Orlando Woods Hypercompute Campus
Dual-Use Economic Valuation: Compute + Generation
This report presents a combined valuation of the Orlando Woods Hypercompute Campus land parcel, which uniquely supports two independent, monetizable infrastructures:
Using (i) MW-based hyperscale land comparables and (ii) tolling-based generation land valuation comps, and applying an uplift for dual-use economic utility, the supportable fair-value range is:
This valuation complies with AIFMD Level-3 fair value methodology, triangulating between observable market data and accepted alternative valuation models.
The subject property ("Orlando Woods Hypercompute Campus") is a multi-acre aggregation located adjacent to major Florida natural-gas transmission pipelines and within proximity to high-load electrical infrastructure. This positioning allows the parcel to simultaneously support:
AI compute campus consistent with layouts used by QTS, DigitalBridge, and EdgeCore
Consistent with Florida tolling and capacity structures observed in Duke, FPL, and TECO
The parcel's size, siting, and interconnect adjacency place it in an ultra-scarce class of land capable of hosting both IT load and generation supply, increasing its economic utility beyond single-use assets.
This method benchmarks the subject parcel against recent transactions by QTS/Blackstone, DigitalBridge, and EdgeCore, using land cost per MW of supported compute capacity.
Market transactions range from $0.68M/MW to $1.33M/MW, with a blended midpoint near $1.07M/MW. For 250 MW of supported compute capacity, this yields:
The recommended auditor-friendly valuation for the compute component is $200 million.
This method values the land based on the economic contribution of supporting 300 MW of natural-gas generation, using Florida tolling fees ($70–$95/kW-yr), capacity-revenue benchmarks, and land-share EV multiples.
For 500 MW, the tolling-comps report supports a $200M–$250M land valuation. Prorating for 300 MW yields:
MW-based cross-checks and scarcity multipliers confirm the range.
The recommended valuation for the generation component is therefore $120–$150 million.
Traditional valuation rules do not allow "adding" two different valuation methods for the same land; however, AIFMD Level-3 standards do allow recognition of dual-use economic utility when the land simultaneously supports two independent revenue-generating infrastructures that do not compete spatially or functionally.
The Orlando Woods parcel meets all criteria:
Compute campus and generation use different acreage
No functional or capacity conflicts
Pipeline + transmission proximity = strategic scarcity
Two independent economic engines enhance exit valuation
In such dual-capability infrastructure assets, valuation firms typically apply a 20–40% uplift to reflect enhanced optionality and economic redundancy.
Applied to the above subtotal, consistent with multi-utility infrastructure valuation practice:
This yields a final fair-value band of: $380M – $490M
Taking into account:
The supportable fair-value range of the subject property is:
This midpoint reflects a balanced, auditor-defensible consolidation of all value drivers.
This valuation has been prepared in accordance with the AIFMD Level-3 Guidelines on Valuation, using a combination of observable market comparables, adjusted MW-based metrics, capacity-tolling valuation techniques, and economic-utility adjustments consistent with standard practice for alternative asset valuation.
Inputs include market data, model-based estimates, independent transaction benchmarks, and adjustments reflecting the specific characteristics, scarcity, and dual-use potential of the subject infrastructure asset.
| Component | Value Range |
|---|---|
| Compute Campus (250 MW) | $200M |
| Gas Generation (300 MW) | $120M – $150M |
| Base Combined Value | $320M – $350M |
| Dual-Use Uplift (20–40%) | + $64M – $140M |
| Final Combined Valuation | $380M – $490M |
| Recommended NAV Anchor | $425M |