Welcome everyone to the AIB Data Centers virtual roadshow. This is going to be in a webinar format. In fact, today we are not going to just go through a presentation slide by slide. What we are going to do today is we are going to do something an interview style. With us today is the CEO, Jerry Tang, and the CFO, Jolienne. Welcome, both of you. My name is Ted Haberfield. I am from MZ Group. We are a full-service investor relations firm, and I am going to be your host for today. Look, I am extremely excited about AIB. I know that most of us are familiar with what is happening in the digital infrastructure build-out and AI space. Lots of opinions and lots of volatility.
Today we are going to get into the weeds on what Jerry views the industry as and really talk about AIB and how he is positioned AIB to be a leader within the space. Just a quick note, though, this webinar is currently going to be in a listen and watch mode only. We will open things up for live Q&A immediately following our interview. In the meantime, feel free to use the chat feature, which is to your right, for most of you, to submit your questions. While you are there, go ahead and just drop us a quick message, to confirm you can hear us okay, and let us know where you are watching from today. We would love to see that.
Also, please note a replay link for this webinar and roadshow will be emailed to you immediately after we conclude today's session. Keep an eye out for that email. Melody, welcome from San Francisco Bay Area. Thank you, Jim, for letting us know. Welcome. Before we do proceed any further, I do want to remind you, that today's webinar will contain certain forward-looking statements from management concerning future events. I am obviously not going to read this slide word for word, but please note that these forward-looking statements are based on the company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the company.
By their nature, forward-looking statements address matters that are subject to risks and uncertainties, and a variety of factors could cause actual events and results to differ materially from those expressed in these statements. With that said, why do not we just go ahead and jump into it? Hello, William from New Jersey, welcome, and Wagner from Boca Raton, Shawn from Henderson, Nevada. That is awesome. Welcome, all of you. Lots of folks calling in from all over the nation. Good to have you on board.
With that said, let me just start off with Jerry here. Jerry, thanks for your patience. Jerry, for someone hearing about AIB for the first time, how would you explain the business, who your customers are, and how the company makes money?
Yeah, sure, Ted. Do you use ChatGPT? Do you use Claude these days?
I do. Probably every minute.
We build the electrical cooling infrastructure behind the ChatGPT, behind the Claude, and other open source AI models. You can think of us as the physical infrastructure provider. We find land that has power to it, and then we put up a structure that the AI companies can install the servers there that powers the ChatGPT, that powers the Claude.
Your role really is bringing all these pieces together, right? You identify the suitable locations, right? You secure the power, you develop the facilities, and then provide capacity under these. These are long-term customer agreements, correct?
Yeah, exactly. We are secured by generally 10+ years contracts from our off-takers. In the case of CLT1, it is Nebius, and they have signed a 12-year contract.
That is fantastic. I would love to unpack the Nebius agreement here shortly. Before we do so, though, would love to just get a better understanding of what is the biggest obstacle to getting AI computing capacity operational?
The number one thing is that you got to have the power. You need to have either an ESA, that stands for Electrical Service Agreement, or PPA, Power Purchase Agreement, or FEA, if it is in Texas, without which there is really nothing to do. Once you have the power secured in the actual contract, you go out and market the site to the tenants. In AIB's case, we are targeting the neoclouds, the AI companies, and because we have decided to focus on the 40 MW to 90 MW segment, what I call the right-sized segment. We are able to deliver the capacity within 12 months, 14 months after we sign contract. With that, we have received a lot of demand for the sites we have secured. Each site we have, we have five, six people looking at the same capacity.
Great. Thank you. Because we have a lot of folks new to the story on our call today, we have over 200 people. I wanted to make sure that we just address a couple of things, just some foundational stuff. Another question that I know a lot of people are asking is very simple, what does power first mean in practice?
