Building 1 (MY06-1) is operational. The SEC filing for Chindata and local news sources reported the building was in service as of October 20, but only a subsequent filing confirmed 19 MW was utilized by December 31, so we conservatively assume December 31.

Drone footage indicates that Building 1 is operating at full capacity, with 4 of 5 cooling tower fans spinning. Building 2 has 2 of 21 fans spinning and some ongoing construction work, so we assume it's not fully operational yet. We estimate another 3 months until full utilization.

Building 2 (MY06-2) is operational.

Building 3 and 4 are operational. Building 3 was originally scheduled for 2024Q4, and seemed partly operational in June, so it's likely to be fully utilized by this date. Building 4 was scheduled for delivery starting 2024Q1, but it typically takes a few more months to fit out and reach full utilization, so we think it's only fully utilized by this date. At Campus 2, Buildings 5-7 and Building 9 are close to finishing construction while Buildings 8 and 10 shells are still under construction. The Campus 2 substation looks complete.

Construction looks complete on Building 5, 6 and 7, but we allow 3 more months for fit-out and ramping before declaring them operational.

Buildings 5-7 are operational.

Buildings 8 and 9 look structurally complete. The remaining building, building 10, still has construction material around it and scaffolding on the roof, with cooling units yet to be installed.

All cooling units are now installed on Building 10. Drone footage from the same month shows most cooling units operating for Buildings 5-7, but none (or very few) for Buildings 8-10. So we don't think Buildings 8-10 are operating significantly yet.

No visible construction work on Buildings 8-10, but no cars in their carparks either (whereas Building 7 has many cars). So we still don't think Buildings 8-10 are utilized.