Data center raise: capital for a development
A data center development is valued on secured power, a signed or likely tenant and a credible build plan. Equity partners and construction lenders read utility agreements, land and entitlement files, the lease or letter of intent, and construction contracts and long-lead equipment orders.
Folder index
- 01 Project summary Site, capacity in MW, phasing, capital stack, timeline.
- 02 Power Utility agreements, load studies, energization schedule, upgrade costs.
- 03 Land and entitlements Deed or purchase contract, title, zoning, site plan approval, permits.
- 04 Utilities and connectivity Water supply, fiber routes and carriers, backup power permits.
- 05 Tenant Lease or LOI, tenant credit, delivery milestones and penalties.
- 06 Design and construction Basis of design, GMP or EPC contract, schedule, contractor credentials.
- 07 Equipment procurement Orders for transformers, generators, cooling and switchgear with delivery dates.
How this raise works
Data center developers raise from infrastructure and real estate funds, sovereign and pension investors, family offices and construction and term lenders. Many projects are built for a single large tenant under a long lease, while others are leased to several tenants. A signed lease changes the financing options sharply.
Power is the gating item. Investors want to see the utility's commitment: capacity, energization dates, required substation and transmission work and the cost sharing for it. Land, zoning, water and fiber access follow. Long-lead items such as transformers, generators and cooling equipment can drive the schedule, so procurement status matters.
Lenders read the tenant lease closely: term, rent, credit, termination rights, delivery deadlines and penalties for late delivery. Construction loans are often sized against the lease, with tighter terms on speculative capacity.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Permission control carries the most weight here.
- Investor tracking 22%
- Permission control 25%
- Raise workflow 25%
- Investor onboarding 14%
- Cost of a raise 14%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
Security-focused deal room with detailed permission controls.
Price Priced on request Trial Demo on request Features 7 of 12 listed
Places 11 to 16: Box (7.1), DealRoom (7.0), ShareVault (6.9), Venue by DFIN (6.4), Digify (6.0), DocSend (5.5)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Project summarySite, capacity in MW, phasing, capital stack, timeline.
- 02 PowerUtility agreements, load studies, energization schedule, upgrade costs.
- 03 Land and entitlementsDeed or purchase contract, title, zoning, site plan approval, permits.
- 04 Utilities and connectivityWater supply, fiber routes and carriers, backup power permits.
- 05 TenantLease or LOI, tenant credit, delivery milestones and penalties.
- 06 Design and constructionBasis of design, GMP or EPC contract, schedule, contractor credentials.
- 07 Equipment procurementOrders for transformers, generators, cooling and switchgear with delivery dates.
- 08 Financial modelDevelopment budget, lease-up, debt sizing, sensitivities.
- 09 SponsorCompleted projects, team, organizational documents.
- 10 Deal documentsJV agreement, term sheets, loan drafts.
- 11 Q&AQuestions from investors, lenders and technical advisers.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Intralinks | Ansarada | Drooms |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| View-only files | Files can be read but not saved or printed, and the setting can change mid-raise without a new invite. | ||||||
| 2-step verification | A code or an approval on a second device every time someone logs in. |
Setting up the room
- 01
Prove power first
Put the utility agreement and energization schedule at the top. Most investors stop reading if power is uncertain.
- 02
Protect tenant identity
Large tenants often require confidentiality. Use code names and restrict the lease folder to named reviewers.
- 03
Track long-lead equipment
Show each order with delivery date and how it fits the tenant delivery deadline.
- 04
Give technical advisers scoped access
Open design and procurement folders to the lender's engineer without exposing deal terms.
- 05
Keep a single schedule
Update one dated master schedule in the room so every party reads the same dates.
Common mistakes
- Presenting a utility queue position as committed power.
- Tenant delivery penalties that the construction schedule cannot support.
- Sharing a confidential tenant's name beyond the people cleared to see it.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What makes a data center financeable?
Committed power, controlled land with entitlements and a lease with a creditworthy tenant. Speculative projects can raise capital but on tighter terms.
Who reviews the room?
Equity investors, construction and term lenders, their engineers, power consultants and counsel.
How do I protect tenant confidentiality?
Use code names, restrict the lease folder, disable downloads and watermark every page with the viewer's name.