What that means is, in order to attract, we're customer first, right? Our customers are the AI companies, AI cloud companies. They all want to deploy compute to satisfy the increasing AI demand. They want the deployed capacity within 12 months, within 14 months, 15 months. That's where everything stems from. We go out and we look at sites that have a clear path and executed contracts to energization. That means a substation, feeders that feeds into data center within the next 12 months, 14 months. That is the first thing we do. We have a dedicated power sourcing team. All they do is look at various sites out there.
Since March, we have looked at over 60 sites all over the U.S. We sent LOI to a handful of them. We have a very stringent criteria, energization being one of them, but also permitting, approvals, various other factors would affect our decisions on site selection. Right now we have 120 MW contracted. We signed an LOI on another 60, and we have another 165 MW that are in the earlier stage of getting them under exclusivity.
Yeah. I want to go through the portfolio here shortly, too. Before we do so, though, one thing I was really impressed with you and the team on was just taking a lot of, not necessarily pride, but just a lot of value, in instilled culture in executing, right? Especially being a public company, right, you've got a lot of visibility, a lot of transparency. You've got shareholders that are watching closely. You got prospective shareholders that are watching closely. So execution does prove and show you as a leader, your management team, your operational team, and just your ability to execute. One thing that's come up, and obviously you're trading under AIB, right, on the New York Stock Exchange American. If you don't know that, everyone, it's under AIB.
One thing that a lot of people. You can have this power capacity and this utility capacity available, but really that first step of execution is getting a customer in and a tenant in. Obviously that, not for everyone, but for those that don't know, you just recently signed with Nebius, that you mentioned. What does the Nebius agreement mean for AIB's development as a company?
I was just talking to my sales guy a few days ago, and he told me he sat in this data center conference in Vegas, with 20, 30 other data center developers. None of them have signed a contract with an off-taker, with a tenant yet. First step, obviously you need the power. That'll probably filters out 90% of the players, whether or not you can secure real power. Securing a tenant will filter out another 90% of the players. We are in the real play field now. Here is why. In order for a company like Nebius to get approval to sign a contract with us, there's an extensive diligence process.
They need to vet the power contract. They need to vet the team's execution ability. They need to vet the ability or even existing POs for long lead time items. They need to vet the team's ability to secure contractors. In this case, we have a pre-construction contract in place already. They need the team to answer probably hundreds of design questions that fit their criteria. It's not a small undertaking to get through the entire process and land a signed contract.
This contract was what we are referring to just in your materials and in the portfolio. We are referring to this contract with Nebius at a project called CLT1, right? Where does CLT1 stand today, and what are the major steps before customer operations?
We already started the decommissioning process. We are still in the process of getting the permits from local authority. We are in active dialogue with them. We are engaged with a top investment bank to secure project-level financing and equity to fund the entire project. In addition to that, I was just told the escrow from the client is already in place.
Okay. That is important. One of the key steps before customer operations was to get the customer, in this case Nebius, to prepay their payment, correct? I know that is an undisclosed amount, but what you are saying, that did come in.
Yes.
Yes.
That is fantastic. That is great. We are going to get into the financing side of it with you, Jolienne.
I see somebody asked in the chat room about the 10 months delivery. I think Alan was asking, what does it mean when you say expect first data hall in 10 months? It is 10 months from us receiving the escrow, basically.
There you go. With that being received now, it starts the 10-month clock.
Yes.
Fantastic. Okay, since we are on the subject of execution and timing, what then and we will get into the financing side here, which I know people will have a lot of questions on that, but what are the most important schedule dependencies, and how are you managing them? What is in our control?
Yeah, so that is a great question, Ted. The most important thing is the executing POs for the long lead time items. That includes backup generators, that includes UPS, that includes switchgear. I can tell you, Jolienne, correct me if I am wrong, we executed POs on those already.
Correct. For our most critical long lead items, deposits are made, our place in the queue is secured, and for those critical items where late deliveries are not an option. We're well ahead of the game in the supply chain.
