — lender funding, title transfer, and key delivery.
EST. APR–JUN 2027
Close
Estimated closing window between April and June 2027, subject to receiver timeline and lender approval.
Target close — estimated April to June 2027
Six months to collapse the land lease and deliver fee-simple title, 2–3 months of diligence, 2 weeks to negotiate the PSA, then a 60–90 day close. Timing is indicative and depends on the receiver and lender process.
↗ Advanta OM ↗ Full Advanta Proforma
VOLTRON  TECHNOLOGY
Advanta — Path to Close
19 / 28
02
Live Pipeline · Example 02

Lease into the power.
Then own the building.

Stadium Innovation Center is a 100%-leased Class A R&D building in Seattle's SODO — once Amazon's first Seattle data center — with four largely-unused utility transformers about 200 feet from a Seattle City Light substation. Enter through a Suite 505 lease, deploy compute into the surplus power, and hold an option to acquire the entire asset.
VOLTRON  TECHNOLOGY
Example 02 — Stadium Innovation Center, Seattle WA
Live Pipeline
17 / Stadium — The Opportunity

A 100%-leased R&D building — with power to spare.

Stadium Innovation Center is a 178K-SF Class A R&D building in Seattle's SODO, a half-block from the SR-99 tunnel and steps from Lumen Field and T-Mobile Park. It is 100% leased to Meta's Reality Labs (S&P AA-), GSA / Navy Recruiting (AA+) and KING5 — and was Amazon's first Seattle data center, with four utility transformers that sit largely unused today. Voltron would replace Meta on the 5th floor, occupying the full 39,000 SF Suite 505.
178K SF
Class A R&D · 6 floors · built 2009
~10 MW
Approximate in-place utility capacity
100%
Leased — Meta AA- · GSA AA+
8× fiber
Tier-1 carriers; redundant vaults
~200 ft
To a Seattle City Light substation
Suite 505
39,000 SF lease → option to own
Why it qualifies

Inference-grade siting

  • Dense Seattle core — a Tier-1 AI-talent market; AI tenants are migrating north from the Bay Area.
  • Data-center DNA — built for R&D / data-center use; four 3,000A transformers largely unused (slide 20).
  • Lease-first entry — deploy compute now via Suite 505, with an option to acquire the whole asset.
VOLTRON  TECHNOLOGY
Stadium — The Opportunity
21 / 28
18 / Stadium — The Asset

Built for data centers — and still wired for them.

178K SF Class A R&D · LEED Gold · Amazon's first Seattle data center
Power at the door — ≈200 ft from a Seattle City Light substation
Photography courtesy of the offering memorandum (Newmark / CBRE).
19 / Stadium — Location & Catchment

Last-mile in the dense urban core.

PUGET SOUND I-5 I-405 I-90 SR-520 10 MI 20 MI EVERETT BELLEVUE REDMOND KIRKLAND MERCER IS. RENTON SEATAC ISSAQUAH TACOMA AMAZON MICROSOFT META T-MOBILE STADIUM INNOVATION CTR SEATTLE SODO · ~6 MW
Seattle SODO. Rings show a 10- and 20-mile radius from the site, spanning the metro from Everett to Tacoma. Geography stylized; coordinates approximate; markers indicate proximity, not tenancy.
20 / Stadium — Fit to the Model

Surplus power and Tier-1 fiber, already in the building.

~6 MW
In place and usable today
equipped to step up to 8 MW
10–12 MW
Achievable at this building
permitting path for +2–4 MW
8 × fiber
Tier-1 carriers; redundant entrance vaults
carrier-grade, low-latency
~$12.4M/yr
Projected compute revenue (LLM + inference)
ramps to ~$18.6M from Yr 3
Speed-to-power

Capacity that exists today

  • ~6 MW usable in place today; equipment already installed to step up to 8 MW, with a permitting path for a further 2–4 MW (to 10–12 MW).
  • Fed at 26.4 KV, ≈200 ft from a Seattle City Light substation; four 3,000A/480V transformers largely unused, plus roof pads for four 2 MW generators — skipping the interconnection queue.
Data-center DNA

Inference + learning under one roof

  • Post-tension concrete, 125-lb floor loads, 14'3″ slabs, chilled-water cooling with 100% outside-air economizers.
  • Inference serves the metro catchment (slide 19); LLM rides the same power envelope.
Adjacent upside — "Home Base"
The neighboring property, Home Base, is also in play — an additional 10–12 MW of power that would create a contiguous, campus-scale power position alongside Stadium Innovation Center.
Power figures per the OM and sponsor; usable, permitted capacity to be confirmed with Seattle City Light before deployment.
21 / Stadium — The Structure

Lease first, then own — a two-step into the asset.

