Operations
Lead with power. Build with speed. Scale with discipline.
Three principles, and a team with the background to execute them. Z Squared pairs deal leadership that sources and structures energized-site transactions with technical leadership that has designed and operated high-density, immersion-cooled infrastructure.
Building the Portfolio
Z Squared acquires sites where power is already flowing and converts them into infrastructure built for AI and high-performance compute. The first property in that portfolio is under letter of intent today.
El Dorado, Arkansas
Union County Campus
Under letter of intent · Not closed
A majority membership interest in Paradox Data LLC, a digital infrastructure company specializing in high-density, immersion-cooled compute. The Union County Campus pairs an energized on-grid utility connection with land, fiber, rail, and a development path to large-scale firm power.
Approximately 8 MW of energized power capacity and an approximately ten-acre parcel vest at closing, alongside Paradox’s technology, data, and intellectual property. The letter of intent establishes a post-closing milestone to pursue an interconnection request for up to 50 MW of utility power. Separately, the Company has described a development target for the campus of up to 150 MW of firm power across up to 170 acres — a forward-looking objective dependent on completion of the transaction, permitting, equipment procurement, capital deployment, and execution.
The transaction is structured entirely in Series D Convertible Preferred Stock with a $5 million aggregate initial liquidation preference. No cash. No debt financing.
The transaction has not closed and remains subject to definitive documentation, due diligence, required consents and approvals, and other customary closing conditions. There can be no assurance that it will close on the terms described or at all.
Sourcing and structuring is the hard part
Energized sites do not come to market on a listing service. They are found through relationships, evaluated on power economics before anything else, and won by structuring a transaction the seller will actually sign. That is the discipline Z Squared is built around.
The Deal Team
David Halabu
Chief Executive Officer
David Halabu — Chief Executive Officer. Founder and Managing Partner of Group 10 Capital Management, with a background in capital markets, real estate acquisitions, and deal structuring. At Z Squared his role is to source, structure, and close the transactions that bring new assets onto the platform.
Every announced transaction to date has been structured entirely in convertible preferred stock — no cash consideration, no debt financing. The structure preserves the balance sheet, conserves capital for operational deployment, and aligns the counterparty with the long-term outcome of the company.
Building it is the other hard part
Immersion and direct liquid cooling are increasingly central to high-density AI environments, enabling higher rack densities and improved energy efficiency. That capability comes into the platform with Paradox.
Technical Leadership
Jeffrey Harris
Chief Technology Officer
Jeffrey Harris — Chief Technology Officer. Founder of Paradox Data and the architect of the Union County Campus. His background is in high-density, immersion-cooled compute — the cooling architecture that makes the densest AI and HPC deployments viable, and the discipline that separates a powered building from a data center.
Five questions, in this order
Most sites fail on the first one. The order matters, because a site that fails early is not worth diligencing further — and speed in this market comes from saying no quickly.
1. Is the power already flowing?
Energized, grid-connected capacity is not subject to the interconnection queue. A greenfield campus applying today may wait three to five years for commercial power. An operating site can be converted in months. This is the gate everything else sits behind.
2. What does the utility relationship actually permit?
Existing service arrangements, expansion rights, and letters of authorization determine whether a site has a real path to more capacity or just a nameplate figure. We underwrite the documented path, not the aspiration.
3. Can the site take density?
Power on a meter is not the same as power at the rack. Cooling architecture, electrical distribution, floor loading, and thermal headroom determine what the site can actually host, and what a conversion will cost.
4. Is the connectivity real?
High-bandwidth, low-latency, carrier-diverse fiber is the second gating input after power. Power without fiber is industrial capacity that cannot serve AI workloads at production speed.
5. Does the jurisdiction want this?
Zoning, permitting posture, incentive eligibility, and local support determine whether a development timeline is achievable or theoretical. This is the diligence item most often underweighted, and the one most likely to stop a project after capital is committed.
Own an energized site?
We acquire operating, grid-connected power sites and convert them. If you hold one, we should talk.