[sheet: GMP Summary]
Line No. | Cost Category | Building A — 24 MW | Building B — 24 MW | Building C — 24 MW | Building D — 24 MW | Central Utility Plant | Site Civil & Structured Parking | Total | % of GMP | Notes
1 | Structural / Foundations | 8200000 | 8200000 | 8200000 | 8200000 | 3100000 | 0 | 35900000 | 8.71% | Includes mat foundations per Brannigan Geotechnical recommendations
2 | Building Shell / Envelope | 11500000 | 11500000 | 11500000 | 11500000 | 4200000 | 0 | 50700000 | 12.30% | Pre-engineered metal + concrete tilt-up hybrid; ~120,000 SF shell per building
3 | Mechanical / HVAC Systems | 9800000 | 9800000 | 9800000 | 9800000 | 6500000 | 0 | 45700000 | 11.09% | Chilled water plant, CRAH units, piping
4 | Electrical — Power Distribution | 14200000 | 14200000 | 14200000 | 14200000 | 5800000 | 0 | 62800000 | 15.24% | UPS, switchgear, PDUs, busway; 24 MW per building
5 | Electrical — Backup Generators | 7500000 | 7500000 | 7500000 | 7500000 | 0 | 0 | 30000000 | 7.28% | 2N diesel generator configuration per building
6 | Fire Protection & Life Safety | 2800000 | 2800000 | 2800000 | 2800000 | 800000 | 0 | 12000000 | 2.91% | Pre-action sprinkler, VESDA, FM-200
7 | Building Interiors / Fit-Out | 3200000 | 3200000 | 3200000 | 3200000 | 1500000 | 0 | 14300000 | 3.47% | Office, NOC, loading docks, security
8 | Site Civil Work | 0 | 0 | 0 | 0 | 0 | 28500000 | 28500000 | 6.92% | Grading, utilities, roads, stormwater per Lumen Ridge Engineering design
9 | Structured Parking | 0 | 0 | 0 | 0 | 0 | 8200000 | 8200000 | 1.99% | ~400 spaces
10 | Central Utility Plant — Process Equipment | 0 | 0 | 0 | 0 | 12400000 | 0 | 12400000 | 3.01% | Cooling towers, pumps, thermal storage
11 | Fuel Storage & Distribution | 1800000 | 1800000 | 1800000 | 1800000 | 500000 | 0 | 7700000 | 1.87% | Diesel fuel tanks, piping, containment
12 | Security & Access Control Systems | 900000 | 900000 | 900000 | 900000 | 300000 | 600000 | 4500000 | 1.09% | Fencing, bollards, CCTV, biometric access
13 | Commissioning & Testing | 1600000 | 1600000 | 1600000 | 1600000 | 800000 | 0 | 7200000 | 1.75% | IST, integrated systems testing
Subtotal — Direct Construction Costs | 61500000 | 61500000 | 61500000 | 61500000 | 35900000 | 37300000 | 319700000 | 77.60%
14 | General Conditions | 7200000 | 7200000 | 7200000 | 7200000 | 3400000 | 3800000 | 36000000 | 8.74% | Site staff, temp facilities, insurance, bonds admin
15 | Contractor's Fee (Overhead & Profit) | 5200000 | 5200000 | 5200000 | 5200000 | 2800000 | 2400000 | 26000000 | 6.31% | 6.31% of direct costs + general conditions
16 | GMP Contingency | 4100000 | 4100000 | 4100000 | 4100000 | 2900000 | 3500000 | 22800000 | 5.53% | Owner-controlled; drawdown requires mutual approval
17 | Subcontractor Default Insurance | 1500000 | 1500000 | 1500000 | 1500000 | 500000 | 1000000 | 7500000 | 1.82% | SDI premium
GUARANTEED MAXIMUM PRICE (GMP) | 79500000 | 79500000 | 79500000 | 79500000 | 45500000 | 48000000 | 412000000 | 100.00% | Per EPC Agreement between Stonebridge Campus Holdings LLC and Titan-McAllister Construction Group, LLC
[sheet: Per-Building Allocation]
Building / Facility | Direct Building Costs | Allocated Share — Central Utility Plant | Allocated Share — Site Civil & Parking | Total Allocated GMP | Capacity — MW Critical IT Load | Gross Floor Area — SF | Cost per SF | Cost per MW
Building A | 79500000 | 11375000 | 12125000 | 103000000 | 24 | 120000 | 858.33 | 4291667
Building B | 79500000 | 11375000 | 12125000 | 103000000 | 24 | 120000 | 858.33 | 4291667
Building C | 79500000 | 11375000 | 12125000 | 103000000 | 24 | 120000 | 858.33 | 4291667
Building D | 79500000 | 11375000 | 12125000 | 103000000 | 24 | 120000 | 858.33 | 4291667
TOTAL | 318000000 | 45500000 | 48500000 | 412000000 | 96 | 480000 | 858.33 | 4291667
