Europe should control the infrastructure its data and AI depend on.

Sovereignty is not a clause in a contract. It is a building, in a jurisdiction, on power somebody has secured, run by people who can be called into a room. Europe needs compute of its own, sited where its energy is cheapest and cleanest, so that its industry, its hospitals and its administration can work on their own data without asking anyone's permission. Germany and the EU already fund that argument. We build the physical side of it, and we think it is the part that decides whether the rest is real.

The way we build it is the second half of the answer. We started by paying for the drawings ourselves. That sounds like a small thing. It is most of what this company is.

In this sector it is normal to raise money against a rendering, and to find out what the ground is after somebody else has funded the finding out. We do it the other way round. Every project's survey, engineering, legal work and team are funded from the holding's own balance sheet first, and outside capital enters a project that has already been measured. The risk of being wrong about a building is carried by us, at the stage where being wrong is still cheap.

What we build are the layers underneath AI: land, power, cooling, the room the machines sit in, and the law that reaches them. We do not train models and we do not own accelerators. Our tenants do. Our business is the part of the stack that takes years and cannot be bought at short notice.

There are two sites. In Quedlinburg a seven-storey building that already exists, with a grid connection, a photovoltaic façade and a heat network on the same street. The second is a campus-scale site on cleared industrial ground, with a 110 kV connection application in. One is a retrofit, the other is a campus. Both are in the Harz, in Germany, under German and EU law, and that was a decision rather than an accident.

The discipline is simple and it is the reason this site looks the way it does. Every figure carries a status and a date. Nothing is claimed as measured that was calculated, and nothing is claimed as built that is drawn. Where a question is open we publish the question. That costs us some polish and it buys the only thing worth having at this stage, which is that an engineer who checks our numbers finds them to be what we said they were.