NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Data Center Hardware and Infrastructure Sector Outlook — September 2026

NeuraCap's Data Center Hardware and Infrastructure sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

17.8x
Sector median EV/EBITDA
49.8x
Premium end EV/EBITDA vs 12.6x at the discount end
9
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA CENTER HARDWARE AND INFRASTRUCTURE

Data Center Hardware: Proof Separates the Market

The report shows how growth, earnings quality and business mix shape standing across the peer set and transaction record.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Data Center Hardware and Infrastructure is not one valuation story. Systems, power infrastructure and adjacent models carry different revenue quality, capital needs and operating risks. Within the approved peer set, higher forward valuation sits with faster growth, while current margin alone does not align with the higher-multiple side.

Key findings

  • The Premium End Needs Standalone Support
  • Faster Growth Sits With Higher Valuation
  • Systems Carry the Highest Segment Reading
  • Earnings Quality Is the Credibility Test

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA CENTER HARDWARE AND INFRASTRUCTURE

    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA CENTER HARDWARE AND INFRASTRUCTURE.

    Cover — Data Center Hardware and Infrastructure sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › TECHNOLOGY HARDWARE AND EQUIPMENT › DATA CENTER HARDWARE AND INFRASTRUCTURE Data Center Hardware: Proof Separates the Market The report shows how growth, earnings quality and business mix shape standing across the peer set and transaction record. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line The Market Separates Durable Growth from Headline Demand 02 The Landscape Different Business Models Carry Different Valuation Frames 03 Valuation & Situations The Premium End Requires Evidence That Can Survive a Forward Lens 04 Precedent Transactions Buyer Appetite Reaches from Qualified Hardware to Powered Infrastructure 05 Strategic Implications Operating Proof Should Guide the Next Capital Decision 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Data Center Hardware and Infrastructure Splits Across Systems, Power and Adjacent Models

    Data Center Hardware and Infrastructure Splits Across Systems, Power and Adjacent Models.

    Data Center Hardware and Infrastructure Splits Across Systems, Power and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Data Center Hardware and Infrastructure Splits Across Systems, Power and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Needs Standalone Support Across the 2 names at the premium end, forward EV / EBITDA is 49.8x; the 2 names at the discount end sit at 12.6x. The forward lens already credits forecast growth, so the remaining gap is associated with confidence in durability. 2 Faster Growth Sits with Higher Valuation On the 4 names above the 13% growth split, forward EV / EBITDA is 20.5x. On the 3 names below that split, it is 13.7x. 3 Systems Carry the Highest Segment Reading Based on 2 of 3 systems names with estimates, servers, storage and integrated infrastructure systems sit at 46.0x. The 2 power infrastructure names sit at 18.7x, while 3 of 4 adjacent-model names with estimates sit at 16.2x. 4 Earnings Quality Is the Credibility Test Forward EV / EBITDA is available for 7 of 9 approved companies, and 7 of 7 companies with reported forward EBITDA carry a meaningful result. Qualified backlog, backlog conversion, service attach and recurring revenue mix remain central tests of durability. 17.8x Sector median EV/EBITDA CY2027E consensus · 7 rated of 9 companies 49.8x Premium end EV/EBITDA vs 12.6x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 9 Transactions with disclosed terms 24 recorded in this tier · 1 told as case studies, the full list in the appendix

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    SECTION 02

    02

    02.

    Section 02 of 06 — Different Business Models Carry Different Valuation Frames. Systems, power infrastructure and adjacent models bring distinct revenue quality, margin and capital profiles. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Different Business Models Carry Different Valuation Frames Systems, power infrastructure and adjacent models bring distinct revenue quality, margin and capital profiles. 02 of 06 Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Three Business Models Put Different Economics Under One Sector Label

    Three Business Models Put Different Economics Under One Sector Label.

    Three Business Models Put Different Economics Under One Sector Label 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Three Business Models Put Different Economics Under One Sector Label 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SERVERS, STORAGE AND INTEGRATED INFRASTRUCTURE SYSTEMS 3 cos median 46.0x Hewlett Packard (HPE) NetApp (NTAP) One Stop Systems (OSS) Product qualification and installed-base support can defend value, while commodity exposure and inventory risk can narrow it. DATA CENTER POWER DISTRIBUTION AND ELECTRICAL INFRASTRUCTURE 2 cos median 18.7x Vertiv Holdings (VRT) nVent Electric (NVT) Power distribution sits close to rising rack-level power density, commissioning needs and time to energization. ADJACENT MODELS 4 cos median 16.2x Iron Mountain (IRM) Nutanix (NTNX) GDS Holdings (GDS) Penguin Solutions (PENG) Software, real estate and managed infrastructure bring different recurring revenue, capital and cash-conversion profiles.

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    02 · LANDSCAPE

    Systems Lead the Segment Range, Based on Two Rated Names

    Systems Lead the Segment Range, Based on Two Rated Names.

    Systems Lead the Segment Range, Based on Two Rated Names Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Systems Lead the Segment Range, Based on Two Rated Names Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Servers, storage and integrated infrastructure systems 3 33% 46.0x Hewlett Packard Enterprise Company (HPE) · NetApp, Inc. (NTAP) · +1 more Qualification shapes the spread. The 2 of 3 names with estimates sit at 46.0x. Mission-critical qualification and installed-base pull-through can support resilience, while commodity hardware and inventory exposure warrant close attention. Data center power distribution and electrical infrastructure 2 22% 18.7x Vertiv Holdings Co (VRT) · nVent Electric plc (NVT) Density raises the stakes. The 2 names sit at 18.7x. Power distribution benefits from exposure to rack-level power density, but backlog conversion, component availability and commissioning remain key operating tests. Adjacent models 4 44% 16.2x Iron Mountain Incorporated (IRM) · Nutanix, Inc. (NTNX) · +2 more Economics vary by model. The 3 of 4 names with estimates sit at 16.2x. Recurring software, managed infrastructure and real-asset exposure require separate views on cash needs, customer concentration and revenue quality.

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    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Requires Evidence That Can Survive a Forward Lens. Growth, qualified backlog and recurring revenue quality distinguish the ends of the approved peer set. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Requires Evidence That Can Survive a Forward Lens Growth, qualified backlog and recurring revenue quality distinguish the ends of the approved peer set. 03 of 06 Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    One Stop Systems Sits Outside the Peer Frame and Requires Standalone Underwriting

    One Stop Systems Sits Outside the Peer Frame and Requires Standalone Underwriting.

    One Stop Systems Sits Outside the Peer Frame and Requires Standalone Underwriting EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 17.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION One Stop Systems Sits Outside the Peer Frame and Requires Standalone Underwriting EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 17.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 49.8x CORE · median 17.8x DISCOUNT · median 12.6x Sector median 17.8x WHAT SEPARATES THE TWO ENDS The range is wide. The premium end sits at 49.8x forward EV / EBITDA, against 12.6x at the discount end. That spread calls for company-specific work on forecast durability and cash conversion. Forward pricing raises the bar. A forward multiple already credits expected improvement. A premium that remains after that credit calls for durable qualification wins, credible backlog conversion and recurring revenue quality. One name needs separate work. One Stop Systems, Inc. (OSS) sits outside the valuation frame that contains the rest of the rated peer set. Its customer mix, qualification cycles and earnings path therefore need standalone assessment.

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    03 · VALUATION DRIVERS

    Higher Growth Is Associated with Higher Forward Valuation in the Rated Set

    Higher Growth Is Associated with Higher Forward Valuation in the Rated Set.

    Higher Growth Is Associated with Higher Forward Valuation in the Rated Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Higher Growth Is Associated with Higher Forward Valuation in the Rated Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 13% · EBITDA-margin split at 29% Growth Separates the Two Valuation Groups On the 4 names above the 13% growth split, forward EV / EBITDA is 20.5x; on the 3 names below it, the reading is 13.7x. The pattern is an observed association within a small rated set. Margin Alone Does Not Align with the Higher-Multiple Side Among the 6 mapped names, 3 combine above-midpoint valuation with below-midpoint EBITDA margin, while 3 show the reverse. Reinvestment intensity and growth quality therefore deserve separate attention. Backlog Quality Turns Demand into Credible Earnings Qualified backlog matters most when book-to-bill translates into timely conversion, cash generation and service attach. Project timing, customer concentration and component dependence can weaken that link.

