{
  "published_at": "2026-10-02T21:34:09Z",
  "as_of_curated": "2026-10-02",
  "priced_date": "2026-10-02",
  "note": "AI critical-IT MW + unit economics across the AI build-out cohort: neoclouds, powered-shell landlords, operators, and hyperscalers (incl. private builders xAI and OpenAI/Stargate). Spec: docs/superpowers/specs/2026-07-21-capacity-tracker-design.md. op/con/plan = verify-adjusted critical-IT AI MW; hyperscaler MW are estimates (no filing-grade critical-IT split is disclosed). cap/nd/bk in $B. Derived analytics (EV, weighted MW, EV/MW, coverage, %energized) are computed at render time, not stored. dupe!=null => excluded from de-duped cohort totals.",
  "basis": {
    "weighted_mw": "op + 0.5*con + 0.25*plan",
    "ev": "market cap + net debt",
    "pct_energized": "op / (op+con+plan)",
    "coverage": "backlog / EV"
  },
  "companies": [
    {
      "t": "CRWV",
      "n": "CoreWeave",
      "role": "neocloud",
      "dupe": "tenant",
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 tenant \u2014 leases shells from CORZ/GLXY/APLD; 1.5 GW active / 4.2 GW contracted (Aug 2026) filed \u2014 con/plan split of the 2.7 GW gap is curated; YE 2026 active guide >1.85 GW",
      "dom": "coreweave.com",
      "pipe": ">8,000 (2030); +>1.5 GW powered-land/options/LOIs excl. from contracted",
      "op": 1500,
      "con": 1200,
      "plan": 1500,
      "nd": 29.8,
      "ndflag": "Q2'26 10-Q: recourse+non-recourse debt $35.1B + finance leases $0.22B \u2212 cash+securities $5.5B \u2248 $29.8B ex-restricted. NOTE basis fix: the prior 32.1 'incl ~$9.8B finance leases' actually captured OPERATING leases (now $16.3B, excluded here) \u2014 finance leases are only ~$0.2B. Post-Q2 (re-pull at Q3): $4.2B 2.875% 2033 converts settled 9/22/26 (net $4,137.0M less $566.2M capped calls \u2192 nd +~$0.6B); $2.6B DDTL 5.5 closed 8/7/26 (drawable to Dec 2026); 35M-share ATM program from 9/17/26",
      "bk": 104,
      "valuation_b": null,
      "econ": {
        "backlog": "~$104B revenue backlog ($103.7B RPO, Q2'26) \u2014 excl. >$25B net new commitments added early Q3'26",
        "revmw": "~$6.9M / active MW (Q2'26 ann.; YE run-rate guide $18.5\u201319.5B on >1.85 GW \u2248 $10M); Q3 short-dated deals ~$40M/MW (Sep 2026 investor deck)",
        "capexmw": "~$40\u201350M (GPU-incl.); FY26 capex guide $35\u201339B",
        "anchor": "Cust. A 36% \u00b7 Cust. B 26% \u00b7 Cust. C 10% (top-2 = 62%, Q2'26 10-Q; letters unnamed) \u00b7 Meta order form ~$21.0B \u00b7 OpenAI ~$6.5B \u00b7 Jane Street ~$6.0B \u00b7 Hudson River Trading (multi-yr, multi-$B, 8/20/26, press)",
        "contract": "~5 yr take-or-pay",
        "margin": "59% adj-EBITDA \u00b7 GAAP net loss",
        "power": "embedded in leases",
        "pricing": "per-instance H100/GB200; no list $/GPU-hr"
      },
      "sites": [
        [
          "Helios (Galaxy) \u2014 anchor",
          800,
          "c",
          "phased from 2026"
        ],
        [
          "Core Scientific \u2014 6 campuses",
          590,
          "c",
          "2025\u201327"
        ],
        [
          "Applied Digital \u2014 Ellendale",
          400,
          "c",
          "100 MW live; full by 2026\u201327"
        ],
        [
          "~50 leased facilities (Flexential, Bulk\u2026)",
          null,
          "o",
          "operating"
        ],
        [
          "First self-build site",
          null,
          "p",
          "late 2026"
        ],
        [
          "Indonesia \u2014 first APAC site",
          360,
          "c",
          "online ~early 2028"
        ],
        [
          "Blockfusion \u2014 Niagara Falls NY",
          35,
          "p",
          "15-yr lease, 35 MW executed + 50 MW power-contingent expansion (85 MW by Q1 2029; ~$2.8B rev); ROFR up to 300 MW"
        ]
      ],
      "src": [
        [
          "Q2'26 8-K (1.5 GW active, ~$104B backlog, +>$25B early Q3)",
          "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/coreweave2q26earningspress.htm"
        ],
        [
          "Q2'26 10-Q ($103.7B RPO; Meta ~$21.0B order form; debt detail)",
          "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm"
        ],
        [
          "Q2'26 call transcript (4.2 GW contracted Aug 11; Indonesia 360 MW; YE >1.85 GW)",
          "https://s205.q4cdn.com/133937190/files/doc_financials/2026/q2/CRWV-US-CORRECTED-TRANSCRIPT-CoreWeave-Q2-2026-Earnings-Call-11August2026.pdf"
        ],
        [
          "8-K 9/22/26 \u2014 $4.2B 2033 convertible notes",
          "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm"
        ],
        [
          "Blockfusion SEC filing \u2014 CoreWeave 15-yr Niagara Falls lease",
          "https://www.sec.gov/Archives/edgar/data/2097508/000118518526004075/bldc425091626.htm"
        ]
      ],
      "cap": 48.56,
      "px": 89.0,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Helios (Galaxy) \u2014 anchor",
          800
        ],
        [
          "2026Q4",
          "Applied Digital \u2014 Ellendale",
          400
        ],
        [
          "2028Q1",
          "Indonesia \u2014 first APAC site",
          360
        ]
      ],
      "ev": 78.36,
      "wmw": 2475.0,
      "ev_per_mw": 31.7,
      "pct_energized": 35.7,
      "coverage": 1.33
    },
    {
      "t": "ORCL",
      "n": "Oracle (OCI)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "hyperscaler benchmark \u2014 scale calibration only; op/con/plan MW split is a curated estimate (op +850 MW = FY27 Q1 8-K 'delivery of 850MW additional datacenter capacity'; Shackelford 1.4 GW moved planned->construction 2026-10-02, total unchanged); bk 664 = cloud-wide RPO (mostly OCI/AI), NOT a capacity-specific leasing backlog. Watch: 9/24/26 force-majeure notice on Project Jupiter (press)",
      "dom": "oracle.com",
      "pipe": "~10,000",
      "op": 1750,
      "con": 2150,
      "plan": 1600,
      "nd": 89.0,
      "ndflag": "FY27 Q1 (8/31/26): notes payable & other borrowings $7.6B current + $117.7B non-current = $125.3B \u2212 cash $36.4B \u2248 $89.0B net (same basis as FY26 Q4's $98.2B); not lease-inclusive",
      "bk": 664,
      "valuation_b": null,
      "econ": {
        "backlog": "$664B RPO (FY27 Q1, 8/31/26; +$209B YoY; >$30B of new AI cloud contracts booked in Q1) \u2014 cloud-wide RPO (mostly OCI/AI), NOT a capacity-specific leasing backlog; bk carries it for scale calibration only",
        "revmw": "~$19M (OCI IaaS, crude; OCI Q4 rev $5.8B +93% YoY)",
        "capexmw": "FY27 Q1 capex $28.5B; $20B of stock sold via ATM in Q1 (FY27 Q1 8-K); FY26 capex $55.7B; reported capex $20\u201325B higher on customer prepayments",
        "anchor": "OpenAI/Stargate (~47% RPO est.)",
        "contract": "long take-or-pay; many prepaid or customer-supplied-GPU AI contracts",
        "margin": "OCI 30\u201340% target; dilutive now (negative FCF)",
        "power": "Abilene + fuel-cell/natural-gas clean-energy DCs",
        "pricing": "BYO-hardware + Oracle-capital GPU mix"
      },
      "sites": [
        [
          "Abilene TX (Stargate I)",
          1200,
          "c",
          "Epoch (10/02/26): ~420 MW IT op (bldgs 1\u20134), bldgs 5\u20138 in fit-out; ~843 MW IT at full build Q4 2026"
        ],
        [
          "Shackelford County TX (Vantage)",
          1400,
          "c",
          "1.4 GW campus (Vantage); bldgs 1\u20135 shells complete per Epoch 9/04/26; Q4 2028"
        ],
        [
          "Do\u00f1a Ana NM (STACK) / Saline MI (Related) / Port Washington WI (Vantage)",
          4900,
          "p",
          "2026\u201328; Project Jupiter (Do\u00f1a Ana, >2.4 GW per CNBC): Oracle sent force-majeure notice to the Blue Owl developer 9/24/26 \u2014 Oracle says schedule unchanged (press)"
        ],
        [
          "OpenAI add'l Stargate (Oracle ~$300B/5yr)",
          4500,
          "p",
          "~$300B / 5 yr"
        ]
      ],
      "src": [
        [
          "Oracle FY27 Q1 8-K ex-99.1 (RPO $664B, +850 MW, capex $28.5B, $20B ATM)",
          "https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm"
        ],
        [
          "Oracle Q4 & FY26 8-K ex-99.1 (RPO $638B, capex $55.7B, balance sheet)",
          "https://www.sec.gov/Archives/edgar/data/0001341439/000119312526265848/orcl-ex99_1.htm"
        ],
        [
          "Oracle FY26 Q4 press release",
          "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Record-Q4-and-FY-2026-Results-Driven-by-Cloud-Infrastructure--Cloud-Applications/default.aspx"
        ],
        [
          "Epoch AI \u2014 Abilene 300 op / 900 con",
          "https://epoch.ai/publications/openai-stargate-where-the-us-sites-stand"
        ],
        [
          "Epoch AI \u2014 Abilene directory (IT MW, 10/02/26)",
          "https://epoch.ai/data/ai-data-centers/directory/openai-stargate-abilene"
        ],
        [
          "CNBC \u2014 Oracle force-majeure notice on Project Jupiter (9/24/26, press)",
          "https://www.cnbc.com/2026/09/24/oracle-data-center-force-majeure.html"
        ]
      ],
      "cap": 405.34,
      "px": 140.72,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Abilene TX (Stargate I)",
          1200
        ],
        [
          "2028Q4",
          "Shackelford County TX (Vantage)",
          1400
        ]
      ],
      "ev": 494.34,
      "wmw": 3225.0,
      "ev_per_mw": null,
      "pct_energized": 31.8,
      "coverage": 1.34
    },
    {
      "t": "NBIS",
      "n": "Nebius",
      "role": "neocloud",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "operational MW estimated (no disclosed figure); contracted-power ladder filed: >4 GW May 2026 \u2192 5 GW YE 2026 guide \u2014 con/plan split is curated",
      "dom": "nebius.com",
      "pipe": "5 GW contracted YE 2026 (guide raised Aug 2026); >1 GW/yr deploys from 2027",
      "op": 185,
      "con": 1000,
      "plan": 3800,
      "nd": 0.5,
      "ndflag": "Q2'26 6-K: converts $8.55B \u2212 cash $8.04B \u2248 $0.5B (excl. $1.06B restricted). Post-Q: $775M GPU-backed facility (Jul) + $5.75B converts closed 8/24 ($3.45B 0.50% 2030 + $2.3B 4.50% 2034; $800M of 2029/2031 notes exchanged for ~15.8M shares) \u2014 re-pull after Q3",
      "bk": 40,
      "valuation_b": null,
      "econ": {
        "backlog": ">$40B customer commitments (Q2'26 letter; MSFT/Meta split not restated \u2014 all MSFT tranches delivered, Meta buildout online early 2027)",
        "revmw": "~$9\u201311M / active MW; new deals $20\u201325M ACV/MW (short-term Q3 deals $40\u201350M/MW)",
        "capexmw": "~$30\u201350M+ (GPU-incl.); Q2 capex ~$5.7B; >$9B customer prepayments expected 2026",
        "anchor": "Microsoft \u00b7 Meta (\u2248concentration) \u00b7 Reflection \u00b7 Cohere",
        "contract": "5 yr (prepaid funds capex; 70% of deals 50\u201360% prepay)",
        "margin": "49.7% AI-cloud adj-EBITDA \u00b7 ARR $3.0B (Jun 2026)",
        "power": "Nordic/Midwest cheap power; +Bloom",
        "pricing": "H100 ~$3.15/GPU-hr 12-mo reserved (3rd-party)"
      },
      "sites": [
        [
          "M\u00e4nts\u00e4l\u00e4, Finland (owned)",
          75,
          "o",
          "live, expanding"
        ],
        [
          "Kansas City (colo)",
          null,
          "o",
          "Ph1/2 live"
        ],
        [
          "Vineland NJ (Microsoft)",
          300,
          "c",
          "majority H2 2026"
        ],
        [
          "Lappeenranta, Finland (AI factory)",
          310,
          "s",
          "310 MW; first capacity 2027 (announced 3/31/26)"
        ],
        [
          "Independence MO (owned)",
          1200,
          "c",
          "first cap 2027"
        ],
        [
          "AIB CLT1 \u2014 South Carolina (12-yr lease, ~$1.32B)",
          50,
          "c",
          "two 25 MW halls ~Q3\u2013Q4 2027 (AIB 8-K 9/30/26)"
        ],
        [
          "Pennsylvania (owned)",
          1200,
          "s",
          "phased from 2027"
        ],
        [
          "Getafe, Madrid (Merlin colo) \u2014 REPORTED",
          18,
          "s",
          "El Mundo 7/04/26; cos. haven't confirmed"
        ],
        [
          "UK (Vantage CWL1, Newport, Wales) \u00b7 Estonia \u00b7 addl Finland (Q2 2026 adds)",
          null,
          "s",
          "contracted Q2 2026; per-site MW n/d"
        ],
        [
          "B\u00e9thune, France \u2014 REPORTED",
          240,
          "s",
          "Feb 2026 (Reuters); Q2 letter lists France among 2026 sites; MW/timing press-only"
        ]
      ],
      "src": [
        [
          "Q2'26 shareholder letter 6-K (5 GW YE guide, >$40B commitments, ARR $3.0B)",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094568/tm2622968d1_ex99-2.htm"
        ],
        [
          "Q2'26 unaudited financials 6-K (cash $8.04B, converts $8.55B)",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm"
        ],
        [
          "$5.75B convertible notes closing 6-K (8/24/26; exchanges)",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm"
        ],
        [
          "DCD (via El Mundo) \u2014 18 MW Merlin Getafe colo REPORTED 7/04/26; Merlin declined to confirm scale",
          "https://www.datacenterdynamics.com/en/news/nebius-signs-18mw-lease-with-merlin-properties-at-spain-data-center-report/"
        ],
        [
          "AIB 8-K ex-99.1 \u2014 Nebius 50 MW CLT1 lease (9/30/26)",
          "https://www.sec.gov/Archives/edgar/data/2070542/000121390026105865/ea030737801ex99-1.htm"
        ]
      ],
      "cap": 58.28,
      "px": 242.84,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Vineland NJ (Microsoft)",
          300
        ],
        [
          "2027Q4",
          "Independence MO (owned)",
          1200
        ],
        [
          "2027Q4",
          "AIB CLT1 \u2014 South Carolina (12-yr lease, ~$1.32B)",
          50
        ]
      ],
      "ev": 58.78,
      "wmw": 1635.0,
      "ev_per_mw": 36.0,
      "pct_energized": 3.7,
      "coverage": 0.68
    },
    {
      "t": "APLD",
      "n": "Applied Digital",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "1.41 GW contracted critical IT (FY26 10-K table); 250 MW live at Polaris Forge 1 after Bldg 2 Ph2 delivered 2026-10-02; PF3 + DF2 leases signed (all four IG-hyperscaler campuses now under 15-yr leases)",
      "dom": "applieddigital.com",
      "pipe": "~1.7 GW actively marketed (FY26 Q4; supersedes prior ~5,000 framing)",
      "op": 250,
      "con": 1160,
      "plan": 0,
      "nd": 0.8,
      "ndflag": "FY26 Q4 (5/31/26): total debt $5.0B \u2212 cash+restricted $4.2B \u2248 $0.8B \u2014 $3.74B of 2031 senior secured notes raised, cash not yet deployed into PF2/DF builds; expect nd to climb as capex lands",
      "bk": 36,
      "valuation_b": null,
      "econ": {
        "backlog": "~$36B base ($86B w/ options); 1.4 GW contracted",
        "revmw": "~$1.76M/MW base rent (Bldg1 FY26 Q4 ann.) (~$2.8M all-in)",
        "capexmw": "~$11\u201313M; FY26 capex $2.87B",
        "anchor": "CoreWeave ~$11B (via SPV subsidiary) \u00b7 IG hyperscaler ~$20B+ (PF2/PF3/DF1/DF2)",
        "contract": "15 yr take-or-pay (\u219230 w/ renewals)",
        "margin": "NOI high-80s\u2013low-90s%",
        "power": "ND low-cost; tenant pass-through",
        "pricing": "wholesale powered-shell + fit-out lease"
      },
      "sites": [
        [
          "Polaris Forge 1 \u2014 Bldg 1 (Ellendale)",
          100,
          "o",
          "energized 2025-11-24"
        ],
        [
          "PF1 \u2014 Bldg 2 (Ph1 + Ph2)",
          150,
          "o",
          "Ph1 ready-for-service 2026-06-30; Ph2 2026-10-02 (completes Bldg 2's 150 MW)"
        ],
        [
          "PF1 \u2014 Bldg 3",
          150,
          "c",
          "under construction; ready for service calendar 2027 (10-K)"
        ],
        [
          "Polaris Forge 2 (Harwood)",
          200,
          "c",
          "initial capacity 2H 2026, full early 2027 (10-K)"
        ],
        [
          "Delta Forge 1 (Boyce, LA)",
          300,
          "c",
          "initial ops 1H 2027 (10-K table 1H27\u20131H28; ~$7.5B 15-yr lease)"
        ],
        [
          "Polaris Forge 3 \u2014 LEASED",
          300,
          "c",
          "15-yr ~$7.5B signed; initial ops 2027"
        ],
        [
          "Delta Forge 2 \u2014 LEASED",
          210,
          "c",
          "15-yr ~$5.2B signed post-qtr; initial ops 1H 2028"
        ]
      ],
      "src": [
        [
          "PR 10/02/26 \u2014 +75 MW at PF1, 250 MW fully operational",
          "https://ir.applieddigital.com/news-events/press-releases/detail/161/applied-digital-brings-an-additional-75-mw-of-ai"
        ],
        [
          "FY26 Q4 8-K (rev $258.7M, $36B/$86B backlog, debt $5.0B / cash $4.2B)",
          "https://www.sec.gov/Archives/edgar/data/0001144879/000114487926000044/apldq426earningsreleaseasf.htm"
        ],
        [
          "PF1 Bldg 2 delivery PR (75 MW RFS 6/30/26)",
          "https://ir.applieddigital.com/news-events/press-releases/detail/157/applied-digital-delivers-second-building-at-polaris-forge-1"
        ],
        [
          "FY26 Q4 results PR",
          "https://ir.applieddigital.com/news-events/press-releases/detail/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year"
        ],
        [
          "FY26 10-K (portfolio 1,410 MW / ~$36.2B delivery table)",
          "https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm"
        ]
      ],
      "cap": 7.23,
      "px": 25.13,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2027Q4",
          "PF1 \u2014 Bldg 3",
          150
        ],
        [
          "2026Q4",
          "Polaris Forge 2 (Harwood)",
          200
        ],
        [
          "2027Q2",
          "Delta Forge 1 (Boyce, LA)",
          300
        ],
        [
          "2027Q4",
          "Polaris Forge 3 \u2014 LEASED",
          300
        ],
        [
          "2028Q2",
          "Delta Forge 2 \u2014 LEASED",
          210
        ]
      ],
      "ev": 8.03,
      "wmw": 830.0,
      "ev_per_mw": 9.7,
      "pct_energized": 17.7,
      "coverage": 4.48
    },
    {
      "t": "CORZ",
      "n": "Core Scientific",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "437 MW billing (mid-Jul 2026); AMD signed as 2nd anchor \u2014 ~530 MW / >$14B across five sites; ~1.1 GW leased",
      "dom": "corescientific.com",
      "pipe": "path to 2.5 GW leasable (AMD program + Muskogee 1.5 GW gross campus)",
      "op": 437,
      "con": 663,
      "plan": 1400,
      "nd": 2.5,
      "ndflag": "Q2'26 PR: total debt $4.30B \u2212 cash $1.77B \u2248 $2.5B (derived)",
      "bk": 24,
      "valuation_b": null,
      "econ": {
        "backlog": ">$24B contracted (Q2'26; was >$10B)",
        "revmw": "~$1.45M (437 MW \u2248 $635M ann. colo rev)",
        "capexmw": "~$11M; Q2 capex $797.5M",
        "anchor": "CoreWeave (no longer ~100%) \u00b7 AMD ~530 MW / >$14B (15-yr, five sites)",
        "contract": "12 yr take-or-pay + two 5-yr; AMD 15-yr",
        "margin": "colo NOI 80\u201385%",
        "power": "behind-the-meter legacy mining sites",
        "pricing": "powered-shell colo (no $/GPU-hr)"
      },
      "sites": [
        [
          "Marble, NC",
          65,
          "o",
          "billing"
        ],
        [
          "Austin, TX",
          20,
          "o",
          "billing"
        ],
        [
          "Denton, TX",
          260,
          "o",
          "delivered mid-2026"
        ],
        [
          "Dalton, GA",
          175,
          "c",
          "phased; AMD delivery 1H 2028"
        ],
        [
          "Muskogee, OK",
          70,
          "c",
          "AMD delivery 2H 2027"
        ],
        [
          "Muskogee expansion (Polaris DS) \u2014 CLOSED",
          330,
          "c",
          "closed 2026-08-14 (~$444M); campus plan 1.5 GW gross / ~1.0 GW leasable; next ~82 MW 2H 2027"
        ],
        [
          "Hunt County, TX",
          285,
          "s",
          "AMD delivery 1H 2028"
        ],
        [
          "AMD five-site program (Pecos TX \u00b7 Auburn AL \u00b7 Muskogee \u00b7 Dalton \u00b7 Hunt Co.)",
          530,
          "c",
          "1H 2027 \u2013 1H 2028; full 530 MW by end-2028 (per-site split n/d)"
        ]
      ],
      "src": [
        [
          "Q2'26 results PR (437 MW billing, >$24B backlog, ~1.1 GW leased)",
          "https://investors.corescientific.com/news-events/press-releases/detail/139/core-scientific-announces-second-quarter-2026-results"
        ],
        [
          "AMD ~530 MW / five sites (DCD)",
          "https://www.datacenterdynamics.com/en/news/core-scientific-secures-amd-as-customer-at-five-sites/"
        ],
        [
          "Polaris DS close \u2014 Muskogee to 1.5 GW gross",
          "https://investors.corescientific.com/news-events/press-releases/detail/142/core-scientific-completes-acquisition-of-polaris-ds-advancing-planned-muskogee-expansion-to-1-5-gw-of-gross-power"
        ]
      ],
      "cap": 5.29,
      "px": 16.4655,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2028Q2",
          "Dalton, GA",
          175
        ],
        [
          "2027Q4",
          "Muskogee, OK",
          70
        ],
        [
          "2027Q4",
          "Muskogee expansion (Polaris DS) \u2014 CLOSED",
          330
