Every BDG2 acquisition is underwritten as a vertical section through a high-density datacenter — rack, cooling, power, load. The shell is inherited; the power path is manufactured.
Below: a representative section through a brownfield site running institutional-scale compute. Scroll to walk the building — from rack to cooling to power to load.
Direct-to-chip and immersion cooling carry racks from 40 to 130 kW — load envelopes that air cooling cannot. Liquid loops shrink the white-space footprint and let an industrial shell run institutional-scale compute.
The building shell is already there — column grid, slab loading, clear height. The expensive concrete is sunk cost.
Rooftop chillers feed a closed-loop cooling system through the ceiling plenum down to in-row liquid units. Recoverable heat lifts off the loop for community reuse — and the industrial roof was sized for the HVAC load.
The roof was sized for industrial HVAC. We re-use the structural envelope, not rebuild it.
Service transformer steps high-voltage transmission down to the data hall; switchgear distributes through the hall. The inherited heavy-industrial service is a load-interconnection advantage — a compliant accelerated large-load process, not a bypass of regulatory review.
The substation, the right-of-way, and the historical service were already in place. Sellers price the parcel on industrial-land comps. We underwrite it on time-to-energization.
Once the racks come up on top of an inherited power path, the asset is no longer industrial land — it's interconnection-cleared, design-certified megawatts. That's what hyperscale capital underwrites on top.
Fund the provable; let it unlock the visionary. The first ~18 months produce the power path. Everything downstream stacks on top of it.