Yeah. Just to kind of give you a little color, most of my career was in finance and real estate, so I put together a team to help us to bring in internal capabilities. Procurement, we hired a gentleman named Joshua Fernandez. He used to source equipment for all the big hyperscalers, so he brought in a lot of that internal capabilities for us, and contacts for us to get the items we need in the timeline that we have promised to our customer.
Fantastic. I think this would be a great segue. This will be questions for both you and Jolienne, Jerry. Whoever feels the want to step up, please do so. Funding the project, right? How are you approaching the financing of CLT1?
Yeah. Is it for Jolienne or me?
Go ahead, Jerry.
Whoever wanted to step up first. I said CLT1.
Let me start, and Jolienne can add to it. My goal is to minimize dilution. The reason is very simple. I am the largest shareholder in this company. I do not want myself to be diluted. Second thing to say is, in my past career as a commercial real estate banker, I have done over $40 billion deals for various real estate and infrastructure projects. I am pretty experienced in arranging financing, be it a debt, pref equity, mezz, joint venture equity to own various projects, and the goal is to get the entire funding done on the project level. Jolienne?
Yeah, I think just to kind of quantify it for everybody, if the total spend for this project is anticipated just for round figures, $800 million, about $500 million-$600 million would be a debt portion, or a private debt portion. We would be looking for $100 million-$150 million in the preferred equity position, and then the rest will be equity funded. That we've already put forward equity into the project to date, in those long lead items, in the design of the facility, and securing the electrical components. Equity is already in the project from our follow-on offering. That is how we're planning to structure this at this point. We've said it many times, we'll say it again, we're not planning to need any common equity at the pub co level to finish this project.
Yeah. Maybe just add a little color. I see that Alan has asked a bunch of questions on debt cost. My current feedback I have gotten, and this is color from some of the investment banks we have been working with. The current color I'm getting is we will be able to get anywhere between 70%-80% of the total cost at a yield in the high single digits for Nebius. The reason why that's the case is I was told that Nebius has less debt than some of the other companies in the market. I think their debt is about $14 billion versus another company that has over $35 billion. There's less existing debt load on the company. We feel pretty good about getting the financing done in the next two months.
Yeah, I was going to ask about that. What I was going to ask about is what's on people's mind is, okay, it looks like you're protecting shareholders from dilution, which is really outstanding, right? To be able to fund a project of this size, of this nature, with the type of revenue or potential revenue recognition without diluting is pretty extraordinary in any industry.
Yeah. I think what you said it was pretty aligned. In terms of the pref equity yield, I think that piece of paper will probably in the low teens on current pay or PIK. Most likely, it's going to be PIK during the construction period with some equity kicker. They will probably get anywhere between 10%-20% upside on the project. And that structure is typical. If you look at Applied Digital, they arranged Macquarie to fund a pref piece with similar economics.
That's good because I want to get a better understanding, at least for those that are on today, of just understanding the economics, right? So what determines whether a project like CLT1 generates attractive returns? And I guess where I'm heading is, I guess the starting point is really the relationship between development cost and the cash flow the contract could generate, but maybe you can unpack that a little bit better for us.
Yeah. So I don't know how many real estate. I'm a real estate guy. I don't know how many real estate people are in the room. If you look at traditional commercial real estate property types, let's use rental apartments as an example. People develop to a 6.5% yield on cost. For data centers, it's typical we can get over 10% easily. In this particular project, I think our yield to cost is 11%+ . If you average the rent over the term. It's pretty good. This is our first contract, remember? You don't get your best deal on the first deal as a sort of a startup development company. We are a startup.
The next two or three contracts, I expect our lease rate to go up by 10%-20%, depending on the location and various other factors.
Makes sense. I appreciate that. Let's change our focus on, I think there was a great slide that you had up on the broader portfolio, right? How are we, or you, prioritizing the portfolio beyond CLT1?