Notes | Direct Building Costs include all line items from GMP Summary allocated to each building column | 25% of CUP total ($45,500,000) allocated to each building | 25% of Site Civil & Parking total ($48,500,000) allocated to each building | Equals $412,000,000 / 4 = $103,000,000 per building
[sheet: Draw Schedule]
Month No. | Period | Monthly Gross Draw | Retainage Rate | Retainage Withheld | Net Monthly Payment | Cumulative Gross Draw | Cumulative Retainage Held | Cumulative Net Paid | % Complete | Milestone Notes
1 | Nov 2025 | 5000000 | 10% | 500000 | 4500000 | 5000000 | 500000 | 4500000 | 1.2% | NTP issued November 1, 2025; mobilization and site preparation
2 | Dec 2025 | 8500000 | 10% | 850000 | 7650000 | 13500000 | 1350000 | 12150000 | 3.3% | Grading and earthwork; foundation layout
3 | Jan 2026 | 12000000 | 10% | 1200000 | 10800000 | 25500000 | 2550000 | 22950000 | 6.2% | Mass excavation; underground utilities commence
4 | Feb 2026 | 15000000 | 10% | 1500000 | 13500000 | 40500000 | 4050000 | 36450000 | 9.8% | Foundation pours — Buildings A & B
5 | Mar 2026 | 17500000 | 10% | 1750000 | 15750000 | 58000000 | 5800000 | 52200000 | 14.1% | Foundation pours — Buildings C & D; CUP foundations
6 | Apr 2026 | 22000000 | 10% | 2200000 | 19800000 | 80000000 | 8000000 | 72000000 | 19.4% | Building A structural steel erection
7 | May 2026 | 22000000 | 10% | 2200000 | 19800000 | 102000000 | 10200000 | 91800000 | 24.8% | Building B structural steel erection; Building A envelope
8 | Jun 2026 | 23000000 | 10% | 2300000 | 20700000 | 125000000 | 12500000 | 112500000 | 30.3% | Buildings C & D steel erection; CUP structural
9 | Jul 2026 | 24000000 | 10% | 2400000 | 21600000 | 149000000 | 14900000 | 134100000 | 36.2% | Envelope — Buildings A & B; MEP rough-in Building A
10 | Aug 2026 | 24000000 | 10% | 2400000 | 21600000 | 173000000 | 17300000 | 155700000 | 42.0% | MEP rough-in Buildings A & B; envelope Buildings C & D
11 | Sep 2026 | 22000000 | 10% | 2200000 | 19800000 | 195000000 | 19500000 | 175500000 | 47.3% | Electrical switchgear installation Building A; CUP equipment set
12 | Oct 2026 | 25000000 | 10% | 2500000 | 22500000 | 220000000 | 22000000 | 198000000 | 53.4% | 50% completion threshold — retainage reduces to 5%; generator installation Building A
13 | Nov 2026 | 24000000 | 5% | 1200000 | 22800000 | 244000000 | 23200000 | 220800000 | 59.2% | Retainage now 5% per EPC Agreement; UPS installation Building A
14 | Dec 2026 | 22000000 | 5% | 1100000 | 20900000 | 266000000 | 24300000 | 241700000 | 64.6% | MEP systems Building B; generator installation Building B
15 | Jan 2027 | 20000000 | 5% | 1000000 | 19000000 | 286000000 | 25300000 | 260700000 | 69.4% | Building A electrical testing; CUP cooling towers operational
16 | Feb 2027 | 19000000 | 5% | 950000 | 18050000 | 305000000 | 26250000 | 278750000 | 74.0% | Building A commissioning begins; Building C MEP rough-in complete
17 | Mar 2027 | 18000000 | 5% | 900000 | 17100000 | 323000000 | 27150000 | 295850000 | 78.4% | Building B UPS and switchgear testing; Building D MEP rough-in
18 | Apr 2027 | 17000000 | 5% | 850000 | 16150000 | 340000000 | 28000000 | 312000000 | 82.5% | Building A IST; Building C generator and UPS install
19 | May 2027 | 16000000 | 5% | 800000 | 15200000 | 356000000 | 28800000 | 327200000 | 86.4% | Building A punch list; Building B commissioning begins
20 | Jun 2027 | 14000000 | 5% | 700000 | 13300000 | 370000000 | 29500000 | 340500000 | 89.8% | Building A final testing; Building C commissioning begins
21 | Jul 2027 | 18000000 | 5% | 900000 | 17100000 | 388000000 | 30400000 | 357600000 | 94.2% | Building A — Substantial Completion August 1, 2027
22 | Aug 2027 | 10000000 | 5% | 500000 | 9500000 | 398000000 | 30900000 | 367100000 | 96.6% | Building B IST complete; Building D commissioning
