TECfusions
Definitive (DA signed)Information Technology · AI-ready data center infrastructure · Clearwater, FL, US · founded 2023
- What it is
- Real estate landlord/developer: designs, builds and leases data center shell, cooling and power on long-term contracted leases (powered shell, colocation and turnkey), charging recurring monthly fees per kW of contracted power with annual escalators; deliberately avoids owning GPUs/compute.
- What it’s doing now
- Merging with Apex Treasury (APXT) — definitive (da signed), announced Jul 22, 2026; expected close Q4 2026.
- What you should know
- The headline revenue figure is a projection, not a reported actual. The real share count puts the effective valuation 12% above the announced $4.0B. At 38.2× revenue the deal prices it above its listed peers, which trade at 23.44×. The deal carries a $45M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryAI-ready data center developer and operator that converts legacy industrial sites into powered, high-density colocation campuses via 'adaptive reuse', with on-site gas generation to bypass utility interconnection queues. Operating/development activity at three US sites (Clarksville VA, Tucson AZ, New Kensington PA). NOT pre-revenue on the face of the filings (the deck states Clarksville was 'built and revenue-generating in just 3 months' and describes fully-leased Phase 1 capacity), BUT NO ACTUAL HISTORICAL REVENUE, EBITDA, CASH, DEBT OR BALANCE-SHEET FIGURE IS DISCLOSED IN ANY SEC FILING TO DATE. The only financial figures on file are a management three-year FORECAST (2026E $110M, 2027E $289M, 2028E $2.14B revenue) and the deck expressly says TECfusions' FY2025 audit 'is in process'. No S-4/proxy has been filed, so no audited target financial statements exist on EDGAR.
| Revenue | $110M (FY2026E) projection |
Source: 425, accession 0001213900-26-094375 · as of Jul 22, 2026 · extraction confidence: low
What the company says about itself
Web research — not auditedTECfusions designs, builds and manages next-generation data centers for AI and high-density compute, claiming over 3 gigawatts of available capacity across its portfolio.
- Markets:
- Colocation | HyperScale | AI/HPC
- Products:
- Powered shell | Colocation | Turnkey data center deployment
MATERIAL DISAGREEMENT on leased capacity. Website claims Clarksville '80 MW leased today' and New Kensington '1 GW leased today'; the SEC-filed investor deck (0001213900-26-080199, EX-99.2) instead states Clarksville 'PHASE 1 37 MW (Fully leased)' with a separate 220 MW Phase 2 expansion, and New Kensington 'PHASE 1 2 MW (Fully leased; additional 10 MW contracted)' with a 300 MW Phase I goal 'to be operational in 18-24 months'. The site's '1 GW leased today' at New Kensington is irreconcilable with the deck's 2 MW leased. Tucson also differs: site says '15 MW Contracted', deck says 16 MW Phase 1 fully leased plus 12 MW additional contracted. Treat website capacity claims as marketing, not disclosure.
Source: https://tecfusions.com · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
TECfusions is merging with Apex Treasury (APXT), a $345M SPAC currently marked Deal announced and trading at $10.13 against $10.25 in trust per share.
| Headline equity value | $4.0B |
| Effective valuation (all shares) | $4.5B+12% vs headline |
| Sponsor promote | 25% |
| PIPE | $35Mcommon@10.00 |
| Minimum cash to close | $45M |
| Post-close ticker | TECF |
Structure per SEC accession(s) 0001213900-26-080199, 0001213900-26-087813. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
What the filings actually value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What TECfusions, Inc. on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
FY2026E projection — a forecast the company made about itself, not money it has earned
$4,200M ÷ $110M of FY2026E revenue. $1 of TECfusions, Inc.'s 2026 PROJECTED sales is being bought for $38.20.
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for TECfusions, Inc. appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- Every multiple above is struck on a PROJECTION the company made about itself in a marketing document, not on money it has earned. Listed peers are measured on revenue they actually booked, so any comparison flatters this deal by exactly as much as the forecast is optimistic.