DFW1 and DFW2. DFW1 we already own and control. DFW2 is under LOI. We are already in the market of marketing those two sites because we have power contracts in great form. We have land, we have a design even for both sites. They're already in the marketplace for tenants to diligence them. We are negotiating terms with certain tenants already for both sites. Once those two sites are contracted and financed, we will move on to CSO1 and MSP1.
Got it. Understood. Okay, that makes sense. Let's talk a little bit then about customer demand, right? What are prospective customers asking for today? Is that really just centering on usable capacity? How much power is available? I'm assuming that those are it, but what other things are they asking for today?
A few things. Obviously, power is first and foremost. Second, they want to work with firms with a credible team that they believe can execute. That's paramount. If they don't believe you, there's no way you can get them to even spend time doing diligence on you, on the individual sites. In terms of design, everybody wants liquid closed loop cooling. That's the more advanced cooling system without using a whole lot of water. Other than actually filling in the loop, you don't need more water for the cooling itself at all.
Yeah. I know one of these questions came across talking about the infrastructure, just looking at build times and stuff like that. Does AIB have something unique or proprietary in their build-outs that are able to expedite the infrastructure build-out timeline?
Yeah. I wouldn't say unique. I would go back to our focus on this segment of the market. That's 40 MW to 90 MW. I know somebody has been asking why we are focused on this. A large part of the reason is by focusing on this size, generally, we only need to build one building. It has a smaller footprint. It has fewer equipment to purchase. That's how we can deliver the capacity faster than some of the larger projects.
They have less complication as well because we only purchase sites that can energize in the next 12 months to 18 months. We are not dragged into any hope of, "Hey, we have 50 MW here. Let's see if we can get a 500 MW." We only look at a size that has the 50 MW only. We're not enticed by size that can have big potential to go up to a few hundred megawatts because we believe if you just focus on executing, we can deliver a much better product to the market, to our clients.
Makes total sense to me. I want to segue into something that has kind of been in the headlines a bit. That is really these data centers are being built within communities, some rural, some urban. There's some cities and counties and states that are more open. Some are more restrictive. It's kind of all over the board, right? But take into consideration, you got residents and officials deserving clear information about the infrastructure, the water requirements, the potential noise, the construction activity, and really the potential economic benefits. Taking that under consideration, how does AIB approach community concerns or questions? What's your approach on that?
We see us as part of the community. So when we go to any sites, when we look at any sites, if we are interested in going to the next step, we will proactively reach out to the community. If they have any concerns, we'll listen to them, engage with them in answering any questions they may have, and be transparent on what we are building here and what might be the impact it may have. Again, coming back to this 40- 90 MW footprint thing, we believe if you just focus on delivering that size on individual buildings, you will have less impact on the community, and you have more buy-in.
Fantastic. That makes sense. So Jolienne, I've got a couple questions for you. It's in line with something that I don't think most of us talk about, and that's the customer credit and contract protections. When underwriting a long-term customer agreement, how do you assess counterparty credit and structure protections for AIB, especially with some of you working with Nebius, but maybe working with others?
Yeah. When we engage in a lease negotiation, we obviously have an extensive due diligence process that we go through on our end. They're doing their due diligence, we're also doing our due diligence. That credit worthiness of our tenants is paramount, because that's what's financeable, is the strength of that lease. We knew when we were entering negotiations with Nebius, we had zero concerns in terms of the financeability, their credit strength. They're inches away from investment grade. It's as good as it gets. That is of paramount importance. The other piece that's important is having that parental guarantee. When you don't have that IG credit, is having that parental guarantee as that full backstop. That's another important component.
Then the third component is the security deposits that come into play during the negotiation. That's anywhere from one to two years of prepaid rent. That's an important negotiation point as well. In our case, dual importance in terms of security of the lease, but then also using those escrow funds, pulling that future equity forward, and using it to fund the first few months of the build-out while we're getting our debt financing in place. Those are the primary considerations.
Yeah. Well said, because my next question was going to be, how do you establish a reliable construction budget, and what protections or contingencies help manage potential cost overruns?
