ECXI ZERO: Southern California's Premier AI-Ready Data Center Campus
TL;DR: 365 MW redundant dual-tower capacity · Targeting a ~4x acquisition-cost spread (illustrative, forward-looking, not guaranteed)
A 365 MW redundant dual-tower infrastructure platform designed to address the constrained supply of AI-ready data center capacity in the Southern California market.
Energycapitalx Infrastructure (ECXI) · Southern California site · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
What Energycapitalx Does
TL;DR: Specialized cloud and cybersecurity platform targeting a global market projected to exceed $250B by 2027, with a diversified, multi-service revenue model.
Since 2018, Energycapitalx has applied research to commercial-grade solutions for AI-driven active defense, machine learning for authentication, and real-time cyber risk management. The company operates as a niche cloud service provider building on secure data hosting and AI containerization, positioned within a market projected to exceed $250B by 2027 (third-party market estimate; forward-looking, not guaranteed).
Consulting
Cybersecurity strategy, IT due diligence, cyberattack response, and technology platform assessments
Infrastructure
Cloud Infrastructure-as-a-Service (IaaS) and Secured Private Cloud (SPC) hosting for enterprise-grade resilience
Sector Roll-Up
Acquiring and integrating complementary cybersecurity companies to build scale and market position
Scale Operations
Target expansion of training programs, IaaS offerings, and physical data center infrastructure (subject to financing and execution)
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Three Forces Driving Urgent Demand
TL;DR: Demand drivers include ~63% of breaches tied to third-party vendors and AI workload growth targeted at 20%+ within 12 months.
The Executive Communication Gap
C-suite officers and board members require risk presented as a clear, quantifiable business metric rather than a technical report. Many existing security tools do not translate risk into the business language of probability and impact that executives use to make decisions.
Third-Party Vendor Risk
Approximately 63% of breaches are traced to third-party vendors. As supply chains grow more interconnected, demand for automated, continuous vendor risk scoring is rising.
AI Data Center (AIDC) Infrastructure Demand
Data center operators anticipate AI computing workloads rising 20% or more within 12 months. Forward-looking industry projections (illustrative, not guaranteed) point to AI-driven power demand growing roughly 30x by 2035, increasing the need for secure, scalable AI-ready infrastructure.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Addressing Southern California's AI Compute Latency Gap
TL;DR: A 365 MW locally anchored campus targeting materially lower inference latency for the Southern California market.
The Problem
San Clemente and the broader Orange County market have historically experienced AI generation latency, a direct consequence of limited local data center infrastructure. When AI compute requests originate in Orange County and route to data centers in Los Angeles, Phoenix, or Northern Virginia, cumulative round-trip latency can degrade model performance, inference speed, and real-time application responsiveness.
The root causes are twofold: a limited base of local critical IT capacity, and Southern California power costs that have historically constrained data center development. Few projects have addressed both constraints at sufficient scale to materially change regional compute capacity.
The ECXI 0 Solution
ECXI 0 is designed to address both root causes. The 365 MW campus introduces locally anchored compute capacity intended to serve regional AI inference, model training, and enterprise colocation demand without cross-regional routing. At full build-out, the project is targeted to represent a meaningful addition to regional compute supply.
The fiber infrastructure strategy is intended to complement the latency objective. Diverse, redundant fiber pathways are planned to reduce exposure to local traffic chokepoints. Network design will be finalized once the analysis confirms whether observed latency stems from bandwidth limitations or traffic routing inefficiencies.
The project team has identified proximity to a major regional life-sciences and technology campus, San Diego's high-tech, biotech, and scientific research hub, as a potential demand driver. The AI and computational research needs of that community represent a near-term prospective tenant base for ECXI 0 capacity. Forward-looking, not guaranteed.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Forward-looking statements are illustrative and not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Infrastructure Deployment Roadmap
TL;DR: Phased, stage-gated build-out. Each stage is funded and de-risked before the next begins, with a single-digit-percent share of total capex committed to the initial stage.
ECXI 1k
1,000 sq ft facility in Tennessee, active today for developing and staging high-density compute and network assets
High-density lab data center, under 1 MW
AIDC Campus (ECXI 2M), Northern California
Letter of intent secured for a fully entitled data center campus available for near-term production deployment, subject to definitive agreements.
Activation targeted mid-2026, ~400,000 sq ft (phase 1)
Build-out targeted 2026–2028, ~2,280,000 sq ft (~5.7x phase 1 footprint)
Energy Capital Tower: Artificial Intelligence Data Center (AIDC)
Two ~200,000 sq ft, five-story towers in Orange County, California, with ~65 MW of planned capacity and a capitalization structure in the single-digit-percent range of total program capex
Adjacent to a ~4,000 MW transmission line serving Camp Pendleton Marine Corps Base
The ECXI phased deployment strategy minimizes execution risk while ensuring that Energycapitalx (ECX) has the infrastructure capacity to support its target revenue growth trajectory.
Each stage is designed to be funded and de-risked before the next begins, subject to definitive offering documents.
Cipherbit LP acts as General Partner and General Contractor, enabling a mid-market company to design, develop, and operate owned digital infrastructure.
The company's affiliated training and certification platform complements the business model with training and certification, workforce development, outreach, contracted research, and public-private partnerships (PPP).
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
A Team of Operators, Not Administrators
The Energycapitalx leadership team brings together management consulting, enterprise information security leadership, capital markets, and hands-on engineering delivery, with a track record of executing enterprise engagements end to end.
TL;DR: Cross-functional leadership spanning consulting, security, capital markets, and engineering.
Competitive Differentiation: Platform Thesis
The Market Opportunity
Many organizations find it difficult to translate technical cybersecurity findings into business-risk language that boards and executives can act on. Existing offerings often sit at one extreme: highly technical outputs or high-level assessments with limited operational detail.
Ethical hacking has historically relied heavily on manual, tool-assisted workflows with lengthy reporting cycles. ECX's AI-assisted platform is designed to reduce that cycle time and improve consistency. Projected efficiency gains are forward-looking targets, not guaranteed outcomes.
The ECX Approach
- Budget-aligned scoping: engagements are scoped against client risk budgets rather than commodity price comparisons
- Agile delivery: short-cycle sprints with defined milestones
- Framework-aligned reporting: cybersecurity framework mapping and third-party scorecards included in deliverables
- Quantified risk: findings expressed in business-impact terms to support executive decisions
- Integrated delivery: strategy through infrastructure within a single platform
Executive Officers & Boards
C-suite leaders and board members who need cybersecurity risk expressed as a business metric to support governance and oversight decisions.
Enterprise Organizations
Large organizations with complex vendor ecosystems and multi-cloud environments that require continuous risk scoring and third-party security management.
Regulated Industries
Financial services, healthcare, and government contractors subject to cybersecurity framework requirements and regulatory oversight.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Marketing & Channel Strategy
TL;DR: ~350K-user base acquired via a strategic investment; channel-led distribution through VAR and MSP partners.
VAR & MSP Channel Model
Energycapitalx goes to market through Value Added Resellers (VAR) and Managed Service Providers (MSP), including a partnership with a leading enterprise IT solutions provider and a strategic managed-services partner. SKUs are assigned across the product portfolio for streamlined partner distribution and revenue attribution.
Web3 & User Base
The strategic investment provides immediate B2C/B2B market access to a base of ~350,000 users. ECX leverages this acquired base alongside Web3 assets (a mobile app and browser plugin) to provide the UI/UX layer for Cipherbit IaaS, with the aim of reducing customer acquisition costs relative to cold-channel benchmarks (target, not guaranteed).
