Metacorp
Metacorp AIDC Audit Response · 2026
Confidential Audit Review Copy Metacorp AIDC × Institutional Capital Review Issued 16 April 2026 v1.0
Evidence Discipline Confirmed — supported by counterparty document on file Indicative — working assumption; not yet evidenced Pending — closure required before diligence-ready
Audit-Grade Submission · Evidence-Controlled

AI-Native Data Center Platform — Central Vietnam

An AI-native, GPU-density-ready, modular delivery platform in Central Vietnam with a staged entry point from 1.0–1.5 MW to 10 MW, positioned to close a geographic and technical gap rather than compete head-to-head on generic hyperscale capacity alone.

This submission is structured as an audit-grade response to Institutional Capital Review's diligence agenda — tagged throughout as Confirmed, Indicative, or Pending Confirmation, with named open items, responsible parties, and next actions.

Issuing Entity
Metacorp AIDC Joint Stock Company
Recipient
Institutional Capital Review
Date of Issue
16 April 2026
Prepared By
L. Chris Lu · Chief Executive Officer
Location
Da Nang Hi-Tech Park, Vietnam
Strategic Partner
Hewlett Packard Enterprise
Status: Suitable for progression to formal feasibility evaluation Classification: Confidential — Audit Review Copy Source: Observation Response Letter (16 Apr 2026)
01

Top Takeaways

Six headline data points summarizing the proposed development's scale, capital structure, and readiness posture as of the response date.

10MW+
Target Capacity

Full-scale build-out target reached through a phased pathway beginning with 1.0–1.5 MW Phase 1.

$20M/MW
Project CapEx Basis (AI-Native)

$200M / 10 MW — GPU-density-ready, liquid-cooled, BESS-ready build. Above the $6–10M/MW generic colocation benchmark; premium reflects AI-native electrical, cooling, and density assumptions. Indicative pending Basis of Design.

4 phases
Deployment Structure

Modular POD delivery: 1.0–1.5 MW → up to 3 MW → up to 6 MW → up to 10 MW campus target.

4 workstreams
Feasibility Studies Active

Market, Financial, Environmental, and Engineering validations in progress.

Project thesis

The proposed development is structured not as a conventional data center but as an AI-native infrastructure platform — built around high-density GPU workloads, modular POD-based deployment, and closed-loop liquid cooling. It is intended to serve a diversified customer base including AI enterprises, cloud and hyperscale providers, government and research institutions, and enterprise clients requiring secure, localised infrastructure.

Positioning is defended by three reinforcing factors: (i) first-mover advantage in Central Vietnam, (ii) explicit alignment with Vietnam's national AI and digital transformation strategy, and (iii) an established strategic engagement with Hewlett Packard Enterprise that anchors the technical credibility of the build. Remaining items — completion of formal feasibility documentation and site legal confirmation — are characterized as standard deliverables at this stage of development rather than structural concerns.

Recommended Audit Position

On the basis of the consolidated submission, Meta Corp's opinion is that the project is suitable for progression to formal feasibility evaluation and financing consideration, subject to completion of the outlined studies and due diligence.

Initial Capital Exposure Profile

Phased Capital Deployment

Illustrative only — assumes midpoint $8M/MW benchmark applied across stated phase capacities. To be formalised in the Financial Feasibility Study.

02

SWOT Observation

Structured observation of strengths, weaknesses, opportunities, and threats. Weaknesses are characterized as in-flight workstreams rather than unresolved structural issues.

Relative Position

SWOT Weighting

Qualitative weighting (1–10) based on the narrative emphasis and risk-management framing in the response letter. Market context, not certified rating.

Strengths

  • First-mover positioning in AI-focused infrastructure in Central Vietnam
  • Alignment with government policy and high-tech zone development
  • Modular design allowing phased scaling and reduced initial capital exposure
  • Strategic engagement with Hewlett Packard Enterprise

Weaknesses In progress

  • Formal feasibility documentation in preparation
  • Site legal documentation nearing completion
  • Dependency on global GPU supply chains

Opportunities

  • Rapid growth in AI compute demand across Vietnam and ASEAN
  • Increasing requirement for sovereign and localised infrastructure
  • Underserved local demand vs. regional competitors

Threats

  • Regional competition from established markets
  • Infrastructure constraints (power, water availability)
  • Global GPU allocation volatility

Risk Assessment

Meta Corp's position is that these risks are manageable within the structured development approach. Phased capital deployment limits downside exposure to the Phase 1 POD, while the modular architecture preserves optionality around multi-site expansion and hybrid compute models. The opinion, as stated, is that strengths and opportunities materially outweigh current risks.

03

Site Suitability & Infrastructure

Da Nang Hi-Tech Park is the proposed location. Legal possession and technical validations are the remaining gating items for site confirmation.

Location rationale

The site is proposed within the Da Nang Hi-Tech Park, designated as a high-technology zone under Vietnamese development policy. The location benefits from established infrastructure access, existing fiber connectivity, transport corridors, and government support for technology investment. Site allocation and legal possession are described as being in the final stage of confirmation at the time of writing.

