Activating idle megawatts
Own the megawatts AI has yet to reach.
Greenfield megawatts, activated with Bitcoin mining. Distributions from first power.
Request AccessDevelopment Pipeline
Megawatts behind the meter, on two continents.
01 · Texas
15MW
Pilot · Natural gas
32.97° N · 101.73° W
Onshore US, no cross-border jurisdictional risk. Texas is competitive, so the site is small by design: it proves the build, it does not carry the fund.
02 · Peru
300MW
In contracting · Oil & gas wells
4.53° S · 81.28° W
The Talara basin on the north coast, Peru's oldest producing oil region. Where scale is actually available.
Swipe for Peru
The Fund
Potential energyis underpriced.
Power reprices the moment a buyer can reach it.
o2 is buying what they can’t reach yet.
o2 acquires idle megawatts and activates them with Bitcoin mining. Distributions from day one, on an asset that appreciates and stays convertible to HPC.
Acquire
$2.0M per MW, live listings. Eight to twelve weeks to first power.
Cashflow
Distributions in Bitcoin from first power.
Convert
$8–10M per MW at AI/HPC comps. Optional, never underwritten.
The same megawatt · $ per MW
Idle · 7 live site listings, $1.63–2.20M/MW · Converted · AI/HPC site comps $8–10M/MW, to $14M in mature markets; JLL shell & core $11.3M/MW
o2 doesn’t buy grid power or bid for offtake. o2 sources greenfield megawatts that are locked, and short demand.
Locked until connectivity arrives
The Vision
Compute follows connectivity.o2 gets there first.
ConnectivityThe transmission and interconnection that carry electricity to demand, and the fiber a compute tenant requires on arrival. Without it, a megawatt has no route to a buyer at any price.
One megawatt, by what it can reach
01 · Connected
$2.0M/ MW
Where competing capital buys
Transmission and interconnection already in place. Bidders set the price. o2's Texas pilot sits here.
02 · Ahead of connectivity
No bid
Where o2 acquires
Electricity has no route to demand. No bidders, and the owner takes equity rather than a price.
03 · Reached
$8–10M/ MW
What 02 becomes
Connectivity arrives and the megawatt reprices. AI and HPC site comps, to $14M in mature markets.
o2 identifies and activates sites ahead of connectivity.
515MW
Under development · three continents
$4–5B at current comps
Who We Are
Institutional discipline for an emerging asset class.
o2 is built by people who have managed large-scale credit portfolios, structured finance across energy and digital infrastructure, and operated at the intersection of institutional capital and Bitcoin since 2017. The team builds and underwrites hedged credit structures for Bitcoin miners directly, so the fleet financing behind every site is priced in-house rather than bought from a counterparty.
Get Access
Built for institutional capital.
o2 partners with a select group of qualified investors. Request access to the full thesis and terms.