The Innovation
ECX is developing Cipherbit Security™, a crowd-sourced security program that broadens access to specialist cybersecurity talent. The service provides a no-cost initial assessment for prospects and links a fractional virtual CISO (chief information security officer) to each engagement, aiming to make enterprise-grade security accessible to organizations of a wide range of sizes.
Using a bug bounty model, Cipherbit Security™ engages global security researchers to continuously identify and report vulnerabilities, offering an always-on alternative to periodic point-in-time penetration testing.
Program Highlights
- No-cost initial security assessment
- Fractional virtual CISO assigned to each client
- Continuous bug bounty researcher engagement
- Alternative to periodic pen tests
- Designed to scale from SMB to enterprise
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Cipherbit IaaS: Risk Intelligence, Redefined
TL;DR: Real-time, probability-weighted risk quantification at asset level, reported in financial terms.
What Cipherbit Does
Cipherbit transforms raw security device events into probabilistic risk elements, delivering real-time calculation, modeling, and reporting on a minute-by-minute, hourly, daily, and monthly basis.
Risk is tied directly to individual assets, giving security analysts an actionable remediation list while finance stakeholders receive risk expressed in financial-impact terms.
Key Capabilities
- Real-time risk quantification using probability × impact modeling
- Asset-focused analysis with device and database prioritization
- Financial reporting: risk expressed in dollar-impact terms for executive review
- Technical asset lists for immediate remediation
- Continuous monitoring across all time horizons
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Real Estate Development & Financing: CipherBit LP
GP/GC Integration Strategy — Margin Internalization & Capital Structure
TL;DR: Illustrative committed-capital ratio of ~307:1 to the project SPV · Target return metrics subject to definitive offering documents
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
TL;DR: ~307:1 committed-capital-to-project-cost ratio on entitled land with ~4x power-cost spread versus the Southern California market average.
Investment Summary: Key Investment Attributes
Entitled Land — Reduced Entitlement Risk
Zoning is in place (M1), with no discretionary approvals or rezoning applications identified as required. Building permit submission is targeted to begin upon finalization of the tenant improvement (TI) scope. Projects requiring rezoning typically add an estimated 18–36 months of calendar risk.
Transmission Access
The site is described as having access to four 1,000 MW transmission lines from the San Onofre corridor, plus dual utility circuits on-site. Access to transmission capacity is a primary constraint in data center development, and the site's access profile is presented as a differentiating attribute, subject to utility confirmation.
Power Cost Differential
Projected power pricing of approximately 12–16¢/kWh compares with a market average of approximately 32¢/kWh, an illustrative spread of roughly 2–2.7x. Pricing is forward-looking, not guaranteed, and subject to definitive utility and offtake agreements.
Capital Structure
Committed project-level capital equals approximately 307:1 relative to the Phase 1 SPV base capital reference. The Phase 1 sequencing approach (land, then core/shell, then tenant TI) is designed to align capital deployment with risk reduction at each stage. Target return metrics are illustrative and subject to definitive offering documents.
The ECXI 0 opportunity reflects an identified supply gap: limited availability of AI-ready compute capacity in Southern California. The site combines entitled industrial land, transmission infrastructure access, and a utility rate profile that, if realized, would differ materially from the regional market. Outcomes depend on execution, tenant demand, and utility arrangements, and no return is assured.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. This material is for informational purposes only, does not constitute an offer to sell or a solicitation of an offer to buy any security, and is subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
The San Clemente Site
Acres
Parcel size in San Clemente, Orange County, CA
Zoning
Heavy Industrial, permitting data center development within existing entitlements
Bedrock Depth
Approximate depth below ground level, making aggregate pier foundations viable
Structural Premium
Engineering estimate above baseline construction costs
- Existing M1 zoning; no discretionary rezoning required
- Sub-grade construction expected to place noise-generating infrastructure below street grade
- Permit timing remains subject to local agency review
The "Digistructure" Concept
The San Clemente facility is structured as a Digistructure, combining digital infrastructure and physical real estate assets within a single project.
ECX-powered Digistructure is designed to capture value across two categories: commercial real estate and technology platforms.
The thesis draws value from both the underlying hard asset (building and land) and the operating platform (colocation and IaaS revenue streams).
Hard Asset Foundation
The physical structure on 5.77 acres of M1-zoned land provides tangible collateral value and potential sale-leaseback optionality, subject to market conditions and definitive documentation.
Sale-leaseback proceeds are modeled at roughly 1/10 of total project capitalization as an illustrative liquidity lever.
Digital Operating Platform
The 365 MW critical IT load capacity is designed to support IaaS (Infrastructure-as-a-Service) revenue from enterprise, hyperscale, cluster rental, and AI tenants.
Illustrative target: revenue scale-up of roughly 3.4x from launch year to the forward-looking 2028 exit horizon. Projections are not guaranteed.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room · Subject to definitive offering documents
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Master Plan: Redundant Twin-Tower Configuration
TL;DR: Active/active 2N twin-tower design · ~2x fault-domain redundancy · bedrock at ~25 ft supports an estimated ~5% structural premium over baseline.
Tower A & Tower B — Active/Active Fault Tolerance
The campus master plan is built around a redundant pair of data center towers — Tower A and Tower B — operating in an active/active fault-tolerant configuration. This 2N distributed redundancy model is a widely referenced architecture for hyperscale and AI-compute deployments: if one tower experiences a failure, the paired tower is designed to sustain the critical load. This is a target design objective, not a guarantee of uninterrupted operation. Both towers are designed to operate concurrently and to support each other's load.
Each tower is planned at seven total levels: two sub-grade floors and five above-grade floors. The sub-grade levels use the site's natural topography to locate heavy mechanical and power infrastructure below street level, addressing community noise, air quality, and aesthetic considerations. The above-grade levels are designed for high white-space density, hardened security, and operational efficiency.
Foundation Engineering
The foundation system leverages favorable geology: bedrock at approximately 25 feet below grade. This supports the use of aggregate pier foundations, a stable and cost-effective approach for multi-story heavy infrastructure. The estimated structural premium for this approach is approximately 5% above baseline costs, based on preliminary engineering and subject to final design. Comparable urban infill sites often require deep pile or complex mat systems, which can add materially to structural budgets (illustrative range, not site-specific).
The compact 5.77-acre footprint requires high lot coverage and carefully engineered perimeter security. Heat rejection, physical security setbacks, and utility easement management will require disciplined site planning. Density considerations are weighed against the power access and entitlement profile of the site.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room · Subject to definitive offering documents
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Tower Level Specifications: Ground Up
TL;DR: Two-tower active/active design with 4 dedicated white-space floors (~57% of above-grade program) and sub-grade power and cooling infrastructure.
Level -2: Power Generation & Storage
The deepest sub-grade level is dedicated to primary backup power generation. Natural gas generators are housed within a two-foot thick reinforced concrete walled underground enclosure, engineered to strict noise attenuation and air quality standards. This sub-grade placement reduces the visual and acoustic impact of traditional surface-mounted generator systems, supporting community relations and permitting. Fuel cell integration is anticipated as a supplemental and transitional power source alongside primary gas generation, subject to final engineering and permitting.
Level -1: Cooling & Utility Ingress
The upper sub-grade level serves as the project's mechanical and connectivity spine. High-density liquid cooling heat exchangers occupy the primary volume, supported by main utility feeds including regional electric utility circuits, natural gas transmission line termination points, and fiber optic ingress infrastructure. Diverse, redundant fiber pathways are engineered to reduce single-route dependency and mitigate latency constraints associated with local network chokepoints.
