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AI-Ready Power Infrastructure · North Dakota

$10M → $29M ARR

Turn 20 MW of permitted North Dakota power into a GPU colocation cash flow business.

Power Ready
20 MW
2027 Roadmap
77 MW
CAPEX Payback
<12 mo
3-yr Net Income
$42.7M
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The Opportunity

The bottleneck isn't GPUs.
It's power.

$660–700B
2026 CAPEX
Big 4 hyperscalers (AMZN, GOOGL, META, MSFT) combined AI data-center spend in 2026.
SRC · CNBC Feb 2026
$5.2T
By 2030
Cumulative AI data-center infrastructure investment needed (McKinsey baseline).
SRC · McKinsey 2025
100 GW
2026–2030
New AI data-center capacity the world needs to build — nearly doubling today's fleet.
SRC · JLL 2026 Outlook
4+ yrs
Grid Connection
Median wait time for new grid interconnection in primary US markets.
SRC · JLL 2026 Outlook
Everyone is racing to build. Power is the gate. We already have the permit, the substation and the site.
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Our Asset

Permitted power,
ready today.

20 MW
permitted · behind-the-meter · north dakota
  • Substation-direct interconnection — no years-long utility queue.
  • Containerized infrastructure already on-site; pad prepared for liquid-cooled GPU modules.
  • MISO grid, no state corporate income tax, fiber on property, cold climate (PUE advantage year-round).
  • ~200 miles north of CoreWeave + Applied Digital's Ellendale campus — same grid region, same climate thesis.
+12 MW
Near-term (2026)
+15 MW
Mid-term (2027)
77 MW
Total Roadmap
Langdon, North Dakota — substation and containerized infrastructure
Langdon, ND
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Market Validation

The deals are signed.
The power is the constraint.

CoreWeave + Applied Digital
Ellendale, ND · same grid region
$11B · 400 MW
Three tranches signed May–Aug 2025. CoreWeave revenue backlog: $66.8B. 2026 CAPEX guidance: $30–35B.
Hut 8 · River Bend
Louisiana · 15-yr lease
$7.0B · 245 MW
Fluidstack as tenant, Google as financial backstop. Announced Oct 2025.
IREN · Childress
Texas · Microsoft GB300
$9.7B · 200 MW
Liquid-cooled critical IT load across Horizon 1–4 phases. 750 MW total campus.
Cipher Mining + AWS
US · 15-yr lease
$5.5B · 300 MW
Separate Fluidstack/Google deal on 168 MW. Miner → hyperscaler landlord.
MARA + Starwood
US · JV announced Feb 2026
~1 GW · 2.5 GW pathway
Power-rich mining sites converted to AI data centers. Barry Sternlicht's Starwood Capital + Digital Ventures.
Core Scientific
US · public comp
39% AI rev
Of all listed miners, Core Scientific already earns 39% of revenue from colocation — Bloomberg sees 70% ceiling by end-2026.
Every one of these deals happened in the last 18 months. Every one is a BTC miner or power owner selling compute-adjacent land to hyperscalers. We sit in the exact same class of asset — same region, same grid, same climate, smaller ticket.
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The $10M Investment

What $10M buys.

Turns 20 MW of permitted power into a turnkey GPU colocation site. JLL's 2026 global average is $11.3M per MW. We deliver 20 MW for $500K/MW.

Line ItemBudget
Liquid cooling infrastructure (20 MW)$3.0–5.0M
Power distribution — PDU, switchgear, busway$2.0–3.0M
Containerized DC modules + site prep$1.5–2.0M
Fiber connectivity + redundant paths$0.3–0.5M
Security, fire suppression, monitoring$0.5M
Contingency (≈10%)$1.0M
Total CAPEX$10.0M
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Revenue Model

Three paths. One site.

Market rates: CBRE reports North American primary-market colo pricing at $196/kW/month in H2 2025, up 6.5% YoY. We price tier-3 ND conservatively.

Power Only
Behind-the-meter kWh resale. Partner brings everything: containers, GPUs, cooling.
$0.09–0.12/kWh
Per MW · yr  $0.6–0.85M
Powered Shell
Power + cooling + space + fiber. Partner brings GPUs. Our base-case projections use this tier.
$120–160/kW/mo
Per MW · yr  $1.44–1.92M
Full Colocation
Turnkey GPU-ready, liquid-cooled, full fit-out. Higher margin, higher operational load.
$180–250/kW/mo
Per MW · yr  $2.16–3.0M
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Financial Projections

Base case: powered shell.

Conservative assumptions: $140/kW/mo avg rate (midpoint), phased MW deployment, occupancy ramp 70% → 95%.

($M unless noted) Year 1 Year 2 Year 3
Capacity deployed (MW)101820
Occupancy70%90%95%
Effective MW sold7.016.219.0
Revenue$12.1$28.0$32.8
Electricity cost($3.0)($7.0)($8.2)
Operations($1.5)($2.0)($2.5)
Depreciation($2.0)($2.0)($2.0)
Net income$5.6$17.0$20.1
Year-3 run-rate revenue of $32.8M with 95% occupancy; gross margin ~67%; EBITDA ~$24M before depreciation.
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ROI Summary

$10M in. $42.7M out over three years.

