ESTRUXTURE
“ We started off the business doing 30 kilowatts a rack with air cooling out of the box,” Todd explains. The company positioned itself as the highdensity specialist from inception. That positioning proved prescient.“ Now we’ ve gone from 30 kilowatt racks to 50 and 150 kilowatt racks,” Todd says. The company approaches 600 kilowatts to a megawatt per rack. This progression required specialisation in high-density cooling, largely air-based but increasingly incorporating liquid cooling to the chip.
Todd describes his company’ s current phase as“ eStruxture 2.0”, which is an evolution built on foundational principles. The strategy centres on owned real estate underpinning sites and high-density, large-scale facilities. CAL-3, the 90-megawatt facility under construction, exemplifies this approach as a prime example of the company’ s development philosophy.
Capital structure evolved to support this scale. A US $ 1.4bn debt financing in 2024 followed a US $ 1.8bn equity financing with infrastructure investors
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