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Who Can Actually Deliver the Gigawatts? An Evidence-Based Investigation of Selected U.S. and Canadian Data Center Developments
Development, power, financing and the cash that reaches common shareholders
An investigation of selected U.S. and Canadian developments as of 23 October 2026. The inventory separates 125 principal project/phase records from 51 reference/comparison records. These are research records, not unique sites, a census or an aggregate operating-capacity estimate.
InferenceThis is a selected-project investigation. It does not establish complete North American supply, measured utilization or calibrated completion probabilities.Source-library labels describe the evidence available at the research cutoff. “Verified” means the cited content was directly reviewed within its stated scope. Issuer announcements, SEC-hosted issuer statements and government-hosted applicant registrations do not independently prove operating IT, utilization, funded construction or profitability.
1. Executive Summary: The AI Buildout Reality Check
- Scope: 125 principal project/phase records and 51 reference records. This is a selected investigation, not a North American census or an operating-GW total.
- Delivery: Follow each phase from land and power through financing, construction, customer acceptance and cash collection. Announced capacity is not proof that those milestones are complete.
- Equity returns: Identify who owns each asset, owes each payment and bears funding or dilution risk. Successful construction alone does not establish an attractive shareholder return.
Oracle reported $23.103 billion of operating cash flow in its first quarter of fiscal 2027. That figure included $11.363 billion of customer prepayments with a significant financing component. During the same quarter, cash capital expenditure was $28.499 billion and net proceeds from its at-the-market equity program were $19.909 billion. Those numbers capture the central issue in the North American AI infrastructure buildout: demand, funding and physical delivery are intertwined, but they are different achievements. A customer can help finance construction before the associated services have been delivered. GF17
The evidence supports substantial real construction and an expanding set of operating phases. It does not support treating every announced gigawatt as a funded, energized or revenue-producing asset. This investigation therefore follows individual campuses and phases through land and permits, power availability, construction finance, completed systems, customer acceptance and cash collection. A missing disclosure is marked unknown. An expansion option is separated from a signed base lease. A preliminary approval is not promoted to a final operating authorization.
The answer to how much can become revenue-generating infrastructure is conditional and project-specific. The strongest near-term evidence comes from identified phases with disclosed operational or billing milestones. The next tier consists of contracted construction backed by identifiable capital and credible power delivery. The largest uncertainty lies in multi-gigawatt expansions whose customers, grid allocation, generation equipment or financing remain contingent. This report supplies the evidence to separate those cohorts; it does not manufacture a North American completion percentage from incompatible public numbers.
Our central inference is that bottlenecks will change who earns the return more than they change whether AI infrastructure grows. A landlord with a strong lease and accepted building can have a different risk profile from the cloud tenant buying rapidly depreciating equipment inside it. A generator can have contracted revenue while the development sponsor faces dilution. Investors must identify the entity owning each asset, the entity owing each payment and the conditions that release guarantees. Successful construction alone does not establish an attractive return on the equity invested.
The principal universe focuses on material construction, conversion and development. The reference universe preserves operating assets, financing transactions, canceled proposals and smaller strategic comparisons. Inclusion normally requires 50 MW of critical IT, 100 MW of site power or US$1 billion / C$1 billion of scoped investment, with documented economically significant exceptions.
Figure 2. Capacity disclosure by cohort. Source: R3 canonical capacity fields. Units: records with numeric values / records in cohort, as of 23 October 2026. Fields overlap and must not be added; unknown is not zero.
2. The Trillion-Dollar Infrastructure Ambition
The ambition is best understood as several overlapping investment programs rather than one additive pool of spending. A technology company may announce a multiyear capital plan. A developer may announce the campus serving that company. A lender may publicize a facility financing the same buildings, and an equipment supplier may announce the corresponding compute order. Adding those announcements would count the same economic activity more than once. Campus land capacity can also encompass phases that have neither a tenant nor a funded construction budget.
The tracker separates eleven measures: announced site power, secured utility power, facility grid load, critical IT load, generation nameplate, energized systems, ready-for-service capacity, tenant-accepted IT, billing IT, independently verified operating IT and measured utilization. Each observation retains its source-defined boundary and milestone. Design or contracted IT remains distinct from accepted, revenue-producing capacity.
Power usage effectiveness, or PUE, expresses facility energy divided by IT energy. It can translate carefully matched measurements, but applying a generic PUE to every announcement creates precision that the underlying disclosure does not contain. Mining power, utility service reservations and GPU-derived nameplate capacity require additional reconciliation. This investigation retains source definitions instead of forcing each figure into a single IT-megawatt column.
Independent demand estimates reinforce the scale of the opportunity while illustrating the normalization problem. The June 2026 Lawrence Berkeley National Laboratory update projects 649 terawatt-hours of US data-center electricity use in 2030, within a modeled range of 521–843 TWh. Dividing the central estimate by 8, 760 hours yields approximately 74.1 GW of average facility demand. That is neither peak connected capacity nor AI-only computing power, and it excludes Canada. It cannot be compared directly with a sum of North American campus announcements. GF15
The economic question is consequently narrower than whether spending is large. It is whether an identifiable increment of investment reaches an identifiable paying workload, on terms that cover construction cost, financing, power and equipment renewal. The project inventory and source ledger are designed to make that question repeatable as evidence changes through 2030.
3. What Is Actually Operating Today?
The clearest evidence is phase-level. Applied Digital reported 250 MW of critical IT capacity ready for service at Polaris Forge 1 on October 2. Galaxy reported rent commencement on the 133 MW first phase of Helios during the second quarter. TeraWulf's latest verified update identified 102 MW of revenue-generating IT at Lake Mariner. These statements establish distinct commercial milestones; they do not establish identical utilization rates, full cash collection or completion of every planned building. LP01 LP20 LP07
Other observations resist even that limited aggregation. Oracle says 75% of Abilene capacity was delivered in September; the delivery denominator is not demonstrated to match the 1.2 GW campus-power headline. Core Scientific reported a fleet-wide billing number that overlaps its site disclosures. Cipher reported initial Black Pearl rent commencement without quantifying the accepted tranche in the reviewed update. Multiplying percentages by an unmatched campus headline, or filling an unknown first tranche with full-campus MW, would create a false operating figure. ST02 LP18 LP10 LP11
The distinction between readiness and utilization also matters commercially. A lease may begin when an accepted building is available even if the tenant has not populated every rack. A compute provider may need additional equipment installation and workloads before generating revenue. For that reason the tracker records what each disclosure actually says and retains the date, capacity definition and source. Better evidence is a documented transition between stages, not merely a larger number in a presentation.
The delivery comparison retains each defined phase and milestone separately. Readiness does not establish tenant acceptance; billing does not establish collection or measured utilization. No combined operating total is inferred. A missing measurement is not zero.
The strict comparison contains zero customer-confirmed numeric observations in this bounded evidence set. Eight late-stage candidate rows remain visible individually: issuer readiness, acceptance and billing assertions have different contractual and engineering meanings. Austin’s 16.5 MW contracted design is excluded from a strict billing comparison until the actually billing scope is established.
Figure 4. Dated delivery observations. Source: bounded R3 delivery cohort; R2L003, R2L013, R3F011, R2L025, R2M016. Units: disclosed IT MW; different dates and milestones. No independent utilization verification.
4. Stargate: Progress, Delays and the Real Lessons
Stargate has progressed beyond announcements, but its campuses are at different stages and its headline capacity cannot be summed without adjustment. Abilene has the strongest evidence of useful compute: Crusoe reported energized buildings, Oracle GPU racks and operating training and inference workloads. Oracle’s current tracker says 75% of capacity was delivered in September 2026. That establishes a substantial company-reported handover, not 75% utilization or a metered 900-MW load. The denominator may differ from the 1.2-GW campus power headline, so operating MW remains unverified. Crusoe’s earlier mid-2026 expansion energization target and later year-end completion language also measure different milestones. ST02 ST03 ST04 ST05
The neighboring Microsoft development is separate: two 336-MW IT buildings are associated with a 900-MW on-site power project, with first energization targeted for mid-2027. Its addition does not prove cancellation of the original OpenAI campus. Frontier, in Shackelford County, is explicitly specified at 1.4 GW of critical IT load. Vantage originally targeted first-building delivery in the second half of 2026; Oracle now advertises first customer delivery in the first half of 2027. A Texas registration for Frontier building TX302 estimates September 2027 completion and $1.185 billion of construction cost. It is a nested building record, not another campus, and completed accessibility review does not mean completed construction. ST05 ST06 ST07 ST08 ST02
Milam County has a disclosed 1.2-GW OpenAI lease with SB Energy, but the accompanying SB equity and preferred-capital raises are platform funding rather than proof of a fully financed campus. The reviewed announcement does not settle IT versus gross capacity or a complete campus COD. Lordstown remains less transparent: its original operating expectation was 2026, while Epoch independently projects early 2027. Neither Epoch’s modeled MW nor a 300-MW figure inferred by subtracting Milam from a combined announcement is treated as verified. An October Ohio Supreme Court case concerned Bristolville 25, not a judicial rejection of SoftBank’s campus. ST09 ST01 ST26 ST25
Project Jupiter's central issue is the connection between power authorization and lease commencement. New Mexico records identify Yucca Growth Infrastructure's application 10883 and docket AQB 26-57(P); reviewed material did not establish a final air permit. Oracle's October proposal reduces projected emissions through a microgrid operating-output cap while asserting unchanged IT capacity. It remains a proposal within the permitting procedure. FERC separately identifies Transwestern's proposed Green Chile gas lateral, designed for up to 400, 000 dekatherms a day. The inherited September FERC notice reports availability of a staff environmental assessment. Notice-level evidence identifies a pathway under review; it does not establish final authorization, firm transportation or an in-service pipeline. Reuters reported force-majeure protection that could defer higher rent if power arrives late, while indicating the provision did not itself permit termination. The executed notice and complete lease were unavailable. ST10 ST11 ST12 ST13 ST28 R2S022 R2S023
Jupiter's public timetable now has a clearer baseline: Doña Ana County anticipated initial operations in the fourth quarter of 2026 and completion of the 400-acre first phase and microgrid in the third quarter of 2028. Oracle's tracker places first customer delivery in the first half of 2027. These dates describe different milestones; the later initial-service guidance is relevant, but it does not justify treating 2028 as a contradictory first-delivery date or calculating an exact delay without matching definitions. Lighthouse presents a separate regulatory dependency. Wisconsin closed the original transmission application process without denying the project; new docket 137-CE-229 requires an environmental impact statement and further approval. The estimated $2.481–2.725 billion electrical infrastructure cost includes approximately $1.099 billion of Oracle-paid E-STATCOM equipment. Oracle's second-half-2027 initial delivery and Vantage's 2028 campus completion can coexist. R2S012 R2S001 R2S007 ST14 ST15
Saline has substantial disclosed financing progress: Related Digital announced financing for the $16 billion project, with Related/Blackstone equity and PIMCO-anchored long-term fixed-rate debt. The debt/equity split, coupon, draws, reserves and guarantee terms remain unavailable. Its 1, 383 MW figure is contracted DTE demand, not measured facility consumption or confirmed IT load. The MPSC's April 30 order approves 570 MW of battery projects toward the larger storage obligation, with 2027 service targets; it does not establish completed storage. Utility contracts include customer-cost protections and emergency curtailment provisions. The Attorney General's challenge is an unresolved legal issue in this review, not an adjudicated invalidation. Battery MW is neither battery energy in MWh nor continuous generation. R2S003 R2S008 ST19 ST20
PORTS-Pike has an 8 GW IT agreement and a 20-year OpenAI lease, beginning with an expected 800 MW in 2028 and ramping through 2032. The associated 10 GW generation plan, including at least 9.2 GW of gas generation, is a separate capacity definition and depends on transmission, pipeline and remediation work. NVIDIA's SEC-filed commentary describes a $105 billion cap on initial guarantees covering approximately 4.25 GW. Effectiveness is phased and conditional, including readiness for service, with the first tranche expected in NVIDIA fiscal 2029. Exposure declines as OpenAI pays. This is material contingent credit support; the reviewed disclosure does not establish upfront construction cash or an unconditional construction-completion guarantee. Additional optional coverage remains separate, and NVIDIA's announced $1.5 billion equity investment is SB Energy platform capital. The decisive evidence is conversion of these arrangements into financed construction, powered facilities, accepted service and collections. ST21 R2S018 R2S004 R2S009
The evidence audit supports a narrower and more useful conclusion than either a blanket collapse thesis or a fully funded buildout narrative. Individual projects have real counterparties, construction activity and, in some cases, identifiable loan arrangements. Those facts do not establish that every promised megawatt has firm power, every facility is fully financed, or every contractual dollar will convert into revenue on schedule. The register therefore keeps design IT capacity, contracted utility demand, delivered service and measured operation separate. Unknown operational capacity remains unknown. Credit judgments turn on the conditions connecting construction spending to accepted service and collectible rent. R2S001 R2S008 R2S010
Abilene provides the clearest improvement over investment headlines. Newmark identifies a $2.3 billion JPMorgan construction loan for the initial 206 MW development. The local development authority separately describes an estimated $3.4 billion combined initial investment and Lancium's lease of approximately 90 acres to Crusoe. Dividing the loan by that estimate produces 67.6%, but exact cost and collateral boundaries have not been reconciled. The arithmetic $1.1 billion remainder is consequently not verified sponsor cash. A later $7.1 billion loan announcement and the expanded $15 billion joint venture cannot safely be added as current outstanding debt without refinancing and scope documents. R2S010 R2S011 R2S021 R2S002
The Abilene sensitivity uses this actual facility while exposing its assumptions. At a hypothetical 8% rate and a fully drawn, constant $2.3 billion balance, six, twelve and twenty-four months of additional carrying interest equal $92 million, $184 million and $368 million. A 100-basis-point increase adds $11.5 million, $23 million and $46 million over those periods; 200 basis points doubles the additions. Actual exposure scales with average drawn principal. A 15% or 30% shock to the entire initial investment estimate would add $510 million or $1.02 billion, but only unspent, repricing-eligible costs should receive the shock. These are bounded sensitivities, not forecasts or disclosures of the loan's coupon. R2S010 R2S011
Jupiter demonstrates why milestone discipline matters. Doña Ana County supplies an anticipated fourth-quarter 2026 initial-operations date and third-quarter 2028 phase-one completion. Oracle's tracker instead describes first customer delivery in the first half of 2027. These published dates concern different milestones; without matching the original and current definitions, they do not establish a like-for-like delay. Inherited FERC notices identify the proposed Green Chile lateral and a staff environmental-assessment procedure. This is evidence of a pathway under review, not final authorization, completed construction or delivered fuel. R2S022 R2S023 The replacement air-permit process remains a substantive constraint; the withdrawal of old applications does not mean the replacement was approved. Neither a large industrial-revenue-bond authorization nor a multidecade investment estimate proves lender cash availability. The reported force-majeure mechanism also cannot establish cancellation without the underlying notice and contractual remedy. R2S012 R2S001 R2S013
Saline contains both substantial progress and unresolved credit details. Related announces financing for the $16 billion project, including equity and long-term fixed-rate debt. Fixed-rate debt provides meaningful protection against immediate market-rate increases; applying a floating-rate shock to the entire project would overstate exposure. The MPSC's April order approves a 570 MW battery subset toward the larger 1, 383 MW obligation, with targeted service in 2027. It does not confirm completed storage. The register removes 1, 383 MW from measured facility-load treatment. Debt amount, coupon, draws, interest reserves, lease commencement and sponsor overrun support remain unavailable, so an honest stress case retains formulas rather than invented DSCRs. R2S003 R2S008
PORTS offers unusually large vendor credit support, with a crucial timing qualification. NVIDIA's filing caps its initial guarantees at $105 billion and makes effectiveness phased and conditional, including data centers becoming ready for service. That creates a potential distinction between the construction period, when cash is needed, and the period when covered lease support becomes effective. The support can improve bankability, but it is not an upfront construction payment or an unconditional completion promise. SB Energy's announced $1.5 billion NVIDIA equity investment is also platform capital. Separate generation, transmission, remediation and fuel dependencies still require execution and financing. A rate shock on the guarantee cap would be financially meaningless. R2S004 R2S018 R2S009
At corporate level, Oracle's latest cash flow needs careful interpretation rather than a claim that customer funding is fictitious. The company reports $23.103 billion of operating cash flow and $28.499 billion of capex, with $11.363 billion of identified customer prepayments and $19.909 billion of net ATM equity proceeds. Advances are real financing resources linked to future service. Mechanically removing them from operating cash flow yields $11.740 billion, not a normalized earnings metric. Strong cloud growth and quarterly delivery are substantial disconfirming evidence against an immediate inability-to-build claim. Future performance obligations nonetheless remain obligations, and aggregate delivery cannot be allocated arbitrarily among campuses. R2S005
CoreWeave similarly combines accelerating commercial scale with material financing exposure. Quarterly interest expense and the difference between adjusted EBITDA and GAAP operating results make equipment depreciation, financing terms and cash collections central. Its backlog is explicitly contingent on delivery and availability. Restricted cash should not be treated as freely deployable liquidity, while total debt should not be treated as immediately payable. A defensible downside case needs maturities, available facilities, collateral advance rates, hedges and customer-specific commitments. Current growth and operating capacity are important counterevidence; they do not eliminate refinancing or correlated customer risk. No insolvency prediction follows from this audit. R2S006
Publication should therefore present triggers, not predetermined outcomes. A bullish path requires final approvals, funded draws, reliable power, acceptance and collected rent. A base path permits phased delivery with visible financing and documented slippage. A bearish path becomes more credible when delays consume reserves, financing conditions expire, contracts permit rent relief, or support remains ineffective when funds are required. Lighthouse's new transmission docket is a real dependency, but the prior docket closure was not denial. Lordstown's separate-developer court case likewise is not proof of Stargate cancellation. These distinctions preserve the investigation's critical findings while preventing stronger claims than the evidence permits. R2S007 R2S016
The eight-case audit supports a narrower financing conclusion than the headline investment figures suggest. Public records establish meaningful commitments, identified sponsors and several concrete delivery milestones, but generally do not expose the complete borrower structure, draw schedule, remaining cost, completion recourse or lease acceptance tests. Those omissions prevent a defensible current funding-gap or debt-service-coverage calculation. They are disclosure limitations, not proof that financing is absent.
Abilene provides a useful correction. Newmark explicitly describes its $7.1 billion financing as the second phase, comprising six additional buildings. The earlier $2.3 billion loan concerned the initial development. Revision 3 therefore distinguishes the phases more clearly while declining to label their summed commitments current outstanding debt. Draws, potential refinancing components and contractual recourse remain unresolved. The initial $3.4 billion investment estimate less the first commitment is an arithmetic residual, not independently established paid equity. R3F001 R3F002
Saline's announced financing combines Related and Blackstone-affiliated equity with long-term fixed-rate debt anchored by PIMCO-managed capital. The allocation and contract terms remain private. Treating the $16 billion financing headline as a construction budget would create false precision, so the prior numerical construction-cost stress should leave publication comparisons. A rate increase does not automatically reprice existing fixed-coupon borrowing; it affects floating exposure, new borrowing or refinancing. R3F003
PORTS illustrates why payment support and construction finance must be separated. NVIDIA's filed description places readiness conditions on phased guarantee effectiveness, with the first tranche expected in fiscal 2029 and exposure declining as OpenAI pays. The $105 billion cap cannot substitute for drawn principal, available cash or project capex. The coverage can improve creditor recovery after effectiveness while leaving pre-readiness construction and delay exposure unresolved. Complete agreements are needed to determine covered obligations, exclusions and recovery timing. R3F004
