Big hire, new $KEEL President: Former chief business officer at $DLR

🚨 VALUATION GROUND FAULT $DLR just paid $27M/MW at a 6.5% cap for three fully-leased AI data centers, with 3.6% escalators, 15-year leases. This is now the North Star for stabilized AI infra. To refresh: Miners are converting Bitcoin infrastructure at $3-12M/MW. Same NOI economics (~$1.5M/MW). That's $15-24M/MW of value creation, if you can execute. CIFR, and HUT are two public miners that have signed triple-net leases with investment-grade hyperscalers, the same lease structure as DLR's Northern Virginia portfolio. To see what the market thinks of their remaining opportunity, take each company's disclosed stabilized NOI (net operating income), capitalize at DLR's 6.5% rate, and subtract net debt. That's the contracted book, valued at the clearing rate $DLR just paid. (The signed leases are already funded at the project level, so no additional equity is assumed to get there.) Subtract that from the actual market cap. The residual is what you pay for everything uncontracted: the energized capacity sitting idle (or mining BTC) and the pipeline behind it. The highest quality part of that residual is energized but unleased MW. Power on, interconnect done, substation built, no lease yet. Even if you attribute the entire residual to just these MW and give the pipeline zero credit, the implied values are roughly: >$2.9M/MW for CIFR's ~313 MW >$2.1M/MW for HUT's ~443 MW. Eight to fourteen cents on DLR's dollar for capacity that just needs a lease (not a permit). And the gigawatts of development pipeline sitting behind all of that: Zero. The land is free. There is no optimism in these valuations. In a market where plenty of stocks are priced off 2030 earnings, these companies cannot get any credit for powered land they already own. The market is pricing the long-dated pipeline as if AI infrastructure demand stalls, lease rates collapse, and the opportunity never materializes. Every lease signed, every MW energized, every quarter GPU rates hold is a step toward closing that gap.