Level 1: Security & Operations
Ground level functions as the secure interface between the outside world and the critical infrastructure above. A hardened mantrap entry system controls all personnel access. The Security Operations Center (SOC) and Network Operations Center (NOC) share this level, providing 24/7 monitoring, incident response, and network management capability. Administrative office space and tenant interface functions keep operational staff physically separated from white-space environments above.
Levels 2–5: White Space Data Halls
Four full floors of high-density data halls, engineered to accommodate high rack densities required by AI and hyperscale workloads. These levels are designed for active/active redundant operations across both towers, with flexible power distribution architectures supporting redundancy configurations from N+1 to 2N as tenant requirements are finalized. The white-space floors form the revenue-generating core of the campus and are designed for adaptability as compute density requirements evolve.
Illustrative design parameters only. Forward-looking and not guaranteed; subject to definitive offering documents. For further information, contact the Investor Relations team via the data room.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Architectural Renderings: Exterior Elevations
TL;DR: Twin-tower configuration with integrated sub-grade infrastructure, designed for environmental and aesthetic integration in the San Clemente, Orange County, CA setting.
ECXI 0. These visualizations illustrate the "Digistructure" concept, blending functional infrastructure with aesthetic integration into the Southern California landscape.
The twin-tower configuration and integrated sub-grade elements are highlighted, reflecting a commitment to both performance and environmental harmony. Renderings are illustrative and forward-looking; final design is subject to permitting, engineering, and definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Operating Cost Model: Power Economics
TL;DR: Target power rate of ~50% below the SoCal market average (~$0.16 vs. ~$0.32/kWh), implying a ~2x cost advantage at the target rate.
The Rate Arbitrage Opportunity
Southern California's utility rates have historically made large-scale data center development in this market economically challenging relative to established markets such as Northern Virginia, Phoenix, or Dallas.
The ECXI 0 investment thesis is premised on the target of negotiating power rates at roughly 38 to 50 percent of the SoCal market average, based on the transmission capacity being activated and right-of-way access to existing regional transmission infrastructure. These rates are targets and illustrative assumptions, not guaranteed outcomes, and remain subject to negotiation with the relevant utility and transmission counterparties.
At the target operating rate and 100% load, annual power OpEx is modeled at a ratio of roughly 1.0x of the illustrative cost base, structured as a pass-through in tenant lease agreements, a standard practice in net-leased colocation and hyperscale contracts. Forward-looking, not guaranteed; subject to definitive offering documents.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
TL;DR: Existing M1 (Heavy Industrial) zoning · no rezoning or discretionary entitlement required
Entitlement: Site Positioning for San Clemente
Current Zoning Status
M1 — Heavy Industrial. Zoning is in place and uncontested. The M1 designation permits heavy industrial use, including heavy equipment, vehicles, containers, machinery, and custom manufacturing. Data center development, classified as a heavy industrial utility infrastructure use, falls within the M1 envelope and does not require a zone change, conditional use permit reclassification, or general plan amendment.
Entitlement Timeline
Targeted near-term execution. Because M1 zoning is already in place, the development path is expected to require building permit applications, plan check review, and construction-phase approvals, with no discretionary entitlement process. Avoiding a rezoning step removes a major source of timeline uncertainty in California land development, where comparable residential or mixed-use projects can face delays of roughly 18 to 36 months. Timing remains forward-looking and is not guaranteed.
Build-to-Suit Structure
Custom design to tenant specifications. A build-to-suit structure allows the development team to align architectural plans, engineering contracts, and construction schedules with confirmed tenant requirements, reducing speculative construction exposure. Once the tenant improvement (TI) deliverables list is finalized with the design engineering team, the project would move into permit submission with a defined scope.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Orange County, California
TL;DR: Fully entitled M1 industrial site with no rezoning required, and a low execution risk profile dependent on the building permit path.
For additional information, contact the Investor Relations team via the data room. Figures and projections are illustrative and subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact via Investor Relations data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
M1 Zoning: Regulatory Framework for the Southern California Campus
TL;DR: By-right M1 entitlement · no discretionary approvals required for the permit path.
Foundational Instrument
M1 (Heavy Industrial) zoning underpins the development thesis for the ECXI 0 data center campus, central to speed-to-market and cost profile.
By-Right Permitted Use
High-density data centers align with M1 permitted use categories, allowing building permit submission without Planning Commission review or public hearings.
Land Use Protection
Industrial buffer requirements support operational continuity for a 365 MW campus as surrounding development occurs.
Forward-looking statements and assumptions are illustrative and not guaranteed. Subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Risk Assessment: Where the Exposure Lives
TL;DR: M1 zoning removes most discretionary entitlement risk. The principal exposures are near-term tenant specification finalization and the Phase 2–3 capital path.
Environmental & Regulatory Risk — Moderate
While M1 zoning reduces the discretionary entitlement exposure present in alternative sites, the ECXI 0 campus remains subject to standard industrial environmental review, including CEQA assessment for a project of this scale and power consumption. Air quality permitting for sub-grade natural gas generators will require South Coast AQMD review and approval. Early engagement with regulatory agencies is critical to preserving the timeline advantage that M1 zoning provides.
Tenant Specification Risk — Critical Near-Term
The most immediate execution risk is the absence of finalized tenant improvement deliverables. Engineering and utility counterparties cannot accurately price the project or confirm technical feasibility without a comprehensive deliverables schedule detailing the power split between HVAC and computing loads and the redundancy configuration. Rack layout, office space, parking, and fiber pathway requirements must also be locked before engineering pricing is finalized and before utility rate commitments can be confirmed. Resolving this gap is the highest-priority action item in the development timeline.
Capital & Liquidity Risk — Moderate
Committed capital to the project SPV is approximately 307:1 relative to the Phase 1 reference base, which supports land acquisition and core/shell infrastructure. The gap between Phase 1 capitalization and fully loaded fit-out cost for the full 365 MW build-out represents a significant forward-looking financing requirement. Capital stack sequencing, including committed tenant improvement capital, construction loan terms, and potential co-investment structures, should be clearly defined before construction commences. Illustrative Phase 2–3 funding scenarios are subject to definitive offering documents.
Density & Physical Constraint Risk — Manageable
Concentrating 365 MW of critical IT capacity on a 5.77-acre site is an extremely dense configuration. The transition from a multi-acre campus model to an ultra-compact urban infrastructure design requires disciplined site planning, maximum lot coverage, and precisely engineered heat rejection and physical security perimeters. This is achievable with the right engineering team, but it requires an uncompromising commitment to high-density design standards from the outset of the architectural process.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Forward-looking statements are not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Connectivity & Network Architecture
TL;DR: Dual utility feeds and diverse fiber pathways engineered for N+1 redundancy at the grid and architectural levels.
Diverse Fiber Pathways
Redundant fiber entry points are planned at Level -1, with pathway diversity designed to reduce single points of failure and avoid regional traffic chokepoints. The architecture provides multiple independent routing options to support connectivity resilience independent of any single carrier or physical pathway.
Dual Utility Transmission Circuits
Two independent utility transmission circuits are planned to provide utility-level N+1 redundancy before the project's own architectural redundancy is engaged. This dual-feed approach aligns with Tier IV data center design practice and is intended to protect against single-circuit failure events. Final configuration is subject to utility interconnection agreements.
