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CARTIS

WhiteFiber NC-1

Madison, Rockingham County, North Carolina, United StatesInitial customer deployment; phased commissioning
Evidence
Contracted critical IT
40 MW
Updated
Oct 28, 2026
Utility
Duke Energy Carolinas, LLC

WhiteFiber NC-1 is the former Unifi property at 805 Island Drive in Madison, North Carolina. Initial Nscale deployment and billing began in Q3 2026, but full acceptance of the contracted 40 MW critical IT load remains unverified. Duke completed work for initial 54 gross MW; the 99 gross MW agreement and larger expansion concepts are different, conditional scopes. Marketing and purchase-agreement acreage/area differ. Nscale's up-to-$1.2 billion deployment debt commitment is not WhiteFiber's still-proposed landlord financing; the $865 million contract is revenue. Operator-marketed liquid cooling and contractual network rights do not establish as-built performance or named carriers. Air-exempt classification and a proposed county tax grant do not establish all permits or an executed incentive. NC-2/NC-3 and Montreal facilities are excluded.

Capacity

Anchor customer IT load

Contracted critical IT; full acceptance not established

40 MW

Source

Utility agreement capacity

Commercially reasonable efforts target by May 2029; not delivered IT

99 MW gross

Source

Maximum site scale

Planned / design or future potential

200 MW gross

Conflicting public evidence

Conflicting source claims

Source

Initial utility work completed

Duke delivery work completed; not metered operating IT

54 MW gross

Source

Later company expansion potential

Planned / design or future potential

300 MW gross approx

Conflicting public evidence

Conflicting source claims

Source

Cooling design

Planned / design or future potential

Operator markets direct to chip liquid cooling at NC-1. Contract leaves detailed cooling water temperatures/flows subject to customer basis of design and SLA amendment; as built thermal capacity not established. system

Source

Operating IT capacity: Not established in published records

A missing figure does not mean zero. Planned, utility and generation figures are not operating IT capacity.

Development

Former Unifi facility acquisitionCompleted
Initial 40 MW Nscale deploymentInitial billing with full ramp conditional
Utility service to 99 MW grossEfforts based target by May 2029
Conditional expansion concepts — 200 and approximately 300 gross MW differConditional

Participants

WhiteFiber

Developer and owner per issuer

Enovum NC-1 Bidco LLC

Contracting colocation operator and electric service assignee

Enovum NC-1 Venture LLC

Issuer reported owner of NC-1 Bidco; not independent deed proof

Nscale

Anchor colocation customer/licensee; tenant deployment debt separate

Other participants (3)
Enovum Data Centers Corp.

Original property purchaser and development subsidiary

Duke Energy Carolinas, LLC

Electric utility

Unifi Manufacturing, Inc.

Property seller and former occupant

Capital & incentives

Capital claims and financing records may overlap. Their amounts are not added together.

Capital claims

Purchase price

Base acquisition cash consideration; not financing raised

$45,000,000

Source

Contract value

Ten year colocation service contract revenue including escalators and installation; not financing raised

Approximately $865,000,000

Source

Planned investment estimate

Project cost estimate not financing

$1,000,000,000+

Source

White fiber landlord permanent financing status

Proposed financing; not closed capital

Lender exclusivity and diligence disclosed; definitive documents and customary approvals/conditions outstanding. Closing and amount not established in reviewed sources. status

Source

Nscale Madison deployment financing

Tenant deployment commitment; not landlord cash raised

Up to $1.2 billion committed in a closed senior secured delayed draw facility for Nscale site retrofit, GPUs and networking. Drawn amount undisclosed; separate from WhiteFiber landlord financing and the Ward County loan. Goldman Sachs led Madison; J.P. Morgan co arranged. transaction scope

Source

Corporate bridge loan context

Platform level transaction

NC-1 Venture borrower: up to-$100m facility, potentially $150m, supports data center and cloud initiatives. $20m assigned to B. Riley is part of initial $50m draw, not extra funding. No site allocation or current balance inferred. context

Source

Purchase price contingent adjustments

Acquisition consideration; not financing raised

Base cash price $45m; conditional $8m or $5m step up tied to 99 gross MW timing, plus $200000 per additional MW capped at $5m. Conditions do not prove payments made. transaction scope

Source

Financing records

White fiber landlord permanent financing status

Amount not disclosed

Aug 12, 2026

Lender exclusivity and diligence disclosed; definitive documents and customary approvals/conditions outstanding. Closing and amount not established in reviewed sources.

Parties & sources

Legacy figure

Counterparties not specified.

Sources (1)
Evidence record

Nscale Madison deployment financing

Up to $1,200,000,000 committed; drawn amount not disclosed

Aug 31, 2026

Up to$1.2bn closed commitment for Nscale Madison tenant deployment: retrofit, GPUs and networking. Drawn amount undisclosed. Not WhiteFiber landlord financing, not Ward County$1.85bn, and not an additive approximately$3bn headline. Madison borrower SPV not named in release.

