Move four numbers, pick a customer mix. Deployed capital, year-three NOI, unlevered yield, levered IRR, and the contracted revenue mix update on the right; the applicable thesis and position read update underneath. Indicative model only.
Hyperscaler-Sydney baseline AUD 4.5M / MW / year (mid-range AirTrunk Sydney and NEXTDC S3 wholesale); anchor rate = baseline × (1 + premium). Opex 22% of revenue. Headline NOI metrics use anchor pricing across capacity. Unlevered yield net of 30-year refresh provision. Levered IRR proxies steady-state cash-on-cash at 55% LTV, 6.5% senior coupon, with rent escalation. Customer mix drives the verdict.