Established site factors

  • High-tech zone designation and government support
  • Preliminary access to power, fiber, and transport
  • Site allocation in final stage of confirmation

Outstanding validations

  • Grid capacity and power scalability
  • Water availability for closed-loop cooling
  • Engineering and geotechnical surveys
Google My Maps satellite view of DHTP AIDC — Meta AIDC Plot 2 Land, Da Nang
Meta AIDC · Plot 2 Land 16.09793° N, 108.07394° E · DHTP, Lien Chieu District, Da Nang
Open in Google Maps ↗
Map: DHTP AIDC — "Our new proposed data center in Danang" Plot: Meta AIDC Plot 2 Land · ~1 hectare Pin: 16.09793, 108.07394
Metacorp AIDC company stamp — CÔNG TY CỔ PHẦN METACORP AIDC, Thành Phố Đà Nẵng
Certified Metacorp AIDC · Da Nang

Site readiness

Confirmation progress

Estimated completion of site workstreams against full confirmation.

Site allocation & legal possession90%
High-tech zone designation100%
Grid capacity validation55%
Water availability study50%
Geotechnical & engineering surveys45%

Percentages are audit-view approximations based on narrative cues ("final stage", "nearing completion", "currently being undertaken"). Not a certified completion metric.

04

Development Status & Documentation

The project is transitioning from concept stage into formal feasibility and structuring. Established elements and in-flight workstreams are presented below.

Completed / Established

Baseline in place

  • Initial project concept and technical architecture
  • Government engagement and technology validation
  • Strategic partner framework agreements
  • Corporate structuring under Metacorp AIDC JSC

In Progress

Feasibility workstreams active

Market Feasibility StudyActive
Financial Feasibility Study & Business PlanActive
Environmental Impact AssessmentActive
Engineering & Infrastructure ValidationActive

All documentation will be aligned to international project finance standards and made available to lenders and investors upon formalisation.

05

Market Position & Competition

Preliminary analysis indicates strong underlying demand for AI compute infrastructure across Vietnam and ASEAN. Supporting context drawn from publicly known market indicators.

Intended customer base

AI Enterprise

Model-training & HPC workloads

Cloud / Hyperscale

Regional edge & capacity partners

Gov & Research

Sovereign & institutional workloads

Enterprise (Localised)

Secure domestic data residency & latency-sensitive enterprise workloads

Differentiated position

Most existing Vietnamese facilities were not originally designed for high-density GPU workloads. MetaCorp AIDC occupies a relatively underserved niche: AI-optimized, GPU-density-ready infrastructure in Central Vietnam, modular POD deployment, liquid cooling readiness, and a regional infrastructure role outside Hanoi and Ho Chi Minh City.

Market context

ASEAN AI Compute Demand (Illustrative)

Illustrative market-context curve intended to frame the opportunity narrative. Not project data, not audited — figures represent widely reported directional indicators for ASEAN AI-infrastructure demand growth through the decade.

Workstream · Competitive Positioning

Competitive Landscape — Named Operators

MetaCorp AIDC does not claim that Vietnam has no data center competition or that regional competition is weak. The strategy is grounded in a precise niche: AI-native, GPU-density-ready infrastructure in Central Vietnam.

Reference Whitepaper §18
Source Public market data
Market Established Operators Their Focus MetaCorp Differentiation
Domestic · Vietnam Viettel IDC, VNPT, CMC Telecom, FPT National presence, enterprise customers, telecom infrastructure, existing colocation capacity — not originally designed for high-density GPU workloads AI-optimized, GPU-density-ready, modular POD deployment, liquid cooling readiness
Regional · SEA hub Singapore data center cluster Hyperscale + financial-institution demand; mature but supply-constrained and high-cost Lower-cost Central Vietnam location with sovereign-data alignment for Vietnamese workloads
Regional · expansion market Malaysia (Johor / Cyberjaya) Major regional expansion destination for cloud and hyperscale operators Central Vietnam geographic role — outside the Hanoi / HCMC concentration zones, supporting domestic AI compute and digital sovereignty
Vietnam · geographic gap No major AI-native operator in Central Vietnam Existing capacity concentrated in Hanoi and Ho Chi Minh City Regional infrastructure role aligned with Da Nang's policy designation as a Central Vietnam technology hub
06

Financial Framework & Business Model

Phased, asset-linked capital deployment with revenue modelled on GPU utilization. All figures indicative pending Financial Feasibility Study.

Business model components

Capex basis
Modelled per MW and per POD; modular scaling
Revenue basis
GPU utilization and associated service offerings
Operating costs
Energy, cooling, maintenance
Sensitivity
Break-even and scenario modeling under development
Benchmark
USD $6M – $10M per MW (subject to engineering validation)

Capital stack (indicative)

Sponsor Equity~35%
Institutional / Project Finance Debt~45%
Vendor & Strategic Partner Financing~12%
Grants / Government Incentives~8%

Illustrative allocation reflecting "combination of equity and institutional funding, aligned to project finance structures." To be formalised in the Business Plan.

Colocation reference band

Generic Data-Center Capex Benchmark

Reference comparison band — widely reported $6–10M/MW range for generic colocation infrastructure. Not the MetaCorp AIDC project basis: the AI-native, GPU-density-ready, liquid-cooled build runs at approximately $20M/MW ($200M total for the 10 MW campus, per the Financial Model card and the v2 spreadsheet). The variance reflects higher-density electrical, advanced cooling, and BESS readiness required for AI workloads.

Cumulative Capex Trajectory

Cumulative deployment view, assuming $8M/MW midpoint across the phased pathway from 1.0–1.5 MW Phase 1 through the 10 MW campus target. Shown on the colocation reference band for industry comparison; the financial model uses the $200M project basis above.

Workstream · Capital Formation & Lender Syndication

Syndication & Capital Formation Strategy

Per Whitepaper §20.4, MetaCorp AIDC is structured as a phased capital formation opportunity, not a single all-or-nothing financing requirement. Phase 1 (1.0–1.5 MW) validates operations and customer demand on a contained capital base; subsequent phases unlock progressively larger syndicated facilities as operational evidence accumulates and the campus matures toward the 10 MW target.

Reference Whitepaper §20
Status Indicative

Indicative capital structure — full build-out

Tranche Indicative Share Source Category Status
Senior project-finance debt 50–55% DFI + commercial bank syndicate; USD / VND mix; 10–15 year tenor target Indicative
Mezzanine / subordinated debt 10–15% Infrastructure credit funds; higher-yield tranche bridging senior + equity Indicative
Sponsor equity 20–25% MetaCorp + strategic partners; aligned with skin-in-the-game requirements Indicative
Vendor & strategic financing 8–12% HPE Financial Services / equivalent equipment financing; chip-vendor co-investment Indicative
Customer prepayment / capacity reservations 0–5% Capacity-reservation contracts & pre-payments; quasi-equity if appropriately structured Pending

Phased financing approach

Phase IT Load Indicative Financing Type Status
Phase 1 · Validation 1.0–1.5 MW Bilateral or small club deal; equity-heavy. Strategic partner financing for long-lead electrical and cooling equipment. Pending
Phase 2 · Expansion gate up to 3 MW Initial syndication; DFI anchor invited (ADB / IFC); first commercial-bank participants join. Indicative
Phase 3 · HPC optimization up to 6 MW Full senior project-finance syndication; mezzanine tranche introduced; infrastructure fund equity round. Indicative
Phase 4 · Full campus up to 10 MW Refinance + capital recycling; potential infrastructure-fund take-out; long-tenor green / sustainability-linked tranche. Indicative

Indicative syndicate composition — categories of capital providers

Anchor · DFI

Development Finance Institutions

ADB, IFC, KfW — digital infrastructure and green data center mandates. Provides credibility anchor + risk-mitigation instruments (MIGA / GuarantCo-style).

Senior Debt

Regional Commercial Banks

DBS, Maybank, OCBC, HSBC Asia, Standard Chartered — senior tranche participants with regional digital-infrastructure track record.

Local Tranche

Vietnamese Local Banks

Vietcombank, BIDV, VietinBank — VND working-capital tranche, FX hedging interface, and onshore regulatory familiarity.

Mezzanine

Infrastructure Credit Funds

Macquarie Asset Management, KKR Credit, Stonepeak, DigitalBridge — mezzanine tranche bridging senior debt and equity at higher yield.

Strategic / Vendor

Equipment & Technology Partners

HPE Financial Services, AMD & NVIDIA co-investment programs — long-lead equipment financing aligned to the AI-native compute architecture.

Customer-side

Capacity-Reservation Pre-Payments

Anchor enterprise / public-sector customers; NDA-backed pipeline pack required (BNK‑05). Converts revenue visibility into financing optionality.

All counterparties shown are indicative examples of the categories that would be invited to a properly-structured digital-infrastructure syndicate. No commitments, term sheets, or LOIs are currently on file. The financing process commences upon completion of the minimum lender-readiness package — see Immediate Execution Path for the 10-action closure plan.
Workstream · Financial Model — Drivers, Returns & Sensitivities

Financial Model — Assumptions & Returns

Indicative financial model on a full $200M CAPEX basis at 10 MW IT load over a 15-year project life. Three scenarios — Conservative, Base, and Aggressive — vary PUE, power price, revenue per Watt, and OpEx ratio. Revenue ramps 40% / 70% / 100% across Years 1–3, then holds at steady state.

CapEx Basis $200M
Project Life 15 yrs
Tax 0% (pre-tax)

Driver assumptions — three scenarios

Driver Conservative Base Aggressive Unit / Note
PUE1.351.251.15Power Usage Effectiveness; lower is better
Power price$0.095$0.085$0.075USD per kWh delivered to facility
Revenue per Watt$10$12.50$15USD per IT Watt per year (steady state)
Other OpEx (% of revenue)25%20%17%Staff, maintenance, insurance, spares, etc.
Maintenance CapEx2% of total CapEx · $4.0M / yrHeld constant across scenarios
Revenue rampY1: 40% · Y2: 70% · Y3+: 100% of steady stateSame ramp curve applied to all scenarios

Revenue ramp — achieve over time (USD · millions)

Years 1–3 ramp profile across the three scenarios; Year 3+ holds at steady state under the no-inflation assumption (see Sensitivities not modeled below).

Returns & credit metrics (rebuilt on $200M CAPEX basis)

Metric Conservative Base Aggressive Note
Steady-state revenue$100M$125M$150MAnnual, Y3 onward
Steady-state EBITDA$63.8M$90.7M$116.9MPre-tax, post-power and OpEx
EBITDA margin63.8%72.6%78.0%Steady-state
Unlevered IRR23.5%33.4%42.1%Project-level, 15-year horizon
Equity IRR24.1%34.3%43.4%After $10M debt @ 8% / 10 yr
Simple ROI (15-yr cash multiple)3.20×5.09×6.94×Cumulative cash ÷ equity
Payback year543Year cumulative cash turns positive
Min DSCR (Years 1–10)14.4×21.7×28.7×Debt service coverage; very high given thin debt
Year 5 ending cash$234M$344M$452MCumulative
Year 15 ending cash$824M$1.20B$1.57BFull-life cumulative

Financing structure (model basis)

Item Value Note
Total CapEx$200MFull 10 MW build-out; AI-native GPU-density-ready basis (~$20M/MW including liquid-cooling, BESS-ready, advanced electrical). Differs from generic $6–10M/MW colocation benchmark shown in Capex Range chart.
Initial equity$190MSponsor + strategic + infra-fund equity (see Syndication card above)
Debt drawn (model)$10MConservative thin-debt structure used in this model; actual syndication will scale debt materially higher (see Syndication card)
Interest rate8.0%USD-denominated, fixed; indicative regional senior tranche pricing
Debt term10 yearsAmortizing; level annual debt service
Annual debt service$1.49MLevel payment; principal + interest
Tax rate0%Pre-tax model — aligned to source scenario inputs; not a tax-incentive claim

Sensitivities not modeled — audit-discipline disclosure

The model is deliberately bounded. The following are held constant or excluded and represent priority sensitivities for the full lender-ready model (Whitepaper §19.3, §20.2):

  • Inflation & revenue escalation — revenue and OpEx held constant from Year 3 onward; no annual escalation applied
  • Power-tariff escalation & time-of-use sensitivity — single flat $/kWh per scenario; no demand-charge or two-component tariff modeling
  • Tax — 0% pre-tax basis; Vietnamese corporate tax, high-tech incentives, withholding tax, depreciation shields all to be layered in lender model
  • FX exposure — model is USD-denominated; VND OpEx exposure and FX hedging cost not separately modeled
  • Utilization ramp beyond Year 3 — 100% steady-state assumed; no churn, contract-renewal, or capacity-vacancy sensitivity
  • Hardware refresh cycle — covered by 2% maintenance CapEx; no explicit GPU/IT-refresh capital injection modeled at Years 5 / 10
  • Customer concentration — aggregate revenue only; no anchor-customer concentration risk in this view
  • Phased financing structure — thin $10M debt is a model simplification; actual syndicated structure (per Syndication card) will materially shift Equity IRR / DSCR
Indicative Model basis: Finance + DeCenter MetaAIDC 2025 — Rebuilt 200M scenarios. All figures pre-tax and subject to the sensitivities disclosed above. Returns reflect model arithmetic only and are not a forecast, projection, or recommendation. Lender-ready model will reissue with full tariff, escalation, tax, and FX layers.
What-If · Live recalc · Same model logic as finance-model-v2.xlsx

Interactive Financial Model — Adjust Drivers, See Returns Update

Edit any driver to recalculate Unlevered IRR, Equity IRR, NPV, Payback, MOIC, and DSCR in real time. Includes Vietnamese high-tech tax regime, escalation, FX hedging, and long-run utilization — matching the v2 spreadsheet. Inputs default to Base scenario; use the preset buttons to jump to Conservative or Aggressive.

Engine Newton-Raphson IRR
Horizon 15 years
Status Indicative
Scenario presets
Project basis
$M
MW
yr
Revenue drivers
$/W
%
%
Operating costs
$/kWh
%
%
%
Vietnamese tax regime
%
yrs
yrs
FX & long-run utilization
%
%
%
Financing structure
$M
%
yr

Returns & credit metrics

Live
Equity IRR
—
After debt service · 15-yr
Unlevered IRR
—
Project-level · 15-yr
NPV @ 10%
—
Project NPV, 10% discount
Payback
—
Yr cum UFCF turns positive
Equity Multiple (MOIC)
—
Total equity cash ÷ invested
Min DSCR (Y1–10)
—
EBITDA ÷ debt service
Steady EBITDA
—
Annual, Year 3+
EBITDA Margin
—
Steady-state
15-year trajectory — Revenue · EBITDA · Net Income (USD M)
06½

Valuation Calculator

Phase-by-phase enterprise value, equity value, and investor round pricing — built on the three-layer framework (Cost Basis + EBITDA Multiple + Milestone-Adjusted Discount) from Section 06 — Phase Valuation Framework.

Three-Layer Framework · Investor-Facing Phase Valuation

Why three layers, not one number

A pre-construction 1.5 MW phase should not be valued like a fully stabilised 10 MW AI data centre. The calculator below derives each phase’s Enterprise Value as Stabilised EBITDA × Market Multiple × Milestone Discount. Equity Value = EV − Net Debt. Investor round pricing applies the standard pre-money / post-money mechanics.

Reference Section 06 PDF
Status Indicative
PhaseIT LoadCost Basis (~$20M/MW)Stabilised EBITDA (~$9.07M/MW)Suggested Multiple RangeRecommended Investor Message
Phase 1 — Validation1.0–1.5 MW$20–$30M~$13.6MCost + milestone premiumValidation round
Phase 2 — Expansion Gateup to 3 MW~$60M~$27.2M6–8× / 8–12× EBITDAExpansion gate
Phase 3 — HPC Optimizationup to 6 MW~$120M~$54.4M10–15× EBITDAInstitutional syndication round
Phase 4 — Full Campusup to 10 MW~$200M~$90.7M12–16× EBITDA (premium 16–20×)Infrastructure platform valuation
What-If · Phase Valuation · Live recalc

Phase Valuation Calculator — Adjust inputs, see EV / Equity / Round Pricing

Adjust the phase, IT load, EBITDA per MW, market multiple, and milestone status to recalculate Stabilised EV, Milestone-Adjusted EV, Equity Value, and the implied Pre-Money / Post-Money round economics in real time.

Engine Section 06 framework
Status Indicative
Phase basis
MW
$M
Market multiple
×
$M
Milestone discount
%
Equity bridge
$M
Investor round pricing
$M
%

Valuation outputs

Live
Milestone-Adjusted EV
—
Today's defensible enterprise value
Stabilised EV (future)
—
EBITDA × Multiple, no discount
Phase EBITDA (stabilised)
—
IT MW × EBITDA/MW
Cost basis (CAPEX floor)
—
$20M/MW × IT MW (indicative)
Equity Value
—
Milestone-Adj EV − Net Debt
Post-Money Valuation
—
New Investment ÷ Ownership %
Pre-Money Valuation
—
Post-Money − New Investment
Implied Pre-Money (from Equity)
—
If pre-money = current equity value
All-phase valuation comparison — Stabilised vs Milestone-Adjusted (USD M)
“MetaCorp AIDC should be valued on a phased milestone basis, not as a single all-or-nothing $200M financing. Phase 1 is valued primarily on development rights, permits, site control, sponsor capital, partner alignment, and initial MW capacity. As each phase reaches power confirmation, OEM commitment, customer reservation, construction progress, and operating EBITDA, valuation transitions from cost-plus-development value to EBITDA multiple and DCF-based valuation. The full 10 MW campus has potential stabilised enterprise value in the high hundreds of millions to over $1B range, but current fundraising should be priced according to the specific phase risk and investor entry point.”
07

Technical Approach & Environmental

Closed-loop liquid cooling, low-PUE design targets, BESS integration, and compliant wastewater treatment. Formal Environmental Impact Assessment to be completed.

Design standards

  • Closed-loop liquid cooling systems to minimize water usage
  • Wastewater treatment compliant with Vietnamese regulations
  • Energy-efficient design targeting low PUE
  • Battery Energy Storage Systems (BESS) with safety measures integrated
Reference · Direct Liquid Cooling HPE Cray closed-loop coolant distribution — representative of the target cooling architecture.

Efficiency context

PUE Target vs. Industry Benchmarks

PUE (Power Usage Effectiveness) — lower is better. Target is derived from the stated "low PUE" commitment; industry reference values are publicly reported averages for context, not audited.

Why this matters for audit

The environmental approach is a material factor in both lender ESG screens and Vietnamese regulatory approval. The closed-loop cooling commitment directly addresses the water-availability risk flagged in the SWOT, while the low-PUE target aligns with institutional-grade infrastructure criteria increasingly enforced by project-finance lenders.

Workstream · Power, Utility & Infrastructure Readiness

Power Readiness — Status Register

Phased capacity pathway from 1.0–1.5 MW Phase 1 to 10 MW full build-out. Items are tagged Confirmed, Indicative, or Pending; reviewers should treat any non-Confirmed row as subject to formal validation before commitment.

Last Updated 8 May 2026
Refresh Cadence Quarterly
Next Review Q3 2026
Item Status Evidence Open Item Responsible Party Next Action
Phase 1 IT load (1.0–1.5 MW) Indicative Internal capacity model; pod load profile in development Utility allocation letter Metacorp + DHTP Submit allocation request
10 MW build-out headroom Pending DHTP master plan reviewed; no park-level capacity study completed Park-level capacity study DHTP authority Request capacity study
PCC voltage (kV) Pending Industrial-park norm: 22 kV indicative Confirmation in writing Utility (EVN regional / DHTP) Include in allocation letter scope
Substation interconnection pathway Pending Single-line under engineering review Confirmed feeder, voltage, breaker arrangement Engineering consultant Issue draft single-line
Redundancy basis of design Indicative Tier III concurrently maintainable concept; not yet certified Signed Basis of Design Lead engineering consultant Finalize and sign BoD
UPS topology (2N / N+1) Indicative Pod-level 2N target; subject to load profile Pod load profile + BoD Engineering Issue UPS sizing memo
Backup generation (N+1, 24–48 hr fuel) Indicative Diesel base case; sizing under technical review Sizing & fuel logistics confirmation EPC + Engineering Issue gen sizing memo
BESS in / out of scope Pending No formal scope decision on file In/out of scope decision & sizing Metacorp + Engineering Issue scope decision memo
Tier classification target Pending Tier III alignment indicated only Formal commitment (II / III / IV) Metacorp + Engineering Issue decision memo
Site allocation within DHTP Confirmed Plot allocation documentation; satellite map (Section 03) — DHTP authority Maintain
Indicative only. Subject to formal utility allocation, final engineering validation, and interconnection review. Not for procurement, EPC contracting, or capital commitment without supporting documentation. Refer to Power-Infrastructure Diligence Pack for full evidence references and assumption basis.
Technology & Partner Ecosystem
HPE
Yotai
Sotatek
VIFC Da Nang
AMD
NVIDIA
VIFC HCMC
IBM
SAP
Oracle
Lawlink Vietnam
09

Implementation Plan & Roadmap

Three-phase deployment model. Operational capability is built incrementally through commissioning, customer onboarding, and capacity scaling.

1

Phase 1 · Commissioning

1.0 – 1.5 MW

POD-based deployment. System commissioning, operational readiness, workforce training, and validation of the technical platform.

Initial deployment
2

Phase 2 · Expansion

+3–4 MW

Expansion of compute capacity. Customer onboarding, commercial activation, and scaling of operational teams.

Capacity build
3

Phase 3 · Full Capacity

10 MW+

Scaling toward full operational capacity. Multi-site and hybrid compute options under consideration for long-term optionality.

Target state
Phase 1 · Technical Blueprint

HPE DC8 POD — Engineering & CAD Layout

Reference engineering package for the Phase 1 commissioning POD. Documents container shell, rack elevation, GPU compute fabric, head-to-head scenario comparison, and the Adaptive Cascade DLC cooling loop.
Rev 01.A 2026 Rates · HPE AI Mod POD (DC8)
HPE DC8 POD engineering and CAD layout — shared physical shell, GPU compute nodes, network fabric topology, and liquid cooling flow diagram
Container20R / 6m ISD · 480 enclosures · 8 racks Power0.76 MW · DLC 120 kW/rack max PUE target<1.1 w/DLC · <1.2 air SourceHPE AI Mod POD reference · 2026

Capacity trajectory · 1.0–1.5 MW → 10 MW

Cumulative Deployed Capacity by Phase

Phase 1 (1.0–1.5 MW) initial launch · Phase 2 (up to 3 MW) expansion gate · Phase 3 (up to 6 MW) HPC optimization · Phase 4 (up to 10 MW) full campus target. Indicative; each phase gate is conditional on utility readiness, customer demand, capital availability, regulatory approval, engineering readiness, environmental approval, and prior-phase operational performance.

Expansion gate logic

Each phase transition is treated as a gated decision, not an automatic milestone. A phase will only be triggered when all seven of the following conditions are satisfied and documented:

  • Utility allocation confirmed for the next-phase MW envelope
  • Customer demand evidenced (LOIs, capacity reservations, contracts)
  • Capital availability — funding committed for next-phase CAPEX
  • Regulatory readiness — required approvals in place
  • Engineering readiness — design and procurement aligned
  • Environmental approval — EIA / EHS conditions cleared
  • Operational performance of prior phase — uptime, customer onboarding, financial

Partner roles

Partner involvement spans technology supply, system integration, and knowledge transfer. Initial phase operations will be delivered through a combination of internal leadership, strategic partner support, and phased local workforce development — consistent with international best practice for first-of-kind AI infrastructure in emerging markets.

10

Due Diligence, Financing & Exit

Asset-backed project finance structure with clear exit optionality. Meta Corp confirms readiness to support comprehensive technical, financial, and legal diligence.

Diligence Readiness

Meta Corp confirms availability of

  • Corporate and legal documentation
  • Technical and engineering data
  • Financial modeling and projections
  • Partner agreements and legal assignments

All necessary documentation will be made available to support investor and lender evaluation, aligned with international project finance standards.

Exit Strategy

Long-term liquidity pathways

Strategic sale

Trade sale to data center operator or hyperscaler

Infrastructure fund participation

Secondary equity participation by infra / digital-infra funds

Refinancing post-stabilization

Balance-sheet optimization following Phase 2 stabilization

IPO / capital market listing

Longer-term public market optionality subject to scale

Risk Register · Power, Utility & Infrastructure

Power Workstream — Risk RAG

Refresh: Quarterly
Last reviewed: 8 May 2026
PWR‑01Amber
Utility capacity at PCC insufficient for full 10 MW
Likelihood Medium · Impact High. Mitigation: early utility engagement, formal capacity reservation, phased expansion realistically scoped.
PWR‑02Amber
Interconnection schedule slips
Likelihood Medium · Impact High. Mitigation: critical-path tracking; parallel-path engineering review; weekly status cadence.
PWR‑03Amber
Redundancy basis of design uncertain
Likelihood Medium · Impact Medium. Mitigation: sign BoD with reputable engineering consultant before EPC tender.
PWR‑04Green
Backup generation cost overrun
Likelihood Low · Impact Medium. Mitigation: competitive procurement; alternative-fuel evaluation.
PWR‑05Amber
Park-level shared infrastructure constraints
Likelihood Medium · Impact Medium. Mitigation: negotiate priority allocation and exclusivity terms with DHTP.
PWR‑06Green
BESS scope undefined
Likelihood Medium · Impact Low–Medium. Mitigation: in/out scope decision before detailed design freeze.
PWR‑07Green
Tier classification not achievable
Likelihood Low · Impact Medium. Mitigation: adjust BoD or commit to alternative tier with documented rationale.
PWR‑08Amber
Utility documentation lag (allocation letter delay)
Likelihood Medium · Impact High. Mitigation: escalation path with park authority; weekly status cadence.
Diligence Closure · Immediate Execution Plan

Immediate Execution Path — Next 30 Days

Ten concrete actions identified to close the highest-impact evidence gaps. Each action has a named owner and target horizon (Immediate, Near-term, or Before final submission).