Yeah. We partner very closely with our GC in developing our budgets, with the Nebius team and their design specs, our design engineers. Everybody's participating as we're building out our budget. It's a dynamic process. There's still pieces moving. There's still design specs that are being finalized. Because with Nebius, we build up to the white space, and then we've also been contracted to fit out the white space. We actually start cash flowing this project early on. We don't need to wait until it's energized, because we do have a cash flow coming in from the build-out of that white space. We also factor into every budget a contingency.
We also have built-in protections with our vendors and our purchase orders that there's this paramount importance, you can't be late. We built in liquidated damages into all of our major POs with our vendors to make sure that things are on time, on budget. We know at this point, when we look at our share price, when we look at our evolution and where we are in the cycle, we need to prove our execution, and that means on time, on budget. That's it.
Yeah. Really well said. Let's talk about corporate liquidity, meaning how should investors distinguish between the capital needed to build CLT1, right, and the cash AIB needs to operate the broader business?
We have a healthy cash runway. We did our follow-on offering. I can't disclose what our cash balances are. That'll be all disclosed in our 10-Q. But we have a healthy runway. Cash management is of paramount importance, of course. Because we start cash flowing early on in the project, and that structure helps us, because that's a key question that always comes up. When do you start generating revenue? When do you start generating operating cash flow?
I would say that would be month two, month three of the project when we will start generating those operating cash flows as we start building out that white space.
Yeah. Excellent. You answered my next question.
I want to add something here, Ted . If you think about our business, we are essentially a development business, right? We spend money acquiring land, getting entitlements, getting tenant contracts signed, line up financing. When it is completed, value is created because once you have a stabilized asset, you will be valued at 15x, 20x of the NOI or EBITDA out of that contract. Really, as the development company, we share a very large percentage of that upside.
That is our business model. If your spend is only in acquiring new properties, you can make a very large multiples on that based on completion value.
Yeah. One of the things that I remember very loud and clear that we discussed a while ago, but I want to make sure it rises to the surface today for folks listening, is the fact that when the Nebius agreement got announced, you were excited, but you reminded me and said, "Hey, look, Ted, this is a rinse and repeat model." This is great that we have Nebius, but this is just the beginning of something that is going to be built out and repeated over and over again. With the economics that we've discussed today, it warrants that justification, right?
Yeah. I see the question from Paul about the delivery timeline, just to clarify again. The timeline for Data Hall in CLT1 is 10 months from this week, essentially. So you're talking about August 2027. For Data Hall 2, that's 14 months. That would be December 2027. In terms of delivery for DFW 1, DFW 1 will be end of 2027. Same thing for DFW 2. MSP1 will be first half of 2028.
Awesome.
The yield cost will be higher because the rental rate has gone up since we last negotiated the CLT1 contract, which we started with the negotiation back in May and June. Since then, the market rate for data center rental space has gone up 10%-20%.
Fantastic.
Generally, if you do not have an investment-grade backstop for the tenant, you will need a one to two years of customer prepay.
Okay. There'll be some other questions we'll go over here in a little bit. I'll tee up. But wanted to make sure that we got some other important things just revealed for the audience. That is, one of the things when we talk about execution, and we talked about how AIB has been able to execute so far to date. I wanted you to take a couple of minutes to just expand on the type of team that you've been able to build out, Jerry, and that allows you to be confident that we're going to hit your milestones on time, outside of the dynamics that are out of our control. But if you could just maybe address who's really behind you, what you've built out from a team perspective.
Yeah, sure. I think that's the most important thing and the most important asset we have as a company. I've been lucky, fortunate to assemble an exceptional team. I'll start from the right side. Alex has been a valuable strategic advisor. He was the VP of Sales at Digital Realty. Over 20 years in the data center industry. He has been guiding us on lease negotiations, site selection, and the tenant negotiations. Chris, he's our construction lead. He has done, in his past lives, in Amazon and some other firms, over 3 GW of data center constructions. And bringing along with him some very close contacts in GCs, in EPCs. That really helps us to have trusted contractors that will do what they say, because they have done that many times with Chris in his prior firms.
