ODATA QR01
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: Operating campus documented; expanded full-build capacity is a plan. Capacity scope: Up to 32 MW at full construction; current draw unknown. How we verify evidence.
← Back to project index- Location
- Mexico / Querétaro / VYNMSA industrial park
- Readiness
- Operating
- Status
- Operating campus documented; expanded full-build capacity is a plan
- Confirmed companies
- ODATA / Aligned Data Centers
- Next milestone
- Commissioned expansion capacity, contracted customers 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
QR01 offers a physical-infrastructure counterpart to AWS Mexico’s service business. ODATA provides the place and power for customer computing; the customer may earn the cloud revenue. A successful campus needs both delivered infrastructure and durable paying tenants. Regional AI growth is a demand thesis, while tenant contracts and commenced billing are the evidence needed to underwrite returns.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Operating campus documented; expanded full-build capacity is a plan Readiness source →
What the sources establish
- Operator / company disclosure Operating evidence. ODATA’s opening notice announces operation of QR01; its current Mexico directory places the campus at VYNMSA Querétaro Industrial Park. These establish the operator and location without identifying an AI tenant. Primary source →
- Operator / company disclosure Expansion boundary. Aligned’s February 28, 2024 release describes QR01 expansion and up to 32 MW when fully constructed. The release also discusses separate QR02 and QR03 developments; their capacity is not QR01 capacity. It does not confirm that all 32 MW is presently commissioned or leased. Primary source →
- Operator / company disclosure Current directory. The current operator directory markets the QR01 campus and carrier connectivity. A marketed location does not disclose productive customer load, occupancy or lease pricing. 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 scalable data-center infrastructure. | Rent and service income depend on contracted capacity and billing commencement; site economics are undisclosed. |
| Hyperscale customers | Deploy computing equipment and services. | The expansion describes the customer category; this review does not establish a named AI tenant or its spending. |
| Power and equipment suppliers | Potential infrastructure and customer procurement roles. | No project-specific supplier order is assigned from portfolio-wide technology claims. |
How financially meaningful is it? Analyst interpretation
Our analysis: customer concentration, currency and cost recovery are central to a wholesale campus. A large tenant can accelerate leasing but increase renewal exposure. Rent currency, debt currency and local expenses can differ; without contract evidence, neither a natural currency hedge nor an unhedged mismatch should be assumed. ODATA and Aligned are private operating businesses, and a platform investment does not give a public shareholder direct ownership of QR01.
Modeled operating cash = commenced contracted rent + net service income − non-recovered electricity and operating expenses − maintenance. Debt service, expansion funding and currency effects then determine cash available to owners.
Hypothetical illustration: 10 MW of billable capacity equals 10,000 kW. At an assumed USD 120 per kW monthly rent, annual rent is USD 14.4 million before expenses. A six-month commencement delay shifts USD 7.2 million beyond the planned schedule. Neither capacity leased nor pricing is a disclosed QR01 figure.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Expansion delivery | Seek dated commissioning evidence separating installed, energized, contracted and billable MW. |
| Customer commitments | Watch named contracts, duration, concentration and termination protection; general customer interest is insufficient. |
| Cash conversion | Establish rent and power-cost recovery, financing currency and maintenance requirements before estimating distributions. |
What could break the investment case?
Our analysis: Delayed utility service or customer fit-out can defer billing. Concentrated tenants can negotiate concessions. Unrecovered power costs or a funding-currency mismatch can reduce cash returns. Portfolio cooling capabilities do not prove a specific installed QR01 system.
What would change our view?
Our analysis: Our confidence would rise with commissioned expansion and binding leases converting to billing. It would fall if infrastructure is added ahead of contractual demand or if rent fails to cover the full cost of delivered power and capital.
What remains unknown Not established in this review
Current commissioned IT MW, utilization, tenant names, lease currency and pricing, financing, supplier orders and site earnings remain unestablished. The 32 MW figure remains an attributed full-build plan.
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 / Aligned: held; Research packet retains a corporate disclosure hold.
ODATA / Aligned
Campusowner/developer
Disclosure verification held: Official investor and quarterly document coverage remains incomplete.
Private participant: Private/unlisted participant: no public quarterly financialstatements reviewed. No invented quarterlies or indirectparent exposure. Current ownership/private-status documentation remains tobeverified.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →