Target yield on cost for hyperscaler triple-net leases
Company: Marathon Digital
The claim, verbatim
Thiel cited an illustrative yield on cost of 10% for a hyperscaler on a triple-net lease, 15% for a neocloud tenant, and higher for enterprise clients.
Source (primary)
MARA’s CEO Expects Two AI Leases by Year-End. Here’s What the Stock Needs to Show Before December 31 - TIKR.com (-, news_article)
View cached copy (2026-10-10)Live source ↗Archive.org ↗
Quote: “he gave a yield on cost (annual operating income divided by build cost) of 10% for a hyperscaler on a triple-net lease and 15% for a neocloud”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The article states all three illustrative yield-on-cost figures and attributes them to Thiel.
Confirmed in the source:
- Thiel gave an illustrative yield on cost of 10% for a hyperscaler on a triple-net lease
- Thiel gave an illustrative yield on cost of 15% for a neocloud tenant
- Thiel said enterprise clients would carry a higher yield on cost
What we did: Read our cached copy of the publisher (https://www.tikr.com/blog/maras-ceo-expects-two-ai-leases-by-year-end-heres-what-the-stock-needs-to-show-before-december-31) in full (10,023 characters, retrieved October 10, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms MARA’s CEO Expects Two AI Leases by Year-End. Here’s What the Stock Needs to Show Before December 31 - TIKR.com
Quote: “he gave a yield on cost (annual operating income divided by build cost) of 10% for a hyperscaler on a triple-net lease and 15% for a neocloud”