Gary used to work in Google, Dell, and most recently in Cologix, another colo provider. And he has been in the data center industry for a decade, negotiating various contracts with hyperscalers, with enterprise, with AI companies, AI cloud companies. He brings a lot of the market intelligence in the leasing market. Jolienne is our CFO. She's here. She is a former Deloitte veteran. Has done accounting, auditing in multiple companies. She, I think, prides herself as the first, I guess, number one CPA in Alberta. That brings a lot of financial rigor to the company. I, myself, you can see me as the financing person. I have done over $40 billion of deals when I was in Texas, running their commercial real estate finance business.
Fantastic. What a team. Great job. Congratulations.
I think I'm just going to add to this, too. These are the people that are within the organization, but it's also the partners that we have. Our GCs, our engineers, the legal teams that we work with. It's top-shelf Tier 1 level companies, individuals that we surround ourself with. Because this is the inside team, but it's a whole village that brings this success to this project. That is something that these individuals, as Jerry spoke to, that Chris is bringing his contacts forward. We've made amazing contacts with Alex and Gary, and it's really that broader network that surrounds us in terms of making sure this project is on time, on budget, and successful.
Good point. Look, I want to unpack some things here, because as an investor, I'm an active investor, too, and if you look at the landscape that's out there today, what's available for investors to invest in within the AI infrastructure build-out. We know that a couple of years ago, we've had a big run-up in the space, whether you're a hyperscaler or a neocloud provider or a data infrastructure build-out company, whatever it may be, or the picks and shovels behind everything. There's a variety of different options for people to choose from. But when it really comes down to the companies that are really building the infrastructure, there's not a whole lot, realistically.
You've got some that are very highly valued that took advantage of the run-up and the hype, and just because they had power. That landscape's changed a bit. Those have come down and pulled back, but are now stabilizing. But when we look at AIB, and if we're measuring valuation, it's pretty extraordinary to see AIB trading at a significant discount relative to what other companies are trading at within the space. I would love for you maybe to just maybe speak to that. I know you're only six to eight months public, maybe that's what it is. But you've had some great investors come in that have done their diligence.
Maybe just speak to this slide a little bit better that you feel comfortable doing so.
Yeah, sure. I think there are a few key points. One, obviously we are new to the block, being public for seven months at this point. Two, I think there is a sort of a panic in the market on financing, the availability of financing. Personally, I think the big misconception or perception is that financing is not available because the corporate level bonds of certain company has widened out dramatically. I think the misperception here is these financings are all project level financings.
They are underwritten based on the contracts that we have secured. In this case CLT1 is the contract with Nebius. So that is the more important thing to look at versus corporate level financing, because we do not want to have corporate level financing right now given where the stock price is.
Yeah, I mean, [crosstalk].
And the other thing too, we just need to prove ourselves, right? We need to continue to execute, deliver capacity, and getting financing in place, et cetera.
Yeah, I think, look, as an investor and you want exposure to this space, this digital infrastructure build-out space, you've got options like you see up here. Would you rather buy a WULF at $23 million per megawatt or would you rather buy Applied at $11 million, or even better, buy something that appears to have a significant valuation gap like an AIB. It does give a lot of optionality. Nobody can predict what the market does, but one would say that the digital infrastructure is just at the beginning, first and second inning of a massive build-out. As you compare it to the internet, as you compare it to telecommunications, as you compare it to the railroad, nobody wants to miss out on this one. If we can get better valuations, that could be even a better entry point.
Let's see. I wanted to open it up for Q&A here. We're at the half-hour mark. We've got lots of good little questions that I'm going to kind of pick and poke at. Some may be a little bit repetitive. But I thought we'd just maybe go through some. Some have already been answered. But just give me a little bit of patience here to bring some to the fold here. Jane has a good question. "Do you only work on the land that has power? What power requirements or conditions? Do you take care of the power grid upgrade?