All figures above are stated in EX-99.1 press release (8-K)0001213900-26-080199
PRESS-RELEASE PROSE, NOT A CAPITALISATION TABLE, and stored to the precision the document offers: "a pre-money equity value of $4.0 billion and implies a pro forma enterprise value of approximately $4.2 billion, assuming no redemptions ... and $35 million in gross committed PIPE proceeds." The enterprise value is the filing's own "approximately" and is exact to one significant figure past the decimal, no further. No pro-forma equity value, no pro-forma cash and no share count are stated anywhere in our corpus for this deal, so those columns stay NULL rather than being back-solved out of the two figures that are filed. Note the direction: enterprise value EXCEEDS pre-money equity by ~$200M, which for a data-centre developer implies net debt coming across, but no filing we hold states a debt figure and none is stored.
Each row is one filing. A forecast that moves while the transaction price does not is a change in what the deal costs, and the filings that make that change are months apart.
Revenue
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2026E | FY2027E | FY2028E |
|---|---|---|---|
| 8-K — EX-99 investor deck2026-07-22 · the target's own filing or deck | $110M | $289M | $2.14B |
What that does to the price of a dollar of forecast revenue
- FY2026E: 38.2x enterprise value to forecast revenue, unchanged across every document that states it.
- FY2027E: 14.5x enterprise value to forecast revenue, unchanged across every document that states it.
- FY2028E: 2x enterprise value to forecast revenue, unchanged across every document that states it.
No document in this chain has revised a forecast. That is a finding too: it means every multiple above is the one struck at announcement, and it is what a reader should expect to see change first if the deal starts to slip.
Every revenue figure we hold for TECfusions, Inc. is a forecast, including the FY2026E figure quoted elsewhere on this page. There are no audited financials in any filing we hold — awaiting audited S-4 financials.
The tables these figures were read out of, verbatim
- 8-K — EX-99 investor deck (0001213900-26-080199) — EX-99.2 investor deck, "TECfusions: 3-Year Financial Forecast" — "2026 $110M Total Revenue 2027 $289M Total Revenue 2028 $2.14B Total Revenue"
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values TECfusions, Inc. at $4.2bn, or 38.2× its own 2026 projected revenue. That is 1.6× what the market pays for its closest listed peers (median 23.44×) — an expensive price. It is priced above 71% of them.
Pro-forma enterprise value as filed.
Projection — a forecast the company made about itself, not money it has earned
FY2026E
38.2× 2026 projected revenue. Put another way: $1 of its forecast annual sales is being bought for $38.20.
$1 of their sales costs $23.44 on the open market. Median of 7 listed companies we judged a true comparable, which individually run from 7.08× to 65.11×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- CIFR, CSQR, AIB, VIP, IOND, WYFI, DUOT, FIGR have no revenue to divide by, so they are shown but left out of the peer median.
- EQIX, GLXY shown for context only — not close enough to move the median.
- This multiple is struck on a PROJECTION the company made about itself, not on money it has actually earned. Peers are measured on revenue they really booked, so the comparison flatters the deal.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| APLD | Applied Digital Corporation | $8.8B | 23.6x | — | Applied Digital is the closest analogue: converts/builds powered campuses and leases AI-ready capacity to hyperscalers and neoclouds on long-term contracts without owning the GPUs, at a comparable multi-hundred-MW development stage.more ▾less ▴ |
| CIFR | Cipher Digital Inc | $6.0B | — | — | Direct comp: Cryptocurrency Mining; mid-cap ($6.0bn); shares interconnection, sites, center, site, data, developer with the target's own description; forward EV/Sales 51.5x.more ▾less ▴ |
| CORZ | Core Scientific, Inc. | $6.4B | 20.4x | — | Core Scientific repurposed legacy power-secured industrial sites into contracted HPC/AI hosting capacity - the same 'power first, adaptive reuse' thesis TECfusions is selling.more ▾less ▴ |
| CSQR | Csquare Inc | — | — | — | Operational comp: Data Processing Services; shares interconnection, colocation, sites, centers, infrastructure, capacity with the target's own description; forward EV/Sales 7.8x.more ▾less ▴ |
| IREN | IREN LIMITED | $16.0B | 23.4x | 120.6x | IREN self-develops power-secured data centers and leases AI compute capacity, matching TECfusions' vertically integrated power-plus-shell model at similar GW-scale ambitions.more ▾less ▴ |
| AIB | AIB Data Centers Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares density, centers, ready, data, developer, operator with the target's own description; forward EV/Sales 11.5x.more ▾less ▴ |
| WULF | TeraWulf Inc. | $8.1B | 65.1x | — | TeraWulf converts owned power assets into contracted AI/HPC colocation leases with hyperscaler anchor tenants - a direct read-through for TECfusions' anchor-tenant-led buildout.more ▾less ▴ |
| MARA | MARA Holdings, Inc. | $3.6B | 7.1x | — | Operational comp: Cryptocurrency Mining; mid-cap ($3.4bn); shares colocation, sites, capacity, data, infrastructure, into with the target's own description; forward EV/Sales 7.2x.more ▾less ▴ |
| NBIS | Nebius Group N.V. | $64.8B | 53.2x | 279.3x | Nebius is the neocloud-side comparable that shows demand pricing for the AI capacity TECfusions intends to lease, though Nebius owns GPUs where TECfusions explicitly does not.more ▾less ▴ |
| VIP | Vulcan Infrastructure and Power Inc | $23M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($23m); shares sites, generation, data, infrastructure, center, centers with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| DLR | Digital Realty Trust, Inc. | $74.4B | 13.9x | 29.3x | Digital Realty is the mature end-state of the wholesale/colocation landlord model TECfusions describes (recurring per-kW fees with annual escalators), useful as a valuation ceiling rather than a scale peer.more ▾less ▴ |
| IOND | Ionic Digital Inc | — | — | — | Operational comp: Data Processing Services; shares sites, site, capacity, leased, only, infrastructure with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| WYFI | WhiteFiber Inc | $605M | — | — | Operational comp: IT Services & Consulting (NEC); small-cap ($605m); shares colocation, center, data, centers, capacity, infrastructure with the target's own description; forward EV/Sales 8.2x.more ▾less ▴ |
| DUOT | Duos Technologies Group Inc | $230M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($230m); shares colocation, adaptive, center, data, infrastructure, high with the target's own description; forward EV/Sales 5.9x.more ▾less ▴ |
| FIGR | Figure Technology Solutions, Inc. | $8.8B | — | — | Operational comp: IT Services & Consulting (NEC); mid-cap ($8.8bn); shares figure, activity, cash, generation, new, that with the target's own description; forward EV/Sales 7.6x.more ▾less ▴ |
| EQIXcontext only | Equinix, Inc. | $106.0B | 13.0x | 28.3x | Equinix anchors colocation multiples for contracted, escalator-bearing per-kW lease revenue, but operates at a scale and with a retail-interconnection mix far removed from TECfusions.more ▾less ▴ |
| GLXYcontext only | Galaxy Digital Inc. | $12.8B | 0.1x | 0.1x | Galaxy Digital's Helios build is a single-site legacy-power-to-AI-datacenter conversion with hyperscaler leases, structurally similar but embedded inside a financial-services business.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple (here struck on projected revenue) is not audited the way theirs are.
Common questions
Is TECfusions going public?
TECfusions has a signed merger with the SPAC Apex Treasury (APXT), announced Jul 22, 2026. The combined company expects to trade as TECF. Deal status: Definitive (DA signed).
What is TECfusions's SPAC deal valuation?
The announced headline equity value is $4.0B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $4.5B, 12% above the headline.
Was TECfusions bought at an expensive or a cheap valuation?
The deal values TECfusions, Inc. at $4.2bn, or 38.2× its own 2026 projected revenue. That is 1.6× what the market pays for its closest listed peers (median 23.44×) — an expensive price. It is priced above 71% of them.
Does TECfusions have revenue?
The filings show a PROJECTED revenue figure of $110M (FY2026E) — a forecast, not an audited actual.
Educational content, not investment advice.
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