Reference Whitepaper §29
Cadence Weekly status
# Action Owner Target
01Freeze controlled document register & submission numberingPMOImmediate
02Finalize land / plot document request list with DHTP interfaceLegal leadImmediate
03Submit formal initial MW allocation and utility-interface requestUtility leadImmediate
04Prepare phased electrical load schedule and demand profileEngineering leadImmediate
05Issue Basis of Design v1Design consultant / CTONear-term
06Rebuild CAPEX workbook and assumptions bookFinance leadNear-term
07Release customer pipeline pack with NDA / LOI status tagsCommercial leadNear-term
08Reissue Appendix 2A and Appendix 2B in execution formatOperations / HSENear-term
09Freeze partner documentary basis matrixLegal / PMONear-term
10Lock submission document, appendix index, and evidence-maturity tracker for issuanceSponsor / PMOBefore final submission
Closure of these ten items materially reduces the project's evidence-maturity risk and moves the submission from "strategically strong" to "controlled evidence package", in alignment with the Whitepaper §30 Closing Assessment.

Technology roadmap beyond Phase 3

Near-term

GPU-based HPC infrastructure

Core deployment focused on high-density GPU workloads for AI training and inference.

Mid-term

Hybrid compute models

Expansion into combined GPU + CPU workloads to broaden the addressable customer base.

Exploratory

Tokenisation of compute resources

Long-term commercial mechanism, subject to regulatory and market validation.

11

Reference Media Library

External video references supporting the technical and market context of the submission. Included as directional material; swap video IDs below to point at any preferred internal footage.

Technical

Inside a Modern Hyperscale Data Center

Operational walk-through of hyperscale compute infrastructure — useful context for the architecture discussion in Chapters 1 and 7. Search alternatives ↗

Cooling

Liquid Cooling for High-Density GPU Compute

Illustrates the closed-loop liquid cooling approach referenced in Chapter 7 — directly relevant to the environmental design commitment. Search alternatives ↗

Market

Vietnam's AI & Digital Infrastructure Strategy

Policy and market context for Vietnam's national AI strategy — the policy tailwind referenced in the SWOT and Market sections. Search alternatives ↗

12

Audit-Readiness Scorecard

Consolidated status view of the ten review dimensions against audit expectations. Colour coding reflects narrative posture in the response letter, not independent verification.

Dimension
Status
Progress
Note
Project Positioning
Established
100%
AI-native thesis clear; HPE engagement anchors credibility
SWOT Observation
Documented
100%
Risks characterized as manageable; weaknesses framed as in-flight
Site Suitability
Near-final
~75%
Legal possession final stage; technical validations progressing
Development Documentation
In progress
~50%
Four feasibility workstreams active; institutional-grade output pending
Market Analysis
Preliminary
~55%
Thesis strong; formal Market Feasibility Study being prepared
Financial Framework
Indicative
~45%
Benchmark cost range provided; full model in Business Plan
Technical Approach & Environmental
Planned
~40%
Design standards committed; EIA pending
Corporate & Legal
Established
~90%
Entity consolidated; partner novations in progress
Implementation Plan
Structured
100%
Three-phase plan with clear capacity & partner roles
Diligence & Exit
Ready
100%
Documentation pipeline and four exit pathways identified
Evidence Maturity · Bankability Risk

Key Bankability Risks — Whole-Project RAG

Eight workstreams must clear evidence gates before the Project is presented as fully fundable. Status reflects documentary evidence on file, not management confidence. Park-level infrastructure is the only Green row.

Refresh: Monthly
Source: Whitepaper §23.1
BNK‑01 · Land & LegalRed
Final land-control documentation not yet complete
Final plot, cadastral map, boundary survey, geotechnical, land-allocation instrument all pending confirmation. Next: close land file via DHTP interface.
BNK‑02 · Power & UtilitiesRed
Project-specific MW allocation not yet confirmed
Park-level power infrastructure confirmed; project-specific allocation, voltage, POC, energization timeline pending. Next: formal allocation request to EVN Central / DHTP.
BNK‑03 · Technical DesignAmber
Basis of Design not yet finalized
Concept narrative on file; final BoD v1 with loads, topology, maintainability basis pending. Next: deliver BoD v1 with design consultant.
BNK‑04 · EnvironmentalAmber
Environmental, fire, and BESS pathway require formalization
Appendix 2B drafted; execution-grade reissue required + EIA pathway. Next: reissue EHS annexes in execution format.
BNK‑05 · Customer EvidenceRed
Pipeline not yet documented through LOIs or contracts
Target segments identified (enterprise AI, public-sector, research, channel/reseller). Next: release pipeline pack with NDA/LOI status tags.
BNK‑06 · Financial ModelAmber
CAPEX and financial model not yet lender-ready
Concept package on file; bottom-up CAPEX workbook, tariff/demand-charge/pass-through sensitivities required. Next: publish CAPEX workbook + model sensitivity memo.
BNK‑07 · Corporate DossierAmber
Partner continuity — assignment / novation evidence required
Project company formed; pre-formation partner agreements need assignment / novation evidence. Next: freeze partner documentary basis matrix.
BNK‑08 · Park-Level InfrastructureGreen
DHTP infrastructure baseline confirmed
Park-level power, telecom, water, wastewater, transport, incentives confirmed at park level. Treated as supporting policy/infrastructure context, not project-specific entitlement.
Cross-Reference · Institutional Capital Review Agenda Coverage Matrix

Institutional Capital Review Diligence Block Coverage

The submission addresses Institutional Capital Review's diligence agenda through six structured blocks. Each block is mapped to the relevant dashboard section and supporting documents in the library.

