ODATA QR02
FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →
Project status: Operator-listed campus; current commissioned IT load undisclosed. Capacity scope: Current comparable IT capacity not established in reviewed profile. How we verify evidence.
← Back to project index- Location
- Mexico / Querétaro corridor / Amexhe Industrial Park
- Readiness
- Existing facility / readiness unverified
- Status
- Operator-listed campus; current commissioned IT load undisclosed
- Confirmed companies
- ODATA / Aligned Data Centers
- Next milestone
- Binding customer commitments, current commissioned IT capacity and lease commencement.
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
QR02 is an infrastructure leasing case where customer fit-out is the bridge between a marketed facility and recurring cash. An operating directory establishes the campus offering, while the underwriting questions concern committed load, delivery obligations and who pays for upgrades. This entry remains separate from QR01 and QR03 rather than inheriting their budgets or customer commitments.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Operator-listed campus; current commissioned IT load undisclosed Readiness source →
What the sources establish
- Operator / company disclosure Current campus evidence. ODATA’s Mexico directory lists QR02 at Amexhe Industrial Park, describes Tier III design and continuous operation, and gives the campus its own entry. The market label does not independently resolve exact municipal boundaries or establish a commissioning date. Primary source →
- Operator / company disclosure Scope boundary. The directory markets cloud and AI infrastructure across Mexico, but it does not establish QR02’s current utilization, named AI tenants, revenue or a specific computing-equipment procurement. Portfolio capabilities cannot be assigned to an individual customer deployment without further evidence. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| ODATA / Aligned / private | Provides campus infrastructure and services. | Commenced leases, operating costs and financing determine return; billable capacity is undisclosed. |
| Customers | Install computing systems within contracted infrastructure. | Fit-out timing, termination rights and customer credit matter; tenant identities are unestablished. |
| Power and hardware suppliers | Possible facility and customer procurement roles. | No QR02-specific order value is established from the directory. |
How financially meaningful is it? Analyst interpretation
Our analysis: the division of fit-out costs is central to a campus lease. A tenant-funded installation can have different owner cash requirements from a landlord-funded turnkey deployment. Claimed availability does not establish that a particular density can be delivered at a profitable price. QR03’s anchor commitments and QR01’s full-build specification remain distinct project evidence, so they do not fill QR02’s disclosure gaps.
Modeled owner return = net commenced lease income − non-recovered operations − maintenance − financing costs. Owner-funded fit-out and delivery obligations add initial capital and should be evaluated against secured lease cash.
Hypothetical illustration: USD 12 million of annual net operating cash supports a simple 10% yield on USD 120 million of invested capital. If owner-funded fit-out adds USD 30 million without additional cash, the simple yield falls to 8%. These are assumptions, not QR02 costs or rent.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Contracted scope | Seek customer commitments that specify billable load, required density and allocation of fit-out costs. |
| Commissioned delivery | Verify the capacity available to that customer, not just an operating campus listing. |
| Cash conversion | Track lease commencement and cash after maintenance, power recovery and debt service. |
What could break the investment case?
Our analysis: Fit-out obligations can absorb expected returns, and customer installations can lag facility readiness. Lease concentration or weak termination protection can undermine demand visibility. Energy charges passed through to customers can inflate reported revenue without increasing retained cash.
What would change our view?
Our analysis: Our confidence would rise with defined contracts and delivered capacity converting to billing. It would fall if expensive upgrades precede secured demand or if recurring cash fails to cover continuing capital obligations.
What remains unknown Not established in this review
Current IT MW, utilization, tenants, lease pricing and currency, financing, fit-out allocation, procurement and site earnings remain unestablished.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Company investor information & quarterly statements
Corporate-disclosure certification held: ODATA: July21 2026 completed100% Aligned acquisition by BlackRockAIP/MGX/GIP consortium from Macquarie funds;private standalone statements not located.
ODATA
Campus operator / developer
Disclosure verification held: Official investor and quarterly document coverage remains incomplete.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →