# Allocating capital between landlord and tenant in AI-era data centres > Powered shell, build-to-suit and fully fitted models allocate design control, delivery risk and capital differently. How the balance is shifting as AI hardware cycles shorten. URL: https://www.qoreinfra.com/insights/choosing-a-delivery-model/ Publisher: Qore Infrastructure Partners (https://www.qoreinfra.com) Author: Scott Newcombe Published: 2026-10-25 --- Delivery Powered shell, build-to-suit and fully fitted models allocate design control, delivery risk and capital differently. How the balance is shifting as AI hardware cycles shorten. By **Scott Newcombe**25 October 20266 min read ## Key points * Each model allocates design control, delivery risk and capital differently between owner and tenant. * Shortening hardware cycles are pushing tenants to concentrate capital in compute. * Facilities must carry density headroom whichever model is chosen. Across more than twenty years of hyperscale negotiations in Europe, every transaction eventually resolves into the same allocation: who controls the design, who carries delivery risk, and whose capital sits in which layer of the facility. The delivery model is that allocation, written down. ## Four allocations **Powered land.** The owner delivers controlled, zoned land with confirmed capacity. The tenant designs, builds and operates. Maximum control, maximum tenant capital and delivery risk. **Powered shell.** The owner delivers the energised building: grid connection, substation, structure, envelope and core infrastructure, under a long-term lease. The tenant fits out to its reference design. The model reduces tenant-specific fit-out capital exposure while enabling scalable campus deployment, and remains the preference of hyperscalers replicating standard designs across regions. **Build-to-suit.** The owner designs and builds to the tenant's specification under a long-term lease. The tenant keeps its design without carrying construction. **Fully fitted.** The owner delivers ready-to-use white space with power, cooling and racks. The tenant installs compute. Combined with modular delivery, the fastest route from confirmed power to running accelerators. ## How the balance is shifting Two forces are moving the market towards owner-delivered models. The first is hardware cadence. Rack densities are rising from around 120 kW today towards around 600 kW for Kyber-generation systems expected in 2027. Accelerators depreciate quickly; buildings, power and cooling serve several generations. Tenants increasingly prefer to concentrate capital in compute and take the infrastructure under long-term arrangements. The second is time. With grid queues in Europe's main hubs averaging seven to ten years, according to the IEA, the fastest projects start on confirmed power, and every layer the owner delivers removes a handover from the tenant's critical path. ## Headroom in every model Whatever the allocation, the facility must outlast several hardware generations: power trains, cooling capacity and floor loading need headroom, and electrical design should accommodate the industry's move towards 800-volt DC distribution. ## One campus, several models At Qore, we offer all four models and frequently combine them: a powered shell for one tenant alongside fully fitted Qore Modular capacity for another on the same campus. Land, power and building are always ours to secure. How much more we deliver is the customer's decision, and our role is to make each option bankable for both sides. ## Sources 1. [NVIDIA Vera Rubin: 600-kilowatt racks](https://introl.com/blog/nvidia-vera-rubin-gpu-600kw-racks-2027), Introl, 2026 2. [Overcoming energy constraints is key to delivering on Europe's data centre goals](https://www.iea.org/commentaries/overcoming-energy-constraints-is-key-to-delivering-on-europe-s-data-centre-goals), International Energy Agency, November 2025 Figures are as reported by the sources above at the time of writing. This article is for general information only and does not constitute an offer, solicitation or investment, legal or tax advice. **Scott Newcombe** SVP Development and Chief Operating Officer, Qore Infrastructure Partners. [Profile](https://www.qoreinfra.com/platform/leadership/#scott-newcombe) ## Related * [Delivery models](https://www.qoreinfra.com/delivery/delivery-models/) * [Hyperscale and AI campuses](https://www.qoreinfra.com/products/hyperscale-ai-campuses/) * [Density headroom as a value driver](https://www.qoreinfra.com/insights/designing-for-next-generation-gpus/) [Contact the team](https://www.qoreinfra.com/contact/) Insights ## Further perspectives [Sovereign AI ### Building Europe's Sovereign AI Infrastructure Europe's AI ambitions will be decided by who controls the facilities, power and supply chains beneath the models. A perspective on what it will take, and how the platform is built to deliver it.](https://www.qoreinfra.com/insights/building-europes-sovereign-ai-infrastructure/)[Market ### Speed to power is now the decisive asset in European data centres With connection queues in Europe's traditional hubs at seven to ten years, the market's scarce input is no longer land or capital but confirmed power before 2030. Implications for origination, valuation and customers.](https://www.qoreinfra.com/insights/power-not-land-decides-europes-ai-map/)[Development ### Underwriting powered land: five tests of readiness Powered land has become a marketing term. For underwriting purposes it is a set of verifiable conditions. The framework we apply before any facility enters the platform.](https://www.qoreinfra.com/insights/what-makes-powered-land-ready/) --- About the publisher: Qore Infrastructure Partners (QIP) is Europe's power-ready hyperscale and AI data centre platform, headquartered in Zug, Switzerland: Building Europe's Sovereign AI Infrastructure. Website: https://www.qoreinfra.com. Not affiliated with Gcore, QORE Switzerland AG, QORE Global, QORE Finance or Qore (core banking). Nothing on this site is an offer of securities or investment advice.