W3BCLOUD SPAC
Valuation Benchmarking (2023E)
Enterprise Value / 2023E Revenue
W3BCLOUD
W3BCLOUD
Run-Rate (¹)
Switch (2)
Digital Realty
Equinix
Circle (3)
Coinbase
Marathon
Core Scientific
Greenidge
RIOT
W3B CLOUD
1.0x
1.6x
0.9x
2.2x
0.8x
2.1x
4.0x
3.5x
8.9x
10.0x
12.6x
Data Centers
Enterprise Value / 2023E EBITDA
W3BCLOUD
W3BCLOUD
Run-Rate(¹)
Switch(2)
Coinbase
Equinix
Digital Realty
(3)
Circle
Greenidge
Marathon
Core Scientific
RIOT
3.0x
3.1x
2.5x
1.6x
2.2x
Crypto/ Digital Asset Focused
6.2x
11.0x
Source: Company filings, Wall Street Research per FactSet as of 7/26/2022.
Notes:
(1) Run-rate figures annualize 4Q'23E revenue and EBITDA.
(2) Trading for Switch shown as of 5/10/2022, one day prior to announcement of intent to be taken private by Digital Bridge Investment Management and IFM for $34.25/share.
(3) Enterprise value of $9B based on revised transaction terms as of 2/17/2022. Revenue & EBITDA estimates based on publicly disclosed guidance as of 2/21/2022.
U.S. Bitcoin Miners
19.0x
18.9x
23.7x
23.1x
29View entire presentation