Legacy Transmission Corridor Access
The adjacent right-of-way from a decommissioned generating station provides access to four existing 1,000 MW transmission lines (4,000 MW aggregate legacy transmission capacity). This corridor access is a differentiating infrastructure attribute among Southern California sites; availability and interconnection terms remain subject to utility and regulatory approval.
Network Operations Center
A dedicated Network Operations Center (NOC) at Level 1 is planned to provide 24/7 network monitoring, incident response, and connectivity management across both towers. The NOC is designed to be co-located with the Security Operations Center (SOC), enabling unified operational command of network and physical security functions.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room · Subject to definitive offering documents
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Thermal Management: High-Density Liquid Cooling
TL;DR: Sub-grade liquid cooling designed for AI-density loads of 40–100+ kW per rack, roughly 8–20x traditional enterprise densities.
The Cooling Challenge at 365 MW
At 365 MW of critical IT load density across a 5.77-acre site, thermal management is a primary site planning constraint rather than a secondary engineering consideration. Heat rejection requirements for a campus of this scale at standard PUE ratios call for purpose-engineered, high-density liquid cooling that goes well beyond traditional air-cooled CRAC arrangements. AI compute workloads typically operate at 40–100+ kW per rack, versus roughly 5–10 kW for traditional enterprise workloads, which makes conventional air cooling impractical at this density.
The Level -1 design anchors cooling on high-density liquid heat exchangers sized for extreme-density GPU and AI accelerator environments. These systems are designed to support direct liquid cooling, rear-door heat exchangers, and immersion cooling configurations, with final configuration subject to confirmation of tenant rack density requirements through the technical infrastructure (TI) deliverables process.
Sub-Grade Cooling Considerations
Locating primary cooling infrastructure at sub-grade Level -1 is a thermal design choice as well as a noise management measure. Sub-grade ground temperatures in Southern California are generally more stable than ambient surface air, which can reduce the temperature differential cooling systems must overcome during peak summer demand. Projected efficiency benefits relative to surface-mounted configurations are forward-looking, not guaranteed, and will be validated through detailed engineering and commissioning.
Sub-grade placement also reduces the visual and acoustic footprint of cooling towers and condensers, which on a 5.77-acre site where perimeter space is constrained for security setbacks and operational access is a material site planning consideration. Heat rejection pathways are being engineered to manage the concentrated thermal load of a 365 MW campus within this footprint, and are a first-order priority in the architectural development process.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Projections are forward-looking and not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
2N Redundancy: Architecture for Continuous Availability
TL;DR: 2N architecture with two independent towers · Active/active operation, both generating revenue
Tower A
- Independent, fully operational data center facility
- Serves production workloads
- Provides mutual failover for Tower B
Tower B
- Independent, fully operational data center facility
- Serves production workloads
- Provides mutual failover for Tower A
Shared Resilience
- Physical separation: faults don't propagate between towers
- Redundant fiber and power links
- Active/active: both towers carry revenue-generating load
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room · Projections are forward-looking and not guaranteed.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Phase 1 Development Roadmap
TL;DR: Phase 1 sequences capital deployment against committed tenant demand, with the core and shell representing the majority of development spend and tenant-funded fit-out gating each revenue step.
The Phase 1 roadmap is designed around a single governing principle: limit capital at risk by sequencing investment against committed tenant demand for excess capacity. Development capital for the core and shell is expressed here as a share of the total program rather than as absolute figures, and all sequencing is illustrative and subject to definitive offering documents.
Land acquisition closes first, securing the entitled parcel and starting the development timeline. Core and shell infrastructure, including foundations, sub-grade levels, structural frames for both towers, utility connections, and primary power infrastructure, forms the largest share of development capital and establishes the physical chassis of the campus without committing to full fit-out of all 365 MW.
Tenant-funded fit-out, structured as a capital contribution against executed lease obligations, then fills the racks level by level. Each phase gates to the next based on committed tenant requirements, so capital deployment tracks directly against contractual revenue visibility. Forward-looking targets are not guaranteed.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · For discussion purposes only. Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Critical Path: What Happens Next
TL;DR: Four sequenced workstreams gate construction financing — tenant deliverables, power rate commitments, engineering feasibility, and environmental permitting. All targets are forward-looking and subject to definitive offering documents.
Finalize Tenant TI Deliverables List
The highest-priority action item. Engineering and utility counterparties require exact specifications before they can price the project or confirm feasibility: power usage breakdowns by category (HVAC, computing, lighting), redundancy targets, rack layout requirements, cooling approach by floor, office programming, parking allocations, and fiber pathway specifications. This deliverables list is the master input for every subsequent workstream.
Secure Power Rate Commitments with Utility Counterparties
Power pricing is the financial backbone of the investment thesis. Target blended rate structures of roughly 12–16¢/kWh, compared with a market average of approximately 32¢/kWh (a discount of roughly 50–60%), formalized in term sheets or letters of intent before construction financing is syndicated. Transmission capacity and interconnection timelines are being confirmed in parallel. Rate outcomes are not guaranteed.
Commission Engineering Feasibility Study
With tenant TI deliverables in hand, commission a formal structural and MEP feasibility study for the twin-tower configuration on the ~5.8-acre site. The study will confirm the aggregate pier foundation design, sub-grade construction approach, PUE targets, heat rejection requirements, and the basis-of-design documentation required for building permit submission.
Initiate Air Quality and Environmental Permitting
Engage the regional air quality management district and the City of San Clemente early on sub-grade generator permitting, air quality management plans, and any CEQA review triggered by project scale. Early agency engagement is the most effective way to protect the schedule advantage provided by M1 zoning. Proactive community outreach on noise and air quality will support a smooth permitting process.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · For investor relations inquiries, contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Master Plan: Precision Blueprints
Ground Podium
Loading, security, staging
Server Floor
High-density racks
Infrastructure Tier
Chilled water, CRAH, UPS
Network Mezzanine
Core routers, fiber trunks
Rooftop Systems
Chillers, backup gensets
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Precision Floor Plate Design
TL;DR: Five purpose-built levels · Designed for high-density AI/ML compute · Redundant (2N) power and cooling architecture
Ground Podium
Controlled equipment ingress and egress.
Server Floors
High-density AI/ML racks with cold-aisle containment.
Infrastructure Tier
Power and cooling systems with 2N redundancy.
Network Mezzanine
Core networking, fiber trunking, cross-connects.
Rooftop Systems
HVAC chillers, backup generators, maintenance access.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Forward-looking information is illustrative and not guaranteed. Subject to definitive offering documents. Contact the Investor Relations team via the data room.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Revenue Growth Trajectory
TL;DR: ~87% CAGR over five years, with ~22x revenue scale-up from 2024 to 2029 (illustrative, forward-looking, not guaranteed).
Implied CAGR
Five-year compound annual growth rate across the revenue trajectory
Revenue Scale-Up
Growth from the 2024 base to 2029
- 2026 is the highest-variance year, requiring ~134% year-over-year growth at peak capital deployment
- Operating leverage from a fixed-cost infrastructure base drives EBITDA growth as software monetization scales
- The 2026–2027 inflection point is the critical period for Limited Partner return validation
Projections are illustrative targets and are subject to definitive offering documents.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
The Infrastructure Moat: 200 kW Rack Density
TL;DR: ~200 kW per rack, a ~10–20x density premium over standard facilities, and an illustrative ~67% reduction in physical shell cost under the Capital Efficient scenario.
