We publish our pipeline in numbers because we think the industry should. Those numbers are targets and assessments, not promises. This page explains exactly what they are and are not.
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Any securities of Eppur have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption. No securities regulator, including the US Securities and Exchange Commission, the UK Financial Conduct Authority, the Hellenic Capital Market Commission or the Brazilian Comissão de Valores Mobiliários, has reviewed or approved the Site or anything on it.
Any investment in Eppur will be made only on the basis of definitive documentation provided to eligible investors, which will contain risk factors and other information that the Site does not, and which will supersede the Site in full.
The Site is a corporate information site for a general audience. Content on the Investors page and elsewhere that concerns Eppur’s capital, financing or performance is not directed at, and should not be acted on by, retail investors. In the United Kingdom such content is directed only at persons who are investment professionals within article 19, or high net worth companies and other persons within article 49, of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or others to whom it may lawfully be communicated. In the European Economic Area it is directed only at persons who are qualified investors within the meaning of the Prospectus Regulation. Persons who do not fall within these categories should not rely on it.
The distribution of information on the Site may be restricted by law in some jurisdictions. If you access the Site, you are responsible for informing yourself about and observing any such restrictions.
The Site contains forward-looking statements. These are statements that are not historical fact and that concern Eppur’s plans, intentions, expectations, targets and beliefs, including about:
Words such as “pipeline”, “planned”, “target”, “secured”, “expect”, “anticipate”, “intend”, “will”, “roadmap”, “in motion” and similar expressions identify forward-looking statements, as do project capacity figures and stage labels.
Forward-looking statements are based on assumptions that Eppur considers reasonable at the date they are made, but they involve known and unknown risks and uncertainties, many of which are outside Eppur’s control, and actual outcomes may differ materially. Those risks include, without limitation: the availability, timing and cost of grid connections and interconnection capacity; the outcome and timing of planning, permitting and environmental consents; the availability and price of power and land; the ability to secure financing on acceptable terms, or at all; the willingness of hyperscalers and other counterparties to enter into offtake agreements, and their performance under them; construction cost, supply-chain and equipment availability, including for GPUs and electrical equipment; changes in law, regulation, tax and government policy in any of the jurisdictions in which Eppur operates; political and economic conditions, currency movements and sovereign risk; competition; the performance of partners and contractors; and the completion of any corporate transaction.
Nothing on the Site is a profit forecast or profit estimate, and no statement should be interpreted to mean that earnings, cash flow or returns for any period will match or exceed any figure mentioned.
We label our pipeline by stage so that readers can see what is real and what is still work in progress. The labels are Eppur’s own classifications, applied on the basis of its assessment at the date of publication. They mean the following:
| Term | Meaning |
|---|---|
| Total pipeline | The aggregate planned capacity of all sites Eppur is pursuing, at every stage from due diligence to consented. It is a portfolio of opportunities, not committed or operational capacity. |
| Anchor projects | Sites where Eppur assesses that land and power have been confirmed for the capacity stated. Confirmation of land and power does not mean that financing, construction or offtake is in place. |
| Controlled and owned | Capacity at sites in which Eppur, directly or through affiliates, holds or controls an interest of 90% or more. It does not mean that the capacity is built, financed or contracted. |
| In development | Sites where Eppur is actively progressing land, power, permitting or partnership workstreams, without all of them being confirmed. |
| In due diligence | Opportunities under evaluation that Eppur may or may not proceed with. Capacity in this tier is the least certain in the pipeline. |
Capacity figures are stated in megawatts (MW) or gigawatts (GW) of planned capacity, are rounded, and may refer to phased build-outs over several years. Regional figures may not sum to the total because of rounding, phasing or opportunities not attributed to a single region. Sites move between tiers, and in and out of the pipeline, as work progresses, and figures on different pages may reflect different dates. Where figures differ, the most recent definitive documentation provided to investors prevails.
Any revenue, income, EBITDA, valuation or return figure on the Site, including any figure described as “secured”, is an estimate derived from Eppur’s own models and from contracts, term sheets or arrangements at various stages of negotiation and conditionality. Such figures are illustrative of the potential of the pipeline, are not audited, are not a forecast of any period, and depend on the forward-looking assumptions described above being realised. They should not be relied on for any investment decision.
Nothing on the Site is investment, financial, legal, tax, accounting or engineering advice, or a recommendation to take any course of action. You should take your own independent advice. Eppur, its directors, officers, employees, advisers and affiliates make no representation or warranty, express or implied, as to the accuracy, completeness or fairness of the Site, and accept no liability for any loss arising from any use of or reliance on it, to the fullest extent permitted by law.
Market, industry and competitive information on the Site, including statements about demand for compute, grid constraints and the AI infrastructure market, comes from public sources, industry publications and Eppur’s own estimates. It has not been independently verified, and Eppur does not guarantee it.
Forward-looking statements speak only as at the date they are made. Eppur undertakes no obligation to update or revise any statement on the Site to reflect new information, future events or otherwise, except as required by law. Publication of an update on the Site does not imply that other statements on the Site remain current.
This disclaimer and any dispute arising from it are governed by the laws of the State of Delaware, United States, and the state and federal courts located in Delaware have exclusive jurisdiction. It forms part of our Terms of Use.
Investor relations: ir@eppur.global
Eppur, 8 The Green, Suite R, Dover, DE 19901, USA