Vulcan Infrastructure & Power Inc.

Vulcan Infrastructure & Power Inc. develops and operates datacenters and powered assets for energy-intensive computing. The company currently builds, maintains, and operates datacenters primarily for bitcoin mining, along with associated power and electric infrastructure. Revenue is generated from three sources: datacenter hosting, cryptocurrency self-mining, and power and capacity sales. The company is expanding its focus to support artificial intelligence (AI) and high-performance computing (HPC) workloads by leveraging its power generation assets, grid interconnection rights, and datacenter development expertise. Vulcan Infrastructure & Power Inc. owns and operates a vertically integrated cryptocurrency datacenter and power generation facility in Torrey, New York, referred to as the New York Facility. This facility includes a natural gas power generation plant with approximately 106 megawatts (MW) of nameplate capacity. The company also owns a 34-acre undeveloped site in Columbus, Mississippi, which is projected to provide access to 40 MW of datacenter capacity by the first quarter of 2027. Additionally, the company has 7.5 MW of datacenter capacity in North Dakota, known as the North Dakota Facility, through a five-year lease that provides energy access for its cryptocurrency mining operations. On December 11, 2025, the company completed the sale of its 152-acre property in Spartanburg, South Carolina, and assigned its rights to 60 MW of electrical service, expected by September 2026, to an affiliate of The Lightstone Group and LightHouse Data Centers. The sale consideration included $18.0 million in cash at closing and the right to receive up to $18.0 million in additional future contingent payments. These contingent payments are $180,000 per MW for power capacity exceeding the initial 60 MW made available to the South Carolina Land before December 31, 2030. For the year ended December 31, 2025, the company recognized a gain of $10.5 million from this sale.