MicroLink Data Centers
Prepared May 2026 / Phase 1 raise / Confidential

MicroLink Investmentthe investor brief

The Document

Compute, inside the host. We deploy high-density liquid-cooled blocks of 50 to 150 kW per rack inside industrial sites whose process heat we recover. Phase 1 mobilises 344 million dollars across five Special Purpose Vehicles. By Year 7, cumulative capex reaches 1.8 billion across 144 MW of main capacity and 25 MW of home capacity. Hosts are partners. Heat offset is value-add.

Prepared for
Phase 1 capital
Lead and follow tranches
Prepared by
MicroLink team
CEO and HoldCo
Version
3.0 Draft
Status: provisional
Stage
Pre-ratification
Phase 1 in raise
Next review
June 2026
Owner: Nick
00 The Thesis
We do not build data centres next to grids. We put compute inside industrial sites whose process heat we recover. Liquid cooled by architecture, not preference. Density of 50 to 150 kW per rack. PUE 1.12 paired with ERE under 0.5. Phase 1 demonstrates the model across five SPVs. By Year 7, MicroLink reaches scale as a vertically integrated platform.
01
Phase 1 total capital
344$M
Equity plus senior debt mobilised across five Phase 1 SPVs.
High Sourced
02
Phase 1 equity raise
72$M
HoldCo and five SPVs combined. 20 to 80 across the SPVs above $20M.
High Sourced
03
Year 7 cumulative capex
1.8$B
Across Phase 1, Phase 2 and Phase 3 build out.
Medium Modelled
04
Year 7 capacity
144MW
Main capacity plus 25 MW home capacity.
Medium Modelled

The architecturein one move#

A short subtitle expanding the heading. We do not build data centres next to grids. We put compute inside hosts whose process heat we recover.

A three-loop thermal architecture moves server heat through a facility CDU at 65 degrees Celsius (149 degrees Fahrenheit) return into a host loop. The host loop powers digestion, drying, or hot water. A dry-cooler fallback is always present for 100 percent rejection. Heat is a product, not a problem.

Density of 50 to 150 kW per rack sits well above conventional ranges. Direct-to-chip cold plates carry the load. Two 40-foot shipping containers per MW give us a deployable footprint that fits inside operating industrial sites.

Each site pairs metric and imperial measurements throughout. Power is metric first. Temperatures are metric first. Distance and area follow the host convention.

Density
50 to 150kW/rack
Direct-to-chip cold plates.
PUE / ERE
1.12 / 0.5
Paired metrics, ERE alongside PUE.
Edge per site
$40000capex
Host-adjacent edge nodes.
!
Why hosts are partners
The host provides the heat sink, the site, and the planning standing. MicroLink provides the compute, the digital revenue, and the heat. Both sides win or neither side bites.

The capital stackfive vehicles, one platform#

Phase 1 mobilises $344M across HoldCo and five SPVs. The stack is the architecture of the company.

HoldCo raises $5M for 10 percent at $50M post-money. Each SPV raises its own equity tranche alongside senior debt. The SPVs are 20 to 80 above $20M; exceptions sit below.

Seattle SPV
$15M equity
UW Seattle plus 5 City of Seattle edge.
San Jose SPV
$36M equity
San Jose Regional Water Facility host.
Dublin SPV
$14M equity
International pilot, IP DAC adjacency.
Edge SPV
$2M equity
Choice Hotels activation; $8M facility.
Brewery SPV
$4M total
AB InBev St Louis. Sponsor and grant plus debt.
Phase 1 debt
$270M senior
Alongside SPV equity, term loans.

The Capital Stack chapter has its own page. This summary is the elevator version.

The exitYear 7 base case#

Three exit paths sit downstream of the Phase 1 raise: sale, hold, or partial. Base case is sale at Year 7.

By Year 7, MicroLink reaches $456M of EBITDA across the consolidated platform. At a base multiple of 12x, that values the company at $5.47B enterprise value. Sensitivity bands and acquirer universe sit one click into the brief.

Anchor pricing of $200 per kW per month is the price floor against which sensitivity is run. Anchor revenue is 40-50 percent of total revenue; owned 5-10 percent; host 5-10 percent. The remainder is market fill.

!
What unblocks per-investor returns
Per-investor MOIC and IRR resolve once the cascade engine commits the Phase 1 cap table at financial close. Resolved next round.