Rack Density
Engineered per-rack power capacity (operating specification)
Density Premium
Over standard 10–20 kW facility configurations
Shell Cost Reduction
Illustrative reduction in physical shell cost under the Capital Efficient scenario
CapEx Deployment
Target maximum share of CapEx allocated to revenue-generating IT and energy assets
- Standard facilities typically operate at 10–20 kW per rack, limited by legacy power and cooling design
- Higher density means fewer racks, less raised floor area, and lower structural costs
- Figures are illustrative, forward-looking, and subject to definitive offering documents
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Inflection Point Framework
TL;DR: Three probability-weighted inflection points define the base, upside, and downside cases for LP risk assessment.
The three-inflection-point framework provides a structured probability hierarchy for LP risk assessment. High-probability items anchor the base case, moderate-probability items define the upside scenario, and low-to-moderate failure risks define the downside stress scenario. Each inflection point has distinct monitoring metrics that should be incorporated into periodic LP reporting. This illustrative framework is forward-looking and not guaranteed; outcomes are subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
High Probability: Unit Economics & Tax Shield
TL;DR: ~9x target gross return on secondary prior-generation data-center GPU hardware · Accelerated depreciation concentrated in Years 1–3 (illustrative, subject to definitive offering documents).
Target Gross Return
On secondary prior-generation data-center GPU hardware, based on acquisition cost, useful life, and achievable rental rates. Illustrative and forward-looking, not guaranteed.
Years 1–3: Accelerated Depreciation
MACRS 5-year class life with bonus depreciation elections (where available, subject to tax counsel review) on the energy and IT asset block.
Tax Losses Flow Through
Front-loaded deductions may generate tax losses that flow through to Limited Partners, depending on individual tax position.
Bifurcated Asset Structure
The 39-year real estate shell is separated from the accelerated IT block, concentrating benefits in the capital-constrained early years (target, not guaranteed).
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Projections are illustrative and forward-looking, not guaranteed. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Mathematical Consistency of the Model
TL;DR: DCF-implied enterprise value sits within the target exit range (~1.0–1.6x the lower bound of the range) at an 18% discount rate, with an illustrative 3.0x terminal revenue multiple.
Discount Rate (WACC)
Reflects pre-scale execution risk
Terminal Revenue Multiple
Conservative, illustrative
DCF EV vs. Exit Range
Multiple of the lower bound of the target exit range
- DCF applies an 18.0% WACC and a 70% EBITDA-to-UFCF conversion to account for ongoing capital intensity
- The resulting enterprise value independently corroborates the target exit range in the offering materials
- Alignment suggests revenue and margin assumptions are internally coherent, not reverse-engineered to a target valuation
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
The 1 GW Campus: Physical Foundation
TL;DR: 200 kW per rack density · Full-scale target online by 2029 · Shell cost is a single-digit-percent share of total campus capital expenditure.
Campus Scale
Largest single capital commitment in the platform
Power Density
Per rack (operating target)
Target Online
Full scale (forward-looking, not guaranteed)
Shell Cost Share
Of total campus capital expenditure
- Investors should validate three dimensions: technical feasibility, permitting and grid interconnection, and operational execution.
- Each dimension has distinct third-party validators, including engineering consultants and utility documentation.
- All timelines and performance targets are illustrative and subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room · Subject to definitive offering documents
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Cipherbit LP: Investment Overview
TL;DR: ~10–20x rack-density advantage vs. legacy facilities; ~67% shell-cost reduction vs. standard-density configurations.
Gigawatt-Scale Construction
Vertically integrated data center build-out
SaaS Revenue Streams
High-margin software platform
200 kW per Rack
Core density thesis reshaping CapEx-to-revenue
Rack-Density Advantage
vs. legacy facilities
Shell-Cost Reduction
vs. standard-density configurations
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room · Not an offer to sell or solicitation to buy securities; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
GPU Arbitrage: Prior-Generation GPU Economics
TL;DR: ~75% lower acquisition cost than replacement value (~4x acquisition-cost spread vs. new list price) with revenue capacity matched to original hardware specification.
Lower Acquisition Cost
vs. replacement value
Acquisition-Cost Spread
vs. new list price
Secondary-market entry
Prior-generation data-center GPUs acquired at roughly one-quarter of new list price
Revenue capacity retained
Generation capacity remains commensurate with original hardware specification
Faster book-to-revenue ratio
Accelerated depreciation profile versus new-unit basis
Early-year tax shelter
Front-loaded 5-year MACRS deductions during 2024–2026 (outcomes vary by LP)
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Projections are illustrative and forward-looking, not guaranteed. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Tax Strategy: Asset Separation Architecture
TL;DR: Roughly 84–95% of total CapEx is allocated to shorter-lived IT and energy assets (5-year MACRS), versus 39-year treatment for the building shell, producing a front-loaded, illustrative tax deduction profile.
5-Year MACRS Assets
IT equipment and energy systems as a share of total CapEx
Building Shell
Foundations, structural steel, and exterior cladding under Section 168
- Shell: ~2.6% first-year deduction, straight-line over 39 years
- IT and energy assets: 5-year MACRS, with bonus depreciation at 60% for 2024 placed-in-service property
- Tax losses flow to LPs in proportion to ownership, supporting early after-tax returns (illustrative; not tax advice)
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Critical Risks: Execution & Obsolescence
TL;DR: Execution and hardware obsolescence risks are assessed as low-to-moderate probability, but their combined impact on LP returns is asymmetric.
While the probability of catastrophic failure across both critical risk categories is characterized as low to moderate, the asymmetric impact of these risks on LP returns warrants detailed structural analysis. Execution risk and hardware obsolescence risk are not independent variables; they interact in ways that can amplify downside scenarios beyond what a linear probability-weighted model would suggest. For illustration, an integration delay extending the timeline to full-scale operation by 12–18 months could coincide with an architecture shift that accelerates devaluation of current-generation compute hardware, producing a compounded downside scenario. This illustrative stress case is used to test the model's resilience assumptions and is not a forecast.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Forward-looking statements are illustrative and not guaranteed. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Grid Interconnection & Network Peering
TL;DR: Dual-path grid interconnection + direct Tier 1 carrier peering · Target latency and redundancy KPIs in data room
ECXI 0's strategic location is designed to support integration with both the regional power grid and major network providers. Grid interconnection is intended to support high-reliability power delivery, while direct peering with Tier 1 carriers is intended to provide low-latency access to the global internet backbone, which is important for AI workloads.
This dual-layered connectivity is a core element of the ECXI 0 proposition, intended to offer tenants a dedicated power source alongside diverse, high-speed network routes. Target performance and redundancy metrics are illustrative and forward-looking, not guaranteed; subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Key Metrics Summary
TL;DR: Approximately 200 kW per rack across all configurations, with a campus footprint range of ~4.3x between the smallest and largest scenarios.
Energy & IT Budget
Fixed capital allocation for energy systems and IT infrastructure, expressed as an order of magnitude; detailed figures are available in the data room
Per-Rack Power
200 kW per rack, consistent across all configurations (operating metric)
Footprint Spread
Ratio between the largest and smallest campus footprint scenarios (illustrative)
Total Cost Range
Spread between the lowest and highest all-in project cost scenarios, illustrative and subject to definitive offering documents
Shell Cost Efficiency
Powered shell scenario with the best capital efficiency for structure; target outcome, not guaranteed
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Figures are illustrative and forward-looking, not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Precision Floor Plate Design
TL;DR: ~20,000 SF per floor · 5-story tower · modular micro-campus design
SF per Floor
Self-contained micro-campus floor plate
Story Tower
Modular scalability within the 5-story architecture
Power
Integrated power distribution across each floor
Cooling
Two-phase Direct-to-Chip cooling loops
Computing
Dedicated high-density computing zones
Illustrative schematic plans; design features are forward-looking and subject to final engineering and definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
The Vertical DTC Scenario
A 5-story tower architecture with two-phase Direct-to-Chip cooling and integrated pollution prevention, illustrating a potential shift in the physics and economics of a gigawatt-scale hyperscale campus. Illustrative scenario; forward-looking and not guaranteed.
TL;DR: Vertical density targets for a gigawatt-class campus, with cooling and pollution-prevention design integrated from the outset.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Investor Briefing
From Land-Heavy Slab to Hyper-Dense Vertical Play
TL;DR: ~80% smaller campus footprint with unchanged compute density (~100 kW/rack baseline).
The original 100 kW/rack single-story configuration required brute-force horizontal sprawl, consuming roughly 4,400 acres of land and locking site selection into remote rural areas far from fiber, workforce, and utility interconnects. The Vertical DTC Scenario addresses that constraint. By stacking data halls across five stories and replacing air-based thermal management with two-phase Direct-to-Chip (DTC) cooling, the campus footprint compresses by ~80% while preserving rack count, power density, and compute capacity in this illustrative scenario. Forward-looking estimates are not guaranteed.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Site & Development Profile
TL;DR: 365 MW critical IT capacity · ~$0.16/kWh target blended power rate · 5.77-acre heavy-industrial site in Southern California
Critical IT Load
Sized for hyperscale, colocation, and AI workloads
Target Blended Rate
Illustrative, subject to executed agreements
Site Area
MI (Heavy Industrial) zoned land
Physical & Zoning
- San Clemente, Orange County, CA
- Redundant twin-tower, 7 levels (2 sub-grade, 5 above)
- Sub-grade generator vaults for CARB and noise compliance
Power & Capacity
- 365 MW critical IT load capacity
- Core objective: protect the ~$0.16/kWh power rate
- Industrial-zoned site suited to hyperscale development
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Forward-looking figures are illustrative and not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Gigawatt AIDC: Solving the Physical Bottleneck
TL;DR: 1 GW campus · 10–20x rack power density vs. legacy facilities · ~84%–95% of total capex deployed in revenue-generating energy and IT systems.
Campus Scale
1,000,000,000-watt energy campus engineered for high-density operation
Rack Power Density
Versus legacy facilities at 10–20 kW per rack
Capex in Revenue Assets
Share of total capital in energy and IT systems
- 200 kW per rack is the core technological differentiator across all configurations.
- Footprint compression lowers vanilla shell costs by roughly two-thirds in Scenario B (15,000 racks).
- Capital reallocation directs savings from real estate and civil works into revenue-generating systems.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Forward-looking projections are illustrative and not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
ECXI Cluster Architecture: Standardizing Compute Blocks
TL;DR: 2.7674 cluster-to-GPU ratio · 378 deployed clusters · 3,024 GPUs (illustrative plan, subject to definitive offering documents)
Standardized Units
Compute is organized into fixed, deployable cluster configurations.
Conversion Factor
A 2.7674 cluster-to-GPU ratio serves as the unit of account for income reporting.
Predictable Reporting
Consistent mapping of rental yields supports illustrative distribution modeling.
Modular Scaling
The same deployment playbook applies whether scaling to 10 or 300 clusters.
Cluster-to-GPU Ratio
Unit of account for monthly income reporting
Clusters
Planned deployed clusters
GPUs
Total GPUs across the portfolio
- Predictability: Fixed cluster configurations reduce variance in target income reporting.
- Scalability: A standardized unit makes capacity additions modular and replicable.
- Auditability: The 2.7674 ratio maps hardware assets to financial metrics transparently.
Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Compute Spectrum Deployment: The Multi-Architecture GPU Portfolio
TL;DR: Six GPU SKUs across prior-generation, current-generation and next-generation data-center GPU tiers, designed to diversify yield and reduce exposure to single-SKU demand volatility. Acquisition cost spread across the portfolio is roughly ~4x between secondary-market and new-unit pricing for the interconnect-premium tier.
The portfolio is built around a multi-architecture GPU rental model spanning six distinct SKUs, from established prior-generation hardware to next-generation wholesale hardware. Each tier addresses a specific market need, so that no single SKU's demand cycle determines the portfolio's overall yield envelope. Figures are illustrative operating targets, not guarantees.
Tier 1 PCI Compute Card (80 GB): Capital-Efficient Baseline
Low secondary-market acquisition cost relative to list price. Targets a flat $2.00/hr rental rate, supporting a stable base of foundational cash flows.
Illustrative target of ~9x return multiple on acquisition cost, the most capital-efficient entry point in the portfolio. Forward-looking, not guaranteed.
Interconnect Premium Tier
High-bandwidth interconnect suited to multi-GPU AI training workloads. Targets the highest rental rate in the prior-generation tier, with an estimated ~4x spread between secondary-market and new-unit acquisition cost.
Frontier AI Training Tier
The next-generation tier offers a ~3x uplift in memory bandwidth over the prior generation, supporting premium contract structures. The current-generation tier serves as the established high-performance tier. Both provide exposure to the sovereign AI and frontier model training market.
Highest Hourly Yield Anchor
Targets the highest rental rate in the portfolio. Although current market availability is constrained, this next-generation tier is modeled as the largest contributor to aggregate revenue, with its per-cluster contribution expressed as a share of total portfolio income.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Projections are illustrative and forward-looking, not guaranteed; subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Revenue Architecture: Hourly Yield vs. Wholesale Predictability
Hourly Tier — Yield Extraction
Next-generation GPU tier on an hourly rate model with a rental ceiling roughly 5x the baseline GPU rate.
Generates the largest share of portfolio revenue in the model.
Limited availability supports premium pricing assumptions.
Wholesale Tier — Volume Predictability
Current-generation high-memory GPU tier (180–192 GB VRAM) on a fixed monthly wholesale rental model.
Monthly contracts reduce the utilization variance inherent in hourly models.
Fixed-rate agreements support LP-level cash flow modeling and distribution planning.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Returns and valuations are illustrative and subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Investor Briefing
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Digistructure: The Cyber-Physical Operating Model
Cyber Layer
- Threats are increasingly cyber-physical
- Compute compromise can cascade across facilities
- Software-only overlays leave the combined risk unaddressed
Physical Layer
- Owned data centers and dedicated fiber
- Physical security integrated into the stack
- Supports GPU asset base across generations
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Powered Shell Amortization & Tax Depreciation Strategy
TL;DR: Roughly 1 in 16 dollars of total project cost sits in the powered shell, which is depreciated over 39 years, while the large majority sits in energy and IT systems that qualify for accelerated depreciation.
Of total project cost in the powered shell
Depreciated over 39 years as commercial real estate
Of project cost in energy and IT systems
Eligible for accelerated depreciation
Long-Term Real Estate Depreciation (The Shell)
- Amortization: Commercial real estate schedule, 39 years
- Tax depreciation: Structural, civil, and building envelope costs only
- Balance sheet: Stable, predictable long-term asset base
Accelerated Equipment Depreciation (Energy & IT)
- Tax depreciation: MACRS and bonus depreciation mechanisms
- Timing: Early-year tax shield supporting LP distributions
- Bonus elections: Could accelerate eligible write-offs into Years 1 to 2, subject to tax counsel review
Illustrative only. Tax treatment depends on final asset classification and applicable law; subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Investor Briefing
3D Campus Renderings: Scenario C — 20,000 Racks
TL;DR: ~20,000 racks in a mid-range campus footprint; highest rack count across the three illustrative scenarios.