Parties & sources

Nscale (Deployment sponsor and beneficiary) · Goldman Sachs (Lead left arranger; joint lead arranger, bookrunner and co structuring agent) · J.P. Morgan (Joint lead arranger, bookrunner and co structuring agent)

Legacy figure
Sources (1)
Evidence record

Incentives

County incentive proposal

Public hearing proposal; not awarded cash

October 6, 2025 agenda proposed a performance-based grant equal to 40% of county property taxes paid. Defined term and conditions depend on agreement; executed approval and payments not verified.

Site & development

Site area

Approximate marketed site area; contract reports 94.83 acres

96 acres

Conflicting public evidence

Source

Existing building area

Approximate marketed space; contract reports 946586 gross square feet

Approximately 970,000 sq. ft.

Conflicting public evidence

Source

Purchase agreement parcel area

Historical contract parcel; differs from marketed 96 acres

94.83 acres approx

Conflicting public evidence

Source

Purchase agreement building area

Historical gross building area; differs from later 970000 marketing

Approximately 946,586 sq. ft.

Conflicting public evidence

Source

Technical specifications

Fiber and network services

Contract rights; not verified live circuits

MSA allows customer funded third party fiber connections and offers transit/dark fiber or managed BGP and cross connects. No named installed carriers or route redundancy established. system

Source

Power resilience and maintenance scope

Contractual maintenance obligations

MSA maintenance covers UPS, switchgear, generators and distribution; delivered capacities, generator fuel and site wide redundancy topology are not disclosed. Generic N or 2N service language is not proof of every hall configuration. system

Source

Additional project facts

Anchor customer

Contracted

Nscale entity

Source

Site address and parcel

Purchase agreement property scope

805 Island Drive, Madison, Rockingham County; Parcel 169992 identity

Source

Ownership and operating entities

Issuer reported ownership

WhiteFiber reports full ownership; NC-1 Bidco is wholly owned by NC-1 Venture, itself wholly owned by WhiteFiber. Recorded deed chain not independently verified. entity scope

Source

Initial customer deployment and billing

Reported initial service; full ramp conditional

Commenced Q3 2026; full 40 MW IT ramp remained subject to commissioning and customer acceptance. No full load achieved claim. milestone

Source

Customer legal occupancy

Contract terms

Nscale holds contractual colocation license rights; the MSA disclaims a real property tenancy or leasehold. legal scope

Source

Air regulatory classification

Official dataset classification observed October 27 2026

DAQ facility 7900195, Enovum Data Centers at 805 Island Drive, is listed Permit Exempt; underlying decision date and document are not supplied. Not a building occupancy or water authorization. regulatory record

Source

County incentive proposal

Public hearing proposal; not awarded cash

October 6, 2025 agenda proposed a performance based grant equal to 40% of county property taxes paid. Defined term and conditions depend on agreement; executed approval and payments not verified. incentive scope

Source

Real estate purchase agreement signed

Completed; day precision

2025-04-10 — Completed milestone

Source

Acquisition completed for $45m base cash consideration

Completed; day precision

2025-05-20 — Completed milestone

Source

Duke electric service agreement assigned to NC-1 Bidco

Completed; day precision

2025-08-04 — Completed milestone

Source

Nscale master services agreement signed

Completed; day precision

2025-11-22 — Completed milestone

Source

Initial customer deployment and billing began during Q3 2026

Reported achieved quarter only; quarter precision

Q3 2026 — reported achieved quarter only milestone

Source

Nscale tenant deployment DDTL commitment closed; draw not disclosed

Commitment closed; day precision

2026-08-31 — Commitment closed milestone

Source

99 gross MW utility target under commercially reasonable efforts

Conditional forecast; month precision

2029-05 — Conditional forecast milestone

Source

Infrastructure & permits

Technical details (6)
Utility agreement capacity

Commercially reasonable efforts target by May 2029; not delivered IT

99 MW gross

Initial utility work completed

Duke delivery work completed; not metered operating IT

54 MW gross

White fiber landlord permanent financing status

Proposed financing; not closed capital

Lender exclusivity and diligence disclosed; definitive documents and customary approvals/conditions outstanding. Closing and amount not established in reviewed sources.

Cooling design

Operator design and contractual scope; not metered performance

Operator markets direct-to-chip liquid cooling at NC-1. Contract leaves detailed cooling water temperatures/flows subject to customer basis-of-design and SLA amendment; as-built thermal capacity not established.

Fiber and network services

Contract rights; not verified live circuits

MSA allows customer-funded third-party fiber connections and offers transit/dark-fiber or managed BGP and cross-connects. No named installed carriers or route redundancy established.

99 gross MW utility target under commercially reasonable efforts

Conditional forecast; month precision

2029-05 — conditional forecast

Air regulatory classification · DAQ facility 7900195, Enovum Data Centers at 805 Island Drive, is listed Permit Exempt; underlying decision date and document are not supplied. Not a building occupancy or water authorization.

WhiteFiber NC-1

Public-source research. Plans may change. See Evidence for sources and qualifications.