39K SF
Suite 505 — lease first (Year 1)
$60/SF
NNN Yr-1 base rent · $70/SF TI
$135M
Purchase option · $758 / SF
10–12 MW
Power to Voltron by purchase
Phase 1 — Lease (Year 1)
Premises — Suite 50539,000 SF
Base rent (NNN)$60 / SF
Annual lease payment$2,340,000
TI allowance ($70/SF)$2,730,000
Term10 years
Usable power6 MW
TI allowance of $2,730,000 exceeds the $2,340,000 annual lease payment — the full TI can be credited as one free year of rent, with ~$390K remaining for build-out. Another ~2 MW available quickly from equipment already installed.
Phase 2 — Purchase option
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 purchase10–12 MW
Lease first (Year 1), then own
Deploy compute and prove the site under the lease while pre-negotiating the purchase. The option preserves the right to acquire — exercisable after ~12 months — without committing the full basis up front.
VOLTRON  TECHNOLOGY
Stadium — The Structure
25 / 28
22 / Stadium — The Proforma

Lease Year 1 — own Years 2–5.

$ thousandsYr 1 LeaseYear 2Year 3Year 4Year 5Exit
In-place base rent—8,7489,0119,1919,3759,754
Parking & other income—2,2472,3152,3612,4082,505
Voltron — learning (LLM)9,0009,0009,0009,0009,0009,000
Voltron — inference3,4003,4003,4003,4003,4003,400
Voltron — expansion (Yr 4+)———6,2006,2006,200
Lease pmt / TI credit (net)——————
Effective gross income12,40023,39623,72530,15230,38330,859
(−) Operating expenses—(4,973)(5,119)(5,267)(5,420)(5,739)
(+) Expense reimbursements—2,5532,6302,7092,7902,960
Net operating income12,40020,97721,23627,59327,75328,081
(−) Debt service—(8,085)(8,085)(8,085)(8,085)(8,085)
Levered cash flow12,40012,89213,15219,50919,66919,996
Capitalization at purchase
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
Projected returns
  • Going-in cap — 15.5%  ·  Yr-2 DSCR — 2.6×  ·  Debt yield — 16.9%
  • Exit value — $372M ($2,090/SF @ 7.5% cap)
  • Equity multiple — 23.0×  ·  Levered IRR — 129%
  • Avg cash-on-cash — 112%  ·  Net proceeds to equity — $240.4M
Year 1 = Lease (Suite 505); TI allowance of $2.73M credited against $2.34M annual rent — net cost zero. Years 2–5 = ownership. Net proceeds = $372.2M exit less $124.4M loan = $247.8M, less transaction costs per sponsor proforma. Compute revenue drives returns — projected, not guaranteed. Source: Stadium_Innovation_Proforma.xlsx, Sheet1 (Jun 2026).
23 / Stadium — Path to Control

Lease the power now. No rent until 2029.

30 DAYS
Negotiate & execute LOI
Negotiate LOI with exclusivity — locking lease terms and the option to purchase. Execute within 30 days.
120–180 DAYS
Due diligence
Full diligence on the building, power, and fiber. Lease is negotiated simultaneously during this period.
DAY 150–210
Sign lease
Deposit + 1st month rent (~6 months total) due at signing. Full site access begins for tenant improvements.
UP TO 12 MONTHS
Free rent — Phase 1
12 months free rent, or until operations begin (whichever comes first). Complete TIs and install compute using TI credit of $2,730,000.
ANOTHER 10–12 MO
Free rent — Phase 2
Additional 10–12 months free rent; NNN charges are due. TI credit may cover NNN obligations during this period.
Jul 1, 2026
LOI Negotiations Begin
~Aug 1, 2026
LOI Executed
~Dec 28, 2026
Lease Signed
Dec 2026 – Dec 2028
~24 Months Free Rent
Jan 2029
First Rent Payment Due
~30 months from LOI start — effectively no out-of-pocket rent until January 2029
↗ Stadium OM ↗ Full Stadium Proforma
VOLTRON  TECHNOLOGY
Stadium — Path to Control
27 / 28
Appendix / Sources & Method

Inputs behind the framework.

U.S. Census BureauDEMAND
Metropolitan Statistical Area population estimates, 2020–2024 (CBSA-EST2024 series).
CBRE / JLLDATA CENTERS
North America Data Center Trends, H2 2025 — primary/secondary market tiers, supply, vacancy.
CommercialEdge · ColliersOFFICE
2025–26 U.S. office market reports — vacancy and pricing by metro.
U.S. EIAPOWER
Electric Power Monthly — industrial-rate baselines; state-average rate compilations, 2025–26.
Disclaimer. Figures are sourced but approximate and move quarterly — verify against the primary releases before any capital decision. Pillar scores and tiers are analyst judgment, not measured data. Building-level surplus power is not available in any public dataset and requires direct utility and owner inquiry. Visual identity (color, type) is approximated from Voltron's public site pending the official brand guide. This document is not investment, legal, or engineering advice.
VOLTRON  TECHNOLOGY
Sources & Method
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VOLTRON
High performance / Low latency / Decentralized
Voltron Technology — High-Performance Edge Computing
Inquiries: voltrontechnology.com/inquiries
VOLTRON  TECHNOLOGY
Strategy & Site-Targeting Framework
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