        ],
        [
          "2027Q2",
          "AMD five-site program (Pecos TX \u00b7 Auburn AL \u00b7 Muskogee \u00b7 Dalton \u00b7 Hunt Co.)",
          530
        ]
      ],
      "ev": 7.79,
      "wmw": 1118.5,
      "ev_per_mw": 7.0,
      "pct_energized": 17.5,
      "coverage": 3.08
    },
    {
      "t": "GLXY",
      "n": "Galaxy Digital (Helios)",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "Helios Phase I (133 MW) fully in service by Q2'26-end \u2014 ~$80M/qtr leasing rev, >90% project adj-EBITDA margin from Q3 2026; 830 MW expansion still unleased (tenant talks)",
      "dom": "galaxy.com",
      "pipe": "~3,100",
      "op": 133,
      "con": 393,
      "plan": 830,
      "nd": 3.9,
      "ndflag": "pre-notes basis; $3.5B senior secured notes due 2031 (Galaxy Helios DC II) closed 2026-07-28 to fund Phase II \u2014 nd rises materially; re-pull from Q3 10-Q",
      "bk": 13.5,
      "valuation_b": null,
      "econ": {
        "backlog": "~$13.5B (15-yr); Q2 PR did not restate \u2014 CoreWeave 526 MW / >$1B avg annual rev",
        "revmw": "~$2.4M (Ph I ~$80M/qtr \u00f7 133 MW)",
        "capexmw": "~$11\u201313M; Q2 capex $448M",
        "anchor": "CoreWeave 100% (single tenant)",
        "contract": "15 yr NNN +3%/yr",
        "margin": "~90% lease EBITDA",
        "power": "front-of-meter ERCOT; PUE ~1.5",
        "pricing": "~$140\u2013150/kW-mo implied lease"
      },
      "sites": [
        [
          "Helios Phase I",
          133,
          "o",
          "delivered 7/06/26; rent commenced Q2'26"
        ],
        [
          "Helios Phase II",
          260,
          "c",
          "foundations underway (HITT); data halls from Q2 2027"
        ],
        [
          "Helios Phase III",
          133,
          "c",
          "final CoreWeave option"
        ],
        [
          "Helios expansion (830 MW)",
          830,
          "s",
          "ERCOT-approved Jan 2026"
        ],
        [
          "Helios pipeline",
          1800,
          "p",
          "ERCOT interconnect study"
        ]
      ],
      "src": [
        [
          "Q1'26 10-Q (526 MW critical / 800 gross)",
          "https://www.sec.gov/Archives/edgar/data/1859392/000185939226000054/glxy-20260331.htm"
        ],
        [
          "CoreWeave +260 MW Helios (DCD)",
          "https://www.datacenterdynamics.com/en/news/coreweave-leases-another-260mw-capacity-from-galaxy-in-texas/"
        ],
        [
          "Galaxy PR 7/06/26 \u2014 Phase I complete: 200 MW gross / 133 MW critical IT to CoreWeave, rent commenced Q2'26",
          "https://www.prnewswire.com/news-releases/galaxy-completes-phase-i-of-its-helios-data-center-campus-delivering-133-megawatts-of-critical-it-load-to-coreweave-302818664.html"
        ],
        [
          "Q2'26 results PR ($3.5B Helios II notes closed 7/28; Ph II data halls Q2 2027)",
          "https://www.prnewswire.com/news-releases/galaxy-announces-second-quarter-2026-financial-results-302843529.html"
        ]
      ],
      "cap": 7.7,
      "px": 23.21,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2027Q2",
          "Helios Phase II",
          260
        ]
      ],
      "ev": 11.6,
      "wmw": 537.0,
      "ev_per_mw": 21.6,
      "pct_energized": 9.8,
      "coverage": 1.16
    },
    {
      "t": "WULF",
      "n": "TeraWulf",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "Lake Mariner 102 MW live (CB-3 delivered Jul 2026); Anthropic 401 MW / ~$19B (up to ~$33B w/ two 5-yr ext.); two new ~1 GW campuses added Q2 (Muskie KY, Chesapeake MD)",
      "dom": "terawulf.com",
      "pipe": "~5,000 (incl. new Muskie KY + Chesapeake MD ~1 GW campuses); target 250\u2013500 MW incremental contracting/yr",
      "op": 102,
      "con": 737,
      "plan": 2320,
      "nd": 2.6,
      "ndflag": "Q2'26 PR: total debt $5.21B \u2212 unrestricted cash $2.62B \u2248 $2.6B. Abernathy ~$530M sale signed, NOT closed \u00b7 ~$3.5B Justified/Hawesville leveraged loan still unpriced as of 10/02/26 (MS-led) \u2014 nd rises when it prices. The $500M delayed-draw bridge was repaid and terminated 4/16/26 (Q2 10-Q); $250M Morgan Stanley revolver added 5/7/26",
      "bk": 32,
      "valuation_b": null,
      "econ": {
        "backlog": "~$32B (incl. Anthropic $19B, up to ~$33B w/ ext.)",
        "revmw": "~$1.85M (Q2 HPC lease rev $31.9M)",
        "capexmw": "~$8\u201310M (Justified KY $4.0\u20134.5B / 401 MW per KY PSC filing)",
        "anchor": "Anthropic 401 MW \u00b7 Fluidstack (Google backstop) \u00b7 Core42",
        "contract": "10\u201325 yr w/ escalators",
        "margin": "~85% NOI",
        "power": "Niagara hydro + nuclear (NYISO-A)",
        "pricing": "modified-gross lease (no $/GPU-hr)"
      },
      "sites": [
        [
          "Lake Mariner \u2014 WULF Den + CB-1/2 + CB-3",
          102,
          "o",
          "CB-3 delivered Jul 2026"
        ],
        [
          "Lake Mariner \u2014 CB-4",
          168,
          "c",
          "phased delivery + rent 2H 2026"
        ],
        [
          "Lake Mariner \u2014 CB-5",
          168,
          "c",
          "phased delivery from early 2027"
        ],
        [
          "Abernathy JV \u2014 sale to Fluidstack agreed 7/06",
          84,
          "c",
          "exits at close (installments through Apr 2027); excluded from con"
        ],
        [
          "Justified Data \u2014 Hawesville KY (Anthropic)",
          401,
          "c",
          "initial delivery 2H 2027, full early 2028; KY PSC approved 482 MW retail service"
        ],
        [
          "Muskie Data \u2014 Grayson KY",
          1000,
          "p",
          "up to 1 GW contracted electric service; initial service Q4 2028"
        ],
        [
          "Chesapeake Data \u2014 Morgantown MD",
          1000,
          "p",
          "up to 1 GW; ops contemplated 2030"
        ],
        [
          "Lake Hawkeye NY",
          320,
          "p",
          "~320 MW critical IT (revised from 450); ops ~2029"
        ]
      ],
      "src": [
        [
          "Q2'26 results PR (102 MW live, Muskie + Chesapeake, balance sheet)",
          "https://investors.terawulf.com/news-events/press-releases/detail/144/terawulf-reports-second-quarter-2026-results"
        ],
        [
          "Q2'26 8-K",
          "https://www.sec.gov/Archives/edgar/data/0001083301/000108330126000162/wulf-20260805.htm"
        ],
        [
          "Q2'26 10-Q (subsequent events: Anthropic PBC 401 MW, 20-yr; bridge repaid 4/16)",
          "https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/wulf-20260630.htm"
        ]
      ],
      "cap": 7.59,
      "px": 15.32,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Lake Mariner \u2014 CB-4",
          168
        ],
        [
          "2027Q1",
          "Lake Mariner \u2014 CB-5",
          168
        ],
        [
          "2027Q4",
          "Justified Data \u2014 Hawesville KY (Anthropic)",
          401
        ]
      ],
      "ev": 10.19,
      "wmw": 1050.5,
      "ev_per_mw": 9.7,
      "pct_energized": 3.2,
      "coverage": 3.14
    },
    {
      "t": "HUT",
      "n": "Hut 8",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "all 949 contracted MW now in construction (Beacon Ph2 advanced post-Q2); first deliveries 2027",
      "dom": "hut8.com",
      "pipe": "~8,660 (gross, 6/30/26)",
      "op": 0,
      "con": 949,
      "plan": 0,
      "nd": 0.0,
      "ndflag": "corporate only (Q2'26 10-Q): recourse debt ~$0.24B (FalconX $200M + TZRC $35M + other) \u2212 unrestricted cash $0.23B \u2248 $0.0B, before ~$0.57B custodied BTC; $7.5B non-recourse project notes (River Bend $3.25B + Beacon Ph1 $4.25B, Baa2) excluded. New $1.07B 4-yr senior secured parent revolver closed 9/24/26, undrawn at close (8-K 9/28)",
      "bk": 26.6,
      "valuation_b": null,
      "econ": {
        "backlog": "$26.6B base-term; >$1.75B expected avg annual NOI; Beacon Ph1+Ph2 $19.6B (up to $50.2B w/ renewals)",
        "revmw": "~$1.86\u20131.9M",
        "capexmw": "~$10B / 245 MW project",
        "anchor": "Fluidstack/Google \u00b7 IG hyperscaler (unnamed, both Beacon phases)",
        "contract": "15 yr NNN take-or-pay",
        "margin": "~90\u2013100% NOI",
        "power": "tenant pass-through (NNN)",
        "pricing": "$/MW lease; Highrise GPUaaS separate"
      },
      "sites": [
        [
          "River Bend Campus (Fluidstack)",
          245,
          "c",
          "initial data hall Q2 2027"
        ],
        [
          "Beacon Point Campus (IG hyperscaler)",
          352,
          "c",
          "energize Q1 2027; initial data hall Q3 2027"
        ],
        [
          "Beacon Point Phase 2 (IG hyperscaler)",
          352,
          "c",
          "advanced to construction Aug 2026; initial data hall Q2 2028"
        ],
        [
          "Highrise AI GPU cloud",
          null,
          "o",
          "live since 2024"
        ],
        [
          "Vega (bitcoin \u2014 excluded)",
          205,
          "o",
          "\u2014"
        ]
      ],
      "src": [
        [
          "Q2'26 10-Q (debt detail; non-recourse project notes)",
          "https://www.sec.gov/Archives/edgar/data/1964789/000110465926090025/hut-20260630x10q.htm"
        ],
        [
          "Jul 2026 PR \u2014 Beacon Ph2 $9.8B, campus $19.6B",
          "https://www.prnewswire.com/news-releases/hut-8-fully-commercializes-1-gw-beacon-point-ai-data-center-campus-with-second-352-mw-it-lease-bringing-campus-level-base-term-contract-value-to-19-6-billion-302829514.html"
        ],
        [
          "Q2'26 results PR ($7.5B IG project financing; 949 MW in construction)",
          "https://www.prnewswire.com/news-releases/hut-8-reports-second-quarter-2026-results-302841830.html"
        ],
        [
          "8-K 9/28/26 \u2014 $1.07B senior secured revolver (undrawn)",
          "https://www.sec.gov/Archives/edgar/data/1964789/000110465926111154/tm2625691d1_8k.htm"
        ]
      ],
      "cap": 10.05,
      "px": 89.25,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2027Q2",
          "River Bend Campus (Fluidstack)",
          245
        ],
        [
          "2027Q1",
          "Beacon Point Campus (IG hyperscaler)",
          352
        ],
        [
          "2028Q2",
          "Beacon Point Phase 2 (IG hyperscaler)",
          352
        ]
      ],
      "ev": 10.05,
      "wmw": 474.5,
      "ev_per_mw": 21.2,
      "pct_energized": 0.0,
      "coverage": 2.65
    },
    {
      "t": "CIFR",
      "n": "Cipher Digital (ex-Cipher Mining)",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "first HPC capacity LIVE \u2014 Black Pearl initial delivery 7/31/26, 2 months early, rent commenced (MW n/d, so op stays 0); Barber Lake extended to 20 yrs (>$9B) but halls slip to Q4 2026\u2013Q1 2027, Cipher bears the first $359.3M of cost overruns; renamed Cipher Digital Aug 2026",
      "dom": "ciphermining.com",
      "pipe": "~4.4 GW pipeline / 5.3 GW total portfolio (incl. Apollo up-to-900 MW option near San Antonio)",
      "op": 0,
      "con": 493,
      "plan": 270,
      "nd": 4.6,
      "ndflag": "computed Q2'26 10-Q: LT debt carrying value $5.45B \u2212 unrestricted cash $0.83B \u2248 $4.6B (Stingray $810M bond added). Alternatives: face debt $6.02B \u2212 unrestricted cash \u2248 $5.2B; netting the $3.73B restricted cash (mostly undrawn bond proceeds for construction) too \u2248 $1.5B. Company states no single net-debt figure",
      "bk": 16.6,
      "valuation_b": null,
      "econ": {
        "backlog": "~$16.6B base-term (3 leases): Barber Lake >$9B after 9/25/26 amendment (10\u219220 yr; yrs 11\u201320 binding commitment w/ unnamed 'leading AI lab'; was $3.8B) + AWS leases",
        "revmw": "~$2.0\u20132.5M",
        "capexmw": "~$9M",
        "anchor": "Amazon/AWS ~286 MW \u00b7 Fluidstack (Barber Lake yrs 1\u201310) \u00b7 unnamed leading AI lab (Barber Lake yrs 11\u201320)",
        "contract": "10\u201320 yr take-or-pay",
        "margin": "NOI 86\u2013~100%",
        "power": "ERCOT/Texas + Ohio; low-$0.03/kWh (BTC)",
        "pricing": "powered-shell colo (no $/GPU-hr)"
      },
      "sites": [
        [
          "Barber Lake (Fluidstack)",
          207,
          "c",
          "data halls delivered Q4 2026\u2013Q1 2027 (slipped from ~Sep 2026; 8-K 9/25/26)"
        ],
        [
          "Black Pearl (AWS)",
          216,
          "c",
          "initial capacity delivered 2026-07-31 (2 mo early, 10-Q), rent commenced; remaining Ph I halls in fit-out"
        ],
        [
          "Stingray (AWS)",
          70,
          "c",
          "slipped to 1H 2027; fully funded by $810M bond"
        ],
        [
          "Apollo \u2014 ~288-acre option near San Antonio TX",
          900,
          "s",
          "up to 900 MW; option secured Q2 2026"
        ],
        [
          "Reveille",
          70,
          "s",
          "Q3 2027"
        ],
        [
          "Ulysses OH",
          200,
          "p",
          "Q4 2027"
        ],
        [
          "ERCOT 'Batch Zero'",
          2000,
          "p",
          "2028+"
        ]
      ],
      "src": [
        [
          "Q2'26 10-Q (Black Pearl delivery 7/31; debt + restricted cash)",
          "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000041/cifr-20260630.htm"
        ],
        [
          "Q2'26 business update (Black Pearl live early, Apollo option, balance sheet)",
          "https://www.globenewswire.com/news-release/2026/08/04/3338166/0/en/Cipher-Digital-Provides-Second-Quarter-2026-Business-Update.html"
        ],
        [
          "8-K 9/25/26 \u2014 Barber Lake lease amendment (20 yr, >$9B; delivery Q4 2026\u2013Q1 2027)",
          "https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/barberlakeleaseamendmentpr.htm"
        ]
      ],
      "cap": 6.35,
      "px": 15.515,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Barber Lake (Fluidstack)",
          207
        ],
        [
          "2026Q3",
          "Black Pearl (AWS)",
          216
        ],
        [
          "2027Q2",
          "Stingray (AWS)",
          70
        ]
      ],
      "ev": 10.95,
      "wmw": 314.0,
      "ev_per_mw": 34.9,
      "pct_energized": 0.0,
      "coverage": 1.52
    },
    {
      "t": "IREN",
      "n": "IREN",
      "role": "operator",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "Horizon 1 (50 MW) DELIVERED to Microsoft Aug 2026; contracted ARR $4B for CY2026 (target hit early); new frontier-AI-lab AI Cloud contract signed (terms n/d)",
      "dom": "iren.com",
      "pipe": ">5 GW global (Sweetwater TX \u00b7 Kiowa OK \u00b7 Bundey AU \u00b7 Badajoz ES)",
      "op": 50,
      "con": 330,
      "plan": 730,
      "nd": 1.7,
      "ndflag": "FY26 10-K (6/30/26): debt $7.59B ($0.17B current + $7.42B non-current; principal $7.71B) \u2212 cash $5.90B \u2248 $1.70B; excludes $1.72B restricted cash and $0.24B finance leases. At 6/30 only $413M of the $1.5B DDTL and $525M of the $2.1B USPP notes were funded; the 8/25 $2.4B Blue Owl/PIMCO GPU financing is post-period \u2014 nd rises as these draw",
      "bk": 16.5,
      "valuation_b": null,
      "econ": {
        "backlog": "contracted ARR $4B for CY2026 capacity (largely sold out); operating ARR $1B (Aug 2026); bk 16.5 = prior TCV basis, not restated FY26",
        "revmw": ">$20M rev/MW IT on recent 3-yr contracts (discussions ~$25M)",
        "capexmw": "~$25\u201335M+ (GPU-incl.; GPU financings fund 90\u201396% of GPU capex)",
        "anchor": "Microsoft ~$9.7B \u00b7 NVIDIA $3.54B \u00b7 frontier AI lab (n/d) \u00b7 Cohere \u00b7 Perplexity \u00b7 Figure AI \u00b7 Prometheus \u00b7 Higgsfield AI \u00b7 Fal AI (FY26 8-K)",
        "contract": "5 yr (~20% prepaid)",
        "margin": "65% gross \u00b7 41% adj-EBITDA",
        "power": "Childress ERCOT ~2.8\u20133.3\u00a2/kWh",
        "pricing": "implied via contracts; owns the GPUs"
      },
      "sites": [
        [
          "Childress Horizon 1",
          50,
          "o",
          "delivered to Microsoft Aug 2026"
        ],
        [
          "Childress Horizons 2\u20134 (Microsoft)",
          150,
          "c",
          "delivery Q4 2026 (slipped from Q3); ~0.3 GW IT delivered in 2026, ~0.8 GW in 2027"
        ],
        [
          "Childress \u2014 NVIDIA air-cooled",
          60,
          "c",
          "early 2027 (not restated in FY26 PR)"
        ],
        [
          "Canada GPU sites (Mackenzie \u00b7 Canal Flats \u00b7 Prince George BC)",
          null,
          "c",
          "liquid-cooled deployments during 2027"
        ],
        [
          "Sweetwater 1",
          1400,
          "s",
          "substation live May 2026; no customer contract yet"
        ],
        [
          "Badajoz, Spain (ex-Nostrum)",
          490,
          "s",
          "acquired mid-2026"
        ],
        [
          "Kiowa OK + Bundey Australia",
          null,
          "s",
          "new pipeline sites (FY26 report)"
        ]
      ],
      "src": [
        [
          "FY26 10-K (balance sheet; financing draws)",
          "https://www.sec.gov/Archives/edgar/data/0001878848/000187884826000052/iren-20260630.htm"
        ],
        [
          "FY26 results (Horizon 1 delivered; ARR $4B contracted / $1B operating; financings)",
          "https://www.stocktitan.net/news/IREN/iren-reports-fy26-a3vxrdqeut11.html"
        ],
        [
          "Jul 2026 PR \u2014 $2.8B contracts, ARR target >$4B",
          "https://www.globenewswire.com/news-release/2026/07/20/3329624/0/en/iren-signs-2-8bn-in-new-customer-contracts-with-leading-ai-developers-raises-2026-arr-target-to-over-4bn.html"
        ]
      ],
      "cap": 14.76,
      "px": 41.36,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Childress Horizons 2\u20134 (Microsoft)",
          150
        ],
        [
          "2027Q1",
          "Childress \u2014 NVIDIA air-cooled",
          60
        ]
      ],
      "ev": 16.46,
      "wmw": 397.5,
      "ev_per_mw": 41.4,
      "pct_energized": 4.5,
      "coverage": 1.0
    },
    {
      "t": "KEEL",
      "n": "Keel Infra. (ex-Bitfarms)",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 zero signed AI tenants (still, Q2'26) \u2014 multiple prospective tenants negotiating at Panther Creek / Sharon / Moses Lake; US bitcoin mining fully decommissioned",
      "dom": "",
      "pipe": "~2,200 (gross)",
      "op": 0,
      "con": 350,
      "plan": 225,
      "nd": 0.26,
      "ndflag": "computed Q2'26 10-Q: convertible notes $1,025.8M (2025 converts $593.6M + $458M 2026 converts) \u2212 cash $715.5M \u2212 restricted $53.4M \u2248 $0.26B \u2014 NOT net cash (prior flag missed the 2025 converts)",
      "bk": 0,
      "valuation_b": null,
      "econ": {
        "backlog": "$0 (no leases); 2.2 GW development pipeline w/ grid interconnects",
        "revmw": "\u2014 (pre-revenue)",
        "capexmw": "~$8\u201312M est.",
        "anchor": "none signed",
        "contract": "intended 10\u201315 yr",
        "margin": "Q2'26 op loss $141M \u00b7 adj-EBITDA \u2212$24M",
        "power": "PJM/PPL PA, hydro QC, WA",
        "pricing": "powered-shell colo (planned)"
      },
      "sites": [
        [
          "Panther Creek PA",
          350,
          "c",
          "first power 2027 per Q2 2026 call (press-reported; YE 2026 ~50 MW target not restated); zoning + land approvals secured, >500 MW expansion potential"
        ],
        [
          "Sharon PA",
          110,
          "p",
          "lease target 2026"
        ],
        [
          "Moses Lake WA",
          18,
          "p",
          "targeted as first fully commissioned DC in 2027 (Q2 call, press-reported); lease target 2026"
        ],
        [
          "Sherbrooke QC",
          96,
          "s",
          "city approved 96 MW transfer 7/15/26; lease ~2027"
        ],
        [
          "Scrubgrass PA",
          750,
          "s",
          "PJM load study"
        ]
      ],
      "src": [
        [
          "Q2'26 10-Q (converts, cash, mining decommissioned)",
          "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/keel-20260630.htm"
        ],
        [
          "Q2'26 results release (8-K ex-99.1)",
          "https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/a202689finalprkeelq22026ea.htm"
        ]
      ],
      "cap": 2.15,
      "px": 3.565,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2027Q4",
          "Panther Creek PA",
          350
        ]
      ],
      "ev": 2.41,
      "wmw": 231.2,
      "ev_per_mw": 10.4,
      "pct_energized": 0.0,
      "coverage": 0.0
    },
    {
      "t": "RIOT",
      "n": "Riot Platforms",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "STATE CHANGE Aug 2026: 191 MW / ~$9.1B 20-yr Rockdale lease signed w/ frontier AI lab (Anthropic per press, unconfirmed by co.); AMD initial 25 MW delivered; Corsicana full-site under NON-BINDING LOI",
      "dom": "riotplatforms.com",
      "pipe": "~1,456",
      "op": 25,
      "con": 216,
      "plan": 150,
      "nd": 0.29,
      "ndflag": "computed Q2'26 10-Q: debt $843.0M \u2212 cash+restricted $548.9M \u2248 $0.29B ex-BTC (~$666M BTC held). $200M Coinbase loan fully prepaid 9/21/26 (8-K); $573M Morgan Stanley interim facility for the Rockdale build matures late 2026 (10-Q: 10/15; 8-K: 12/31) \u2014 expect a Q4 refinancing",
      "bk": 9.8,
      "valuation_b": null,
      "econ": {
        "backlog": "~$9.8B (AMD $636M + AI lab ~$9.1B initial term; up to $16.1B w/ two 5-yr ext.)",
        "revmw": "~$1.27M (AMD); AI-lab lease est. avg annual NOI $365\u2013411M / 191 MW \u2248 $2.0M",
        "capexmw": "~$3.3\u20133.6M (retrofit)",
        "anchor": "Frontier AI lab 191 MW (Anthropic per press, UNVERIFIED) \u00b7 AMD 50 MW \u00b7 Corsicana LOI (single tenant, undisclosed)",
        "contract": "AI lab 20 yr + two 5-yr ext.; AMD 10 yr + ext.",
        "margin": "~80%+ NOI target",
        "power": "low-cost ERCOT + demand-response",
        "pricing": "colo lease (no $/GPU-hr)"
      },
      "sites": [
        [
          "Rockdale (AMD Ph1)",
          25,
          "o",
          "initial 25 MW delivered on time (Q2 2026)"
        ],
        [
          "Rockdale (AMD Ph2)",
          25,
          "c",
          "10 MW Nov 2026 + 15 MW May 2027 (Q2 10-Q)"
        ],
        [
          "Rockdale (frontier AI lab)",
          191,
          "c",
          "signed Aug 2026; initial 96 MW Dec 2027, full 191 MW by Jun 2028"
        ],
        [
          "Rockdale (AMD options)",
          150,
          "p",
          "if AMD exercises"
        ],
        [
          "Corsicana (AI/HPC)",
          756,
          "s",
          "600 MW substation; full-site NON-BINDING LOI, single tenant (unsigned)"
        ]
      ],
      "src": [
        [
          "Q2'26 8-K ex-99.1 (191 MW / $9.1B lease; AMD 25 MW delivered; $573M MS facility)",
          "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093406/riot-20260810xex99d1.htm"
        ],
        [
          "Q2'26 10-Q (AMD Ph2 schedule; debt)",
          "https://www.sec.gov/Archives/edgar/data/1167419/000110465926093448/riot-20260630x10q.htm"
        ],
        [
          "8-K 9/21/26 \u2014 Coinbase loan prepaid",
          "https://www.sec.gov/Archives/edgar/data/1167419/000110465926111003/riot-20260921x8k.htm"
        ],
        [
          "Tenant attribution + Corsicana LOI (Blockspace, earnings call)",
          "https://blockspace.media/insight/riot-platforms-signs-ai-lease-rockdale-2026/"
        ]
      ],
      "cap": 7.44,
      "px": 19.67,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Rockdale (AMD Ph2)",
          25
        ],
        [
          "2027Q4",
          "Rockdale (frontier AI lab)",
          191
        ]
      ],
      "ev": 7.73,
      "wmw": 170.5,
      "ev_per_mw": 45.3,
      "pct_energized": 6.4,
      "coverage": 1.27
    },
    {
      "t": "BTDR",
      "n": "Bitdeer",
      "role": "operator",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "STATE CHANGE Aug 2026: first colo anchor \u2014 $4.7B 16-yr Tydal lease w/ Volta (121 IT MW for a leading AI lab; option to ~$8.0B); 206.5 IT MW AI-cloud pipeline (Aug 2026 update) incl. three Malaysia halls; AI cloud ARR ~$86M",
      "dom": "bitdeer.com",
      "pipe": "~3,000 (majority BTC; Rockdale TX 742 MW after 200-acre $100M land buy 9/2026 + Molde NO 84 in AI-conversion evaluation)",
      "op": 2.5,
      "con": 272.3,
      "plan": 1093,
      "nd": 1.3,
      "ndflag": "computed Q2'26 6-K: borrowings $1.8B \u2212 cash+restricted $0.50B \u2248 $1.3B ex-BTC (~$1.1B incl. ~$197M digital assets); asset-backed loans from BIT Group $423.3M at 9/29/26",
      "bk": 4.7,
      "valuation_b": null,
      "econ": {
        "backlog": "$4.7B Tydal/Volta 16-yr (up to ~$8.0B w/ option) \u2014 excl. >$800M Cyberjaya A102 GPU-cloud contracts (not colo); AI cloud ARR ~$86M (Aug 2026)",
        "revmw": "Tydal colo ~$2.4M / IT MW / yr at ~90% op margin; GPU cloud per-GPU",
        "capexmw": "n/d",
        "anchor": "Volta (end customer: leading AI lab) 121 IT MW",
        "contract": "16 yr colo (Tydal); 3\u20135 yr GPU subs",
        "margin": "Q2'26 adj EBITDA $31.1M \u00b7 net loss $92.3M",
        "power": "$52/MWh blended (mostly BTC)",
        "pricing": "H100 hourly +40% since late-2025"
      },
      "sites": [
        [
          "Cyberjaya, Malaysia \u2014 A101 (AI cloud)",
          2.5,
          "o",
          "live; 100% contracted"
        ],
        [
          "Cyberjaya, Malaysia \u2014 A102 (AI cloud)",
          9.5,
          "c",
          "ready Nov 2026; 100% signed, >$800M expected revenue"
        ],
        [
          "Johor, Malaysia \u2014 A201 (AI cloud)",
          21.7,
          "c",
          "ready Jan 2027; late negotiations"
        ],
        [
          "Johor, Malaysia \u2014 A202 (AI cloud)",
          65.1,
          "c",
          "ready Q3 2027; 10-yr agreement signed"
        ],
        [
          "Tydal Norway \u2014 Ph1 (Volta)",
          60.5,
          "c",
          "60.5 IT MW Q4 2026"
        ],
        [
          "Tydal Norway \u2014 Ph2 (Volta)",
          60.5,
          "c",
          "60.5 IT MW Q1 2027"
        ],
        [
          "Tydal Norway \u2014 Ph3 (A401, retained AI cloud)",
          42.7,
          "p",
          "42.7 IT MW 2H 2027"
        ],
        [
          "Knoxville TN (A601)",
          55,
          "c",
          "55 IT MW, ready Oct 2027 (was Q3 2027)"
        ],
        [
          "Wenatchee WA (A501)",
          10,
          "p",
          "10 IT MW, ready Dec 2027"
        ],
        [
          "Gelephu, Bhutan",
          30,
          "p",
          "non-binding LOI: initial 30 MW hydro/solar, path to 500 MW"
        ],
        [
          "Clarington OH",
          570,
          "s",
          "litigation-delayed; timing TBD"
        ]
      ],
      "src": [
        [
          "Q2'26 6-K ex-99.1 ($4.7B/16-yr Volta lease, 121 IT MW; balance sheet)",
          "https://www.sec.gov/Archives/edgar/data/1899123/000121390026086938/ea030131301ex99-1.htm"
        ],
        [
          "Aug-2026 business update 6-K (206.5 IT MW AI-cloud pipeline; ARR ~$86M; Rockdale land; Bhutan LOI)",
          "https://www.sec.gov/Archives/edgar/data/1899123/000121390026100537/ea030523501ex99-1.htm"
        ]
      ],
      "cap": 2.56,
      "px": 10.965,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Cyberjaya, Malaysia \u2014 A102 (AI cloud)",
          9.5
        ],
        [
          "2027Q1",
          "Johor, Malaysia \u2014 A201 (AI cloud)",
          21.7
        ],
        [
          "2027Q3",
          "Johor, Malaysia \u2014 A202 (AI cloud)",
          65.1
        ],
        [
          "2026Q4",
          "Tydal Norway \u2014 Ph1 (Volta)",
          60.5
        ],
        [
          "2027Q1",
          "Tydal Norway \u2014 Ph2 (Volta)",
          60.5
        ],
        [
          "2027Q4",
          "Knoxville TN (A601)",
          55
        ]
      ],
      "ev": 3.86,
      "wmw": 411.9,
      "ev_per_mw": 9.4,
      "pct_energized": 0.2,
      "coverage": 1.22
    },
    {
      "t": "WYFI",
      "n": "WhiteFiber",
      "role": "operator",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "Bit Digital's majority-owned carve-out (69.6% at 6/30/26); NC-1 billing commenced \u2014 full 40 MW revenue expected Q3 2026 subject to customer acceptance milestones; NC-2/3 Yadkin County acquisition signed ($60M, close Q4 2026)",
      "dom": "whitefiber.com",
      "pipe": "~300 (NC-2/3 potential ~200 MW)",
      "op": 50,
      "con": 3,
      "plan": 120,
      "nd": 0.25,
      "ndflag": "computed Q2'26: debt $305.8M \u2212 cash+restricted $60.4M \u2248 $0.25B; pro forma \u2248 $0.18B after $310M 2032 converts (closed 8/21/26) and $198.15M 2031 notes exchanged for ~$118.5M cash + 6.3M shares (8-K)",
      "bk": 0.933,
      "valuation_b": null,
      "econ": {
        "backlog": "$932.9M colo RPO (6/30/26) + >$550M new multi-yr cloud contracts since May (incl. >$160M 5-yr Paris deal w/ IG customer; B300/Vera Rubin)",
        "revmw": "~$2.16M (colo)",
        "capexmw": "~$8\u201310M",
        "anchor": "Nscale ~$865M \u00b7 Cerebras \u00b7 Prime Intellect (~$108M VR200, Q2 2027)",
        "contract": "10 yr colo + GPU cloud",
        "margin": "Q2'26 rev $28.8M (+54%) \u00b7 net loss $15M",
        "power": "NC-1 PUE ~1.3; QC hydro",
        "pricing": "B200 $2.50, GB200 $2.55, GB300 $3.60 /GPU-hr"
      },
      "sites": [
        [
          "NC-1 (Madison NC, Nscale)",
          40,
          "o",
          "billing commenced; full 40 MW revenue expected Q3 2026, subject to customer acceptance"
        ],
        [
          "NC-2/3 (Yadkin County NC)",
          60,
          "p",
          "acq. close Q4 2026; initial RFS Q3 2027; potential ~200 MW; IG-backed LOIs"
        ],
        [
          "MTL-3 (Cerebras)",
          5,
          "o",
          "live since Nov 2025"
        ],
        [
          "MTL-2 (Montreal)",
          3,
          "c",
          "5 MW gross / 3 MW IT; start near year-end 2026"
        ],
        [
          "MTL-1 (Enovum)",
          4,
          "o",
          "live since 2024"
        ],
        [
          "Iceland (Blonduos)",
          6,
          "o",
          "~5.5 MW IT"
        ],
        [
          "Atlanta",
          null,
          "o",
          "live Feb 2026"
        ]
      ],
      "src": [
        [
          "Q2'26 results PR (NC-1 billing; $932.9M colo RPO; >$540M cloud contracts)",
          "https://www.prnewswire.com/news-releases/whitefiber-inc-reports-second-quarter-2026-results-302848971.html"
        ],
        [
          "NC-2/3 Yadkin County acquisition 8-K ex-99.1 (8/17/26)",
          "https://www.sec.gov/Archives/edgar/data/2042022/000121390026090492/ea030233401ex99-1.htm"
        ],
        [
          "8-K \u2014 $310M 2032 converts + 2031 notes exchange",
          "https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/ea0302925-8k_white.htm"
        ],
        [
          "Sep-2026 investor deck 8-K ex-99.1 (NC-1 timing; MTL-2/3 IT MW; Paris contract)",
          "https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm"
        ]
      ],
      "cap": 0.7,
      "px": 18.0499,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "MTL-2 (Montreal)",
          3
        ]
      ],
      "ev": 0.95,
      "wmw": 81.5,
      "ev_per_mw": 11.7,
      "pct_energized": 28.9,
      "coverage": 0.98
    },
    {
      "t": "BTBT",
      "n": "Bit Digital",
      "role": "operator",
      "dupe": "parent",
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 = WhiteFiber (WYFI) consolidated \u2014 not additive",
      "dom": "bit-digital.com",
      "pipe": "~1,500",
      "op": 50,
      "con": 3,
      "plan": 120,
      "nd": 0.35,
      "ndflag": "computed consolidated (incl. WhiteFiber) Q2'26 \u2014 cosmetic: row is not additive",
      "bk": 0.933,
      "valuation_b": null,
      "econ": {
        "backlog": "= WhiteFiber $932.9M colo RPO",
        "revmw": "~$2.16M (colo)",
        "capexmw": "~$8\u201310M",
        "anchor": "Nscale (via WhiteFiber)",
        "contract": "10 yr colo",
        "margin": "consolidated WhiteFiber",
        "power": "see WYFI",
        "pricing": "see WYFI"
      },
      "sites": [
        [
          "All AI assets held via WhiteFiber (WYFI)",
          null,
          "o",
          "see WYFI row"
        ]
      ],
      "src": [
        [
          "Bit Digital 10-Q (consolidates WhiteFiber, 69.6% owned at 6/30/26)",
          "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1710350"
        ]
      ],
      "cap": 0.57,
      "px": 1.625,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 0.92,
      "wmw": 81.5,
      "ev_per_mw": 11.3,
      "pct_energized": 28.9,
      "coverage": 1.01
    },
    {
      "t": "MARA",
      "n": "MARA Holdings",
      "role": "exploratory",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 zero AI MW, zero signed AI leases (still, Q2'26) \u2014 mgmt targets \u22651 lease by YE 2026; Long Ridge awaiting FERC; Matagorda rights secured post-qtr",
      "dom": "mara.com",
      "pipe": "~4,800 gross potential (incl. Matagorda + Long Ridge; mostly BTC/spec)",
      "op": 0,
      "con": 0,
      "plan": 100,
      "nd": 2.0,
      "ndflag": "computed Q2'26 10-Q: converts $2.27B (down from $3.25B at YE25) + $150M credit line \u2212 cash $0.43B \u2248 $2.0B ex-BTC; +$600M new BTC-backed credit facilities post-qtr (Coinbase + Two Prime, 7.56% wtd avg). Prior 3.1 was the YE25 basis",
      "bk": 0,
      "valuation_b": null,
      "econ": {
        "backlog": "$0 AI (lease discussions progressing across multiple Starwood sites)",
        "revmw": "\u2014 (no AI revenue)",
        "capexmw": "n/d",
        "anchor": "none (Starwood JV pipeline)",
        "contract": "none signed",
        "margin": "Q2'26 net loss $611.3M \u00b7 adj EBITDA \u2212$360.9M",
        "power": "Long Ridge gas <$15/MWh",
        "pricing": "n/a"
      },
      "sites": [
        [
          "Long Ridge / Hannibal OH",
          200,
          "p",
          "AI construction 1H 2027; acq. NOT closed \u2014 awaiting FERC"
        ],
        [
          "Starwood Digital Ventures JV",
          null,
          "p",
          "\u22651 lease targeted by YE 2026"
        ],
        [
          "Matagorda County, TX (ex-HIF)",
          null,
          "s",
          "purchase now milestone-based, up to $600M; $100M security deposit posted w/ utility 9/21/26 against a 2,000 MW letter agreement (8-K 9/25); NO tenant"
        ]
      ],
      "src": [
        [
          "Q2'26 8-K shareholder letter (0 AI leases; Long Ridge FERC; Matagorda rights)",
          "https://www.sec.gov/Archives/edgar/data/1507605/000150760526000020/q226shareholderletter.htm"
        ],
        [
          "MARA PR 7/09/26 \u2014 definitive agreement for Matagorda County TX powered land (HIF); Starwood JV to develop; no HPC tenant signed",
          "https://ir.mara.com/news-events/press-releases/detail/1424/mara-signs-agreement-with-hif-to-acquire-strategic-powered-land-site-in-texas"
        ],
        [
          "8-K 9/25/26 \u2014 Matagorda: $100M utility deposit, milestone payments up to $600M",
          "https://www.sec.gov/Archives/edgar/data/1507605/000095014226002607/eh260835247_8k.htm"
        ]
      ],
      "cap": 4.24,
      "px": 11.1199,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 6.24,
      "wmw": 25.0,
      "ev_per_mw": 249.6,
      "pct_energized": 0.0,
      "coverage": 0.0
    },
    {
      "t": "DOCN",
      "n": "DigitalOcean",
      "role": "operator",
      "dupe": null,
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 op/con split ESTIMATED \u2014 co. discloses only ~155 MW total committed (20 MW of it late-'27/early-'28); row added 2026-07-09, baseline struck then",
      "dom": "digitalocean.com",
      "pipe": "~155 committed (co-disclosed)",
      "op": 70,
      "con": 65,
      "plan": 20,
      "nd": 0.15,
      "ndflag": "Q2'26 10-Q: debt $0.92B \u2212 cash $0.77B \u2248 $0.15B; excludes $0.58B finance-lease + equipment-financing obligations. Post-Q: $725M MUFG equipment finance facility (+$300M accordion, finance-lease accounting; 8-K 9/10/26)",
      "bk": 0.894,
      "valuation_b": null,
      "econ": {
        "backlog": "$894M RPO (~12\u00d7 YoY, Q2'26 final); $366M recognized next 12 mo; 3.7-yr avg contract life",
        "revmw": "~$22M ARR/MW (Q2'26, mgmt at Citi conf. 9/2026, press); ~80 MW incremental capacity through 2028",
        "capexmw": "n/d (capex ~30% of revenue in the buildout)",
        "anchor": "multiple UNNAMED nine-figure/yr inference customers (AI ARR $234M +212%)",
        "contract": "multi-yr (avg contract life 3.7 yrs)",
        "margin": "Q2'26 rev $281M +29%; adj FCF $61M; FY26 guide raised to $1.17\u20131.18B",
        "power": "leased colo (US/EU/India/APAC); Atlanta AI DC",
        "pricing": "GPU Droplets / managed inference (Paperspace)"
      },
      "sites": [
        [
          "Leased colo fleet (US/EU/India/APAC)",
          null,
          "o",
          "serves the ~$950M TTM base; MW split undisclosed"
        ],
        [
          "Atlanta AI capacity + GPU fleet",
          null,
          "o",
          "H100/GB200-class; fleet size n/d"
        ],
        [
          "Near-term contracted expansion",
          null,
          "c",
          "supports the Q2'26 whale commitments"
        ],
        [
          "Incremental secured capacity",
          20,
          "p",
          "online late 2027 \u2013 early 2028"
        ]
      ],
      "src": [
        [
          "Q2'26 final results 8-K (RPO $894M; FY26 guide raised)",
          "https://www.sec.gov/Archives/edgar/data/0001582961/000162828026052135/a2026-q2dopressrelease.htm"
        ],
        [
          "PR 7/07/26 \u2014 record Q2, RPO >$800M, ~155 MW committed, +20 MW for '27\u201328",
          "https://investors.digitalocean.com/news/news-details/2026/DigitalOcean-Expects-to-Report-Record-Q2-2026-Results-with-RPO-to-Exceed-800M-Up-More-Than-10X-Year-Over-Year/default.aspx"
        ],
        [
          "DCD \u2014 multiple nine-figure agreements; names/values undisclosed",
          "https://www.datacenterdynamics.com/en/news/digitalocean-signs-multiple-nine-figure-customer-agreements-for-inference-and-cloud-services/"
        ],
        [
          "8-K 9/10/26 \u2014 $725M MUFG equipment finance facility",
          "https://www.sec.gov/Archives/edgar/data/1582961/000110465926106704/tm2625205d1_8k.htm"
        ]
      ],
      "cap": 16.9,
      "px": 144.6,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 17.05,
      "wmw": 107.5,
      "ev_per_mw": 158.6,
      "pct_energized": 45.2,
      "coverage": 0.05
    },
    {
      "t": "AKAM",
      "n": "Akamai (CIS)",
      "role": "operator",
      "dupe": "context",
      "private": false,
      "confidence": "filed",
      "flag": "\u26a0 context row (excluded from cohort totals) \u2014 EV is mostly security/CDN, NOT capacity-linked, so EV/MW is meaningless. Anthropic expanded to $11.6B/7-yr (8-K 9/24/26) for CPU workloads; Akamai says the ~$14.4B CIS portfolio needs ~95\u2013105 MW of power at ~$22M rev/MW (9/24 call, press) \u2014 op/con/plan 20/30/50 (Oppenheimer-based) totals ~100 and is kept; split is analyst estimate",
      "dom": "akamai.com",
      "pipe": "~95\u2013105 MW power for the ~$14.4B CIS portfolio by end-2028 (co. on 9/24/26 call, press); CIS rev $150\u2013300M 2027 \u2192 ~$1.7B/yr by end-2028",
      "op": 20,
      "con": 30,
      "plan": 50,
      "nd": 2.95,
      "ndflag": "Q2'26 10-Q: convertible notes $7.56B ($1.71B current + $5.86B LT; no other funded debt) \u2212 cash $1.48B \u2212 marketable securities $3.14B (current $1.88B + LT $1.26B) \u2248 $2.95B (corrects prior 5.25). S&P BBB\u2212",
      "bk": 14.4,
      "valuation_b": null,
      "econ": {
        "backlog": "~$14.4B CIS commitments: Anthropic $11.6B/7-yr CPU expansion (9/24/26; option to +$9B \u2248 $20B total; warrant up to ~5%) + earlier ~$2.8B 2026 commitments (Anthropic $1.8B/7-yr + ~$600M/4-yr US robotics-tech GPU deal + other)",
        "revmw": "n/m \u2014 EV not capacity-linked (CIS rev $99.3M +39% YoY Q2'26)",
        "capexmw": "~$5.5B capex for the $11.6B Anthropic deal + ~$1.7B extra 2026 capex for a memory pre-buy (8-K); CIS capex $1.7B Q4'26, $3.1B 2027, $0.7B 2028 (call, press)",
        "anchor": "Anthropic \u00b7 unnamed US robotics-focused tech co. (~$600M)",
        "contract": "~7 yr (Anthropic, both plans) \u00b7 4 yr (robotics)",
        "margin": "co-wide ~58% GM; CIS margin-dilutive near-term",
        "power": "distributed edge PoPs / leased colo",
        "pricing": "Anthropic expansion = CPU workloads on Akamai Cloud; GPU inference nodes (NVIDIA) for the first Anthropic plan + robotics deal"
      },
      "sites": [
        [
          "Distributed edge inference nodes (Anthropic)",
          null,
          "c",
          "multi-yr rollout across the edge network"
        ],
        [
          "Legacy edge/CDN PoPs (~4,100)",
          null,
          "o",
          "not AI critical-IT MW \u2014 excluded"
        ]
      ],
      "src": [
        [
          "8-K 9/24/26 \u2014 $11.6B Anthropic agreement (+$9B option; warrant)",
          "https://www.sec.gov/Archives/edgar/data/1086222/000119312526401048/d288154dex991.htm"
        ],
        [
          "Q2'26 10-Q (converts, cash, marketable securities)",
          "https://www.sec.gov/Archives/edgar/data/1086222/000108622226000086/akam-20260630.htm"
        ],
        [
          "Oppenheimer via Seeking Alpha \u2014 $1.8B Anthropic; 17\u2192100 MW capacity estimates",
          "https://seekingalpha.com/news/4608591-akamais-cloud-business-undervalued-in-light-of-1_8b-anthropic-deal-oppenheimer"
        ],
        [
          "S&P BBB\u2212 downgrade on AI-capex leverage (via Quiverquant)",
          "https://www.quiverquant.com/news/Akamai+Technologies+shares+fall+as+investors+appear+to+weigh+leverage+and+AI+infrastructure+spending"
        ]
      ],
      "cap": 16.31,
      "px": 112.1945,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 19.26,
      "wmw": 47.5,
      "ev_per_mw": 405.5,
      "pct_energized": 20.0,
      "coverage": 0.75
    },
    {
      "t": "MSFT",
      "n": "Microsoft",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "op/con/plan estimates: MSFT discloses only total 'GW capacity' (gross), so critical-IT (x0.72) and the tracked-lease carve-out (CRWV/NBIS/EQIX/DLR ~0.8-1.0 GW) are analyst judgment. ~+1 GW/qtr cadence filed through FY26 Q4 (op raised 3800->4500 for the ~1 GW added since Mar-2026); the split is not. CONFLICT (press-only): Bloomberg 9/10/26 puts only ~2 GW of today's ~12 GW 'centred on AI-specific chips' \u2014 op 4,500 uses a broader AI-capable definition; not changed pending a filed figure.",
      "dom": "microsoft.com",
      "pipe": ">12 GW total datacenter footprint by ~2028 implied by 'double in 2 years' (reiterated FY26 Q4) + Fairwater WI to 2 GW peak; Bloomberg (9/10/26, press-only): plan to >38 GW by 2032 from ~12 GW today",
      "op": 4500,
      "con": 3000,
      "plan": 4500,
      "nd": -36.5,
      "ndflag": "FY26 Q4 10-K (Jun-30-2026): funded debt $40.29B - (cash $20.9B + ST investments $55.9B) = net CASH ~$36.5B. Excludes $88.5B total lease obligations (FY26 reclassified some finance leases \u2014 drove the optical CY26 capex-guide cut to ~$175B). FY26 10-K also discloses $329.1B of leases, primarily datacenters, not yet commenced (FY27\u2013FY33).",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "Commercial RPO $678B, +84% YoY (FY26 Q4) incl OpenAI $250B Azure commitment -> NOT capacity-specific; bk null. OpenAI-recognized revenue FY26: $24.1B (10-K)",
        "revmw": "$6.2B annualized revenue per GW of DC capacity (Q3 FY26 run-rate, up from $4.8B yr-ago)",
        "capexmw": "FY26 capex $145B (Q4 $41.0B incl finance leases, +70% y/y); Q1 FY27 guide >$50B (>$200B ann. run-rate); CY2026 ~$175B (down from ~$190B on lease-reclass optics only)",
        "anchor": "OpenAI ($250B incremental Azure commitment post Oct-2025 restructuring; April 2026 amendment per FY26 10-K reduced MSFT's stake and, per press, ended Azure exclusivity for OpenAI stateless APIs; MSFT lost compute right-of-first-refusal)",
        "contract": "Azure consumption + multi-yr enterprise; neocloud leases 5-yr take-or-pay (CRWV thru 2030, NBIS thru Oct-2031 \u2014 all NBIS tranches delivered as of Aug 2026)",
        "margin": "Azure >43% y/y (FY26 Q4; metric redefined from FY27 per 9/2 8-K \u2014 not comparable going forward); Azure ARR crossed $100B; Microsoft Cloud GM pressured by AI-capex depreciation",
        "power": "MSFT discloses total 'GW capacity' = gross facility power, NOT critical-IT; critical-IT assumed ~72% of gross. Nuclear: 20-yr 835 MW PPA w/ Constellation, Three Mile Island Unit-1 restart (Crane Clean Energy Center), online ~2028. Pecos TX = behind-the-meter natural gas.",
        "pricing": "Azure metered consumption; no per-MW list price"
      },
      "sites": [
        [
          "Fairwater 1 - Mount Pleasant, WI (Racine Co.)",
          400,
          "o",
          "Phase-1 live Apr 2026; estimates diverge (Epoch 369 MW IT; SynMax thermal 8/21/26 ~114 MW first facility); campus peak per Epoch ~2.26 GW IT Q2 2028"
        ],
        [
          "Fairwater 2 bldg - Mount Pleasant, WI",
          null,
          "c",
          "2028"
        ],
        [
          "Fairwater Atlanta - Fayetteville, GA (Fayette Co., QTS)",
          636,
          "o",
          "live Oct 2025; Epoch est. 636 MW IT (6/14/26); campus ->~1,500 MW / 13 bldgs"
        ],
        [
          "San Antonio / Castroville, TX (SAT, Medina Co.)",
          null,
          "c",
          "Jun 2027"
        ],
        [
          "Pecos, TX (Reeves Co.)",
          2000,
          "p",
          "2026-31; behind-the-meter natural gas"
        ],
        [
          "Cheyenne, WY (Laramie Co.)",
          null,
          "p",
          "2026+; 3,200 acres, +$274M"
        ],
        [
          "Quincy, WA (Grant Co.)",
          null,
          "o",
          "legacy, operating"
        ]
      ],
      "src": [
        [
          "FY26 10-K (funded debt/cash; OpenAI $24.1B FY26 revenue)",
          "https://www.sec.gov/Archives/edgar/data/0000789019/000119312526323660/msft-20260630.htm"
        ],
        [
          "FY26 Q4 earnings (Azure >43%, RPO $678B +84%, +1 GW in Q4)",
          "https://www.cnbc.com/2026/07/29/microsoft-msft-q4-earnings-report-2026.html"
        ],
        [
          "Q3 FY26 capacity/rev-per-GW (windowsnews.ai, 2026-04-29)",
          "https://windowsnews.ai/article/microsoft-adds-1-gw-of-datacenter-capacity-in-q3-fy2026-revenue-hits-829-billion.416504"
        ],
        [
          "$190B 2026 capex (CNBC 2026-04-29)",
          "https://www.cnbc.com/2026/04/29/microsoft-msft-q3-earnings-report-2026.html"
        ],
        [
          "OpenAI 27% stake + $250B Azure (DCD)",
          "https://www.datacenterdynamics.com/en/news/openai-completes-for-profit-move-microsoft-given-27-stake-and-250bn-azure-contract-but-no-longer-has-cloud-right-of-first-refusal/"
        ],
        [
          "Fairwater WI power/scale (Epoch AI)",
          "https://epoch.ai/data/ai-data-centers/directory/microsoft-fairwater-wisconsin"
        ],
        [
          "Fairwater 1 complete (Microsoft Source 2026-06-23)",
          "https://news.microsoft.com/source/2026/06/23/microsoft-completes-construction-on-first-datacenter-facility-in-mount-pleasant-wisconsin/"
        ],
        [
          "Pecos TX ~2GW (Microsoft blog 2026-06-22)",
          "https://blogs.microsoft.com/blog/2026/06/22/powering-the-next-wave-of-ai-expanding-capacity-with-our-new-datacenter-in-pecos/"
        ],
        [
          "Cheyenne WY (Microsoft Source 2026-04-14)",
          "https://news.microsoft.com/source/2026/04/14/microsoft-announces-intent-to-expand-datacenter-operations-in-cheyenne-accelerating-innovation-and-economic-growth/"
        ],
        [
          "CoreWeave $10B (DCD)",
          "https://www.datacenterdynamics.com/en/news/microsoft-to-invest-10bn-in-coreweave-by-end-of-decade/"
        ],
        [
          "Nebius $17.4-19.4B (DCD)",
          "https://www.datacenterdynamics.com/en/news/microsoft-to-use-nebius-gpu-data-centers-in-deal-worth-174bn-over-five-years/"
        ],
        [
          "Three Mile Island 835MW PPA (DCD)",
          "https://www.datacenterdynamics.com/en/news/three-mile-island-nuclear-power-plant-to-return-as-microsoft-signs-20-year-835mw-ai-data-center-ppa/"
        ],
        [
          "SemiAnalysis MSFT datacenter freeze (estimate)",
          "https://newsletter.semianalysis.com/p/microsofts-datacenter-freeze"
        ],
        [
          "FY26 10-K ($329.1B uncommenced DC leases; funded debt)",
          "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm"
        ],
        [
          "Bloomberg via CloudComputing News \u2014 38 GW by 2032 plan (press-only)",
          "https://www.cloudcomputing-news.net/news/microsoft-38gw-data-centre-capacity-2032/"
        ]
      ],
      "cap": 3816.36,
      "px": 513.95,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 3779.86,
      "wmw": 7125.0,
      "ev_per_mw": null,
      "pct_energized": 37.5,
      "coverage": null
    },
    {
      "t": "AMZN",
      "n": "Amazon (AWS)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "op/con/plan WEAK: Amazon discloses no total critical-IT split. op~15 GW (range 12-20) triangulated from undercounted US tracker (dcmap 18.4 GW gross, only 35/211 sized) + '+3.9 GW/yr, doubled since 2022' + x0.72 crit-IT + intl. Direction/magnitude solid (largest single-operator buildout), precise split soft. TENANTS empty - Amazon is self-build/owned/PPA, not a neocloud tenant.",
      "dom": "aws.amazon.com",
      "pipe": "'Double total capacity again by end-2027' off a base adding ~3.9 GW/yr (Jassy, Q4-2025). Named planned mega-campuses: Hobart IN 2,400, NE Creek VA 2,700, Birchwood VA 2,175 (King George Co. agreement on $6B campus 9/29/26), PA $20B ~1.9 GW, US-gov 1.3 GW.",
      "op": 15000,
      "con": 7000,
      "plan": 12000,
      "nd": 9.2,
      "ndflag": "Q2'26 10-Q (Jun-30-2026): funded debt $132.2B (LT $128.9B + current portion $3.3B) \u2212 (cash $78.2B + marketable securities $44.8B = $123.0B) = net DEBT ~$9.2B (corrects prior 5.9, which omitted the current portion \u2014 same basis as MSFT). Post-qtr: $24.9B notes closed 7/9/26 + \u00a34.25B notes closed 9/14/26 (8-Ks) \u2014 net-neutral until spent; re-pull at Q3. Adding $94.3B lease obligations -> ~+$100B all-in.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "AWS RPO ~$496B (Q2-2026, growing triple-digit y/y; incl Trainium + >$100B Anthropic) is cloud-wide, NOT capacity-specific -> bk null",
        "revmw": "AWS rev $42.2B Q2-2026 (+36.7% y/y, fastest in 18 qtrs, $169B run-rate; op margin 39%); Trainium chips run-rate >$25B; 'will not have enough capacity to meet demand in 2026 or 2027' (Jassy)",
        "capexmw": "Rainier ~$11B for ~1.7-2.0 GW gross ~= $5.5-6.5M/MW gross (chips-incl, derived); 2026 co-wide capex RAISED to ~$220B (partly memory costs), not cleanly MW-attributable",
        "anchor": "Anthropic - >$100B over 10 yr, up to 5 GW Trainium reserved, ~1 GW live end-2026; Amazon +up-to-$25B into Anthropic (2026-04-20). OpenAI - AWS deal expanded by $100B over 8 yrs (~2 GW Trainium) + Amazon investing up to $50B in OpenAI (Feb 2026). Also $50B US federal cloud + internal.",
        "contract": "long-dated cloud + custom-silicon (Trainium2 sold out, Trainium3 nearly fully subscribed)",
        "margin": "AWS op margin expansion expected from Trainium cost advantage vs 3rd-party inference chips",
        "power": "Table MW mostly gross facility -> critical-IT ~0.72. Talen/Susquehanna nuclear PPA up to 1,920 MW (17-yr, ~$18B) + AWS bought adjacent campus; X-energy SMR (early); MS 616 MW renewables.",
        "pricing": "AWS metered; no per-MW list price"
      },
      "sites": [
        [
          "Project Rainier - New Carlisle, IN (St. Joseph Co.)",
          1725,
          "o",
          "Ph1 open Oct-2025; 345kV Dec-2026; full build (1.96 GW IT) ~2027+"
        ],
        [
          "Hobart / NW Indiana (Lake Co.)",
          2400,
          "p",
          "Ph2 +$15B ann. Nov-2025"
        ],
        [
          "Madison County / Canton, MS (Madison Co.)",
          1034,
          "c",
          "build to 2027; MS statewide +$12B ann. 2026-04-09"
        ],
        [
          "Salem Township Innovation Campus, PA (Luzerne Co.)",
          960,
          "c",
          "Susquehanna nuclear-adjacent; part of $20B PA"
        ],
        [
          "Northeast Creek / North Creek Tech, VA (Louisa Co.)",
          2700,
          "p",
          ">=770 MW op by 2027"
        ],
        [
          "Richmond County, NC",
          1000,
          "c",
          "construction began Oct-2025"
        ],
        [
          "New Albany, OH (Licking Co.)",
          400,
          "o",
          "2 bldgs open 2025; 5-bldg $3.5B by 2030"
        ],
        [
          "US Government / federal cloud (site TBD)",
          1300,
          "p",
          "up to $50B; breaks ground 2026"
        ],
        [
          "Shreveport LA campus #3 (Resilient Tech Park)",
          null,
          "c",
          "announced Aug 2026; $6B ($18B across 3 Caddo-Bossier campuses); MW n/d"
        ],
        [
          "Project Eagle \u2014 Boling / Wharton County TX",
          null,
          "c",
          "$1.2B, 4 bldgs; construction from Aug 2026, completion through Aug 2027"
        ],
        [
          "GW Ranch \u2014 Pecos County TX (off-grid, Pacifico Energy)",
          null,
          "p",
          "Amazon disclosed as owner Aug 2026 (press); 3 bldgs permitted ~$300M each, due Dec 2026; 7.65 GW gas plant, 1 GW power online 2028 target"
        ]
      ],
      "src": [
        [
          "Q2-2026 earnings (AWS +36.7%, RPO $496B, capex to $220B)",
          "https://www.cnbc.com/2026/07/30/amazon-amzn-q2-earnings-report-2026.html"
        ],
        [
          "Shreveport campus #3 announcement (KSLA, 2026-08-18)",
          "https://www.ksla.com/2026/08/18/amazon-web-services-announces-third-data-center-campus-is-coming-shreveport/"
        ],
        [
          "Amazon Q4-2025 earnings, +3.9 GW/'double by 2027' (The Register 2026-02-06)",
          "https://www.theregister.com/2026/02/06/amazon_earnings_q4_2025/"
        ],
        [
          "AWS +3.8GW in last year (DCD)",
          "https://www.datacenterdynamics.com/en/news/aws-added-38gw-of-data-center-capacity-in-the-last-year/"
        ],
        [
          "Amazon capex $200B 2026 (DCD)",
          "https://www.datacenterdynamics.com/en/news/amazon-capex-to-hit-200bn-in-2026-will-mostly-fund-aws-data-centers/"
        ],
        [
          "dcmap.us Amazon tracker (Jul-2026, undercounted)",
          "https://dcmap.us/companies/amazon/"
        ],
        [
          "Amazon Q1-2026 10-Q (EDGAR 2026-04-30)",
          "https://www.sec.gov/Archives/edgar/data/0001018724/000101872426000014/amzn-20260331.htm"
        ],
        [
          "2026 bond issuance >$72B (MLQ)",
          "https://mlq.ai/news/amazon-raises-25-billion-in-bond-sale-bringing-2026-debt-issuance-past-72-billion/"
        ],
        [
          "Project Rainier opens $11B (CNBC 2025-10-29)",
          "https://www.cnbc.com/2025/10/29/amazon-opens-11-billion-ai-data-center-project-rainier-in-indiana.html"
        ],
        [
          "New Carlisle deep-dive (measuredai)",
          "https://measuredai.substack.com/p/aws-new-carlisle-data-center-campus"
        ],
        [
          "Anthropic up-to-5GW compute (Anthropic 2026-04-20)",
          "https://www.anthropic.com/news/anthropic-amazon-compute"
        ],
        [
          "Amazon +$25B Anthropic (CNBC 2026-04-20)",
          "https://www.cnbc.com/2026/04/20/amazon-invest-up-to-25-billion-in-anthropic-part-of-ai-infrastructure.html"
        ],
        [
          "Talen 1.9GW Susquehanna PPA (UtilityDive)",
          "https://www.utilitydive.com/news/talen-amazon-aws-susquehanna-nuclear-data-centert/750440/"
        ],
        [
          "MS $25B / +$12B (aboutamazon)",
          "https://www.aboutamazon.com/news/company-news/amazon-25-billion-mississippi-data-centers"
        ],
        [
          "Amazon up-to-$50B US gov AI, 1.3GW (CNBC 2025-11-24)",
          "https://www.cnbc.com/2025/11/24/amazon-to-spend-up-to-50-billion-on-ai-services-for-us-government.html"
        ],
        [
          "$200B capex / $15B AI rev / backlog (NextBigFuture)",
          "https://www.nextbigfuture.com/2026/04/amazon-investing-200-billion-into-ai-capex-in-2026-and-making-15-billion-in-ai-revenue.html"
        ],
        [
          "Q2-2026 10-Q (funded debt incl. $3.33B current portion)",
          "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm"
        ],
        [
          "Amazon\u2013OpenAI strategic partnership (Feb 2026)",
          "https://press.aboutamazon.com/2026/2/openai-and-amazon-announce-strategic-partnership"
        ],
        [
          "ENR \u2014 Amazon owner of GW Ranch, Pecos County TX (press)",
          "https://www.enr.com/articles/63464-amazon-discloses-ownership-of-gw-ranch-giant-texas-data-center-power-complex"
        ]
      ],
      "cap": 2699.23,
      "px": 250.9258,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2027Q4",
          "Madison County / Canton, MS (Madison Co.)",
          1034
        ]
      ],
      "ev": 2708.43,
      "wmw": 21500.0,
      "ev_per_mw": null,
      "pct_energized": 44.1,
      "coverage": null
    },
    {
      "t": "GOOGL",
      "n": "Alphabet (Google)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "MW estimate-only: Google discloses no total MW. op derived from ~42 TWh 2025 DC electricity (~4.8 GW avg draw -> ~5.5-7 GW provisioned crit-IT); con/plan from capex split + announced campuses. Fluidstack/WULF/CIFR capacity excluded -> TENANTS edges. The '508 MW active IT' tracker figure = colo-leased only, not the self-build fleet.",
      "dom": "datacenters.google",
      "pipe": "TX $40B (Armstrong+2x Haskell), MO New Florence >1GW, India Vizag 1GW->multi-GW, OK $9B (Pryor/Stillwater/Muskogee), VA Chesterfield 900MW phased to 2032, SC/IA/AL later phases.; Columbia County GA (~8M sq ft, $17B MOU 8/27, press); Finland \u20ac13B 2027\u201328 + Loviisa nuclear (9/9); Lea County NM exploratory (9/14); Tulsa Co. OK 'Project Clydesdale' w/ Beale (press)",
      "op": 6000,
      "con": 5000,
      "plan": 6500,
      "nd": -142.3,
      "ndflag": "Net CASH ~$142.3B at Q2'26 10-Q: cash+ST investments $242.5B \u2212 funded debt $100.2B (LT $98.2B + current portion $2.0B; corrects prior \u2212144.3 which omitted the current portion). CAVEAT: ST investments include $80.0B of SpaceX shares under short-term sale restrictions (+$14.1B long-term restricted in non-current) \u2014 ex-restricted SpaceX net cash \u2248 $62.3B. The Q1\u2192Q2 cash build came from that stake plus H1 equity raises ($30.5B common + $19.1B mandatory convertible preferred), not investment-gain marks. Post-qtr: $25B notes closed 8/10/26; $40B ATM program active since 6/1. Excludes $14.6B lease liabilities.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "Google Cloud backlog ~$514B Q2'26 (+>$50B q/q) is cloud-wide, NOT capacity-specific -> bk null",
        "revmw": "Google Cloud rev +82% y/y to $24.8B Q2'26 (Cloud op income $8.8B); no per-MW disclosure",
        "capexmw": "Q2'26 capex record $44.9B (+100% y/y); FY26 guide RAISED to $195-205B (from $180-190B), 'significantly' higher in 2027; ~$10-15M/critical-IT MW shell+power (low conf)",
        "anchor": "Internal (Gemini/Search/YouTube) + Cloud; marquee external = Anthropic up to 1M Ironwood TPUs / >1 GW online 2026 / 5 GW over 5 yr / ~$40B",
        "contract": "Anthropic deal tens-of-$B; Broadcom ~$21B TPU supply (v8)",
        "margin": "Google Cloud profitable and scaling; no per-MW pricing disclosed",
        "power": "crit-IT est ~70-75% of gross; op derived from 42 TWh/yr. Kairos SMR up to 500 MW, Fervo geothermal, Intersect co-located clean GW, Xcel ~2 GW, DTE 2.7 GW, >22 GW lifetime clean PPAs, exploring gas+CCS",
        "pricing": "not disclosed per-MW"
      },
      "sites": [
        [
          "New Albany / Columbus Cluster, OH (Licking Co.)",
          350,
          "o",
          "operating, expanding ('largest AI supercomputer' early 2026)"
        ],
        [
          "Council Bluffs, IA (Pottawattamie Co.)",
          500,
          "o",
          "expanding, $7B 2026 IA plan"
        ],
        [
          "Chesterfield, VA (Bermuda Hundred)",
          900,
          "c",
          "constr. late 2026, phased to 2032"
        ],
        [
          "Ridgeville / St George, SC (Dorchester Co.)",
          null,
          "c",
          "2026-27 ($9B SC)"
        ],
        [
          "Jackson Co. AL (Widows Creek/Bridgeport)",
          300,
          "c",
          "$1.5B 2026-27; Kairos 50MW nuclear"
        ],
        [
          "Texas 3 hubs (Armstrong/Haskell/Midlothian)",
          null,
          "p",
          "$40B through 2027"
        ],
        [
          "New Florence, MO (Montgomery Co.)",
          1000,
          "p",
          "$15B, announced May 2026"
        ],
        [
          "Cedar Rapids, IA (Big Cedar Ind. Ctr)",
          null,
          "c",
          "1st bldg 2026"
        ],
        [
          "Columbia County, GA (sole end user named 7/23/26)",
          null,
          "p",
          "~8M sq ft, 23\u201333 bldgs; $17B MOU approved 8/27/26 (press)"
        ]
      ],
      "src": [
        [
          "Q2 2026 10-Q (SEC; cash+STI $242.5B, LT debt $98.2B)",
          "https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000071/goog-20260630.htm"
        ],
        [
          "Q2 2026 earnings (CNBC; capex to $195-205B, Cloud backlog $514B)",
          "https://www.cnbc.com/2026/07/22/google-earnings-q2-goog-live-updates.html"
        ],
        [
          "Virginia $1B campus expansion (Aug 2026)",
          "https://virginiabusiness.com/google-investing-1b-in-va-data-center-campuses/"
        ],
        [
          "Google 2026 Environmental Report / 42 TWh DC electricity (TechTimes 2026-07-04)",
          "https://www.techtimes.com/articles/319712/20260704/google-ai-electricity-37-renewable-certificates-cannot-cover-supply-chain-carbon.htm"
        ],
        [
          "Cleanview Google power strategy (2024 30.8M MWh base)",
          "https://cleanview.co/reports/google-power-strategy"
        ],
        [
          "Texas $40B (DCD)",
          "https://www.datacenterdynamics.com/en/news/google-commits-40bn-to-expand-cloud-and-ai-infrastructure-in-texas-through-2027/"
        ],
        [
          "Virginia $9B / 900MW (DCD)",
          "https://www.datacenterdynamics.com/en/news/google-to-invest-9bn-in-virginia-data-centers-plans-new-campus-in-chesterfield-county/"
        ],
        [
          "SC $9B (DCD)",
          "https://www.datacenterdynamics.com/en/news/google-to-invest-9bn-in-south-carolina-data-centers/"
        ],
        [
          "Iowa $7B (blog.google)",
          "https://blog.google/feed/new-7-billion-investment-iowa/"
        ],
        [
          "Missouri $15B (Fox2Now)",
          "https://fox2now.com/news/missouri/google-secures-15b-data-center-project-in-mid-missouri/"
        ],
        [
          "Alabama $1.5B (blog.google 2026-06)",
          "https://blog.google/innovation-and-ai/infrastructure-and-cloud/global-network/alabama-investment-june-2026/"