Yeah. Generally, we only work on the land that already has power. CLT1 is a classic example of that, where there's already a substation next to our land. The utility company, they already allocated megawatts of power to the existing Bitcoin mining facility. So that cuts short some of the delivery timeline. But we would look at a greenfield development as well if there's a realistic timeline to get to a 12 months energization. Generally, we are asked to shoulder the burden on substation build-out or any upgrades to the distribution lines, transmission lines. The beauty of the smaller sort of a segment, I hate to be a broken record on this, is generally this size, they do not need major upgrades on transmission lines.
They do not need the utility to build a new generation power plant. They may even have a substation already that may need a minor upgrade. It doesn't cause any major impact on the grid. As a matter of fact, if you already have a substation that is underutilized, the utility has invested a lot of money into the substation, into the distribution line, so they will make revenue on sunken cost that could help reduce the power rates for the population in the same area.
Great. I'm going to take two more questions, and both of them are going to come from Greg. I appreciate these two questions, Greg. Can we handle simultaneous build-outs if we secure new tenants prior to the completion of the Nebius site? I like that question because it's really leaning towards our capacity, right? A follow-up to that from Greg is, will financing options narrow on subsequent projects? Meaning, will we reach over-leverage at some point and not be able to handle simultaneous build-outs as we secure additional tenants? It's an excellent question.
Yeah, that's an excellent question, Ted . This is something Chris and the project management team has been working to make sure we can do together with our GC and EPC partners. Right now, the estimate is we can have three to four sites under construction simultaneously with the existing contractor in place. If we were to go beyond that, we'll need to bring in new GC, new EPC to the mix. Obviously, we'll have to hire a couple more PMs if we do have four sites being built simultaneously, because ideally we want one PM per site.
Great. Greg, I hope that answered your questions. Appreciate it, Jerry. Look, we're at that point where we're close to almost hitting almost an hour of your time. We're going to wrap this up and, before we do so, I wanted to thank Jerry and Jolienne. Thank you for your transparency. Thank you for just answering some easy and some hard questions. I know it's difficult running a public company. Before we jump, I want to just open it up. By the way, for those of you that have questions that didn't get answered, just send an email. You can go to investors.aib.us or just aib.us.
There's ways that you can book a call, submit a question, send an email. A variety of different ways of being able to reach management and/or their advisors. Just wanted you to be aware of that. Before we depart, Jerry, Jolienne, any parting words for the audience, just thinking through things where, "Wow, I should have mentioned this," or, "I want to make sure the audience is aware of this before we sign off.
I think when you think of what pops to mind for me and where we are in our evolution is, if you think about real estate is all location, location. Where we are, it is all about execution, execution. Being on time, on budget, and just delivering that stockholder value and just being able to demonstrate that. That is where our laser focus is. That is we are 100% team dedicated to that. We can look at our stock price. We are rising and falling with the tide right now, but our focus is on building this data center, and we are excited.
Yeah, I agree 100%. It is power and execution, and we have got them both.
That is great. Well, listen, congratulations on building out such a fantastic company. No debt on the balance sheet, trading at a great valuation, in my opinion. Your analysts, how many analysts cover you, by the way?
Three.
You have three people analysts with an average price target of what was it?
Yeah, I think we have two more initiating coverage. They just haven't published yet. The average would be, you know what, around I think the $3 range.
Around $3 range. We are trading at low $1 or something like that. Guys, listen, congrats on a great business. It is my favorite in the space. Thank you for your time. Everyone in the audience, thank you for joining. Reminder that a replay will be sent to you, so you will be able to send it to friends or re-listen to it, whatever you would like. Again, feel free to reach out to management. There are lots of resources if you want a follow-up call to answer any additional questions. Thank you for joining, and have a good rest of your day.
Thank you. Thanks everybody.
Thank you.