Energy-abundant corridors
West Texas and the Permian, Appalachian gas, the Upper Midwest. Slower fiber, faster electrons.
Owners & developers
Sites, shells and campuses looking for tenants, capital or an exit.
Obsidian
Infrastructure, compute, energy.
Capital at the table.
Obsidian is an origination and development firm operating across the four markets behind AI infrastructure — the site, the power that serves it, the silicon that fills it, and the capital that funds all three. One counterparty across all four layers. We are not a marketplace, and we do not publish a price list.
Four markets. One deal. Most of them die in the gaps.
The land people don't speak turbines. The GPU people don't read interconnection queues. The capital asks a question nobody on the deal can answer, and ninety days evaporate.
The problem
A gigawatt of capacity is not one transaction.
It is a site with a defensible interconnect position, generation deliverable on the schedule the tenant underwrote, hardware that is contracted rather than promised, and capital that understands all three well enough to price the risk. Obsidian works across all four.
01
Site to power
A signed LOI from a utility is not an energization date. The gap between them has killed more campuses than capital ever has.
02
Power to compute
Allocation gets sold against capacity that will not be energized in time to take delivery of it.
03
Compute to capital
Lenders underwrite depreciating hardware against a tenant covenant nobody has read closely.
04
Capital to close
Four advisors, four fee structures, and no single party accountable for the transaction actually funding.
Powered landPowered shellsBrownfield conversion
Interconnection queue positionsGB300 NVL72B300
H200 & HopperBehind-the-meter gasTurbines & gensets
BESSLong-duration storagePPAs & tolling
Substation deliveryDevelopment equityGPU-backed financingSale-leaseback
We don't run an exchange. We take a mandate and carry the outcome.
A marketplace is paid for introductions and is indifferent to what happens after them. Obsidian is paid for closings. We diligence before we introduce, we work one side of a deal at a time and we say which side we are on. Where a transaction warrants it, we take a development or ownership position rather than a fee.
The structure decides whether it's a deal.
We work the capital question first, not last. A transaction that cannot be financed isn't a transaction — it's an introduction with a deadline on it.
The four layers
What we transact.
Obsidian holds live positions across each layer. A mandate can start at any one of them — most start at power.
I
Infrastructure
Powered land, powered shells and operating facilities, underwritten on energization date, queue position and deliverability rather than a brochure.
- Powered land and shells, 5 MW to multi‑hundred MW
- Operating data centers and colocation portfolios
- Brownfield — industrial, manufacturing, legacy telecom
- Mining sites repositioning to HPC and AI workloads
- Greenfield campuses with interconnection position
- Design-build, commissioning and on-site O&M partners
Queue position and study status. Interconnection agreement, executed or not. Title, easements and water rights. Electrical topology to the rack. We would rather kill a site in week two than introduce it in week ten.
C
Compute
Allocation is only worth what the ship date and the paper behind it are worth. We verify both before anything reaches a buyer.
- NVIDIA B300 and GB300 NVL72 inventory and allocation
- H200 and Hopper-class systems, new and secondary
- Contracted bare-metal and neocloud capacity, by term
- Secondary positions and residual value structures
- Networking, interconnect and integration partners
- Deployment partners for rack integration and burn-in
Chain of title on the allocation. Named ship windows rather than quarters. Whether the OEM relationship survives assignment. An allocation that cannot be energized on schedule is inventory, not capacity.
E
Energy
Power is the binding constraint on every transaction in this market. It is the first thing we diligence and the last thing we take on faith.
- Behind-the-meter gas, grid-connected and hybrid generation
- Turbine, reciprocating engine and genset positions
- BESS and long-duration storage for firming
- PPAs, tolling structures and curtailment arrangements
- Substation, transmission and switchyard delivery
- On-site operations, maintenance and fuel management
Firm versus interruptible, and what the contract says under load. Fuel supply and transport. Equipment lead times against the construction schedule. Every schedule in this business is a power schedule wearing a different hat.
$
Capital
Capital is not a referral we make at the end. It sits at the table from the first conversation, which is why our deals are structured to be financeable before they are marketed.
- Project and development equity
- Construction, bridge and take-out debt
- Equipment and GPU-backed financing
- Sponsor equity, joint venture and platform capital
- Sale-leaseback and lease structures
- M&A for operating platforms and portfolios
Tenant covenant, contract tenor, residual assumptions, and where in the stack the risk is genuinely sitting. A deal that cannot be financed is not a deal; it is a press release waiting to be retracted.
Power is the schedule.
Firm or interruptible, fuel and transport, equipment lead times against the construction programme. Everything else in the transaction moves when this does.
The sequence
How a deal gets assembled.
01
Mandate
What is being sold, bought, built or financed — and the constraint that governs it. Scope, side and fee in writing before we start.
02
Diligence
Power, title, queue, paper, counterparty. We tell you what we found whether or not it helps the deal.
03
Structure
The shape of the transaction and where capital sits in it. Financeable before it is marketed to anyone.
04
Close
Negotiation, documentation and hand-off into construction or operations. We stay on the deal until it funds.
05
Develop
Where the opportunity warrants it, we take a development or ownership position rather than a fee.
From queue position to steel.
The end of a transaction we worked is a building that energizes on the date the tenant underwrote.
Geography
Our coverage follows power, not postcodes.
Stranded and behind-the-meter
Power already built for something else. Legacy industrial load, flare gas, and interconnects worth more than their hashrate.
Constrained metros
Northern Virginia, Dallas, Phoenix, Chicago, London. Power is scarce, which is why a defensible queue position is worth underwriting carefully.
Counterparties
We work both sides of this market — never on the same transaction.
Labs, hyperscalers & enterprises
Buyers of capacity who need it energized on a date they can plan against.
Miners & industrial owners
Powered assets repositioning from hashrate or heavy industry into AI workloads.
Energy developers & IPPs
Generation, storage and equipment positions looking for an offtaker with a schedule.
Funds, family offices & private credit
Capital seeking diligenced exposure to the buildout rather than a pitch deck.
OEMs, integrators & neoclouds
Supply-side partners with inventory, allocation or deployment capability.
We walk it before we sell it.
Queue position, study status, title, topology. The work that decides whether a transaction is real happens before anyone is introduced.
The best sites rarely look like it.
A derelict plant with a live interconnect beats a clean parcel with none. Knowing which is which is most of the work.
How we work
Four commitments we will hold to in writing.
We verify before we introduce.
Nothing reaches a counterparty until we have read the paper ourselves. If diligence weakens the deal, you hear it from us first.
One side of a deal, and we name it.
We represent the buyer or the seller on any given transaction, never both, and the mandate states which before work begins.
Confidentiality by default.
Assets, allocations and capital sources are not shopped. Nothing moves, and no name is used, without written permission.
We don't broker what we wouldn't own.
If an asset doesn't clear our own underwriting, we decline the mandate rather than pass the risk to someone who trusts us.
Constraint is the only real asset class.
Land is available. Capital is available. Silicon is available. What is scarce is the party who can clear all four constraints at once and put a date on it. That is the whole of our business.
Contact
Bring us the constraint.
Tell us what is actually blocking the transaction — the power, the paper, the allocation or the money. We will tell you within a week whether we can move it, and we will say no when the answer is no.