Companion files
Data Centers, Fiber, Towers and the Power Behind AI by the Numbers, With the Models Supplied
The Excel workbooks that go with the book. One infrastructure fund studies and buys three assets: Halvard DC1, a data center leased to a hyperscale cloud provider with a pre-leased expansion waiting for its grid connection; Oakmere Fiber, a fiber-to-the-home network half built; and Pellam Towers, 850 wireless towers. The data center costs $900 million, and its signed lease pays back 34.2% of that price. The same building earns 10.69% on equity after a retrofit and -2.98% if its halls are stranded, with identical rent until year 8. Every figure the book prints is reproduced here by live formula and checked.
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The four workbooks, the blank models, the timed test and the read-me. Each file can also be downloaded on its own below. Last revised 25 September 2026.
Chapters 2 to 7 and 15
The lease at $138 per kW per month on 32 MW, the power clause and its energy margin ($2.42 million in year 1), phase 2 and its grid connection, the four outcomes at lease end, three valuation methods from $557.1 million to $1,616.7 million, the acquisition loan and the refinancing one year before the lease ends. Base case equity IRR 10.23%; a power price 4.0% above the assumption from year 5 already takes it below 10 percent.
Download187 KBChapters 8 to 11
Sixty thousand homes passed building to 120,000, penetration by cohort, ARPU, churn, EBITDA and free cash flow, the open access variant (7.55% against 10.34% for retail) and the grid of penetration against cost per home passed. 10 percent needs 39.4% penetration.
Download190 KBChapters 12 to 14
850 towers, tenancy ratio 1.45 at purchase, ground leases and buyouts (a buyout returns 9.32% held at 16 years of rent, 11.50% sold at the tower multiple), the operator merger, the debt and its covenants. Equity IRR 10.06%.
Download70 KBChapters 16 and 17
The three assets' equity cash flows in nine scenarios. Portfolio equity IRR 10.21% in the base case and 4.05% if the next chip generation arrives early, although fiber and towers are untouched.
Download36 KBFor your own assets
A single-tenant data center lease, a built fiber network and a tower portfolio, compact and empty. Nothing computes until every yellow cell is filled; a Progress sheet counts what is left.
Download15 KBPractice
A new small case: a 12 MW data center, a fiber cluster and a tower cluster. Twelve questions marked as you type, and an answer key computed by live formula from the case.
Download10 KB| Units | Millions of US dollars unless a cell says otherwise; rent in dollars per kW per month; energy in MWh. |
| Time | Purchase at year 0, ten years of ownership, sale at the end of year 10; annual cash flows at year end. Year 11 is used only for the data center's forward NOI at exit. |
| Returns | Equity IRR after debt and unlevered IRR before it, all before tax. Fiber carries no debt. |
| Checks | Each main workbook has a Checks sheet: printed figure, live value, numeric gap, status, and an overall status that reads PASS only if every check passes. |
| Inputs | Yellow cells with blue type. Nothing is typed inside a formula. |
The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers. They use no macros and no links to other files, so nothing needs to be enabled or trusted. Everything in the case is fictional and nothing here is investment advice.
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