For Jupiter, the county's investment estimates and bond-document index do not independently establish funding. Attempts to retrieve the three indexed IRB series failed. The reported $18 billion debt and $3 billion equity structure therefore remains attributed reporting; payment-delay protection cannot be converted into a precise legal conclusion without the lease and notice. County initial operations, Oracle customer delivery and full first-phase completion remain separate dates. R3F005 ST13
Lighthouse's regulatory page narrows one obligation: Oracle America Cloud Services LLC pays the identified E-STATCOM component. That does not establish the complete campus capital stack or transfer every electrical-system cost to Oracle. Frontier's TX302 registration likewise identifies a legal building owner and cost estimate, but neither a borrower facility nor commercial acceptance. The building remains nested within Frontier; its cost and timing cannot be applied indiscriminately to the entire campus. R3F006 R3F007
Helios has the clearest phase-aligned comparison. The original Phase I commitment and provided equity imply a historical $1.75 billion financing basis against 133 MW of delivered critical IT capacity. Phase II's accepted R2 issued principal can be compared with its separately identified 260 MW of contracted IT capacity. These ratios describe financing intensity, not replacement cost or an industry benchmark. Phase I delivery and rent commencement are issuer-reported evidence; utilization remains unmeasured. The targeted filing re-fetch failed, so Phase II coupon, maturity and completion guarantee retain accepted R2 provenance rather than a claim of fresh document closure. R3F009 R3F010 R3F011
Milam's customer lease strengthens commercial evidence, but SB Energy's common and redeemable-preferred platform capital cannot all be assigned to this site. Preferred redemption can create future capital demands even where headline project growth is achieved. R3F008
Behind-the-meter generation has a plausible favorable case at Abilene if staged onsite capacity delivers dependable net power ahead of constrained grid supply. The cited prospective generation figure does not establish that outcome. Jupiter provides the adverse sensitivity: proposed gas infrastructure and a notice announcing availability of a staff environmental assessment can coexist with unresolved commissioning, permit and fuel conditions. Neither case warrants a blanket verdict. Engineering closure requires firm fuel transport and pressure, hot-weather derating and auxiliary-load adjustments, emissions-compatible dispatch, maintenance redundancy, black-start capability, ride-through and power quality, equipment warranties and integrated commissioning tests. R3F001 R2S022 R2S023
The stress tables isolate mechanics: additional elapsed interest, exposed-principal rate shocks and increases on applicable unspent costs. They do not forecast recoverable rent, cash shortfalls or DSCR. Even a completed, leased asset can produce weak sponsor equity returns if overruns, delayed acceptance, preferred claims or expensive refinancing absorb its residual cash flow.
5. Mature Markets and Frontier Development
America's largest non-Stargate developments are moving through different bottlenecks, making a single announced-megawatt league table misleading. This review distinguishes operating facilities, phased construction, land development and utility commitments. The strongest evidence of delivery is a commissioned facility or disclosed production workload; neither proves its full planned electrical capacity is operating. Unknown operating megawatts remain unknown, rather than zero. Distributed training clusters further complicate attribution: counting a cluster and each participating campus creates artificial supply.
Microsoft provides unusually concrete commissioning evidence. On June 23, 2026, it reported that its first Mount Pleasant Fairwater facility was fully operational following equipment startup in April; the release does not establish June 23 as the exact operational start date. A second nearby facility remains under construction with a 2028 completion target. Atlanta began operating in October 2025. These are separate physical assets joined into a distributed training system. Meta's October 19 engineering account similarly says Prometheus's first phase is complete and has trained Muse models. These disclosures establish useful operation while leaving actual utilized MW and investment returns undisclosed. US-S05 US-S06 US-S07
Hyperion illustrates the gap between sponsor ambition and independently observable completion. Meta's current Louisiana page advertises 5 GW of compute and more than $50 billion of investment. The initial Blue Owl partnership finances approximately $27 billion of buildings and long-lived infrastructure, with funds owning 80% and Meta 20%. Initial leases run four years; a capped residual-value guarantee applies under specified circumstances during the first 16 operating years. That structure should not be described as an unconditional 20-year rental guarantee. A creditworthy customer materially reduces demand risk, but renewal, residual value and expansion funding still deserve separate underwriting. US-S01US-S02
