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MicroLink Data Centers / Investor Update
Q2 2026 / Three month update / Confidential

Investor update→ three months on

The Document

A status update for investors we have spoken to before. Six months sit between the last conversation and this one. This document tells you what has moved, where the round sits today, and what we are asking for now.

What changed since we last spoke

The platform moved.

A one-paragraph statement of the single thing that has shifted most since the last conversation. Two sentences. Specific. The reader should finish this paragraph and want to read the rest.

Prepared for
Recipient name
Prior conversation: Q4 2025
Prepared by
Nick Searra
CEO, MicroLink
Update period
Q4 2025 → Q2 2026
Six months
Status
Round open
Soft circled / hard committed
Next review
20 April 2026
Owner: Nick
Recap · Architecture

The architecture

Liquid cooled by architecture. Two 40 ft (12 m) shipping containers per MW, one Compute Module and one TPM. Density of 50 to 150 kW per rack with PUE 1.12 and ERE under 0.5 at tri-gen sites. The spec is locked.

Density
50 to 150kW/rack
PUE / ERE
1.12 / 0.5
Footprint
2 × 40 ft/MW
Recap · Unit economics

The numbers

Per-site capex of $80 to 95k installed. Anchor revenue of $8 to 11k per site per month at 60 to 85 percent utilisation. Payback inside 9 to 18 months across the modelled cases, project-dependent.

Capex range
$80 to 95k
Base payback
12months
36 mo cash
$190 to 330k
Section 05

The deltathen and now#

Six months sit between the last conversation and this one. Here is what moved.

Q4 2025
When we last spoke
Q2 2026
Where we are now
Pipeline

Three concept sites in early conversation. No signed letters of intent.

Pipeline

Eleven sites across five host classes. Two at Gate B with letters of intent in hand.

Anchor commercial

Anchor terms in early framing. No MSA. No take-or-pay structure.

Anchor commercial

MSA framework drafted. Take-or-pay structure with one anchor in advanced negotiation.

Capital

Pre-seed conversations. No hard commits. No structure.

Capital

$1.4M soft circled, $0.6M hard committed. Round structure agreed with lead.

Team

Founder plus design partner. No CTO. No commercial lead.

Team

Six full-time. CTO, head of sales, CCO, capital advisor in seat.

Partnerships

No technology partner conversations.

Partnerships

NVIDIA partnership track active. Existing NCP introduction path in motion.

Section 06

Pipeline movementby stage#

Eleven sites in active development. Two advanced to Gate B since the last update.

Stage Capacity Sites Δ since Q4
Lead
12MW
+5
Qualified
8MW
+3
Gate A
6MW
+2
Gate B
5MW
+2
Gate C
1MW
no change
Signed
0MW
target Q3
Current Prior position (Q4 2025)
Section 07

The roundwhere it sits today#

Forty percent committed. The round is real, moving, and currently underweight against your entry point.

Round target $5.0M
Committed against target $2.0M / 40%
$0 $1M $2M $3M $4M $5M
Closed
$0.6M
12% · wired
Hard committed
$1.4M
28% · LOI signed
Soft circled
$1.4M
28% · in diligence
Open allocation
$1.6M
32% · available
Section 08

The askspecific to you#

We are asking for a follow-up conversation, not a wire transfer.

Open allocation · Series
A second lookat a moved platform

If the reasons you passed in Q4 are still the reasons, we want to hear them. If they have moved, we want to talk again.

What we want
  • One follow-up call, 30 minutes
  • Honest read on what still concerns you
  • Indicative interest at $250k to $1M
  • Decision by 30 May if positive
What we are not asking
  • No commitment on this update
  • No introductions before diligence
  • No exclusivity, no right of first refusal
  • No public association without consent
Decision window
  • Response by 20 May
  • Diligence pack on request
  • Round closes early Q3
  • Two allocation slots remaining
Section 09

What is unresolvedand how we are handling it#

Five things still keep us up at night. Here they are, and what we are doing about each.

Severity Risk How we are handling it
High Anchor MSA closureThe deal economics depend on a signed anchor agreement. Without one, the base case becomes the conservative case. Active diligence with two anchors. Target signature by end of Q3. Conservative case stands without it.
High Permitted power timelineSan José anchor site requires permitted power by December 2026. Bloom on PPA is the only viable path. Bloom conversations advanced. Backup site in Chicago at Stickney WRP if timeline slips.
Medium NVIDIA partner selectionNCP path depends on AI Grid partner selection. Direct introduction in motion but not closed. Hydra Host introduction live. Chris Penrose target identified. Plan B is partner-of-partner via Rafay.
Medium First site executionFirst commercial deployment will be visible. Any execution miss compounds across the pipeline. Jacobs as EPC partner under evaluation. AB InBev pilot site (1 MW) de-risks the spec before scale.
Low Capital structure complexityMulti-jurisdiction stack adds legal overhead and time to close. Stripe Atlas interim path. Meridian Stack memo locked. Capital advisor (Deniz) in seat.

We have not asked you for anything yet. This document is a status update, not a pitch. If the platform looks different to you now, we want to know. If it does not, we still want to know.

Nick Searra
CEO · Co-founder
nick@microlinkdc.com
Sancha Olivier
Co-founder · Design
sancha@microlinkdc.com
Deniz Akgul
Capital · White Rose
deniz@microlinkdc.com