        ],
        [
          "Anthropic 1M TPUs / >1GW (DCD)",
          "https://www.datacenterdynamics.com/en/news/google-and-anthropic-confirm-massive-1gw-cloud-deal-with-up-to-one-million-google-tpus/"
        ],
        [
          "Kairos SMR deal (DCD)",
          "https://www.datacenterdynamics.com/en/news/google-signs-nuclear-smr-deal-with-kairos-for-data-center-power/"
        ],
        [
          "TeraWulf/Fluidstack $9.5B Google-backed (CoinDesk)",
          "https://www.coindesk.com/business/2025/10/28/terawulf-stock-surges-22-after-usd9-5b-google-backed-ai-compute-deal-with-fluidstack"
        ],
        [
          "Cipher/Fluidstack $3B Google backstop (Blockspace)",
          "https://blockspace.media/insight/cipher-mining-signs-3-billion-ai-hosting-deal-with-fluidstack-google-to-backstop-1-4-billion/"
        ],
        [
          "Q2'26 10-Q ($80.0B restricted SpaceX shares in ST investments; debt incl. current)",
          "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm"
        ],
        [
          "Google \u2014 Finland \u20ac13B + Loviisa (9/9/26)",
          "https://blog.google/innovation-and-ai/infrastructure-and-cloud/global-network/google-ai-commitment-to-finland/"
        ]
      ],
      "cap": 4160.1,
      "px": 343.75,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Jackson Co. AL (Widows Creek/Bridgeport)",
          300
        ]
      ],
      "ev": 4017.8,
      "wmw": 10125.0,
      "ev_per_mw": null,
      "pct_energized": 34.3,
      "coverage": null
    },
    {
      "t": "META",
      "n": "Meta Platforms",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "op/con/plan estimate-only: Meta discloses no consolidated fleet MW. op~5,270 = derived legacy-fleet (~4-5 GW from ~30 TWh/yr electricity math) + Prometheus ~471 MW IT (Epoch est. 8/31/26, was ~700); con/plan = named campuses gross x0.72 \u2014 Lebanon IN + Sturgeon County AB (1 GW each, broke ground Feb/Jul 2026) moved planned->construction 2026-10-02 (total unchanged). Meta is END USER (bk null). Large third-party leased compute (CRWV/NBIS) excluded -> TENANTS edges.",
      "dom": "meta.com",
      "pipe": "Hyperion 2 GW -> 5 GW gross (+~2,160 MW IT); Zuckerberg 'tens of GW this decade, hundreds of GW or more over time'; SemiAnalysis: ~10 GW contracted since 2024, most third-party.",
      "op": 5271,
      "con": 4440,
      "plan": 2060,
      "nd": -6.6,
      "ndflag": "Net cash shrank to ~$6.6B (Q2'26 10-Q, Jun-30-2026: $90.3B cash+ST investments vs $83.7B funded LT debt; ~$16B deterioration in a quarter on capex burn). CRITICAL: TWO off-B/S SPVs now \u2014 Hyperion ~$27-30B Blue Owl/PIMCO (2049, Meta 20%) + NEW El Paso BlackRock JV (~$14B dev cost: BlackRock 80%, ~$12.5B SPV debt, announced 7/28/26) -> on-b/s net cash understates true AI leverage.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "null - Meta is the end user of its own capacity, no external leasing RPO",
        "revmw": "n/a (internal use; no external per-MW pricing)",
        "capexmw": "derived: Prometheus ~$32.4B / 854 MW IT ~= $38M/MW (GPU-incl); El Paso $10B / ~720 MW IT ~= $14M/MW (facility-heavier)",
        "anchor": "Internal - Llama / Meta AI / Superintelligence Labs. No external tenant. (Meta Compute launched Jul 2026 to resell surplus.)",
        "contract": "Hyperion via off-b/s SPV/JV: Blue Owl 80% / Meta 20%; ~$27B 144A debt (2049) + ~$2.5B equity; PIMCO ~$18B anchor, BlackRock ~$3B; priced 2025-10-16. El Paso now mirrors it: BlackRock 80% / Meta 20%, ~$4.9B equity + ~$12.5B debt, Meta sole tenant (4-yr initial, ext. to 20), ~$1B one-time distribution to Meta (7/28/26)",
        "margin": "n/a (internal)",
        "power": "crit-IT ~0.72 of gross. On-site natural gas: Hyperion (Entergy ~2.26 GW approved, up to 10 plants ~7.5 GW ordered), El Paso 366 MW modular gas. Nuclear RFP + TerraPower/Oklo/Vistra (~6.6 GW clean by 2035). PUE ~1.08-1.1. Entergy's 7 additional gas units (~5.2 GW) for Hyperion face a Louisiana PSC evidentiary hearing 10/7/26 (press).",
        "pricing": "n/a"
      },
      "sites": [
        [
          "Prometheus - New Albany, OH (Licking Co.)",
          471,
          "o",
          "world's first ~1 GW AI supercluster; Epoch est. 471 MW IT (8/31/26) -> ~676 MW Nov 2026 -> ~1,022 MW peak 2028 w/ Socrates gas turbines"
        ],
        [
          "Hyperion - Richland Parish, LA",
          1440,
          "c",
          "2 GW gross Ph1 ~summer 2028; scales to 5 GW; Blue Owl JV; Entergy gas"
        ],
        [
          "El Paso, TX (BlackRock JV 80/20)",
          720,
          "c",
          "1 GW gross by 2028, ~$14B dev cost, off-B/S SPV (7/28/26); 366 MW on-site modular gas"
        ],
        [
          "Lebanon, IN (Boone Co.)",
          720,
          "c",
          "1 GW gross (~720 MW IT at x0.72); >$10B; broke ground 2026-02-11"
        ],
        [
          "Sturgeon County, Alberta (first Canada DC)",
          720,
          "c",
          "1 GW gross (~720 MW IT at x0.72); CAD$13B+; broke ground 2026-07-08"
        ],
        [
          "Montgomery, AL",
          null,
          "c",
          "$1.5B, 1.3M sq ft campus (expansion ann. Sep 2025)"
        ],
        [
          "Rosemount, MN",
          null,
          "c",
          "expected 2026, $800M+"
        ],
        [
          "Cheyenne, WY (Laramie Co.)",
          null,
          "c",
          "broke ground 2024, 715k sq ft"
        ],
        [
          "Prineville, OR (Crook Co.)",
          250,
          "o",
          "legacy op since 2011, $800M+"
        ],
        [
          "Fort Worth, TX (Tarrant Co.)",
          250,
          "o",
          "legacy op since 2017, 2.6M sq ft, 5 bldgs"
        ]
      ],
      "src": [
        [
          "Meta Q2 2026 earnings (CNBC 2026-07-29; capex guide $130-145B, FCF pressure)",
          "https://www.cnbc.com/2026/07/29/meta-q2-earnings-report-2026.html"
        ],
        [
          "El Paso BlackRock JV PR (Meta, 2026-07-28)",
          "https://about.fb.com/news/2026/07/meta-announces-new-venture-with-blackrock-to-develop-data-center-in-el-paso/"
        ],
        [
          "Meta-Blue Owl JV for Hyperion (Meta PR 2025-10, FILED)",
          "https://about.fb.com/news/2025/10/meta-blue-owl-capital-develop-hyperion-data-center/"
        ],
        [
          "Blue Owl/Meta ~$30B Louisiana financing close (DCD)",
          "https://www.datacenterdynamics.com/en/news/meta-secures-30bn-blue-owl-finance-package-for-louisiana-data-center-report/"
        ],
        [
          "Why Meta owns just 20% of Hyperion (Data Centre Magazine)",
          "https://datacentremagazine.com/news/hyperscale-strategy-meta-hyperion-data-centre-blue-owl-venture"
        ],
        [
          "Hyperion expands to 5 GW / LA reaches $50B (CNBC + US News 2026-07-13)",
          "https://www.cnbc.com/2026/07/13/meta-louisiana-data-center-investment-reaches-50-billion-amid-ai-push.html"
        ],
        [
          "Prometheus energization ladder (Epoch AI, estimate)",
          "https://epoch.ai/data/ai-data-centers/directory/meta-prometheus"
        ],
        [
          "Meta $10B El Paso DC, 1GW by 2028 (CNBC 2026-03-26)",
          "https://www.cnbc.com/2026/03/26/meta-to-spend-10-billion-on-ai-data-center-in-el-paso-1gw-by-2028.html"
        ],
        [
          "Entergy approval 3 gas facilities 2GW Meta LA (DCD)",
          "https://www.datacenterdynamics.com/en/news/entergy-obtains-approval-to-construct-three-gas-facilities-to-serve-metas-2gw-data-center-in-louisiana/"
        ],
        [
          "CoreWeave $21B expanded Meta agreement (CoreWeave PR, Apr 2026)",
          "https://www.coreweave.com/news/coreweave-and-meta-announce-21-billion-expanded-ai-infrastructure-agreement"
        ],
        [
          "Nebius $3bn Meta deal / 2.5GW by end-2026 (DCD)",
          "https://www.datacenterdynamics.com/en/news/nebius-signs-3bn-deal-with-meta-says-current-available-capacity-is-sold-out-as-it-targets-25gw-by-end-of-2026/"
        ],
        [
          "SemiAnalysis: Meta >5GW H1-2026, ~10GW since 2024, mostly third-party (est.)",
          "https://www.odaily.news/en/post/5211715"
        ],
        [
          "Meta 6GW nuclear (TerraPower/Oklo/Vistra) (Tom's Hardware)",
          "https://www.tomshardware.com/tech-industry/artificial-intelligence/meta-inks-deals-to-supply-a-staggering-6-gigawatts-in-nuclear-power-for-data-center-ambitions-enough-wattage-to-supply-5-million-homes"
        ],
        [
          "Meta \u2014 Lebanon IN 1 GW, >$10B (2/11/26)",
          "https://about.fb.com/news/2026/02/metas-new-data-center-lebanon-indiana-marks-milestone-ai-investment/"
        ],
        [
          "Meta \u2014 Sturgeon County AB 1 GW, CAD$13B+ (7/08/26)",
          "https://about.fb.com/news/2026/07/breaking-ground-on-metas-first-data-center-in-canada/"
        ]
      ],
      "cap": 1859.76,
      "px": 730.0364,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2028Q3",
          "Hyperion - Richland Parish, LA",
          1440
        ],
        [
          "2028Q4",
          "El Paso, TX (BlackRock JV 80/20)",
          720
        ]
      ],
      "ev": 1853.16,
      "wmw": 8006.0,
      "ev_per_mw": null,
      "pct_energized": 44.8,
      "coverage": null
    },
    {
      "t": "BABA",
      "n": "Alibaba (Alibaba Cloud)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "\u26a0 ESTIMATE - domestic-China capacity, opaque disclosure; no facility-level critical-IT MW published. op/con/plan triangulated from named super-campuses + ~$56B capex program.",
      "dom": "alibabacloud.com",
      "pipe": "RMB380B (~$56B) AI+cloud infra over FY26-FY28 (unrevised at Apsara 9/2026); press-reported target of >20 GW data-center capacity by 2032; 30 regions / 95 AZs by 2H26",
      "op": 2000,
      "con": 1000,
      "plan": 2000,
      "nd": -30.7,
      "ndflag": "FILED (June-qtr 2026 6-K): cash & other liquid investments RMB474.5B \u2212 debt RMB266.5B (bank borrowings 30.6+56.0, senior notes 115.7, convertible notes 54.9, exchangeable bonds 9.3) = net cash RMB208.0B \u2248 $30.7B at RMB6.7851/$. Excludes the HK$80B share placing completed 8/26/26 (~60% to global computing infrastructure, ~40% to hyperscale AI data centers) \u2014 pro forma net cash \u2248 $40.8B. Negative nd = net cash.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "no capacity backlog disclosed; cloud RPO not broken out; $100B external cloud revenue target by 2030 reiterated",
        "capexmw": "June-qtr capex RMB67.7B (+75% y/y, record); RMB380B/~$56B 3-yr plan ~half spent through Jun 2026 (RMB126.1B FY26 + RMB67.7B)",
        "anchor": "Alibaba Cloud internal + external AI/cloud tenants; AI Cloud and Compute Services (Cloud Intelligence + T-Head combined) rev RMB48.4B +45% y/y (June qtr, accelerating); AI product rev triple-digit 12 straight quarters; Zhenwu chips at >650 external customers",
        "power": "critical-IT MW estimated; assumes self-built super-campuses run ~70-75% of gross facility power",
        "pricing": "not disclosed"
      },
      "sites": [
        [
          "Zhangbei super DC (Zhangjiakou, Hebei)",
          500,
          "o",
          "operating"
        ],
        [
          "Ulanqab campus (Inner Mongolia)",
          300,
          "o",
          "operating"
        ],
        [
          "Hangzhou / Zhenwu AI DC (Zhejiang)",
          null,
          "o",
          "10,000 in-house chips live Apr 2026"
        ],
        [
          "Heyuan campus (Guangdong)",
          null,
          "o",
          "operating"
        ],
        [
          "Nantong campus (Jiangsu)",
          null,
          "c",
          "expanding 2026-27"
        ]
      ],
      "src": [
        [
          "Alibaba RMB380B AI+cloud PR",
          "https://www.alibabagroup.com/en-US/document-1830678592242057216"
        ],
        [
          "SCMP - capex boost / full-stack AI (Q1 FY26 RMB38.6B; overshoot)",
          "https://www.scmp.com/tech/big-tech/article/3353451/alibaba-ai-revenue-logs-triple-digit-growth-11th-quarter-amid-strategic-reshuffle"
        ],
        [
          "Alibaba June-qtr 2026 6-K (cash RMB474.5B; capex RMB67.7B; debt detail)",
          "https://www.sec.gov/Archives/edgar/data/1577552/000110465926099220/tm2623667d1_ex99-1.htm"
        ],
        [
          "6-K 8/26/26 \u2014 HK$80B placing completed (use of proceeds)",
          "https://www.sec.gov/Archives/edgar/data/1577552/000119312526365894/baba-ex99_1.htm"
        ],
        [
          "CNBC - Alibaba Zhenwu DC 10,000 own chips",
          "https://www.cnbc.com/2026/04/08/china-alibaba-data-center-ai-chips-zhenwu.html"
        ],
        [
          "Baxtel - Alibaba Cloud DCs (Zhangbei 500MW; 89 DCs)",
          "https://baxtel.com/data-centers/alibaba-cloud"
        ]
      ],
      "cap": 253.33,
      "px": 105.69,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 222.63,
      "wmw": 3000.0,
      "ev_per_mw": null,
      "pct_energized": 40.0,
      "coverage": null
    },
    {
      "t": "TCEHY",
      "n": "Tencent (Tencent Cloud)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "\u26a0 ESTIMATE - domestic-China capacity, opaque disclosure; GPU-supply-constrained through 2025-26. MW triangulated from named campuses + RMB500B infra program; no facility-level critical-IT MW published.",
      "dom": "cloud.tencent.com",
      "pipe": "RMB500B (~$70B) 5-yr new-infra plan (AI-prioritized); 2H26 the buildout inflection as China-designed chips ramp",
      "op": 1200,
      "con": 600,
      "plan": 1500,
      "nd": -8.6,
      "ndflag": "NET CASH collapsed to RMB58.2B (~$8.6B at RMB6.7851/$) at 2026-06-30 (from RMB146.9B at 3/31) on capex payments RMB59.3B + RMB41.6B dividend; total cash RMB511.2B. Negative nd = net cash.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "no capacity backlog disclosed",
        "capexmw": "Q2'26 operating capex RMB51.8B (+190% YoY); 'substantial increase' guided H2 as China-designed ASICs land; RMB500B/5yr infra",
        "anchor": "Tencent internal (WeChat/gaming/ads AI) + Tencent Cloud external tenants; cloud revenue growth accelerated to low-twenties % YoY in Q2'26, 'still compute constrained'",
        "power": "critical-IT MW estimated; GPU access is the binding constraint, not power/shell",
        "pricing": "not disclosed"
      },
      "sites": [
        [
          "Gui'an super DC (Guizhou)",
          null,
          "o",
          "operating; >1M-server ambition"
        ],
        [
          "Qingyuan campus (Guangdong)",
          null,
          "o",
          "operating"
        ],
        [
          "Ulanqab campus (Inner Mongolia)",
          null,
          "o",
          "operating"
        ],
        [
          "Tianjin campus",
          null,
          "c",
          "expanding 2026-27"
        ]
      ],
      "src": [
        [
          "Yicai - Tencent Q1'26 capex >$4.4B on AI",
          "https://www.yicaiglobal.com/news/tencents-first-quarter-profit-jumps-21-while-ai-spending-exceeds-usd44-billion"
        ],
        [
          "DCD - Tencent $70B / RMB500B 5-yr infra plan, giant DCs >1M servers",
          "https://www.datacenterdynamics.com/en/news/tencent-plans-70bn-spree-giant-data-centers-and-infrastructure-cloud-and-ai/"
        ],
        [
          "Tencent Q2'26 results (net cash RMB58.2B; total cash RMB511.2B; capex payments RMB59.3B)",
          "https://www.tencent.com/wp-content/uploads/2026/08/Tencent-Announces-2026-Second-Quarter-Results.pdf"
        ],
        [
          "SCMP - Alibaba/Tencent AI-spend surge, China chips ramp",
          "https://www.scmp.com/tech/big-tech/article/3353573/alibaba-tencent-signal-ai-spending-surge-despite-earnings-pressure-china-chips-ramp"
        ]
      ],
      "cap": 478.19,
      "px": 53.065,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 469.59,
      "wmw": 1875.0,
      "ev_per_mw": null,
      "pct_energized": 36.4,
      "coverage": null
    },
    {
      "t": "BIDU",
      "n": "Baidu (Baidu AI Cloud)",
      "role": "hyperscaler",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "\u26a0 ESTIMATE - smallest of the three Chinese clouds by footprint; opaque disclosure. Differentiated by in-house Kunlun silicon (reduces Nvidia dependence). MW triangulated; no facility-level critical-IT MW published.",
      "dom": "cloud.baidu.com",
      "pipe": "Kunlun M100 (2026) / M300 (2027) in-house chips; Tianchi 256/512 supernodes; 1M-card single Kunlun cluster targeted 2030",
      "op": 600,
      "con": 400,
      "plan": 800,
      "nd": -20.2,
      "ndflag": "NET CASH RMB136.9B (~$20.2B at RMB6.7851/$) at 2026-06-30, Q2'26 6-K: cash 24.5 + restricted 0.2 + ST investments 141.7 + LT time deposits/HTM 74.3 = RMB240.7B \u2212 loans 49.1 + notes 48.1 + converts 6.6 = RMB103.9B. Same basis as BABA/TCEHY (excludes strategic equity stakes inside Baidu's RMB283.1B 'cash and investments'). Replaces the prior \u221224 (Zacks RMB170.5B, not reproducible from filings). Negative nd = net cash.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "no capacity backlog disclosed",
        "capexmw": "Q2'26 capex RMB11.4B (~3x y/y; FCF \u2212RMB8.0B); AI Cloud Infra revenue RMB7.3B (+50% YoY; GPU cloud +283%; down from Q1's RMB8.8B); Kunlunxin IPO spin-out process ongoing",
        "anchor": "Baidu internal (ERNIE, Baige platform) + AI Cloud external tenants; also sells Kunlun chips to 3rd-party DCs (incl. Tencent)",
        "power": "critical-IT MW estimated; vertically integrated Kunlun silicon + Baige compute-rental",
        "pricing": "rents compute via cloud; sells Kunlun M100/M300 to third parties"
      },
      "sites": [
        [
          "Yangquan super DC (Shanxi)",
          null,
          "o",
          "operating; one of Asia's largest"
        ],
        [
          "Baoding / Dingxing DC (Hebei)",
          null,
          "o",
          "operating"
        ],
        [
          "Baidu Yunzhou (Ulanqab, Inner Mongolia)",
          null,
          "c",
          "expanding 2026-27"
        ]
      ],
      "src": [
        [
          "Baidu Q2'26 6-K (balance sheet; capex RMB11.4B; AI Cloud Infra RMB7.3B)",
          "https://www.sec.gov/Archives/edgar/data/1329099/000119312526355431/d112854dex991.htm"
        ],
        [
          "TrendForce - Baidu Kunlun M100/M300 roadmap 2026-27, Tianchi supernodes, 1M-card 2030",
          "https://www.trendforce.com/news/2025/11/13/news-baidu-rolls-out-kunlun-roadmap-m100-m300-ai-chips-arrive-2026-2027/"
        ],
        [
          "CNBC - Baidu major AI chip player filling Nvidia gap",
          "https://www.cnbc.com/2025/11/28/baidu-is-major-ai-chip-player-in-china-to-fill-nvidia-gap.html"
        ]
      ],
      "cap": 28.66,
      "px": 84.27,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 8.46,
      "wmw": 1000.0,
      "ev_per_mw": null,
      "pct_energized": 33.3,
      "coverage": null
    },
    {
      "t": "EQIX",
      "n": "Equinix",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "\u26a0 op/con/plan are the hyperscale/AI-attributable slice (xScale + neocloud/AI deployments); the ~270-IBX retail-colo portfolio is EXCLUDED. Equinix does not publish a single AI-MW figure - split is an estimate off filed xScale/JV/atNorth totals.",
      "dom": "equinix.com",
      "pipe": ">725 MW xScale at full buildout across 35+ facilities; +>1.5 GW planned via >$15B US xScale JV; +~800 MW via atNorth acquisition over 5 yrs",
      "op": 450,
      "con": 350,
      "plan": 1500,
      "nd": 21.2,
      "ndflag": "Q2'26 10-Q: total indebtedness ~$22.2B \u2212 cash $0.98B \u2248 $21.2B (cash-only basis, as Q1). $3.0B senior notes issued 8/06/26 \u2014 net-neutral at issuance.",
      "bk": null,
      "valuation_b": null,
      "econ": {
        "backlog": "no capacity leasing backlog line; Q2'26 record $424M annualized gross bookings (+23% y/y); 134 MW of xScale leases closed in Q2 (incl Hampton, ~$120M non-recurring fees); atNorth acquisition CLOSED 9/02/26 (CPP ~51% / EQIX ~34% / Partners Group ~10%)",
        "revmw": "not broken out at MW level",
        "capexmw": "2026 total capex ~$4.1B (~$3.8B non-recurring ex on-BS xScale)",
        "anchor": "8/10 top AI providers + 4/5 neoclouds deploy on Equinix; xScale tenants are named hyperscalers (undisclosed individually)",
        "contract": "xScale = long-term pre-committed hyperscale leases",
        "power": "AI-attributable critical-IT MW estimated from xScale (>725MW buildout) + atNorth (~800MW) + US JV (>1.5GW)",
        "pricing": "retail colo per-cabinet + interconnection; xScale wholesale hyperscale"
      },
      "sites": [
        [
          "Madrid MD4x / MD5 xScale (Alcobendas, Spain)",
          null,
          "o",
          "inaugurated May 2026"
        ],
        [
          "atNorth (Nordics - Iceland/Sweden/Finland)",
          800,
          "p",
          "~800MW over 5 yrs (100% of asset; EQIX ~34% after 9/02/26 close)"
        ],
        [
          "US xScale JV campuses (>1.5GW)",
          1500,
          "p",
          "land acquisition; 100MW+ each"
        ],
        [
          "Global xScale portfolio (35+ facilities)",
          725,
          "c",
          ">725MW at full buildout"
        ]
      ],
      "src": [
        [
          "Equinix Q2'26 PR (134 MW xScale leased; $424M bookings; guidance raised)",
          "https://newsroom.equinix.com/2026-07-29-Equinix-Reports-Second-Quarter-Results,-Raises-2026-Guidance-and-Long-Term-Outlook"
        ],
        [
          "Equinix Q1'26 8-K/PR (record bookings, xScale, atNorth ~800MW)",
          "https://www.sec.gov/Archives/edgar/data/0001101239/000110123926000089/eqix-q126xpr.htm"
        ],
        [
          "Equinix Q1'26 10-Q ($22.084B debt; $1.362B cash)",
          "https://www.sec.gov/Archives/edgar/data/0001101239/000110123926000091/eqix-20260331.htm"
        ],
        [
          "Equinix >$15B US xScale JV, +>1.5GW",
          "https://investor.equinix.com/news-events/press-releases/detail/1053/equinix-agrees-to-form-greater-than-15b-jv-to-expand"
        ],
        [
          "Equinix/GIC xScale >725MW / 35 facilities",
          "https://investor.equinix.com/news-events/press-releases/detail/48/equinix-and-gic-to-add-3-9b-to-expand-xscale-data-center"
        ],
        [
          "CPP + Equinix complete atNorth acquisition (9/02/26)",
          "https://newsroom.equinix.com/2026-09-02-CPP-Investments-and-Equinix-Complete-atNorth-Acquisition-to-Support-Growth-of-Leading-Nordic-Data-Center-Platform"
        ],
        [
          "Q2'26 10-Q (~$22.2B indebtedness; cash $979M)",
          "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000147/eqix-20260630.htm"
        ]
      ],
      "cap": 100.82,
      "px": 1021.78,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [],
      "ev": 122.02,
      "wmw": 1000.0,
      "ev_per_mw": 122.0,
      "pct_energized": 19.6,
      "coverage": null
    },
    {
      "t": "DLR",
      "n": "Digital Realty",
      "role": "landlord",
      "dupe": null,
      "private": false,
      "confidence": "estimate",
      "flag": "op is AI/hyperscale-attributable slice (~2.0GW) of total operating IT capacity; con=under-construction pipeline (filed, 1.4 GW Q2'26). bk is 100%-share backlog ($1.4B at DLR share) and EXCLUDES $410M of hyperscale leases signed Jul 2026. confidence=estimate: op is an analyst attribution.",
      "dom": "digitalrealty.com",
      "pipe": "1.4 GW under construction (63% pre-leased, ~$20B cost); $3.25B US hyperscale fund + ~$6B liquidity; 310 DCs / 50+ metros",
      "op": 2000,
      "con": 1400,
      "plan": 1000,
      "nd": 16.9,
      "ndflag": "Q2'26 10-Q: debt principal $18.77B \u2212 cash $1.86B \u2248 $16.9B (corrects prior ~$15.6B, which assumed ~$3B cash derived from the 4.7x leverage ratio; carrying-value basis \u2248 $16.8B).",
      "bk": 1.9,
      "valuation_b": null,
      "econ": {
        "backlog": "$1.9B record backlog (100% share) / $1.4B DLR share (+75% YTD, ~30% of in-place DC rent) - signed-not-commenced; excl. $410M Jul-2026 leases; visibility into 2027-28",
        "revmw": "not disclosed per-MW; 21% of Q1 signings AI-oriented",
        "capexmw": "$3.25B US hyperscale fund finalized; ~$10B dev capital available",
        "anchor": "Q1'26 largest-ever lease: 200MW AI-inference deal w/ AA-rated hyperscaler (Charlotte), phasing through 2028",
        "contract": "hyperscale long-term; record $700M new leases ($423M DLR share), 116 new logos",
        "margin": "leverage 4.7x; Core FFO $2.13 (record, Q2'26); FY26 guide raised to $8.15-8.20",
        "power": "2.7GW total operating IT capacity; transitioned reporting to power-based occupancy metrics",
        "pricing": "wholesale hyperscale + interconnection colo (0-1MW+ bookings $98M, +40% YoY)"
      },
      "sites": [
        [
          "Charlotte, NC - 200MW AI-inference (AA hyperscaler)",
          200,
          "c",
          "phasing through 2028; new market"
        ],
        [
          "Charlotte, NC - 2nd 200MW building",
          200,
          "p",
          "follows building 1"
        ],
        [
          "Atlanta, GA - 200MW development",
          200,
          "c",
          "construction launched Q1'26"
        ],
        [
          "Ashburn / Northern Virginia hub",
          null,
          "o",
          "largest DLR hyperscale hub"
        ],
        [
          "Chicago (Franklin Park), IL",
          null,
          "o",
          "operating; 10MW+ signings"
        ],
        [
          "Dallas, TX",
          null,
          "o",
          "10MW+ signings Q1'26"
        ]
      ],
      "src": [
        [
          "DLR Q2'26 results PR (backlog $1.9B/$1.4B; 1.4GW UC 63% pre-leased; $18.6B debt)",
          "https://investor.digitalrealty.com/news-releases/news-release-details/digital-realty-reports-second-quarter-2026-results"
        ],
        [
          "DLR Q1'26 results PR (backlog $1.8B/$1.0B; 1.2GW UC 61% pre-leased; $18.0B debt; 4.7x)",
          "https://www.globenewswire.com/news-release/2026/04/23/3280372/0/en/digital-realty-reports-first-quarter-2026-results.html"
        ],
        [
          "MLQ - Charlotte 200MW AI lease detail",
          "https://mlq.ai/earnings/highlight/DLR-historic-200-megawatt-ai-lease-ushers-in-03e4a2/"
        ],
        [
          "DLR Q1'26 transcript (Atlanta 200MW; Dallas/SP/Tokyo 10MW+)",
          "https://www.fool.com/earnings/call-transcripts/2026/04/23/digital-realty-dlr-q1-2026-earnings-transcript/"
        ],
        [
          "Alphastreet - 2.7GW portfolio power capacity",
          "https://news.alphastreet.com/digital-realty-dlr-has-a-power-constrained-capacity-and-backlog-engine-bigger-than-a-rate-sensitive-reit-trade/amp/"
        ],
        [
          "Q2'26 10-Q (debt principal $18.77B; cash $1.86B)",
          "https://www.sec.gov/Archives/edgar/data/1297996/000110465926089296/dlr-20260630x10q.htm"
        ]
      ],
      "cap": 65.78,
      "px": 177.8,
      "priced_date": "2026-10-02",
      "stale": false,
      "tl": [
        [
          "2028Q4",
          "Charlotte, NC - 200MW AI-inference (AA hyperscaler)",
          200
        ]
      ],
      "ev": 82.68,
      "wmw": 2950.0,
      "ev_per_mw": 28.0,
      "pct_energized": 45.5,
      "coverage": 0.02
    },
    {
      "t": "XAI",
      "n": "xAI (Colossus)",
      "role": "hyperscaler",
      "dupe": null,
      "private": true,
      "confidence": "filed",
      "flag": "op is FILED: SpaceX Q2'26 10-Q 'nameplate compute draw' 1.4 GW at 6/30/26 (installed GPUs x all-in draw, excl. cooling/facility overhead ~= critical-IT; 0.4 GW a year earlier). con = filed floor (>400 MW next Colossus II phase); plan = Southaven Bldg 3. Now SpaceX's AI segment (SPCX listed 6/12/26); sells reserved compute to third parties (Anthropic) besides captive Grok training.",
      "dom": "x.ai",
      "pipe": "~2,000 gross by late 2026; ~1M GPUs; Solaris 1.1 GW turbines by Q2 2027",
      "op": 1400,
      "con": 400,
      "plan": 700,
      "nd": null,
      "ndflag": "no segment balance sheet \u2014 SpaceX (public since 6/12/26) reports AI as a segment only; nd null. valuation_b 250 = xAI's Feb-2026 merger mark, now STALE inside a public parent (SpaceX ~$85.7B net IPO proceeds; $25B bond deal; $60B Cursor merger closed 8/14/26)",
      "bk": 14.1,
      "valuation_b": 250,
      "econ": {
        "backlog": "$14.1B Cloud Services Agreements contracted sales (Q2'26 release); terminable on 90 days' notice after an initial period",
        "capexmw": "AI capex $15.8B Q2'26 / $23.6B 1H'26; earlier ~$18B for 555k GPUs on Colossus 2 (~$32M/MW-equiv, GPU-incl.)",
        "anchor": "captive (xAI/Grok-5 training at Colossus II) + Anthropic (~325k GPUs across Colossus + Colossus II, $1.25B/month through May 2029, per 424B4); Google ~110k GPUs Oct 2026\u2013Jun 2029 (press-only)",
        "power": "Southaven gas JV w/ Solaris (50.1/49.9); 7x35 MW turbines live, 1.1 GW by Q2'27; MLGW grid + on-site gas",
        "pricing": "reserved compute via Cloud Services Agreements (~$1.25B/mo Anthropic)",
        "margin": "Q2'26 AI segment revenue $2.56B"
      },
      "sites": [
        [
          "Colossus 1 - Memphis TN (Riverport Rd)",
          300,
          "o",
          "operational since 2024, expanded"
        ],
        [
          "Colossus 2 - Memphis TN (Tulane Rd) + Southaven MS",
          1100,
          "o",
          "~1.1 GW live (op total = SpaceX 10-Q nameplate compute draw 1.4 GW at 6/30/26)"
        ],
        [
          "Colossus 2 - next phase (>=220k GB300)",
          400,
          "c",
          "'over 400 additional megawatts' once fully operational (424B4); Musk 9/25 targets 660k more GB300 by late Dec 2026 (~1.3 GW, press)"
        ],
        [
          "Building 3 / MACROHARDRR - Southaven MS",
          500,
          "p",
          "conversion begun Q1 2026; prospectus defines Colossus II as incl. Southaven sites \u2014 may overlap the rows above"
        ]
      ],
      "src": [
        [
          "SpaceX Q2'26 10-Q (AI nameplate compute draw 1.4 GW)",
          "https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm"
        ],
        [
          "SpaceX 424B4 prospectus (Colossus II +400 MW phase; Anthropic agreements)",
          "https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm"
        ],
        [
          "SemiAnalysis - Colossus 2 first-gigawatt DC (300 MW C1, 200 MW C2 cooling, Solaris JV)",
          "https://newsletter.semianalysis.com/p/xais-colossus-2-first-gigawatt-datacenter"
        ],
        [
          "Introl - Colossus hits 2 GW / 555k GPUs / $18B",
          "https://introl.com/blog/xai-colossus-2-gigawatt-expansion-555k-gpus-january-2026"
        ],
        [
          "ActionNews5 - $659M Colossus 2 permit (Tulane Rd, 2026-03-03)",
          "https://www.actionnews5.com/2026/03/03/xai-files-permit-659m-expansion-colossus-2-site/"
        ],
        [
          "x.ai - Series E $20B (Jan 2026)",
          "https://x.ai/news/series-e"
        ],
        [
          "CNBC - xAI raises $20B at $230B valuation",
          "https://www.cnbc.com/2026/01/06/elon-musk-xai-raises-20-billion-from-nvidia-cisco-investors.html"
        ],
        [
          "SpaceX acquires xAI \u2014 $1.25T combined (CNBC 2026-02-03)",
          "https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html"
        ],
        [
          "xAI joins SpaceX (x.ai)",
          "https://x.ai/news/xai-joins-spacex"
        ]
      ],
      "cap": null,
      "px": null,
      "priced_date": null,
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Colossus 2 - next phase (>=220k GB300)",
          400
        ]
      ],
      "ev": null,
      "wmw": 1775.0,
      "ev_per_mw": null,
      "pct_energized": 56.0,
      "coverage": null
    },
    {
      "t": "STARGATE",
      "n": "OpenAI / Stargate",
      "role": "hyperscaler",
      "dupe": null,
      "private": true,
      "confidence": "estimate",
      "flag": "\u26a0 self-program only. Oracle-owned Stargate sites (Abilene/Shackelford/Dona Ana/Port Washington/Saline) EXCLUDED here - they are ORCL capacity + OpenAI->ORCL tenant edges (avoid double-count). op/con = SoftBank-owned Milam (1,200) + Lordstown (~300); plan = PORTS-Pike first 800 MW (SB Energy, 8/17/26) + Project Camellia GA (~2.3 GW IT of 3.2 GW power, 7/22/26). Several site MW are facility power, not critical-IT (Epoch IT: Milam ~857). valuation_b is OpenAI's $852B (Mar'26; $1.2T round talks unconfirmed 9/2026).",
      "dom": "openai.com",
      "pipe": "program headline ~7-10 GW / >$400B - bulk Oracle-owned (counted under ORCL); STARGATE self = SoftBank/SB Energy + OpenAI self-developed builds: Milam, Lordstown, PORTS-Pike (~8 GW-IT by 2032), Camellia GA (3.2 GW power by 2032)",
      "op": 0,
      "con": 1500,
      "plan": 4600,
      "nd": null,
      "ndflag": "private JV (OpenAI + SoftBank + Oracle + MGX); no consolidated balance sheet",
      "bk": null,
      "valuation_b": 852,
      "econ": {
        "backlog": "no standalone backlog - offtake flows to OpenAI; RPO sits on Oracle's books",
        "anchor": "OpenAI (captive compute); SoftBank + MGX capital; Oracle + Crusoe + Vantage build",
        "capexmw": "program ~$400B+ over 3 yrs across all sites (most = Oracle)",
        "power": ">= 3 of 7 sites use on-site natural gas to bypass grid-interconnect delays",
        "contract": "OpenAI 5-yr take-or-pay offtake; Oracle deal ~$300B/5yr (that portion = ORCL)",
        "pricing": "n/a - captive"
      },
      "sites": [
        [
          "Milam County TX (SB Energy / SoftBank)",
          1200,
          "c",
          "first bldg delivery Oct 2026; full Q4 2028; scales to multi-GW"
        ],
        [
          "Lordstown OH (SoftBank/Foxconn, ex-GM/Foxconn plant)",
          300,
          "c",
          "2027-28 (timing TBD); mostly AI-server/modular-DC manufacturing per Epoch \u2014 MW attribution may be generous"
        ],
        [
          "PORTS-Pike, Piketon OH (SB Energy; 20-yr lease to OpenAI)",
          800,
          "p",
          "first 800 MW available 2028; ~8 GW-IT secured through 2032"
        ],
        [
          "Project Camellia, Effingham County GA (OpenAI self-developed)",
          2300,
          "p",
          "3.2 GW Georgia Power contract phased 2028\u20132032 (~2.3 GW IT at x0.72)"
        ],
        [
          "[Oracle-owned Stargate sites - see TENANTS/ORCL, NOT counted here]",
          null,
          "p",
          "Q4 2026-28"
        ]
      ],
      "src": [
        [
          "Epoch AI - Stargate US sites (per-site MW, owner, target)",
          "https://epoch.ai/publications/openai-stargate-where-the-us-sites-stand"
        ],
        [
          "OpenAI - five new Stargate sites",
          "https://openai.com/index/five-new-stargate-sites/"
        ],
        [
          "OpenAI - Stargate advances (4.5 GW Oracle partnership)",
          "https://openai.com/index/stargate-advances-with-partnership-with-oracle/"
        ],
        [
          "CNBC - OpenAI $852B round (Mar 31 2026)",
          "https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html"
        ],
        [
          "CNBC - $852B reaffirmed via ~$7B employee secondary; confidential IPO filing (Aug 2026)",
          "https://www.cnbc.com/2026/08/10/openai-wraps-7-billion-share-sale-ahead-of-potential-ipo-.html"
        ],
        [
          "Data Center Frontier - 5 new sites toward 10 GW",
          "https://www.datacenterfrontier.com/machine-learning/article/55319132/scaling-stargate-openais-five-new-us-data-centers-push-toward-10-gw-ai-infrastructure"
        ],
        [
          "OpenAI \u2014 joins PORTS-Pike (~8 GW-IT; first 800 MW 2028)",
          "https://openai.com/index/openai-joins-ports-pike-project/"
        ],
        [
          "OpenAI \u2014 Effingham County GA (3.2 GW, 2028\u20132032)",
          "https://openai.com/index/building-ai-infrastructure-with-the-effingham-county-community/"
        ]
      ],
      "cap": null,
      "px": null,
      "priced_date": null,
      "stale": false,
      "tl": [
        [
          "2026Q4",
          "Milam County TX (SB Energy / SoftBank)",
          1200
        ],
        [
          "2027Q4",
          "Lordstown OH (SoftBank/Foxconn, ex-GM/Foxconn plant)",
          300
        ]
      ],
      "ev": null,
      "wmw": 1900.0,
      "ev_per_mw": null,
      "pct_energized": 0.0,
      "coverage": null
    }
  ],
  "cohorts": {
    "all": {
      "companies": 29,
      "op": 41475.5,
      "con": 33871.3,
      "plan": 49818
    },
    "neocloud": {
      "companies": 19,
      "op": 3754.5,
      "con": 8381.3,
      "plan": 13558
    },
    "hyperscaler": {
      "companies": 10,
      "op": 37721,
      "con": 25490,
      "plan": 36260
    }
  },
  "timeline": {
    "all": {
      "base_mw": 41475.5,
      "points": [
        {
          "q": "2026Q2",
          "add_mw": 0,
          "cum_mw": 41475.5
        },
        {
          "q": "2026Q3",
          "add_mw": 216,
          "cum_mw": 41691.5
        },
        {
          "q": "2026Q4",
          "add_mw": 4223.0,
          "cum_mw": 45914.5
        },
        {
          "q": "2027Q1",
          "add_mw": 662.2,
          "cum_mw": 46576.7
        },
        {
          "q": "2027Q2",
          "add_mw": 1405,
          "cum_mw": 47981.7
        },
        {
          "q": "2027Q3",
          "add_mw": 65.1,
          "cum_mw": 48046.799999999996
        },
        {
          "q": "2027Q4",
          "add_mw": 4431,
          "cum_mw": 52477.799999999996
        },
        {
          "q": "2028Q1",
          "add_mw": 0,
          "cum_mw": 52477.799999999996
        },
        {
          "q": "2028Q2",
          "add_mw": 737,
          "cum_mw": 53214.799999999996
        },
        {
          "q": "2028Q3",
          "add_mw": 1440,
          "cum_mw": 54654.799999999996
        },
        {
          "q": "2028Q4",
          "add_mw": 2320,
          "cum_mw": 56974.799999999996
        }
      ],
      "milestones": {
        "2026Q3": [
          [
            "CIFR",
            "Black Pearl (AWS)",
            216
          ]
        ],
        "2026Q4": [
          [
            "ORCL",
            "Abilene TX (Stargate I)",
            1200
          ],
          [
            "NBIS",
            "Vineland NJ (Microsoft)",
            300
          ],
          [
            "APLD",
            "Polaris Forge 2 (Harwood)",
            200
          ],
          [
            "WULF",
            "Lake Mariner \u2014 CB-4",
            168
          ],
          [
            "CIFR",
            "Barber Lake (Fluidstack)",
            207
          ],
          [
            "IREN",
            "Childress Horizons 2\u20134 (Microsoft)",
            150
          ],
          [
            "RIOT",
            "Rockdale (AMD Ph2)",
            25
          ],
          [
            "BTDR",
            "Cyberjaya, Malaysia \u2014 A102 (AI cloud)",
            9.5
          ],
          [
            "BTDR",
            "Tydal Norway \u2014 Ph1 (Volta)",
            60.5
          ],
          [
            "WYFI",
            "MTL-2 (Montreal)",
            3
          ],
          [
            "GOOGL",
            "Jackson Co. AL (Widows Creek/Bridgeport)",
            300
          ],
          [
            "XAI",
            "Colossus 2 - next phase (>=220k GB300)",
            400
          ],
          [
            "STARGATE",
            "Milam County TX (SB Energy / SoftBank)",
            1200
          ]
        ],
        "2027Q1": [
          [
            "WULF",
            "Lake Mariner \u2014 CB-5",
            168
          ],
          [
            "HUT",
            "Beacon Point Campus (IG hyperscaler)",
            352
          ],
          [
            "IREN",
            "Childress \u2014 NVIDIA air-cooled",
            60
          ],
          [
            "BTDR",
            "Johor, Malaysia \u2014 A201 (AI cloud)",
            21.7
          ],
          [
            "BTDR",
            "Tydal Norway \u2014 Ph2 (Volta)",
            60.5
          ]
        ],
        "2027Q2": [
          [
            "APLD",
            "Delta Forge 1 (Boyce, LA)",
            300
          ],
          [
            "CORZ",
            "AMD five-site program (Pecos TX \u00b7 Auburn AL \u00b7 Muskogee \u00b7 Dalton \u00b7 Hunt Co.)",
            530
          ],
          [
            "GLXY",
            "Helios Phase II",
            260
          ],
          [
            "HUT",
            "River Bend Campus (Fluidstack)",
            245
          ],
          [
            "CIFR",
            "Stingray (AWS)",
            70
          ]
        ],
        "2027Q3": [
          [
            "BTDR",
            "Johor, Malaysia \u2014 A202 (AI cloud)",
            65.1
          ]
        ],
        "2027Q4": [
          [
            "NBIS",
            "Independence MO (owned)",
            1200
          ],
          [
            "NBIS",
            "AIB CLT1 \u2014 South Carolina (12-yr lease, ~$1.32B)",
            50
          ],
          [
            "APLD",
            "PF1 \u2014 Bldg 3",
            150
          ],
          [
            "APLD",
            "Polaris Forge 3 \u2014 LEASED",
            300
          ],
          [
            "CORZ",
            "Muskogee, OK",
            70
          ],
          [
            "CORZ",
            "Muskogee expansion (Polaris DS) \u2014 CLOSED",
            330
          ],
          [
            "WULF",
            "Justified Data \u2014 Hawesville KY (Anthropic)",
            401
          ],
          [
            "KEEL",
            "Panther Creek PA",
            350
          ],
          [
            "RIOT",
            "Rockdale (frontier AI lab)",
            191
          ],
          [
            "BTDR",
            "Knoxville TN (A601)",
            55
          ],
          [
            "AMZN",
            "Madison County / Canton, MS (Madison Co.)",
            1034
          ],
          [
            "STARGATE",
            "Lordstown OH (SoftBank/Foxconn, ex-GM/Foxconn plant)",
            300
          ]
        ],
        "2028Q2": [
          [
            "APLD",
            "Delta Forge 2 \u2014 LEASED",
            210
          ],
          [
            "CORZ",
            "Dalton, GA",
            175
          ],
          [
            "HUT",
            "Beacon Point Phase 2 (IG hyperscaler)",
            352
          ]
        ],
        "2028Q3": [
          [
            "META",
            "Hyperion - Richland Parish, LA",
            1440
          ]
        ],
        "2028Q4": [
          [
            "ORCL",
            "Shackelford County TX (Vantage)",
            1400
          ],
          [
            "META",
            "El Paso, TX (BlackRock JV 80/20)",
            720
          ],
          [
            "DLR",
            "Charlotte, NC - 200MW AI-inference (AA hyperscaler)",
            200
          ]
        ]
      }
    },
    "neocloud": {
      "base_mw": 3754.5,
      "points": [
        {
          "q": "2026Q2",
          "add_mw": 0,
          "cum_mw": 3754.5
        },
        {
          "q": "2026Q3",
          "add_mw": 216,
          "cum_mw": 3970.5
        },
        {
          "q": "2026Q4",
          "add_mw": 1123.0,
          "cum_mw": 5093.5
        },
        {
          "q": "2027Q1",
          "add_mw": 662.2,
          "cum_mw": 5755.7
        },
        {
          "q": "2027Q2",
          "add_mw": 1405,
          "cum_mw": 7160.7
        },
        {
          "q": "2027Q3",
          "add_mw": 65.1,
          "cum_mw": 7225.8
        },
        {
          "q": "2027Q4",
          "add_mw": 3097,
          "cum_mw": 10322.8
        },
        {
          "q": "2028Q1",
          "add_mw": 0,
          "cum_mw": 10322.8
        },
        {
          "q": "2028Q2",
          "add_mw": 737,
          "cum_mw": 11059.8
        },
        {
          "q": "2028Q3",
          "add_mw": 0,
          "cum_mw": 11059.8
        },
        {
          "q": "2028Q4",
          "add_mw": 200,
          "cum_mw": 11259.8
        }
      ],
      "milestones": {
        "2026Q3": [
          [
            "CIFR",
            "Black Pearl (AWS)",
            216
          ]
        ],
        "2026Q4": [
          [
            "NBIS",
            "Vineland NJ (Microsoft)",
            300
          ],
          [
            "APLD",
            "Polaris Forge 2 (Harwood)",
            200
          ],
          [
            "WULF",
            "Lake Mariner \u2014 CB-4",
            168
          ],
          [
            "CIFR",
            "Barber Lake (Fluidstack)",
            207
          ],
          [
            "IREN",
            "Childress Horizons 2\u20134 (Microsoft)",
            150
          ],
          [
            "RIOT",
            "Rockdale (AMD Ph2)",
            25
          ],
          [
            "BTDR",
            "Cyberjaya, Malaysia \u2014 A102 (AI cloud)",
            9.5
          ],
          [
            "BTDR",
            "Tydal Norway \u2014 Ph1 (Volta)",
            60.5
          ],
          [
            "WYFI",
            "MTL-2 (Montreal)",
            3
          ]
        ],
        "2027Q1": [
          [
            "WULF",
            "Lake Mariner \u2014 CB-5",
            168
          ],
          [
            "HUT",
            "Beacon Point Campus (IG hyperscaler)",
            352
          ],
          [
            "IREN",
            "Childress \u2014 NVIDIA air-cooled",
            60
          ],
          [
            "BTDR",
            "Johor, Malaysia \u2014 A201 (AI cloud)",
            21.7
          ],
          [
            "BTDR",
            "Tydal Norway \u2014 Ph2 (Volta)",
            60.5
          ]
        ],
        "2027Q2": [
          [
            "APLD",
            "Delta Forge 1 (Boyce, LA)",
            300
          ],
          [
            "CORZ",
            "AMD five-site program (Pecos TX \u00b7 Auburn AL \u00b7 Muskogee \u00b7 Dalton \u00b7 Hunt Co.)",
            530
          ],
          [
            "GLXY",
            "Helios Phase II",
            260
          ],
          [
            "HUT",
            "River Bend Campus (Fluidstack)",
            245
          ],
          [
            "CIFR",
            "Stingray (AWS)",
            70
          ]
        ],
        "2027Q3": [
          [
            "BTDR",
            "Johor, Malaysia \u2014 A202 (AI cloud)",
            65.1
          ]
        ],
        "2027Q4": [
          [
            "NBIS",
            "Independence MO (owned)",
            1200
          ],
          [
            "NBIS",
            "AIB CLT1 \u2014 South Carolina (12-yr lease, ~$1.32B)",
            50
          ],
          [
            "APLD",
            "PF1 \u2014 Bldg 3",
            150
          ],
          [
            "APLD",
            "Polaris Forge 3 \u2014 LEASED",
            300
          ],
          [
            "CORZ",
            "Muskogee, OK",
            70
          ],
          [
            "CORZ",
            "Muskogee expansion (Polaris DS) \u2014 CLOSED",
            330
          ],
          [
            "WULF",
            "Justified Data \u2014 Hawesville KY (Anthropic)",
            401
          ],
          [
            "KEEL",
            "Panther Creek PA",
            350
          ],
          [
            "RIOT",
            "Rockdale (frontier AI lab)",
            191
          ],
          [
            "BTDR",
            "Knoxville TN (A601)",
            55
          ]
        ],
        "2028Q2": [
          [
            "APLD",
            "Delta Forge 2 \u2014 LEASED",
            210
          ],
          [
            "CORZ",
            "Dalton, GA",
            175
          ],
          [
            "HUT",
            "Beacon Point Phase 2 (IG hyperscaler)",
            352
          ]
        ],
        "2028Q4": [
          [
            "DLR",
            "Charlotte, NC - 200MW AI-inference (AA hyperscaler)",
            200
          ]
        ]
      }
    },
    "hyperscaler": {
      "base_mw": 37721,
      "points": [
        {
          "q": "2026Q2",
          "add_mw": 0,
          "cum_mw": 37721
        },
        {
          "q": "2026Q3",
          "add_mw": 0,
          "cum_mw": 37721
        },
        {
          "q": "2026Q4",
          "add_mw": 3100,
          "cum_mw": 40821
        },
        {
          "q": "2027Q1",
          "add_mw": 0,
          "cum_mw": 40821
        },
        {
          "q": "2027Q2",
          "add_mw": 0,
          "cum_mw": 40821
        },
        {
          "q": "2027Q3",
          "add_mw": 0,
          "cum_mw": 40821
        },
        {
          "q": "2027Q4",
          "add_mw": 1334,
          "cum_mw": 42155
        },
        {
          "q": "2028Q1",
          "add_mw": 0,
          "cum_mw": 42155
        },
        {
          "q": "2028Q2",
          "add_mw": 0,
          "cum_mw": 42155
        },
        {
          "q": "2028Q3",
          "add_mw": 1440,
          "cum_mw": 43595
        },
        {
          "q": "2028Q4",
          "add_mw": 2120,
          "cum_mw": 45715
        }
      ],
      "milestones": {
        "2026Q4": [
          [
            "ORCL",
            "Abilene TX (Stargate I)",
            1200
          ],
          [
            "GOOGL",
            "Jackson Co. AL (Widows Creek/Bridgeport)",
            300
          ],
          [
            "XAI",
            "Colossus 2 - next phase (>=220k GB300)",
            400
          ],
          [
            "STARGATE",
            "Milam County TX (SB Energy / SoftBank)",
            1200
          ]
        ],
        "2027Q4": [
          [
            "AMZN",
            "Madison County / Canton, MS (Madison Co.)",
            1034
          ],
          [
            "STARGATE",
            "Lordstown OH (SoftBank/Foxconn, ex-GM/Foxconn plant)",
            300
          ]
        ],
        "2028Q3": [
          [
            "META",
            "Hyperion - Richland Parish, LA",
            1440
          ]
        ],
        "2028Q4": [
          [
            "ORCL",
            "Shackelford County TX (Vantage)",
            1400
          ],
          [
            "META",
            "El Paso, TX (BlackRock JV 80/20)",
            720
          ]
        ]
      }
    }
  },
  "tenants": [
    [
      "CoreWeave",
      "CORZ",
      590,
      "12-yr, >$10B"
    ],
    [
      "CoreWeave",
      "GLXY",
      526,
      "15-yr, ~$13.5B; Ph I 133 MW delivered 7/06"
    ],
    [
      "CoreWeave",
      "APLD",
      400,
      "15-yr, ~$11B"
    ],
    [
      "Fluidstack",
      "WULF",
      360,
      "Lake Mariner; $3.2B Google backstop (Abernathy JV sale to Fluidstack agreed 7/06)"
    ],
    [
      "Anthropic",
      "WULF",
      401,
      "Hawesville 20-yr ~$19B (7/06); 'IG-backed' \u2014 party unnamed"
    ],
    [
      "Anthropic",
      "AKAM",
      null,
      "~$13.4B over 7 yrs ($1.8B edge inference + $11.6B CPU expansion 9/24/26); +$9B option; warrant up to ~5% (context row)"
    ],
    [
      "Unnamed AI labs",
      "DOCN",
      null,
      "multiple nine-figure/yr inference commitments (Q2'26); names undisclosed"
    ],
    [
      "Fluidstack",
      "CIFR",
      207,
      "Barber Lake yrs 1\u201310; Google ~$1.73B backstop; extended to 20 yrs 9/25/26 (yrs 11\u201320: unnamed leading AI lab; >$9B total)"
    ],
    [
      "Fluidstack",
      "HUT",
      245,
      "River Bend; Google backstop"
    ],
    [
      "Microsoft",
      "NBIS",
      300,
      "$17.4-19.4B over 5 yr thru Oct-2031; Vineland NJ; 300 MW initial, expandable to 700 MW; ~$6.96B upfront."
    ],
    [
      "Microsoft",
      "CRWV",
      500,
      "$10B total thru 2030 across >=5 contracts; MSFT is CoreWeave's largest customer (~45% of CRWV rev). ~500 MW = est. MSFT operational share of CRWV's ~1,000 MW op; MW inferred."
    ],
    [
      "Microsoft",
      "IREN",
      200,
      "$9.7B 5-yr GB300; Horizon 1 (50 MW) delivered Aug 2026"
    ],
    [
      "Meta",
      "NBIS",
      400,
      "$3B five-year (Nov-2025); up-to-$27B framing reported; Vera Rubin capacity; MW not disclosed, ~300-700 MW est. \u00b7 MW inferred"
    ],
    [
      "Meta",
      "CRWV",
      500,
      "$35B total press framing: $14.2B (Sep-2025) + $21B expansion (2026-04-09) thru Dec-2032 \u2014 NOTE CRWV Q2'26 10-Q states Mar-2026 order form initial commitment ~$21.0B; MW not disclosed, ~400-600 MW est. \u00b7 MW inferred"
    ],
    [
      "NVIDIA",
      "IREN",
      60,
      "$3.54B + equity investor"
    ],
    [
      "NVIDIA",
      "CRWV",
      null,
      "'Customer B'; investor"
    ],
    [
      "NVIDIA",
      "NBIS",
      null,
      "$2B investor (circular)"
    ],
    [
      "Amazon (AWS)",
      "CIFR",
      286,
      "Black Pearl + Stingray; IG; Black Pearl initial capacity live + rent commenced Aug 2026 (2 mo early); Stingray 1H 2027"
    ],
    [
      "AMD",
      "RIOT",
      50,
      "Rockdale, $636M; initial 25 MW delivered Q2 2026"
    ],
    [
      "AMD",
      "CORZ",
      530,
      "15-yr, >$14B across five sites (Pecos TX \u00b7 Auburn AL \u00b7 Muskogee \u00b7 Dalton \u00b7 Hunt Co.); full delivery by end-2028"
    ],
    [
      "Frontier AI lab (Anthropic per press, unconfirmed)",
      "RIOT",
      191,
      "Rockdale 20-yr ~$9.1B (up to $16.1B w/ ext.); initial 96 MW Dec 2027, full Jun 2028"
    ],
    [
      "Volta (for a leading AI lab)",
      "BTDR",
      121,
      "Tydal Norway 16-yr $4.7B; phased Q4 2026 \u2013 Q1 2027"
    ],
    [
      "Nscale",
      "WYFI",
      40,
      "NC-1, ~$865M"
    ],
    [
      "Core42",
      "WULF",
      60,
      "Lake Mariner"
    ],
    [
      "OpenAI",
      "ORCL",
      4500,
      "Stargate: ~$300B/5yr Oracle offtake (Abilene+Shackelford+Dona Ana+Port Washington+Saline); Oracle-owned, already in ORCL op/con/plan \u00b7 MW = announced 4.5 GW"
    ],
    [
      "OpenAI",
      "CRWV",
      null,
      "committed"
    ],
    [
      "IG hyperscaler",
      "APLD",
      1010,
      "PF2/PF3/DF1/DF2, ~$20B+"
    ],
    [
      "IG hyperscaler",
      "HUT",
      704,
      "Beacon Point Ph1+Ph2; $19.6B campus base-term (Ph2 $9.8B Jul 2026)"
    ],
    [
      "Anthropic",
      "XAI",
      500,
      "MW inferred (~325k GPUs x 1.3\u20132.0 kW); Cloud Services Agreements May 2026, $1.25B/mo through May 2029, Colossus + Colossus II (424B4)"
    ]
  ],
  "geo": [
    {
      "t": "NBIS",
      "site": "M\u00e4nts\u00e4l\u00e4, Finland",
      "mw": 75,
      "st": "o",
      "lat": 60.63,
      "lng": 25.32,
      "when": "live, expanding",
      "approx": false
    },
    {
      "t": "NBIS",
      "site": "Vineland NJ (Microsoft)",
      "mw": 300,
      "st": "c",
      "lat": 39.49,
      "lng": -75.03,
      "when": "majority H2 2026",
      "approx": false
    },
    {
      "t": "NBIS",
      "site": "Independence MO (owned)",
      "mw": 1200,
      "st": "c",
      "lat": 39.09,
      "lng": -94.35,
      "when": "first capacity 2027",
      "approx": false
    },
    {
      "t": "NBIS",
      "site": "Lappeenranta, Finland",
      "mw": 310,
      "st": "s",
      "lat": 61.06,
      "lng": 28.19,
      "when": "310 MW; first capacity 2027",
      "approx": false
    },
    {
      "t": "NBIS",
      "site": "Pennsylvania (owned)",
      "mw": 1200,
      "st": "s",
      "lat": 40.9,
      "lng": -77.75,
      "when": "phased from 2027 \u2014 town undisclosed",
      "approx": true
    },
    {
      "t": "APLD",
      "site": "Ellendale ND \u2014 Polaris Forge 1",
      "mw": 250,
      "st": "o",
      "lat": 46.0,
      "lng": -98.53,
      "when": "Bldg 1 + Bldg 2 (Ph2 RFS Oct 2026)",
      "approx": false
    },
    {
      "t": "APLD",
      "site": "Ellendale ND \u2014 PF1 Bldg 3",
      "mw": 150,
      "st": "c",
      "lat": 46.0,
      "lng": -98.53,
      "when": "ready for service 2027",
      "approx": false
    },
    {
      "t": "APLD",
      "site": "Delta Forge 1 \u2014 Boyce, LA",
      "mw": 300,
      "st": "c",
      "lat": 31.39,
      "lng": -92.67,
      "when": "initial ops 2027 (~$7.5B 15-yr lease)",
      "approx": true
    },
    {
      "t": "APLD",
      "site": "Harwood ND \u2014 Polaris Forge 2",
      "mw": 200,
      "st": "c",
      "lat": 46.98,
      "lng": -96.9,
      "when": "initial capacity 2H 2026, full early 2027",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Marble, NC",
      "mw": 65,
      "st": "o",
      "lat": 35.19,
      "lng": -83.93,
      "when": "billing",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Austin, TX",
      "mw": 20,
      "st": "o",
      "lat": 30.27,
      "lng": -97.74,
      "when": "billing",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Denton, TX",
      "mw": 260,
      "st": "o",
      "lat": 33.21,
      "lng": -97.13,
      "when": "delivered mid-2026",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Dalton, GA",
      "mw": 175,
      "st": "c",
      "lat": 34.77,
      "lng": -84.97,
      "when": "phased",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Muskogee, OK",
      "mw": 70,
      "st": "c",
      "lat": 35.75,
      "lng": -95.37,
      "when": "mid-2026",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Muskogee expansion (Polaris DS)",
      "mw": 330,
      "st": "c",
      "lat": 35.75,
      "lng": -95.37,
      "when": "closed Aug 2026; campus to 1.5 GW gross",
      "approx": false
    },
    {
      "t": "CORZ",
      "site": "Hunt County, TX",
      "mw": 285,
      "st": "s",
      "lat": 33.14,
      "lng": -96.11,
      "when": "acquired",
      "approx": false
    },
    {
      "t": "GLXY",
      "site": "Helios Ph I \u2014 Dickens County, TX",
      "mw": 133,
      "st": "o",
      "lat": 33.62,
      "lng": -100.84,
      "when": "delivered 7/06/26; rent commenced Q2'26",
      "approx": false
    },
    {
      "t": "GLXY",
      "site": "Helios Ph II\u2013III \u2014 Dickens County, TX",
      "mw": 393,
      "st": "c",
      "lat": 33.62,
      "lng": -100.84,
      "when": "Ph II data halls from H1 2027",
      "approx": false
    },
    {
      "t": "GLXY",
      "site": "Helios expansion",
      "mw": 830,
      "st": "s",
      "lat": 33.62,
      "lng": -100.84,
      "when": "ERCOT-approved Jan 2026",
      "approx": false
    },
    {
      "t": "WULF",
      "site": "Lake Mariner \u2014 Barker, NY",
      "mw": 102,
      "st": "o",
      "lat": 43.34,
      "lng": -78.72,
      "when": "CB-3 delivered Jul 2026",
      "approx": false
    },
    {
      "t": "WULF",
      "site": "Lake Mariner CB-4/5 (Fluidstack)",
      "mw": 336,
      "st": "c",
      "lat": 43.34,
      "lng": -78.72,
      "when": "phased 2H 2026 \u2192 early 2027",
      "approx": false
    },
    {
      "t": "WULF",
      "site": "Hawesville, KY (Anthropic)",
      "mw": 401,
      "st": "c",
      "lat": 37.9,
      "lng": -86.75,
      "when": "initial 2H 2027, full early 2028",
      "approx": false
    },
    {
      "t": "WULF",
      "site": "Muskie Data \u2014 Grayson, KY",
      "mw": 1000,
      "st": "p",
      "lat": 38.33,
      "lng": -82.94,
      "when": "initial service Q4 2028",
      "approx": true
    },
    {
      "t": "WULF",
      "site": "Chesapeake Data \u2014 Morgantown, MD",
      "mw": 1000,
      "st": "p",
      "lat": 38.36,
      "lng": -76.99,
      "when": "ops contemplated 2030",
      "approx": true
    },
    {
      "t": "HUT",
      "site": "River Bend \u2014 West Feliciana Parish, LA",
      "mw": 245,
      "st": "c",
      "lat": 30.83,
      "lng": -91.37,
      "when": "initial data hall Q2 2027 (Fluidstack)",
      "approx": false
    },
    {
      "t": "HUT",
      "site": "Beacon Point \u2014 Nueces County, TX",
      "mw": 352,
      "st": "c",
      "lat": 27.8,
      "lng": -97.6,
      "when": "energize Q1 2027 (IG hyperscaler)",
      "approx": true
    },
    {
      "t": "HUT",
      "site": "Beacon Point Phase 2 \u2014 Nueces County, TX",
      "mw": 352,
      "st": "c",
      "lat": 27.8,
      "lng": -97.6,
      "when": "advanced to construction Aug 2026; initial data hall Q2 2028",
      "approx": true
    },
    {
      "t": "CIFR",
      "site": "Barber Lake \u2014 Colorado City, TX",
      "mw": 207,
      "st": "c",
      "lat": 32.1,
      "lng": -100.86,
      "when": "data halls Q4 2026\u2013Q1 2027 (Fluidstack; yrs 11\u201320 AI lab)",
      "approx": false
    },
    {
      "t": "CIFR",
      "site": "Black Pearl (West TX)",
      "mw": 216,
      "st": "c",
      "lat": 31.9,
      "lng": -102.2,
      "when": "initial capacity live + rent commenced Aug 2026 (AWS); remainder in fit-out",
      "approx": true
    },
    {
      "t": "CIFR",
      "site": "Stingray (TX)",
      "mw": 70,
      "st": "c",
      "lat": 31.55,
      "lng": -101.15,
      "when": "1H 2027 (AWS; slipped from Q4 2026)",
      "approx": true
    },
    {
      "t": "CIFR",
      "site": "Apollo \u2014 near San Antonio, TX",
      "mw": 900,
      "st": "s",
      "lat": 29.42,
      "lng": -98.49,
      "when": "up to 900 MW; land option Q2 2026",
      "approx": true
    },
    {
      "t": "CIFR",
      "site": "Reveille (TX)",
      "mw": 70,
      "st": "s",
      "lat": 32.35,
      "lng": -101.45,
      "when": "Q3 2027",
      "approx": true
    },
    {
      "t": "CIFR",
      "site": "Ulysses (OH)",
      "mw": 200,
      "st": "p",
      "lat": 40.15,
      "lng": -82.65,
      "when": "Q4 2027",
      "approx": true
    },
    {
      "t": "IREN",
      "site": "Childress, TX \u2014 Horizon 1",
      "mw": 50,
      "st": "o",
      "lat": 34.43,
      "lng": -100.2,
      "when": "delivered to Microsoft Aug 2026",
      "approx": false
    },
    {
      "t": "IREN",
      "site": "Childress, TX \u2014 Horizons 2\u20134 + NVIDIA",
      "mw": 210,
      "st": "c",
      "lat": 34.43,
      "lng": -100.2,
      "when": "H2\u20134 delivery Q4 2026; NVIDIA early 2027",
      "approx": false
    },
    {
      "t": "IREN",
      "site": "Sweetwater, TX",
      "mw": 1400,
      "st": "s",
      "lat": 32.47,
      "lng": -100.41,
      "when": "substation live May 2026",
      "approx": false
    },
    {
      "t": "IREN",
      "site": "Nostrum (Spain)",
      "mw": 490,
      "st": "s",
      "lat": 40.2,
      "lng": -3.7,
      "when": "acquired mid-2026 \u2014 city undisclosed",
      "approx": true
    },
    {
      "t": "KEEL",
      "site": "Panther Creek \u2014 Nesquehoning, PA",
      "mw": 350,
      "st": "c",
      "lat": 40.86,
      "lng": -75.9,
      "when": "first power 2027 (press-reported) \u2014 no tenant",
      "approx": false
    },
    {
      "t": "KEEL",
      "site": "Sharon, PA",
      "mw": 110,
      "st": "p",
      "lat": 41.23,
      "lng": -80.49,
      "when": "lease target 2026",
      "approx": false
    },
    {
      "t": "KEEL",
      "site": "Moses Lake, WA",
      "mw": 18,
      "st": "p",
      "lat": 47.13,
      "lng": -119.28,
      "when": "lease target 2026",
      "approx": false,
      "market": "quincy"
    },
    {
      "t": "KEEL",
      "site": "Sherbrooke, QC",
      "mw": 96,
      "st": "s",
      "lat": 45.4,
      "lng": -71.89,
      "when": "lease ~2027",
      "approx": false
    },
    {
      "t": "KEEL",
      "site": "Scrubgrass \u2014 Venango County, PA",
      "mw": 750,
      "st": "s",
      "lat": 41.25,
      "lng": -79.78,
      "when": "PJM load study",
      "approx": false
    },
    {
      "t": "RIOT",
