Why Now

AI compute demand has outrun hyperscaler supply; energy, not chips, is the binding constraint — and the estate's position is energy-anchored compute plus a conversion-ready demand base.

The window

Compute scarcity: GPU availability is the sector bottleneck (CEO A1 anchors NorCal 400,000 sq ft / 55 MW for July 2026 — LOI secured).

Energy moat: colocated energy planning (ECXI ZERO, 35% ECX reserve position) determines who keeps margin as clusters scale.

Demand ready: 150,000 DAU acquired base converting now; 30 rental accounts queued within 9 months.

Governance regulation: EU AI Act alignment is already built into the ActiveAI evidence/WORM/HITL spine — ahead of enforcement.