Terms of use

1. Acceptance of these terms

NeoCap ("the site", "we") is an information and research tool covering the companies that build and operate AI data centers. By accessing or using the site you accept these terms of use. If you do not accept them, do not use the site.

2. What the site is

The site gathers public information about the companies it covers — regulatory filings, press releases, earnings materials, company disclosures and end-of-day market data — and presents it as structured records: communications, deals, financing events, sites and capacity, guidance and datapoints. On that basis it also publishes valuation models, scenarios and the market's implied rating of each company.

Much of this material is extracted from source documents by automated tools and reviewed by hand before publication. The site is a working tool, updated continuously; its coverage is partial and its records can be incomplete.

3. Not investment advice

Nothing on the site is investment advice, a recommendation, or an offer or solicitation to buy, sell, hold or subscribe for any security or other financial instrument. The site does not provide personalised advice and takes no account of your investment objectives, financial situation, knowledge, experience or risk tolerance.

We are not a broker, dealer, investment adviser or research provider registered with any authority. Any investment decision you take is yours alone; seek independent financial, legal and tax advice before making one.

4. Models, estimates and forward-looking figures

Fair values, net asset values, discounted cash flows, implied cap rates and exit multiples, scenarios and every other derived figure on the site are the outputs of models built on assumptions — conventions, estimates, probabilities and market parameters that we choose and that may prove wrong. They are illustrations of what those assumptions imply, not forecasts, price targets or opinions on what a security is worth or will trade at.

Figures about the future — capacity to be delivered, revenue, cash flows, financing needs — are inherently uncertain. Actual outcomes will differ, possibly materially, from anything shown here.

5. Accuracy and timeliness

We take reasonable care in gathering and presenting information, but we do not verify it independently and we make no representation that it is accurate, complete or current. Source documents can be misread, figures can be extracted or transcribed wrongly, and companies restate what they have published. Market data is end-of-day, may be delayed, and may be adjusted after the fact.

We have no obligation to update any information, model or figure, and may change or withdraw any of them at any time without notice.

6. No warranty and limitation of liability

The site is provided "as is" and "as available", without warranty of any kind, express or implied, including as to accuracy, completeness, merchantability, fitness for a particular purpose or non-infringement.

To the fullest extent permitted by law, we accept no liability for any loss or damage — direct, indirect, incidental or consequential, including loss of profits or trading losses — arising from the use of, or reliance on, the site or anything on it, or from any interruption or unavailability of the site.

7. Intellectual property

The site's structure, models, methods, text and derived figures are ours. You may consult the site and quote short extracts for personal, non-commercial purposes, with attribution to NeoCap. You may not copy, scrape, redistribute, resell or build a product on the site's content without our written permission.

Source documents belong to the companies and authorities that published them. Company names, tickers and logos belong to their owners and appear only to identify the companies covered.

8. Third-party content and links

The site links to filings, company websites and other third-party pages. We do not control them and are not responsible for their content, availability or accuracy. A link is not an endorsement.

9. Accounts

Some features require an account. You are responsible for keeping your credentials confidential and for everything done under your account. We may suspend or close an account at any time, in particular where these terms are not respected.

10. Changes

We may change the site, its coverage, its models and these terms at any time. The date at the top of this page says when the terms were last updated; using the site after a change means you accept the new terms.