      "site": "Rockdale, TX (AMD Ph1)",
      "mw": 25,
      "st": "o",
      "lat": 30.65,
      "lng": -97.0,
      "when": "initial 25 MW delivered Q2 2026",
      "approx": false
    },
    {
      "t": "RIOT",
      "site": "Rockdale, TX (AMD Ph2)",
      "mw": 25,
      "st": "c",
      "lat": 30.65,
      "lng": -97.0,
      "when": "10 MW Nov 2026 + 15 MW May 2027",
      "approx": false
    },
    {
      "t": "RIOT",
      "site": "Rockdale, TX (frontier AI lab)",
      "mw": 191,
      "st": "c",
      "lat": 30.65,
      "lng": -97.0,
      "when": "initial 96 MW Dec 2027; full Jun 2028",
      "approx": false
    },
    {
      "t": "RIOT",
      "site": "Rockdale, TX (AMD options)",
      "mw": 150,
      "st": "p",
      "lat": 30.65,
      "lng": -97.0,
      "when": "if AMD exercises",
      "approx": false
    },
    {
      "t": "RIOT",
      "site": "Corsicana, TX",
      "mw": 756,
      "st": "s",
      "lat": 32.1,
      "lng": -96.47,
      "when": "600 MW substation; full-site non-binding LOI (unsigned)",
      "approx": false
    },
    {
      "t": "BTDR",
      "site": "Tydal, Norway \u2014 Ph1\u20132 (Volta)",
      "mw": 121,
      "st": "c",
      "lat": 63.07,
      "lng": 11.57,
      "when": "Ph1 Q4 2026; Ph2 Q1 2027 ($4.7B 16-yr lease)",
      "approx": false
    },
    {
      "t": "BTDR",
      "site": "Tydal, Norway \u2014 Ph3 (retained AI cloud)",
      "mw": 42.7,
      "st": "p",
      "lat": 63.07,
      "lng": 11.57,
      "when": "2H 2027",
      "approx": false
    },
    {
      "t": "BTDR",
      "site": "Knoxville, TN",
      "mw": 55,
      "st": "c",
      "lat": 35.96,
      "lng": -83.92,
      "when": "ready Oct 2027 (was Q3 2027)",
      "approx": false
    },
    {
      "t": "BTDR",
      "site": "Clarington, OH",
      "mw": 570,
      "st": "s",
      "lat": 39.78,
      "lng": -80.87,
      "when": "litigation-delayed",
      "approx": false
    },
    {
      "t": "WYFI",
      "site": "NC-1 \u2014 Madison, NC (Nscale)",
      "mw": 40,
      "st": "o",
      "lat": 36.39,
      "lng": -79.97,
      "when": "billing; full 40 MW revenue expected Q3 2026",
      "approx": false
    },
    {
      "t": "WYFI",
      "site": "NC-2/3 \u2014 Yadkin County, NC",
      "mw": 60,
      "st": "p",
      "lat": 36.13,
      "lng": -80.66,
      "when": "acq. close Q4 2026; initial RFS Q3 2027",
      "approx": true
    },
    {
      "t": "WYFI",
      "site": "Montreal, QC (MTL-1/2/3)",
      "mw": 12,
      "st": "o",
      "lat": 45.5,
      "lng": -73.57,
      "when": "Cerebras + Enovum; MTL-2 (3 MW IT) from YE 2026",
      "approx": false
    },
    {
      "t": "WYFI",
      "site": "Bl\u00f6ndu\u00f3s, Iceland",
      "mw": 6,
      "st": "o",
      "lat": 65.66,
      "lng": -20.3,
      "when": "~5.5 MW IT",
      "approx": false
    },
    {
      "t": "MARA",
      "site": "Long Ridge \u2014 Hannibal, OH",
      "mw": 200,
      "st": "p",
      "lat": 39.66,
      "lng": -80.86,
      "when": "AI construction 1H 2027",
      "approx": false
    },
    {
      "t": "NBIS",
      "site": "Getafe, Madrid (Merlin colo)",
      "mw": 18,
      "st": "s",
      "lat": 40.31,
      "lng": -3.73,
      "when": "REPORTED El Mundo 7/04 \u2014 unconfirmed",
      "approx": false
    },
    {
      "t": "MSFT",
      "site": "Fairwater 1 Mount Pleasant WI",
      "mw": 400,
      "st": "o",
      "lat": 42.71,
      "lng": -87.9,
      "when": "Apr 2026",
      "approx": true,
      "market": "mtpleasant"
    },
    {
      "t": "MSFT",
      "site": "Fairwater Atlanta Fayetteville GA",
      "mw": 636,
      "st": "o",
      "lat": 33.45,
      "lng": -84.46,
      "when": "Oct 2025",
      "approx": true
    },
    {
      "t": "MSFT",
      "site": "San Antonio/Castroville TX (SAT)",
      "mw": null,
      "st": "c",
      "lat": 29.36,
      "lng": -98.88,
      "when": "Jun 2027",
      "approx": true
    },
    {
      "t": "MSFT",
      "site": "Pecos TX (Reeves Co.)",
      "mw": 2000,
      "st": "p",
      "lat": 31.42,
      "lng": -103.49,
      "when": "2026-31",
      "approx": true
    },
    {
      "t": "MSFT",
      "site": "Cheyenne WY (Laramie Co.)",
      "mw": null,
      "st": "p",
      "lat": 41.14,
      "lng": -104.82,
      "when": "2026+",
      "approx": true,
      "market": "cheyenne"
    },
    {
      "t": "MSFT",
      "site": "Quincy WA (Grant Co.)",
      "mw": null,
      "st": "o",
      "lat": 47.23,
      "lng": -119.85,
      "when": "operating",
      "approx": true,
      "market": "quincy"
    },
    {
      "t": "AMZN",
      "site": "Project Rainier - New Carlisle IN",
      "mw": 1725,
      "st": "o",
      "lat": 41.7,
      "lng": -86.51,
      "when": "Ph1 Oct-2025; 345kV Dec-2026",
      "approx": true,
      "market": "newcarlisle"
    },
    {
      "t": "AMZN",
      "site": "Hobart / NW Indiana (Lake Co.)",
      "mw": 2400,
      "st": "p",
      "lat": 41.53,
      "lng": -87.25,
      "when": "Ph2 +$15B Nov-2025",
      "approx": true
    },
    {
      "t": "AMZN",
      "site": "Madison County / Canton MS",
      "mw": 1034,
      "st": "c",
      "lat": 32.61,
      "lng": -90.03,
      "when": "to 2027",
      "approx": true
    },
    {
      "t": "AMZN",
      "site": "Salem Township PA (Luzerne Co.)",
      "mw": 960,
      "st": "c",
      "lat": 41.09,
      "lng": -76.14,
      "when": "Susquehanna-adjacent",
      "approx": true
    },
    {
      "t": "AMZN",
      "site": "Northeast Creek VA (Louisa Co.)",
      "mw": 2700,
      "st": "p",
      "lat": 37.98,
      "lng": -78.0,
      "when": ">=770 MW op 2027",
      "approx": true
    },
    {
      "t": "AMZN",
      "site": "Richmond County NC",
      "mw": 1000,
      "st": "c",
      "lat": 34.94,
      "lng": -79.76,
      "when": "constr. Oct-2025",
      "approx": true
    },
    {
      "t": "AMZN",
      "site": "New Albany OH (Licking Co.)",
      "mw": 400,
      "st": "o",
      "lat": 40.08,
      "lng": -82.81,
      "when": "open 2025; $3.5B by 2030",
      "approx": true,
      "market": "columbus"
    },
    {
      "t": "GOOGL",
      "site": "New Albany/Columbus OH",
      "mw": 350,
      "st": "o",
      "lat": 40.08,
      "lng": -82.81,
      "when": "operating, expanding",
      "approx": true,
      "market": "columbus"
    },
    {
      "t": "GOOGL",
      "site": "Council Bluffs IA",
      "mw": 500,
      "st": "o",
      "lat": 41.26,
      "lng": -95.86,
      "when": "expanding $7B",
      "approx": true,
      "market": "councilbluffs"
    },
    {
      "t": "GOOGL",
      "site": "Cedar Rapids IA (Big Cedar)",
      "mw": null,
      "st": "c",
      "lat": 41.98,
      "lng": -91.67,
      "when": "1st bldg 2026",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "The Dalles OR",
      "mw": 300,
      "st": "o",
      "lat": 45.59,
      "lng": -121.18,
      "when": "operating",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "Mesa AZ",
      "mw": 200,
      "st": "o",
      "lat": 33.42,
      "lng": -111.83,
      "when": "operating",
      "approx": true,
      "market": "phoenix"
    },
    {
      "t": "GOOGL",
      "site": "Chesterfield VA (Bermuda Hundred)",
      "mw": 900,
      "st": "c",
      "lat": 37.38,
      "lng": -77.51,
      "when": "constr late 2026, phased to 2032",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "Ridgeville SC (Dorchester Co.)",
      "mw": null,
      "st": "c",
      "lat": 33.1,
      "lng": -80.32,
      "when": "2026-27",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "Bridgeport/Widows Creek AL (Jackson Co.)",
      "mw": 300,
      "st": "c",
      "lat": 34.95,
      "lng": -85.73,
      "when": "$1.5B 2026-27",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "New Florence MO (Montgomery Co.)",
      "mw": 1000,
      "st": "p",
      "lat": 38.92,
      "lng": -91.45,
      "when": "$15B May 2026",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "Armstrong Co TX",
      "mw": null,
      "st": "p",
      "lat": 34.96,
      "lng": -101.37,
      "when": "$40B thru 2027",
      "approx": true
    },
    {
      "t": "GOOGL",
      "site": "Midlothian TX",
      "mw": null,
      "st": "o",
      "lat": 32.48,
      "lng": -96.99,
      "when": "expanding $40B",
      "approx": true,
      "market": "dfw"
    },
    {
      "t": "GOOGL",
      "site": "Pryor OK",
      "mw": null,
      "st": "c",
      "lat": 36.31,
      "lng": -95.32,
      "when": "$9B OK",
      "approx": true
    },
    {
      "t": "META",
      "site": "Prometheus - New Albany OH (Licking Co.)",
      "mw": 471,
      "st": "o",
      "lat": 40.08,
      "lng": -82.81,
      "when": "Epoch est. 471 MW IT (Aug 2026) -> ~676 Nov 2026",
      "approx": true,
      "market": "columbus"
    },
    {
      "t": "META",
      "site": "Hyperion - Richland Parish LA",
      "mw": 1440,
      "st": "c",
      "lat": 32.42,
      "lng": -91.6,
      "when": "2 GW Ph1 ~summer 2028 -> 5 GW",
      "approx": true,
      "market": "richland"
    },
    {
      "t": "META",
      "site": "El Paso TX",
      "mw": 720,
      "st": "c",
      "lat": 31.76,
      "lng": -106.49,
      "when": "1 GW gross by 2028",
      "approx": true
    },
    {
      "t": "META",
      "site": "Montgomery AL",
      "mw": null,
      "st": "c",
      "lat": 32.37,
      "lng": -86.3,
      "when": "$1.5B, 1.3M sq ft",
      "approx": true
    },
    {
      "t": "META",
      "site": "Rosemount MN",
      "mw": null,
      "st": "c",
      "lat": 44.74,
      "lng": -93.13,
      "when": "expected 2026",
      "approx": true
    },
    {
      "t": "META",
      "site": "Cheyenne WY (Laramie Co.)",
      "mw": null,
      "st": "c",
      "lat": 41.14,
      "lng": -104.82,
      "when": "broke ground 2024",
      "approx": true,
      "market": "cheyenne"
    },
    {
      "t": "META",
      "site": "Prineville OR (Crook Co.)",
      "mw": 250,
      "st": "o",
      "lat": 44.3,
      "lng": -120.83,
      "when": "legacy op since 2011",
      "approx": true
    },
    {
      "t": "META",
      "site": "Fort Worth TX (Tarrant Co.)",
      "mw": 250,
      "st": "o",
      "lat": 32.76,
      "lng": -97.33,
      "when": "legacy op since 2017",
      "approx": true,
      "market": "dfw"
    },
    {
      "t": "BABA",
      "site": "Zhangbei super DC (Zhangjiakou, Hebei)",
      "mw": 500,
      "st": "o",
      "lat": 41.16,
      "lng": 114.71,
      "when": "operating",
      "approx": true
    },
    {
      "t": "BABA",
      "site": "Ulanqab campus (Inner Mongolia)",
      "mw": 300,
      "st": "o",
      "lat": 41.03,
      "lng": 113.14,
      "when": "operating",
      "approx": true
    },
    {
      "t": "BABA",
      "site": "Hangzhou / Zhenwu AI DC (Zhejiang)",
      "mw": null,
      "st": "o",
      "lat": 30.29,
      "lng": 120.16,
      "when": "2026",
      "approx": true
    },
    {
      "t": "BABA",
      "site": "Heyuan campus (Guangdong)",
      "mw": null,
      "st": "o",
      "lat": 23.74,
      "lng": 114.7,
      "when": "operating",
      "approx": true
    },
    {
      "t": "TCEHY",
      "site": "Gui'an super DC (Guizhou)",
      "mw": null,
      "st": "o",
      "lat": 26.36,
      "lng": 106.3,
      "when": "operating",
      "approx": true
    },
    {
      "t": "TCEHY",
      "site": "Qingyuan campus (Guangdong)",
      "mw": null,
      "st": "o",
      "lat": 23.68,
      "lng": 113.06,
      "when": "operating",
      "approx": true
    },
    {
      "t": "TCEHY",
      "site": "Ulanqab campus (Inner Mongolia)",
      "mw": null,
      "st": "o",
      "lat": 41.03,
      "lng": 113.14,
      "when": "operating",
      "approx": true
    },
    {
      "t": "TCEHY",
      "site": "Tianjin campus",
      "mw": null,
      "st": "c",
      "lat": 39.13,
      "lng": 117.2,
      "when": "2026-27",
      "approx": true
    },
    {
      "t": "BIDU",
      "site": "Yangquan super DC (Shanxi)",
      "mw": null,
      "st": "o",
      "lat": 37.86,
      "lng": 113.58,
      "when": "operating",
      "approx": true
    },
    {
      "t": "BIDU",
      "site": "Baoding / Dingxing DC (Hebei)",
      "mw": null,
      "st": "o",
      "lat": 39.26,
      "lng": 115.83,
      "when": "operating",
      "approx": true
    },
    {
      "t": "BIDU",
      "site": "Baidu Yunzhou (Ulanqab, Inner Mongolia)",
      "mw": null,
      "st": "c",
      "lat": 41.03,
      "lng": 113.14,
      "when": "2026-27",
      "approx": true
    },
    {
      "t": "EQIX",
      "site": "Madrid MD4x/MD5 xScale (Alcobendas, Spain)",
      "mw": null,
      "st": "o",
      "lat": 40.53,
      "lng": -3.64,
      "when": "May 2026",
      "approx": true
    },
    {
      "t": "EQIX",
      "site": "atNorth (Iceland anchor)",
      "mw": 800,
      "st": "p",
      "lat": 64.03,
      "lng": -21.98,
      "when": "5-yr",
      "approx": true
    },
    {
      "t": "DLR",
      "site": "Charlotte, NC - 200MW AI-inference",
      "mw": 200,
      "st": "c",
      "lat": 35.23,
      "lng": -80.84,
      "when": "through 2028",
      "approx": true
    },
    {
      "t": "DLR",
      "site": "Atlanta, GA - 200MW development",
      "mw": 200,
      "st": "c",
      "lat": 33.75,
      "lng": -84.39,
      "when": "under construction",
      "approx": true,
      "market": "atlanta"
    },
    {
      "t": "DLR",
      "site": "Ashburn / Northern Virginia hub",
      "mw": null,
      "st": "o",
      "lat": 39.02,
      "lng": -77.46,
      "when": "operating",
      "approx": true,
      "market": "nova"
    },
    {
      "t": "DLR",
      "site": "Chicago (Franklin Park), IL",
      "mw": null,
      "st": "o",
      "lat": 41.93,
      "lng": -87.87,
      "when": "operating",
      "approx": true,
      "market": "chicago"
    },
    {
      "t": "XAI",
      "site": "Colossus 1 - Memphis TN (Riverport Rd)",
      "mw": 300,
      "st": "o",
      "lat": 35.06,
      "lng": -90.15,
      "when": "operational, expanded",
      "approx": true,
      "market": "memphis"
    },
    {
      "t": "XAI",
      "site": "Colossus 2 - Memphis TN (Tulane Rd)",
      "mw": 1100,
      "st": "o",
      "lat": 35.02,
      "lng": -90.06,
      "when": "~1.1 GW live (filed 1.4 GW fleet)",
      "approx": true,
      "market": "memphis"
    },
    {
      "t": "XAI",
      "site": "Building 3 / MACROHARDRR - Southaven MS",
      "mw": 500,
      "st": "p",
      "lat": 34.99,
      "lng": -89.99,
      "when": "conversion begun Q1 2026",
      "approx": true
    },
    {
      "t": "STARGATE",
      "site": "Milam County TX (SB Energy / SoftBank)",
      "mw": 1200,
      "st": "c",
      "lat": 30.65,
      "lng": -96.97,
      "when": "Q4 2028",
      "approx": true
    },
    {
      "t": "STARGATE",
      "site": "Lordstown OH (SoftBank/Foxconn)",
      "mw": 300,
      "st": "c",
      "lat": 41.16,
      "lng": -80.85,
      "when": "2027-28 (TBD)",
      "approx": true
    },
    {
      "t": "ORCL",
      "site": "Abilene TX (Stargate I, Crusoe) \u2014 operational",
      "mw": 300,
      "st": "o",
      "lat": 32.45,
      "lng": -99.73,
      "when": "live",
      "approx": true,
      "market": "abilene"
    },
    {
      "t": "ORCL",
      "site": "Abilene TX (Stargate I, Crusoe) \u2014 under construction",
      "mw": 900,
      "st": "c",
      "lat": 32.45,
      "lng": -99.73,
      "when": "full Q4 2026",
      "approx": true,
      "market": "abilene"
    },
    {
      "t": "ORCL",
      "site": "Shackelford County TX (Vantage)",
      "mw": 1400,
      "st": "c",
      "lat": 32.74,
      "lng": -99.35,
      "when": "Q4 2028",
      "approx": true
    },
    {
      "t": "ORCL",
      "site": "Do\u00f1a Ana County NM (STACK)",
      "mw": 2200,
      "st": "c",
      "lat": 32.0,
      "lng": -106.7,
      "when": "Q4 2028",
      "approx": true
    },
    {
      "t": "ORCL",
      "site": "Port Washington WI (Vantage)",
      "mw": 1300,
      "st": "c",
      "lat": 43.39,
      "lng": -87.87,
      "when": "Q4 2028",
      "approx": true
    },
    {
      "t": "ORCL",
      "site": "Saline Township MI (Related Digital)",
      "mw": 1400,
      "st": "c",
      "lat": 42.17,
      "lng": -83.78,
      "when": "Q4 2028",
      "approx": true
    },
    {
      "t": "META",
      "site": "Lebanon IN (Boone Co.)",
      "mw": 720,
      "st": "c",
      "lat": 40.05,
      "lng": -86.47,
      "when": "1 GW gross; broke ground Feb 2026",
      "approx": true
    },
    {
      "t": "STARGATE",
      "site": "PORTS-Pike, Piketon OH (SB Energy)",
      "mw": 800,
      "st": "p",
      "lat": 39.07,
      "lng": -83.01,
      "when": "first 800 MW 2028",
      "approx": true
    },
    {
      "t": "STARGATE",
      "site": "Project Camellia, Effingham County GA",
      "mw": 2300,
      "st": "p",
      "lat": 32.37,
      "lng": -81.3,
      "when": "phased 2028\u20132032",
      "approx": true
    }
  ],
  "geo_unmapped": [
    {
      "t": "APLD",
      "site": "Polaris Forge 3 (leased)",
      "mw": 300,
      "st": "c",
      "why": "ND campus location not publicly disclosed"
    },
    {
      "t": "APLD",
      "site": "Delta Forge 2 (leased)",
      "mw": 210,
      "st": "c",
      "why": "campus location not publicly disclosed ('southern state')"
    },
    {
      "t": "WULF",
      "site": "Lake Hawkeye, NY",
      "mw": 320,
      "st": "p",
      "why": "location not publicly confirmed"
    },
    {
      "t": "CIFR",
      "site": "ERCOT 'Batch Zero'",
      "mw": 2000,
      "st": "p",
      "why": "queue positions, not sites"
    },
    {
      "t": "IREN",
      "site": "Prince George, BC",
      "mw": null,
      "st": "c",
      "why": "MW n/d"
    },
    {
      "t": "NBIS",
      "site": "Kansas City colo (Ph1/2 live)",
      "mw": null,
      "st": "o",
      "why": "MW n/d"
    },
    {
      "t": "BTDR",
      "site": "Cyberjaya, Malaysia \u2014 A101",
      "mw": 2.5,
      "st": "o",
      "why": "outside map panels"
    },
    {
      "t": "WYFI",
      "site": "Atlanta, GA",
      "mw": null,
      "st": "o",
      "why": "MW n/d"
    },
    {
      "t": "WULF",
      "site": "Abernathy JV, TX",
      "mw": 84,
      "st": "c",
      "why": "being sold to Fluidstack \u2014 excluded"
    },
    {
      "t": "DOCN",
      "site": "Leased colo fleet (~155 MW committed)",
      "mw": 155,
      "st": "c",
      "why": "individual locations undisclosed"
    },
    {
      "t": "AKAM",
      "site": "Edge inference nodes (Anthropic)",
      "mw": null,
      "st": "c",
      "why": "distributed across ~4,100 PoPs \u2014 not campus-mappable"
    },
    {
      "t": "MARA",
      "site": "Matagorda County, TX (ex-HIF)",
      "mw": null,
      "st": "s",
      "why": "gross grid MW only (up to 2 GW); critical-IT MW n/d, no tenant"
    },
    {
      "t": "AMZN",
      "site": "US Government / federal cloud campus",
      "mw": 1300,
      "st": "p",
      "why": "site not disclosed; up to $50B, breaks ground 2026"
    },
    {
      "t": "MSFT",
      "site": "undisclosed additional Fairwater network nodes",
      "mw": null,
      "st": "p",
      "why": "'double footprint in 2 yrs' gap not tied to named sites"
    },
    {
      "t": "GOOGL",
      "site": "India Visakhapatnam ($15B, 1 GW->multi-GW)",
      "mw": 1000,
      "st": "p",
      "why": "foreign (excluded from US map); listed for completeness"
    },
    {
      "t": "META",
      "site": "additional announced multi-GW 'titan' clusters",
      "mw": null,
      "st": "p",
      "why": "unsited; Zuckerberg 'tens of GW this decade'"
    },
    {
      "t": "EQIX",
      "site": "US xScale JV campuses (>1.5GW)",
      "mw": 1500,
      "st": "p",
      "why": "land acquisition in progress; specific US metros/parcels not yet disclosed"
    },
    {
      "t": "EQIX",
      "site": "Global xScale portfolio (35+ facilities)",
      "mw": 725,
      "st": "c",
      "why": "aggregate figure across 35+ facilities in EU/APAC/Americas; per-site MW not individually broken out"
    },
    {
      "t": "BABA",
      "site": "Nantong campus (Jiangsu)",
      "mw": null,
      "st": "c",
      "why": "expansion confirmed but MW/timing not disclosed"
    },
    {
      "t": "BTDR",
      "site": "Cyberjaya, Malaysia \u2014 A102",
      "mw": 9.5,
      "st": "c",
      "why": "outside map panels"
    },
    {
      "t": "BTDR",
      "site": "Johor, Malaysia \u2014 A201 + A202",
      "mw": 86.8,
      "st": "c",
      "why": "outside map panels"
    },
    {
      "t": "META",
      "site": "Sturgeon County, Alberta",
      "mw": 720,
      "st": "c",
      "why": "outside map panels"
    },
    {
      "t": "NBIS",
      "site": "AIB CLT1 \u2014 South Carolina",
      "mw": 50,
      "st": "c",
      "why": "campus town not disclosed in the AIB filing"
    }
  ],
  "geo_note": "Campus-level site map, added 2026-07-09. lat/lng are town/county centroids, NOT parcel coordinates. approx=true => only the state/country is public (placed at a state-level position; dashed on the map). Sites with undisclosed locations or n/d MW live in geo_unmapped. DOCN (leased colo, locations undisclosed) and AKAM (distributed edge PoPs) are excluded by construction.",
  "reference": {
    "nvda_cap_b": 5695.0,
    "cohort_ev_b": 376.8
  }
}