Racks
Highest rack count across the three illustrative scenarios
Campus footprint
Mid-range campus configuration
3D Aerial Rendering
- Balances compute density with mechanical and power distribution infrastructure
- Denser than Scenario A, more distributed than Scenario B
- Optimized for AI training and HPC parallelism
Floor Plan — Scenario C
- Total Rack Count: 20,000
- Campus Footprint: ~238,000 SF
- Shell Cost: Indexed to Scenario A (base = 100); see data room for detail
- Shell Cost per SF: Indexed; subject to definitive offering documents
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
GPU Amortization Schedules: High-Yield Tiers
TL;DR: Accelerated monthly amortization on compute assets, sized to match high-velocity revenue generation and a ~4x acquisition-cost spread across tiers.
Rapid obsolescence
High-performance compute hardware depreciates quickly due to aggressive technological change.
Accelerated schedules
Monthly amortization is front-loaded to match high-velocity revenue generation from compute assets.
Tax treatment
GPUs are typically classified as IT equipment subject to 3-to-5-year accelerated depreciation schedules.
Illustrative modeling
Monthly amortized costs are used to evaluate real-time margin performance; figures are forward-looking and not guaranteed.
Tier 1 — Frontier Sovereign AI
Relative acquisition cost: Highest tier in portfolio (index 100)
Monthly amortization: Steepest schedule in the portfolio, expressed relative to the Tier 2 schedule
Positioning: Sovereign AI and frontier model training — premium pricing justifies the steep amortization schedule
Tier 2 — Current-Gen High-Performance Premium
Relative acquisition cost: ~55% of Tier 1 (used and new pricing both within this band)
Monthly amortization: Approximately half the Tier 1 monthly schedule
Positioning: Current-generation frontier AI training at a more accessible capital entry point than Tier 1
Tier 3 — Maximum Aggregate Revenue
Relative acquisition cost: Lowest per-unit entry point in the portfolio (~1/4 of Tier 1)
Monthly amortization: Lowest per-unit schedule, with cluster-level net contribution driven by the $10.00/hr ceiling rental rate (illustrative, subject to utilization)
Positioning: Highest aggregate revenue potential at cluster scale
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Projections are illustrative and forward-looking, not guaranteed. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
GPU Amortization Schedules: Capital-Efficient Tiers
- Secondary-market sourcing is the principal return-driver for this segment
- Lower entry cost compresses the monthly amortization burden
- Shortens the path to positive unit economics
The Tier A configuration presents the most pronounced secondary-market cost advantage in the portfolio, with a ~4x spread between used and new acquisition channels. This spread is the defining characteristic of the capital-efficient tier strategy. Illustrative scenario; subject to definitive offering documents.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Cipherbit IaaS: Translating Raw Security Into Financial Intelligence
TL;DR: Continuous, automated assessment with dollar-denominated risk outputs, designed to support underwriting and board-level decision-making for GPU infrastructure.
Acquiring and hosting GPU compute at scale requires substantial capital, making risk management a boardroom-level priority rather than solely an IT function. Cipherbit IaaS is ECX's core platform offering: a usage-based infrastructure-as-a-service (IaaS) solution that translates raw security telemetry into financial risk intelligence.
Beyond CVE Scores & SIEM Alerts
Many legacy tools rely on metrics such as CVE scores or SIEM alerts. These measures are useful for technical teams but do not directly answer the financial questions that boards and insurers typically ask. Cipherbit IaaS is designed to bridge that translation gap.
24/7 Continuous Automated Assessment
Cipherbit ingests data from firewalls, EDRs, and network monitors deployed across GPU clusters. Through continuous automation, the platform assesses the computing environment around the clock against live threat factors, replacing periodic manual assessments that leave longer exposure windows.
Financial Impact Estimation
The platform produces illustrative, dollar-denominated estimates of the potential financial impact of each identified vulnerability. These estimates are intended to support due diligence by corporate boards and cyber insurers underwriting GPU infrastructure. Methodology and assumptions are available in the data room.
Integrated Across the Full Stack
By integrating directly with the owned Digistructure infrastructure, Cipherbit IaaS is designed to provide visibility across energy systems, fiber networks, compute clusters, and physical security layers, offering a consolidated risk view rather than the point-solution coverage typical of single-category vendors.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Financial Synchronization: Real Estate + Compute Income
TL;DR: Target revenue streams are layered across four components, reinforcing one another at each level of the stack. Figures below are illustrative, forward-looking and not guaranteed.
The Cipherbit LP model's structure is defined by the coordinated integration of each layer of the capital stack into a single revenue-generating platform. The 1 GW energy campus, the ECXI cluster architecture, the multi-tier GPU rental portfolio and the Cipherbit IaaS platform are designed as interlocking components rather than independent strategies.
This synchronization is designed so that extreme-density real estate, an optimized multi-tier GPU cluster topology and a proprietary IaaS platform operate as one system. The target outcome is diversified, compounding revenue streams across each layer of the stack, subject to execution and market conditions and to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Revenue & Milestone Timeline (2027–2031)
TL;DR: Revenue targets grow ~2.2x from the 2027 base to the 2029 Tower A topping milestone and ~3.4x by the 2030 exit window; revenue capped at ~4.4x the 2027 base for compensation purposes post-exit.
Illustrative management targets, forward-looking and not guaranteed. Subject to definitive offering documents.
Rate Assumptions (Q1 2027)
US OBFR
Assumed as of Q1 2027
SARON
SNB fixing, 29 Oct 2026; SNB policy rate 0.00%
Gross Swiss-US Spread
Illustrative, before FX hedging cost, fees and withholding
Note: The milestone dates were shifted two years versus the prior 2025–2034 version; other slides may still show prior dates.
Overnight rate definition: https://en.wikipedia.org/wiki/Overnight_rate
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Capsule Summaries: ECXI AIDC Sites, Projects & SPVs
TL;DR: Fund (Cipherbit LP), GP and SPV structure, plus one-line capsule per site/project/SPV, with the Swiss-US overnight-rate arbitrage applied per site; placeholders pending site-level inputs.
Fund
Cipherbit LP
GPs
Energy Capital LLC, Cipherbit LLC
SPVs
ECXI, Swiss Innovative Architecture SA
- Rate basis: US OBFR assumed at 3.95% as of Q1 2027; SARON -0.05% (SNB, 29 Oct 2026); SNB policy rate 0.00%
- Spread is gross, before FX hedging cost, fees, withholding tax and SPV-level structure
- SPV-to-GP assignment and site allocation to be confirmed; both GPs shown for each SPV pending the final structure chart
- To populate: per-site financing amount, tenor, hedge cost, to compute recalculated carry
Illustrative and forward-looking, not guaranteed. Subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
The Cyber AI Cycle: Self-Learning Infrastructure Defense
TL;DR: A closed-loop security architecture in which each new deployment measurably improves detection and response across the platform, with a compounding intelligence advantage that scales with cluster count.