Investment
$10M
CAPEX for 20 MW buildout.
Year 1 Net Income
$5.6M
56% ROI on CAPEX in year one.
Payback (NI)
<22 mo
Cumulative NI crosses CAPEX in month 22. Revenue covers CAPEX in month 10.
3-yr Cumulative NI
$42.7M
At Year-3 run rate. 5-yr IRR >100%.
At Year-3 run rate the asset generates $20M+ of net income annually and has another 57 MW of expansion capacity behind it. This is not a terminal asset — it's the first phase.
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Expansion Path

20 → 77 MW by 2027.

Incremental CAPEX shrinks: site infrastructure, fiber, security, permitting are one-time. Each additional MW costs roughly $500K to bring online.

2026 · Phase 1
20 MW
Permitted, substation live, containers on-site. $10M CAPEX.
2026 · Phase 2
32 MW
+12 MW near-term expansion. ~$6M incremental.
2027 · Phase 3
47 MW
+15 MW transformer upgrade. ~$7.5M incremental.
2027+ · Phase 4
77 MW
+30 MW greenfield build on adjacent parcel. ~$15M incremental.
~$500K
CAPEX / incremental MW
Linear
Revenue scaling
Sub-linear
Fixed-cost scaling
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Competitive Advantages

Six reasons this site wins.

01
Power Now
20 MW permitted, behind-the-meter. Competitors wait 4+ years for grid interconnection.
02
ND Validated
CoreWeave + Applied Digital already deployed $11B / 400 MW in Ellendale, ~200 miles south of our Langdon site.
03
No State Tax
North Dakota has no state corporate income tax. Better after-tax yield than TX, WA, AZ builds.
04
Cold Climate
Free-air cooling ~9 months/year. Lower PUE, lower chiller CAPEX, lower water draw.
05
Operator, not REIT
9 years operating 65 MW of live BTC mining (RU → US). IEEE Senior Member. Hands-on, not financial engineers.
06
Modular Speed
Containerized build-out deploys in weeks, not years. Phase-by-phase capital deployment matches customer ramp.
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Risk Mitigation

Where the risks live — and why they don't.

Demand Risk
What could go wrong
AI capex slows; GPU colo demand softens; rates compress.
Why it's contained
$60B+ in signed multi-year leases (CoreWeave, Hut 8, IREN, Cipher). Primary-market occupancy 98.6% (CBRE H2 2025). Lowest-cost tier (power only) still breaks even.
Technology Risk
What could go wrong
GPU generation shifts; H100 obsolete; liquid cooling spec changes.
Why it's contained
Site is GPU-agnostic. We build power + cooling + shell; partner owns silicon. H100 → B200 → next-gen, same site.
Power Risk
What could go wrong
Utility rate hike; curtailment; transformer delay.
Why it's contained
Direct substation connection (no queue). Multi-year utility relationship. MISO region diversity. Rate schedule available under NDA.
Execution Risk
What could go wrong
CAPEX overrun; schedule slip; operator inexperience.
Why it's contained
Modular build — each MW is a discrete unit. Same team that built 65 MW of live BTC mining across 5 sites. Phased deployment matches customer ramp.
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Team

Built by operators.

Denis Slabakov
Founder & CEO · New Mining Company
Nine years operating power-intensive compute infrastructure — from a 1 MW pilot in Moscow in 2017 to 65 MW live across North Dakota, Minnesota, Texas and Arkansas today. Built every site with the same team that runs it. When something breaks at 3 AM, they rebuild it, not dispatch someone.
IEEE Senior Member
2025
MIPT
Moscow Institute of Physics & Tech
65 MW Live
BTC ops · 5 sites · US
9 years
Power infra operator
Containerized site — interior corridor with racks and cable trays
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Investment Structures

Three ways to participate.

All three structures share the same asset, the same thesis and the same payback profile. The only variable is who carries what.

Option A
Equity
$10M in exchange for negotiated equity in the project entity. Investor is passive; we build and operate.
  • Investor: capital.
  • New Mining: permit, site, build, operate.
  • Return: profit share at negotiated split.
Option B
Joint Venture
Investor brings capital and a compute customer (neocloud, hyperscaler, GPU host). We bring power, site, and operations.
  • Investor: capital + offtake.
  • New Mining: site + operations.
  • Return: 50/50 or negotiated split.
Option C
Project Finance
Debt / equipment financing secured against signed colocation contracts. We retain 100% equity and repay on schedule.
  • Investor: senior secured debt.
  • New Mining: 100% equity retained.
  • Return: contractual coupon + principal.
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Next Steps

Let's talk before
someone else plugs in.

30-minute discovery call. No deck attachments until NDA — we share the full data room, rate schedule, utility paperwork and site photos under the agreement.

01
Discovery Call
30 minutes on Cal Video. Your questions, our numbers, plain answers.
02
NDA + Data Room
Detailed financials, permits, utility documentation, site tour video, live metering data.
03
LOI · 30 Days
Structure A, B or C. Close in 60–90 days. Ground-break Phase 1 within 30 days after close.
Schedule
cal.com/new-mining
Email
ds@nmc.email
LinkedIn
/in/denis-slabakov
Phone
+1 (347) 417-0345
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