Vantage Quincy / WA1: Completed construction leaves leasing and refresh economics to prove
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Final-facility development completion announced in 2023; current billable load undisclosed. Capacity scope: 89 MW critical IT campus specification across three buildings. How we verify evidence.
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← Back to project index- Location
- Quincy, Washington — campus vicinity
- Readiness
- Operating
- Status
- Final-facility development completion announced in 2023; current billable load undisclosed
- Confirmed companies
- Vantage Data Centers; Grant County Public Utility District
- Next milestone
- Current billable load, renewal terms and funded high-density upgrades
- 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
Our analysis: Completed construction leaves leasing and refresh economics to prove. Quincy offers evidence beyond a land or power proposal: a developer-reported completed final building. That supports readiness of the property without disclosing every tenant’s installed compute or billable capacity. The hydro-rich region can reduce certain operating costs but does not eliminate tariff changes, demand charges or customer network requirements. Expansion and high-density retrofits should be evaluated on incremental returns rather than assumed attractive because historical facilities were built. Treat the 89 MW critical IT specification separately from power consumed and useful customer workload.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Final-facility development completion announced in 2023; current billable load undisclosed Readiness source →
What the sources establish
- Completed development. Vantage’s October 2023 release announces delivery of WA13, the final building in its 89 MW Quincy campus. Primary source →
- Current facility scope. The current WA1 page lists three buildings, 775,000 square feet and 89 MW critical IT capacity, with Grant County PUD as electricity supplier. 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 |
|---|---|---|
| Vantage Data Centers | Recurring property and retained service contribution | Accepted and billable capacity, rents, retained service costs and maintenance |
| Named resource or service participants | Utility service, network provision or managed-fund ownership only where documented | Contracts, billing scope and cost recovery; do not treat customer payments as automatic profit. |
| Other equipment and construction vendors | Potential capital-purchase receipts; no undisclosed vendor assigned | Actual orders and scope before attributing earnings or AI exposure. |
How financially meaningful is it?
Our analysis: Quincy offers evidence beyond a land or power proposal: a developer-reported completed final building. That supports readiness of the property without disclosing every tenant’s installed compute or billable capacity. The hydro-rich region can reduce certain operating costs but does not eliminate tariff changes, demand charges or customer network requirements. Expansion and high-density retrofits should be evaluated on incremental returns rather than assumed attractive because historical facilities were built. Treat the 89 MW critical IT specification separately from power consumed and useful customer workload.
Stabilized cash contribution = property and service receipts less retained operating expense, maintenance, allocated capital and finance costs.
Hypothetical illustration: A hypothetical 20 MW at USD 150/kW-month yields USD 36 million annual gross rent; a 10% billing reduction lowers it by USD 3.6 million. These are not Quincy leases or occupancy.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Readiness and scope | Current billable load, renewal terms and funded high-density upgrades |
| Customer economics | Named commitments and accepted equipment scope; reconcile recurring receipts, electricity recoveries, incentives and maintenance. |
| Capital and resources | Document the incremental power, cooling and network investment needed at the intended density; identify which party pays. |
| Evidence of useful output | For owner-users, useful computing per dollar; for landlords, billable load and service margin; neither is inferred from a building count. |
What could break the investment case?
Our analysis: Customer concentration, retrofit costs and lease renewal economics remain after development completion. Low-power-price marketing is not a current customer tariff quote and does not establish total delivered compute cost.
What would change our view?
Our analysis: Phase-specific customer acceptance, sustained useful workloads and cash generation after recurring costs would strengthen our assessment. Missed acceptance, deteriorating margins or additional capital required without equivalent contract protection would weaken it. A larger design envelope alone would not change the operating assessment.
What remains unknown
Current phase utilization, site-specific cash flow, customer acceptance detail, actual tariff, measured PUE, maintenance obligations and incremental capital returns are not fully disclosed in the reviewed sources. Coordinates represent the named locality or campus vicinity, not a surveyed building. A target date is not a verified completion. Building area is not IT MW, and utility or generation capacity is not automatically campus computing capacity.
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: Research packet retains a corporate disclosure hold.; Private participant disclosure/ownership exception remains unresolved.
Vantage: held-public-quarterly-disclosure-not-established
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →