Capital Structure & Enterprise Viability
Data Center & Power–Nuclear Valuation Economics
Enterprise Viability • Capital-Stage Valuation
When Enterprise Value Is Uncertain — and Getting It Wrong Would Be Irreversible
Alpha Consulting US provides enterprise-level valuation and economic viability advisory for capital-intensive, mission-critical infrastructure where traditional appraisal, transaction pricing, and simple multiple-based thinking fail.
We are engaged before capital is irreversibly committed—when boards, sponsors, utilities, and public authorities must determine whether enterprise value can exist at all, not merely what an asset might be worth under assumed continuity.
The Problem Most Valuation Work Does Not Solve
Most valuation and advisory work implicitly assumes that:
- the enterprise will operate,
- EBITDA will materialize,
- markets will normalize, and
- capital can be redeployed if needed.
In data centers, power-constrained infrastructure, and nuclear energy systems, these assumptions frequently fail.
Traditional approaches—real estate appraisal, market comparables, cap rates, transaction pricing, and “multiple math”—do not test enterprise survivability under:
- power and grid constraints,
- policy and regulatory uncertainty,
- extreme capital intensity,
- long development timelines,
- technology obsolescence,
- binary failure risk.
As a result, capital is often committed before enterprise viability is validated.
Our Role
Alpha Consulting US operates upstream of transactions, appraisal, restructuring, and tax execution.
We answer the question others do not:
Should this enterprise exist—economically—before capital is committed?
Our work focuses on:
- enterprise survivability,
- probability-weighted outcomes,
- capital-at-risk economics,
- long-horizon value sustainability.
Not confirmation.
Not compliance-only reporting.
Not deal pricing.
How We Classify Data Centers (Valuation Lens)
Data centers are often described using inconsistent “tiers” across engineering, real estate, and technology disciplines.
We resolve this by classifying data centers based on economic function and valuation regime, with tiers treated as risk descriptors, not the valuation framework itself.
Class 1 — Asset-Centric Infrastructure
Powered shells or lightly powered facilities with no resale of compute or services.
- Value driven by land, power entitlement, replacement cost, and conversion optionality
- Enterprise value is possible, not assumed
- Valuation emphasis: infrastructure utility and downside protection
Class 2 — Site-Dependent Operating Enterprise (Non-Platform)
Operating data center enterprises where enterprise value is inseparable from control of the specific site.
- Revenue depends on site-specific uptime and service delivery
- Customers are functionally site-locked
- Power expansion and recapitalization depend on land and infrastructure control
- Loss of site control collapses enterprise value
Class 2 is not a platform.
It is enterprise value that cannot survive the loss of the facility.
Class 3 — Platform & Strategic Infrastructure
Enterprises where value derives from scale, network economics, or strategic internal utilization, not from any single site.
Includes:
- hyperscale and AI platforms,
- large multi-site colocation platforms,
- strategic owner-user infrastructure.
In Class 3:
- enterprise value survives individual site impairment,
- capital is allocated at the platform level,
- real estate is an input—not the determinant of value.
Engineering tiers, market tiers, and product labels inform risk.
They do not define value.
Core Advisory Focus
Enterprise Viability & Capital-Stage Valuation
Independent, decision-centric valuation where:
- EBITDA is conditional, not assumed,
- value is path-dependent, not static,
- failure is binary, not marginal.
Designed to inform go / no-go, scale, timing, and capital-structure decisions—not transactions.
Data Centers — Valuation Economics
Class 2 (Non-Platform Enterprises)
Where site control, power timing, and ramp risk dominate enterprise survivability.
Class 3 (Platform & Strategic Infrastructure)
Where scale, integration, and long-horizon deployment economics dominate value creation.
Power & Nuclear Energy Projects
Enterprise valuation economics for dispatchable power systems, SMRs, large-scale nuclear projects, and public-private partnerships, including:
- pre-capital viability assessment,
- development-phase value-in-progress analysis,
- capital survivability modeling,
- long-horizon obsolescence and policy risk.
Cross-Border FDI Valuation (When Applicable)
When U.S. data-center or nuclear projects involve foreign direct investment, capital is not treated as neutral funding.
FDI is evaluated as partner capital, including:
- priority repayment and preferential distributions,
- downside allocation and capital survivability,
- cross-border policy, control, and enforceability risk,
- residual value available to domestic sponsors.
Applied only when FDI is present.
How We Are Different
Most firms ask:
What is the asset worth if the enterprise continues?
We ask:
Does the enterprise economically survive across time, risk, and capital commitment?
Key distinctions:
- enterprise value first, asset value second,
- probability-based economics, not point estimates,
- power, policy, and timing as primary drivers,
- long-horizon thinking (10–30 years),
- independent judgment not tied to transaction outcomes.
Our conclusions are designed to withstand board scrutiny, audit and hindsight, regulatory review, and litigation exposure.
Who We Serve
We work with clients who understand that prevention is cheaper than recovery, capital once trapped is difficult to unwind, and not all projects should proceed.
Boards and investment committees.
Sponsors and platform developers.
Institutional and SPAC-linked capital.
Utilities, energy authorities, and public-sector entities.
Begin the Conversation
If you are facing a capital decision where enterprise value is still uncertain, assumptions cannot be taken for granted, and long-term survivability matters, we welcome a confidential discussion.
Alpha Consulting US
Enterprise Viability • Capital-Stage Valuation • Infrastructure Economics