Quanta Campus Unit 1

Senior notes on a behind-the-meter reactor inside a data center campus, with a twenty-year executed offtake.

The binding constraint on data center expansion is no longer chips or capital, it is a grid interconnection queue measured in years. Siting generation inside the fence removes the queue entirely and gives the tenant a twenty-year fixed cost of power. One hyperscale counterparty has executed the agreement, which is both the strength and the weakness of this offering.

Loudoun Compute Campus · Ashburn, VAConstruction permit filedEscrow: Meridian Trust, N.A.

TRL 7 of 9, band 6.6 to 7.4, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Apr 29, 2026.See the evidence it rests on

$58,100,000 committed of $70,000,000

$40,670,000 released · 83% subscribed

Released to the issuerCommitted, held in escrowRemaining

Minimum: $1,000
Target coupon: 6.65%
Term: 10 yr
Investors: 6,318

Closes December 19, 2026 · 97 days remaining

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TRL assessment

Technology readiness level, 1 to 9

Confidence band 6.6 – 7.4

The reactor is a licensed design with a completed first-of-a-kind elsewhere, and the campus integration engineering is complete, which supports level 7. A single hyperscale tenant has executed a twenty-year agreement, the strongest offtake on the platform and simultaneously its most concentrated credit exposure. The construction permit is filed and not issued.

At TRL 7, the ladder permits Senior note and releases up to 70% of committed capital. This offering is structured as a senior note, which is consistent with that band.

Signed and published

Reviewer: Dr. Helena Vargas-Mbeki
Credential: PE, Nuclear; former NRC senior reactor analyst
Signed: April 29, 2026
Published: April 30, 2026
Methodology: v1.4
Model: ci-trl-2026.06
Generated: Apr 24, 2026

How scoring works

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

Source	Document	Date	Weight
Supplier contract	Twenty-year power and capacity agreement, single tenant Executed agreement with a hyperscale operator Fixed price with inflation adjustment; take-or-pay above a minimum load.	Jan 13, 2026	33%
NRC docket	Construction permit application docketed NRC docket, acceptance review complete Safety review in progress. Standard design approval referenced.	Dec 4, 2025	28%
Operating license	Referenced standard design approval Previously approved standard design for the module Reduces first-of-a-kind design review scope substantially.	Oct 21, 2024	24%
Independent test report	Campus integration and islanding study Independent electrical engineering study Behind-the-meter configuration demonstrated stable under modeled load steps.	Mar 6, 2026	15%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.