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    03 · SITUATION MAP

    The Market Separates Growth Investment from Current Margin

    The Market Separates Growth Investment from Current Margin.

    The Market Separates Growth Investment from Current Margin Cut on EV / EBITDA vs the sector median (17.8x) (rows) and EBITDA margin vs the covered median (29%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP The Market Separates Growth Investment from Current Margin Cut on EV / EBITDA vs the sector median (17.8x) (rows) and EBITDA margin vs the covered median (29%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Value, Higher Margin Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Higher Value, Lower Margin Above-median multiple · below-median EBITDA margin 3 names Vertiv Holdings Co (VRT) · nVent Electric plc (NVT) · Nutanix, Inc. (NTNX) Vertiv Holdings Co (VRT), nVent Electric plc (NVT) and Nutanix, Inc. (NTNX) sit here. Their position is consistent with the market crediting growth and reinvestment despite lower current margins. Lower Value, Higher Margin Below-median multiple · above-median EBITDA margin 3 names Iron Mountain Incorporated (IRM) · NetApp, Inc. (NTAP) · GDS Holdings Limited (GDS) Iron Mountain Incorporated (IRM), NetApp, Inc. (NTAP) and GDS Holdings Limited (GDS) sit here. Higher current margins have not coincided with above-midpoint valuation for these mapped names. Lower Value, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    The Right Capital Path Depends on the Quality of Operating Proof

    The Right Capital Path Depends on the Quality of Operating Proof.

    The Right Capital Path Depends on the Quality of Operating Proof NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA The Right Capital Path Depends on the Quality of Operating Proof NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Build Where Qualification Creates an Edge Test whether investment in thermal management, liquid cooling, power distribution or service capability can deepen customer qualification and installed-base pull-through. What changes the answer: The answer changes when qualified backlog converts reliably and service attach improves. Partner Where Speed Matters More than Ownership Consider partnerships where commissioning, supply access or customer qualification can be accelerated without carrying the full capital burden. What changes the answer: The answer changes when time to energization or product qualification becomes the binding constraint. Buy Where Adjacency Strengthens the Offer Assess build-versus-buy around software, services, power train and installed-base access. The strategic fit should be tested against integration demands and recurring revenue quality. What changes the answer: The answer changes when the target adds qualified products, durable customer access or resilient aftermarket revenue.

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    SECTION 04

    04

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    Section 04 of 06 — Buyer Appetite Reaches from Qualified Hardware to Powered Infrastructure. Precedent transactions show strategic interest across products, compute platforms and data center assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyer Appetite Reaches from Qualified Hardware to Powered Infrastructure Precedent transactions show strategic interest across products, compute platforms and data center assets. 04 of 06 Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Products, Compute Platforms and Data Center Assets

    Precedent Transactions Span Products, Compute Platforms and Data Center Assets.

    Precedent Transactions Span Products, Compute Platforms and Data Center Assets 1 of 9 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Products, Compute Platforms and Data Center Assets 1 of 9 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2023 $27M NYDIG ABL LLC NYDIG ABL LLC backed Soluna DVSL ComputeCo, LLC in an announced $27M transaction. EV / LTM revenue 0.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests interest in compute infrastructure supported by identifiable operating assets. The buyer-target pairing points to asset-backed underwriting rather than software economics alone. HOW THE TARGET WAS VALUED The disclosed value was $27M, equal to 0.9x EV / Revenue. That valuation sits within the disclosed EV / Revenue range in the transaction record.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Operating Proof Should Guide the Next Capital Decision. Owners can strengthen standing through backlog conversion, service attach and disciplined investment. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Proof Should Guide the Next Capital Decision Owners can strengthen standing through backlog conversion, service attach and disciplined investment. 05 of 06 Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Strengthen the Evidence Behind Growth Before Expanding the Capital Commitment

    Strengthen the Evidence Behind Growth Before Expanding the Capital Commitment.

    Strengthen the Evidence Behind Growth Before Expanding the Capital Commitment NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Strengthen the Evidence Behind Growth Before Expanding the Capital Commitment NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of the Revenue Mix Prioritize recurring service and software revenue, installed-base pull-through and customer diversification. These features can strengthen resilience across qualification and project cycles. FOR MANAGEMENT TEAMS Convert Backlog Without Weakening Cash Discipline Align capacity, inventory and working capital with credible backlog conversion. Separate durable qualification wins from orders exposed to timing, concentration or component constraints. FOR BUYERS Underwrite the Operating Mechanism Behind Growth Test product qualification, service attach, warranty exposure and customer concentration alongside the forecast. Distinguish repeatable earnings from capacity ramps or project timing.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (17.8x); amber marks below · 7 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (17.8x); amber marks below · 7 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 7 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥20.5x · median 49.8x · 2 companies One Stop Systems, Inc. OSS Servers, storage and integrated infrastructure systems $188M 78.2x 27% n/a 32 Nutanix, Inc. NTNX Data center infrastructure management software $18.1B 21.5x 13% 25% 37 CORE — 14.9x–20.5x · median 17.8x · 3 companies Vertiv Holdings Co VRT Data center power distribution and electrical… $94.5B 19.6x 30% 25% 56 nVent Electric plc NVT Data center power distribution and electrical… $27.4B 17.8x 21% 23% 44 Iron Mountain Incorporated IRM Data center and digital infrastructure real estate $52.8B 16.2x 9% 37% 46 DISCOUNT — <14.9x · median 12.6x · 2 companies NetApp, Inc. NTAP Servers, storage and integrated infrastructure systems $39.2B 13.7x 7% 33% 42 GDS Holdings Limited GDS Data center integration and managed infrastructure… $11.4B 11.4x 10% 49% 57

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (24 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (24 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 17 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Hubbell Incorporated → DMC Power, LLC n/a n/a 13.8x Hubbell Incorporated's announced transaction for DMC Power, LLC was recorded at 13.8x EV / EBITDA. The pairing suggests interest in qualified electrical infrastructure and greater content within the power train. Mar-2023 NYDIG ABL LLC → Soluna DVSL ComputeCo, LLC $27M 0.9x n/a NYDIG ABL LLC's announced transaction for Soluna DVSL ComputeCo, LLC carried a disclosed value of $27M and 0.9x EV / Revenue. The record suggests financing interest in compute infrastructure with identifiable asset backing. Jan-2023 CoreWeave, Inc. → Conductor Technologies, Inc. n/a 0.7x 8.8x The terminated proposal pairing CoreWeave, Inc. with Conductor Technologies, Inc. was recorded at 0.7x EV / Revenue and 8.8x EV / EBITDA. The combination suggests interest in adding software capability around compute infrastructure. May-2021 Switch, Inc. → 4 data centers in Austin and Houston (Data Foundry, Inc.) n/a n/a 19.0x Switch, Inc.'s announced purchase of 4 data centers in Austin and Houston (Data Foundry, Inc.) was recorded at 19.0x EV / EBITDA. The transaction reflects strategic interest in operating data center capacity. Sep-2020 DataBank → 44 data centers across the United States and Europe (zColo, Zayo Group Holdings, Inc.) n/a n/a 13.5x DataBank's announced purchase of 44 data centers across the United States and Europe (zColo, Zayo Group Holdings, Inc.) was recorded at 13.5x EV / EBITDA. The footprint suggests value in broader installed capacity and customer access. Jan-2017 Hewlett Packard Enterprise Company → SimpliVity Corp n/a 3.3x n/a Hewlett Packard Enterprise Company's announced transaction for SimpliVity Corp was recorded at 3.3x EV / Revenue. The pairing suggests an effort to broaden integrated infrastructure capability. Aug-2016 Hewlett Packard Enterprise Company → Silicon Graphics International Corp. n/a 0.5x n/a Hewlett Packard Enterprise Company's announced transaction for Silicon Graphics International Corp. was recorded at 0.5x EV / Revenue. The combination suggests strategic fit across advanced compute and infrastructure systems. Oct-2013 NTT Communications Corporation → RagingWire Data Centers, Inc. n/a 0.7x 8.8x NTT Communications Corporation's completed transaction for RagingWire Data Centers, Inc. was recorded at 0.7x EV / Revenue and 8.8x EV / EBITDA. The pairing suggests interest in operating capacity and customer access. Apr-2010 Oak Hill Capital Partners → ViaWest, Inc. n/a n/a 8.8x Oak Hill Capital Partners' completed transaction for ViaWest, Inc. paired financial sponsorship with data center infrastructure. The strategic fit points to platform expansion through operating assets and an established customer base.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Data Center Hardware and Infrastructure and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 4 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 409 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (408) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    The Premium Sits with Durable Growth and Credible Backlog Conversion.

    The Premium Sits with Durable Growth and Credible Backlog Conversion..

    Closing — The Premium Sits with Durable Growth and Credible Backlog Conversion. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20

    Everything on this page

    The Premium Sits with Durable Growth and Credible Backlog Conversion. NeuraCap AI — Data Center Hardware and Infrastructure Coverage September 2026 · Prepared by NeuraCap AI · Confidential Data Center Hardware and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Data Center Hardware and Infrastructure (Information Technology › Technology Hardware and Equipment › Data Center Hardware and Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Data Center Hardware and Infrastructure according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: GDS Holdings Limited (GDS), Hewlett Packard Enterprise Company (HPE), Iron Mountain Incorporated (IRM), NetApp, Inc. (NTAP), Nutanix, Inc. (NTNX), nVent Electric plc (NVT), One Stop Systems, Inc. (OSS), Penguin Solutions, Inc. (PENG), Vertiv Holdings Co (VRT). The market map groups them by business vertical — Servers, storage and integrated infrastructure systems: 3 companies (HPE, NTAP, OSS); Data center power distribution and electrical infrastructure: 2 companies (VRT, NVT); Adjacent models: 4 companies (IRM, NTNX, GDS, PENG). 7 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Data Center Hardware and Infrastructure (Information Technology › Technology Hardware and Equipment › Data Center Hardware and Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Data Center Hardware and Infrastructure according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: GDS Holdings Limited (GDS), Hewlett Packard Enterprise Company (HPE), Iron Mountain Incorporated (IRM), NetApp, Inc. (NTAP), Nutanix, Inc. (NTNX), nVent Electric plc (NVT), One Stop Systems, Inc. (OSS), Penguin Solutions, Inc. (PENG), Vertiv Holdings Co (VRT). The market map groups them by business vertical — Servers, storage and integrated infrastructure systems: 3 companies (HPE, NTAP, OSS); Data center power distribution and electrical infrastructure: 2 companies (VRT, NVT); Adjacent models: 4 companies (IRM, NTNX, GDS, PENG). 7 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

4 records failed a validation gate and never feed a statistic in this report (4 excluded from aggregate). Each exclusion, with its reason: HPE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · OSS — EBITDA 300000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · OSS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · OSS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Data Center Hardware and Infrastructure and it clears the coverage gate with 7 of 9 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 9 companies; EV / rEVenue: 9 of 9 companies; P/E: 8 of 9 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥20.5x, Core 14.9x–20.5x, Discount <14.9x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 17.8x = median(ev_ebitda CY2027E) (7 rated companies) · 49.8x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 17.8x = median(ev_ebitda CY2027E) within Core tier (n=3) · 12.6x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 20.5x = median(ev_ebitda CY2027E) | growth ≥ 13% (n=4) · 13.7x = median(ev_ebitda CY2027E) | growth < 13% (n=3) · 13.7x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 29% (n=3) · 19.6x = median(ev_ebitda CY2027E) | EBITDA margin < 29% (n=3) · 45% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Data Center Hardware and Infrastructure recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 24 transactions were recorded for this industry; 9 are shown. 15 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 11 × deal value unit unresolved; 5 × no evidence record; 1 × duplicate precedent id. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 413 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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