Target yield on cost for AI leases by tenant type
Company: Marathon Digital
The claim, verbatim
Thiel illustrated MARA's lease pricing as roughly 10% yield on cost for a hyperscaler on a triple-net lease, 15% for a neocloud, 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, a smaller AI cloud provider, with enterprise clients higher”
How we checked this
Checked on October 14, 2026. The cited source supports every part of this claim.
The article says Thiel is pricing for a mix of tenants and gives the 10%, 15%, and higher enterprise yield-on-cost figures as illustrations.
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
- Thiel said enterprise clients would carry a higher yield on cost
- Thiel framed these figures as pricing for a mix of tenants
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, a smaller AI cloud provider, with enterprise clients higher”