A second route for powered sites.
For developers, energy companies and infrastructure investors that hold deliverable power: a compute business that brings its own customers and shares its results, instead of a sale or lease that ends the site owner's upside on day one.
Whoever holds the power holds the scarce input. The value sits one layer up.
When a powered site is sold or leased, the price is set before any compute revenue exists. Utilization, service margin, renewals and the enterprise value of recurring revenue all accrue to the buyer and its tenants. An operating partner that sells, builds and runs the compute and shares the results gives the site owner and its investors a second way to capture that value, without becoming a cloud operator.
Four layers, each owned and financed on its own terms. Power and site stay with the developer and its investors. Compute equipment is financed against customer contracts. Liquidata owns the service: it signs and invoices the customers, runs the service and is accountable for it.
The commercial model is simple. The site owner or its project company supplies site capacity, power and energy services on commercial terms, and Liquidata contracts with the customers. Site-level participation is an option, site by site.
Terms are set site by site.
Each party is paid a market price for what it provides.
The site owner for power, site and grid capacity; investors for the capital they put in; Liquidata for the compute service it sells.
Whoever takes compute risk shares in the results.
A party that accepts part of a site payment as participation, or funds equipment, shares in that layer's results in proportion.
Nobody is paid twice for the same thing.
A site paid for in full in cash does not also earn participation.
The relationship is non-exclusive.
For each site the owner compares a conventional sale or lease with the compute route and takes the better risk-adjusted result.
What a 50-rack module asks of a site.
The numbers a site owner needs first: load, energy and firming. Every figure follows from NVIDIA's published rack power and a design PUE of 1.25.
Modules of 50 to 100 racks are contracted against signed demand and confirmed power and timed to the site's energization. Sites with their own generation and storage can offer firm, low-carbon power to a compute tenant and schedule suitable workloads around output and prices; the delivered power price is set in the site terms.
Energy, water and heat, in numbers.
A module's efficiency is a specification, set at design and reported in operation. The figures below are the ones a site owner, a grid operator and a permitting authority ask for first, and the ones the strictest EU rules now require: Germany's Energy Efficiency Act sets a PUE of 1.2 for data centers commissioned from July 2026 and heat reuse of 10 to 20 percent over 2026 to 2028.
Each site reports PUE, water use and heat reuse as the EU Energy Efficiency Directive requires of data centers above 500 kW.
The site brings power. Liquidata brings the business.
Land, grid connection and confirmed energization date. Power, storage and energy services at a market price. Buildings and cooling, with infrastructure investors where wanted.
The customers and their contracts. Cluster design, delivery and operations. The compute equipment and its financing against those contracts. The service, and accountability for it.