Live Client Data
8-Dimensional Analysis
E7 Heatseeker Deployment
Vulnerabilities Surfaced
Forward-looking statements: performance and competitive-advantage statements reflect management expectations and are not guaranteed. Subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
ECX DCF Valuation Framework:
Building to a ~34x Enterprise Value Multiple on Current Revenue
Enterprise Value Multiple
On current revenue
Revenue Scale-Up
Targeted over 2024–2029
Year Forecast Horizon
2024–2029 trajectory
DCF framework
- Anchor tenant: ECX, for Cipherbit LP
- Projects 2024–2029 revenue trajectory from management milestones
- Discounts cash flows to a risk-adjusted present-day value
- Discount rate reflects high-growth infrastructure and software execution risk
Illustrative, forward-looking scenario; not guaranteed.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Footprint & Density: The Physical Trade-off
TL;DR: Footprint spans a ~4.3x range across scenarios, and rack density per 1,000 SF varies roughly 4x. Land and permitting are the primary variables.
Campus footprint range
Scenario A vs. Scenario B, the largest variance in the dataset
Rack density variation
Racks per 1,000 SF across scenarios
- Larger footprints increase land, utility run, grading, permitting, and construction scope
- Compact form factors (Scenario B) may ease schedule and permitting in land-constrained or complex review markets
- Distributed layouts (Scenario A) may suit markets with abundant land and lower permitting friction
- Density-to-footprint relationship is nonlinear and sensitive to racks-per-1,000-SF assumptions
Land-Constrained Markets
Scenario B's compact footprint (indexed at 100) is the preferred configuration. It reduces land requirements, permitting exposure, and utility infrastructure scope, subject to site-specific diligence.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room. Subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
GPU Obsolescence Risk: Architecture Shift Scenarios
TL;DR: Modeled hardware life of 3–5 years per GPU tier, with accelerated amortization that front-loads value recognition ahead of statutory schedules.
Modeled Hardware Life
3–5 years per GPU tier
- Accelerated monthly amortization
- Conservative vs. 5-year MACRS statutory life
Architecture Shift Scenario
Discontinuous AI architecture transitions
- CUDA-centric training shifting to inference accelerators
- Possible adoption of photonic computing for select AI tasks
- Changes in foundation model training methodology
Key Exposure
Effective revenue life could fall below the 3-year floor
- Possible book value impairment before full cash recovery
Multi-Tier Hedge
Three-tier hardware diversification
- Reduces single-tier obsolescence impact
- Fixed-term Tier 3 contracts target cash flow continuity
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
GPU Portfolio Construction: Multi-Tier Strategy
TL;DR: Three-tier GPU portfolio designed to diversify yield, acquisition-cost exposure, and contract structure.
Tier 1 — High-Yield Anchor
- Yield: primary yield engine, highest projected net income at scale
- Acquisition cost: rental rate ceiling of ~$10/hr; current scarcity premium not guaranteed
- Contract structure: spot-market exposure
Tier 2 — Arbitrage Play
- Yield: high projected multiple on capital within 12 months (target scenario, not guaranteed)
- Acquisition cost: secondary-market purchase at ~4x discount (~75% below list)
- Contract structure: spot-market exposure
Tier 3 — Wholesale Stability
- Yield: predictable, bond-like cash flows supporting distributions
- Acquisition cost: wholesale procurement
- Contract structure: fixed monthly contracts
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room. Subject to definitive offering documents. Projections are illustrative and forward-looking, not guaranteed.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Cipherbit as ECX's Customer
TL;DR: Target ~22x revenue scale-up by 2029 and ~77% incremental EBITDA margin by 2027, both illustrative and forward-looking, not guaranteed.
Revenue Scale-Up
Target scale-up from 2024 to 2029
Incremental EBITDA Margin
Target margin projected by 2027
- Cipherbit LP is a vertically integrated infrastructure customer bridging gigawatt-scale data center construction with high-margin SaaS revenue.
- Its thesis rests on 200 kW per rack power density, modeled to cut physical shell costs by roughly two-thirds versus standard-density facilities.
- Its value to ECX depends on unit economics, software stickiness through the IaaS transition, and execution across M&A and GPU obsolescence cycles.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · ECXII.COM · For Investor Relations contact, use the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
10-Year Financial Projections & Liquidity Event
Revenue Trajectory, Fee Economics & the 2028 Strategic Exit
TL;DR: Illustrative ~22x revenue scale-up over the projection period; target exit modeled at a multiple-based range, subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
ECXI Cluster Architecture:
Standardizing Compute Blocks
Standardized
Organized into standardized, deployable, and manageable compute blocks.
Deployable
Built around ECXI-AIDC Tower configurations using the "Cluster S" cyber-physical digistructure.
Manageable
Fixed configurations support predictable, transparent monthly income reporting.
Cluster-to-GPU Ratio
Standardized unit of account for monthly income reporting.
Clusters
Deployed across the platform.
GPUs
Across the deployed base.
- Predictability: Fixed configurations reduce variance in monthly income reporting.
- Scalability: A standardized unit makes capacity additions modular and replicable.
- Auditability: The 2.7674 ratio links physical hardware to financial metrics.
Investor Briefing · Energycapitalx Infrastructure (ECXI) · ECXII.COM · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Gigawatt Scale AI Data Center Campus
TL;DR: Three rack-density scenarios at 1 GW scale, compared on an indexed basis (base = 100) for shell cost and campus footprint.
This analysis models a 1 GW (1,000,000,000 W) data center energy campus evaluated across three rack density configurations. Each scenario examines the trade-offs between power density, physical footprint, and relative project cost, giving infrastructure planners and investors a comparative framework for evaluating build strategy at gigawatt scale.
The three illustrative scenarios assume 200,000 W rack power density at 10,000, 15,000, and 20,000 racks respectively. Each configuration produces a distinct campus footprint and shell cost profile. The analysis isolates the vanilla powered shell cost (excluding energy and IT systems) to surface the structural and real-estate cost differential between configurations. Figures are indicative, forward-looking and not guaranteed; all projections are subject to definitive offering documents.
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · For investor relations inquiries, contact the Investor Relations team via the data room.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Cluster Scale: 378 Clusters, 3,024 GPUs
TL;DR: Full-utilization ceiling across 378 clusters / 3,024 GPUs. Utilization haircuts of 20–35% are the primary sensitivity lever.
Clusters
Full-utilization base case in illustrative revenue projections
GPUs
Total GPUs across the three hardware tiers at target rental rates
Utilization Haircuts
Primary sensitivity lever for probability-weighted revenue scenarios
- Full utilization is the analytical ceiling, not the operational base case
- Apply haircuts to reflect ramp curves, demand seasonality, and downtime
- Downtime covers maintenance, firmware updates, and network reconfiguration
INVESTOR BRIEFING · Energycapitalx Infrastructure (ECXI) · Contact the Investor Relations team via the data room
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
Investor Relations & Inquiries
TL;DR: ~307:1 committed-capital-to-project ratio · Full-utilization revenue ceiling across 378 clusters / 3,024 GPUs (illustrative, not guaranteed)
Contact: Investor Relations team, via the secure data room. Executive contact details are provided to qualified investors upon request.
Location: San Clemente, Orange County, CA (Southern California site)
Next step: Follow Cipherbit on LinkedIn and request the investor briefing pack through the data room. Materials are subject to definitive offering documents. Follow Cipherbit on LinkedIn
Energycapitalx LLC · Cipherbit LP · This material is for informational purposes only, does not constitute an offer or investment advice, and is subject to definitive offering documents.
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com
(c) 2015-2026 Energy Capital LLC. All Rights Reserved. webb@ecxii.com