23 | Sep 2027 | 8000000 | 5% | 400000 | 7600000 | 406000000 | 31300000 | 374700000 | 98.5% | Buildings C & D final testing; site civil punch list
24 | Oct 2027 | 6000000 | 5% | 300000 | 5700000 | 412000000 | 31600000 | 380400000 | 100.0% | Substantial Completion — Buildings B–D: November 1, 2027
R | Retainage Release | 0 | N/A | -31600000 | 31600000 | 412000000 | 0 | 412000000 | 100.0% | Retainage released upon final completion and lien waivers
TOTAL | 412000000 | 0 | 412000000 | 412000000 | 0 | 412000000 | 100.0%
[sheet: Liquidated Damages Schedule]
Building | Per-Building GMP Allocation | Scheduled Substantial Completion | LD Rate per Calendar Day of Delay | LD Cap (10% of Per-Building GMP) | Maximum LD Days Before Cap Reached
Building A | 103000000 | August 1, 2027 | 125000 | 10300000 | 82
Building B | 103000000 | November 1, 2027 | 125000 | 10300000 | 82
Building C | 103000000 | November 1, 2027 | 125000 | 10300000 | 82
Building D | 103000000 | November 1, 2027 | 125000 | 10300000 | 82
TOTAL / AGGREGATE | 412000000 | N/A (per building) | 41200000 | N/A
[sheet: Contract Reference Data]
Item | Detail
EPC Agreement Title | EPC Agreement — Stonebridge Data Center Campus
Owner | Stonebridge Campus Holdings LLC (a Virginia LLC wholly owned by Ironhaven Data Centers LLC)
Contractor | Titan-McAllister Construction Group, LLC
Contractor Address | 7900 Harkins Road, Suite 100, Lanham, MD 20706
Contractor President | Raymond Okafor
Contractor SVP, Data Center Programs | Michelle Tran
Contract Type | Guaranteed Maximum Price (GMP)
Guaranteed Maximum Price | $412,000,000
Scope | Four data center buildings (A–D, each ~120,000 SF shell, 24 MW), central utility plant, site civil work, structured parking, 2N diesel generators
Total Gross Floor Area | 480,000 SF (4 × 120,000 SF)
Total Critical IT Capacity | 96 MW (4 × 24 MW)
Cost per SF (GMP basis) | $858.33 ($412,000,000 / 480,000 SF)
Cost per MW (GMP basis) | $4,291,667 ($412,000,000 / 96 MW)
Construction Duration | 24 months (NTP to Substantial Completion of final building)
Notice to Proceed (NTP) Target | November 1, 2025
Substantial Completion — Building A | August 1, 2027
Substantial Completion — Buildings B–D | November 1, 2027
Liquidated Damages (Delay) | $125,000 per calendar day per building
LD Cap per Building | $10,300,000 (10% of per-building GMP of $103,000,000)
Aggregate LD Cap | $41,200,000 (4 × $10,300,000)
Maximum LD Days per Building | 82 calendar days ($10,300,000 / $125,000 = 82.4, rounded down)
Retainage | 10% until 50% completion; 5% thereafter
Performance Bond | $412,000,000 (100% of GMP) — Great Basin Surety & Insurance Corp.
Payment Bond | $412,000,000 (100% of GMP) — Great Basin Surety & Insurance Corp.
Builder's Risk Policy | $412,000,000 — Great Basin Surety & Insurance Corp.; $250,000 deductible per occurrence
CGL Coverage (Contractor) | $150,000,000 per occurrence — Pinnacle Indemnity Insurance Co.
Owner's Representative | Kestrel Infrastructure Advisors, LLC (Diane Prescott)
Civil / Site Engineer | Lumen Ridge Engineering, PLLC (Carlos Esteban, PE)
Geotechnical Consultant | Brannigan Geotechnical Engineering, LLC (Neil Brannigan, PE)
Project Location | NE corner of Belmont Ridge Road and Stonebridge Boulevard, Loudoun County, VA 20148 (Tax Map Ref. /95-4A-1/// and /95-4A-2///)
Total Campus Acreage | 81.4 acres (62.0 — Stonebridge Parcel + 19.4 — Meridian Parcel)
Change of Control | Contractor has a right to consent (not to be unreasonably withheld) to any change of control of the project owner entity; Owner has a termination right upon a change of control of Contractor
Total Project Budget (All Sources) | $600,000,000
EPC GMP as % of Total Budget | 68.67% ($412,000,000 / $600,000,000)
Governing Law | Commonwealth of Virginia
Exhibit B Effective Date | To be dated as of EPC Agreement execution (target: October 20, 2025)