Source Whitepaper §4
Format Status · Evidence · Open Item
Diligence Block Main Question Addressed Coverage Status Open Item
Project rationale What is being proposed, why now, why MetaCorp, why Da Nang? Overview · SWOT Confirmed Maintain narrative consistency
Site and land Where is the project, what is the land status, is the site suitable? Site Indicative Plot number, cadastral, boundary survey, geotechnical
Utilities and infrastructure Is power available, is water available, what is the utility pathway? Tech · Power Readiness Pending Utility allocation letter; POC; voltage; substation interconnection
Technical design & phasing What is the design, how does it scale, what standards apply? Tech · Roadmap Indicative Signed BoD v1; final one-line; Tier classification commitment
Financial & commercial model What is the CAPEX, OPEX, revenue model, financing, demand case? Finance · PODs Indicative CAPEX workbook; tariff sensitivities; customer pipeline pack
Compliance, governance & execution Who executes, what approvals are needed, what risks remain, next-action plan? Legal · Diligence Indicative Reissued Appendices 2A & 2B in execution format; partner matrix
Each block is supported by an audit table showing Current Status, Supporting Evidence, Open Item, Responsible Party, and Next Action. Status reflects documentary evidence on file, not management intention.

Closing assessment

MetaCorp AIDC has a usable strategic case: the site is within a high-tech development environment; Vietnam's policy direction supports AI and data-infrastructure development; Da Nang has a credible role as a Central Vietnam technology hub; AI-native infrastructure remains a differentiated opportunity; and the phased 1.0–1.5 MW to 10 MW pathway is commercially and technically logical.

The Project is suitable for continued DHTP and institutional investor review when issued together with the evidence controls described above. It should not be presented as fully fundable until the critical evidence gaps are closed: land-control, project-specific power allocation, Basis of Design v1, financial model and CAPEX workbook, customer pipeline documentation, partner continuity, environmental and fire compliance pathway, Appendix 2A & 2B reissue, risk register / evidence tracker, and the final controlled submission package.

The main upgrade is not more promotional language. The main upgrade is evidence discipline — the difference between policy support, park-level infrastructure, project-specific approval, engineering assumption, and bankable evidence.

13

Documents

Supporting materials, technical references, and supplementary submissions held under access control. All materials are provided strictly for audit, diligence, and review purposes.

Satellite view of the DHTP plot and industrial zones in Da Nang
Supplementary Reference

DHTP and Industrial Zones

This document outlines the master plan, infrastructure, and investment incentives for Danang Hi-Tech Park, highlighting prioritized sectors like ICT and biotechnology to attract domestic and foreign high-technology development.

Google Drive · View & download Open in Drive →
Metacorp AIDC joint-stock company corporate stamp
Corporate Record

Metacorp AIDC JSC Company

Corporate record for the Metacorp AIDC joint-stock company entity. Provided in support of entity verification, shareholder structure review, and corporate-diligence workstreams related to the Da Nang AIDC project.

Google Drive · View & download Open in Drive →
Meta AIDC 2.5-hectare land-use master plan rendering
Site Master Plan

AIDC 2.5ha Land Use Plan

Master-plan documentation for the 2.5-hectare Meta AIDC site within Da Nang Hi-Tech Park. Includes site renderings, zoning context, building footprint, and development envelope used in regulatory and investment review.

PDF · Access-controlled Open PDF →
Supplemental section on project objectives, technology, process flow, and equipment list
Technical Supplemental

Process Flow & Equipment

Supplemental dossier covering project objectives, technology approach, the technology process flow, and the equipment list. Bilingual content (English / Vietnamese) supporting the formal regulatory submission.

PDF · Access-controlled Open PDF →
Appendix 2B — E-waste management procedures and BESS fire prevention plan
Environmental Appendix

E-Waste & BESS Emergency Response

Appendix 2B supplementing the Preliminary Environmental Impact Assessment and Project Operation & Management sections. Covers e-waste collection and disposal, transfer to licensed contractors, BESS safety, fire prevention, and emergency response protocols.

PDF · Access-controlled Open PDF →
Meta AIDC 2.5ha Land Use Plan v5 — site rendering with Da Nang skyline
Site Master Plan · v5

AIDC 2.5ha Land Use Plan — v5

Updated v5 master-plan documentation for the 2.5-hectare AIDC site within Da Nang Hi-Tech Park. Includes CAD site-construction phasing plan, 4-zone land-use breakdown (Building 9,500 m² · Technical 5,460 m² · Roads 4,768 m² · Green 4,932 m² · 24,660 m² total), and a phased land-utilization schedule running from Q3 2026 construction readiness through Q2 2027–2028 full buildout.

PDF · 12 pp · Access-controlled Open PDF →
META Hyperscaler — Vietnam AI Hyper-Scale Data Center Initiative overview
Investor Overview

META Hyperscaler — Vietnam AI Initiative

Strategic overview positioning Meta AIDC as Southeast Asia’s next-generation hyperscale platform. Covers the AI Data Center Consortium, Vietnam’s AI compute supply gap (current ~200–525 MW national capacity vs. 900–1,000 MW forecast by 2030), the 10 MW → 300 MW scalable-platform thesis, growth drivers, and Da Nang’s emergence as SEA’s “Silicon Bay” for AI workloads, sovereign compute, and HPC.

PDF · 18 pp · Access-controlled Open PDF →
Access & Handling. Materials listed in this library are provided under confidentiality for the purposes of audit review and institutional diligence. Redistribution or external publication is not authorized without written consent of Meta Corp. Additional supplementary materials will be appended to this section as the formal feasibility workstreams complete.