Louisiana's August 2025 order approved an initial generation/transmission settlement with conditions. Entergy's March 2026 agreement separately proposed seven additional gas plants exceeding 5.2 GW and roughly 240 miles of high-voltage lines. Its assertion that Meta pays full costs is material, but not proof that every later expansion permit is granted or every cost scenario is insulated. The investment case turns on matching phased load, turbine deliveries, transmission and enforceable customer obligations. Counting supply generation as additional data-center capacity would overstate demand. US-S03US-S04
AWS presents a different aggregation trap. Northern Indiana's additional $15 billion/2.4 GW program is regional and distinct from the earlier $11 billion St Joseph County commitment. Rainier operates across multiple American data centers; the reviewed evidence does not allocate the entire cluster to New Carlisle. Mississippi's $25 billion program encompasses Madison expansion, Warren and a Hinds conversion, so state totals cannot become individual campus valuations. In Pennsylvania, current project pages describe active construction at Salem and Falls Township, with commissioning and operation dates for the new developments still to be determined. Salem's existing-campus operation language does not establish completion of its expansion. Talen's maximum 1, 920 MW supply agreement covers the adjacent campus and other Pennsylvania sites and ramps fully by 2032; neither that ceiling nor the ramp date measures Salem's operating capacity. Completion of the previously expected front-of-meter transition remains unverified in this review. US-S08 US-S09 US-S10 US-S11 US-S12 US-S14 R2U012 R2U013
Colossus requires unusually careful legal and metric reconciliation. Anthropic's May agreement establishes external demand for Colossus1, without revealing price or duration. SpaceX's October 22 filing defines 1.7 GW company-wide nameplate compute using installed GPUs and their power characteristics; it expressly differs from actual consumption and excludes infrastructure overhead. That number cannot be allocated wholesale to Memphis or Southaven. The filing also reports contested contractor claims and ongoing environmental proceedings, not adjudicated unpaid liabilities. US-S17US-S18US-S19
The executed Mississippi turbine order is more informative than a generic power announcement. It permits a temporary-to-permanent transition with unit-specific retirement requirements, including a December 31, 2026 deadline for thirteen specified units. It acknowledges permanent-equipment delays. March permit minutes separately support 1, 260 MW of proposed permanent generation. The favorable reading is a managed bridge to durable supply; the adverse reading is schedule dependence on constrained equipment and unresolved federal air litigation. State accommodation does not dispose of the federal case. US-S20US-S21
Private developers expose the same distinction between commercial commitment and buildout. CyrusOne has 380 MW of signed Freestone arrangements plus another 380 MW under exclusivity, not two equally firm phases. Aligned broke ground on 2 GW Project Phoenix and 540 MW Caprock, but Caprock's first-facility target is Q1 2027, not a promise to deliver all 540 MW then. Phoenix's dedicated generation shifts diligence toward gas, emissions and fuel contracting. Switch's $2.6 billion performance-letter-of-credit facility backs power obligations; it is not equivalent to funding every data hall. US-S22US-S23US-S24US-S28
Google's Texas program, NTT's new Mesa land, Digital Realty's Charlotte potential and Equinix's Atlanta acquisition warrant monitoring without promoting announced capacity into operations. Local opposition also demands entity matching: Fayetteville rejected a separate Crow Holdings proposal, not the QTS campus. The county attributes QTS's water controversy to metering and billing failures and disputes residential-pressure impacts. That counterevidence matters, while construction water remains a distinct burden from future closed-loop cooling. The next useful evidence is phase-specific energization, executed utility security, turbine acceptance and lease commencement—not another aggregate capital-spending headline. US-S15US-S25US-S26US-S27US-S30US-S31US-S32
Prince William County provides a decisive negative control. QTS’s July termination statement was reported by Reuters and The Washington Post. The county’s August update separately confirms that the July 29 appellate order voided Digital Gateway rezoning approvals and restored the former zoning. The comprehensive-plan amendment survived, so a future proposal would require a new rezoning procedure. This supports exclusion from active delivery projections without claiming the entire planning corridor can never be developed. Repeated coverage of the same QTS statement is one originating corporate account, while the county notice supplies independent primary evidence about legal status. R2V003 R2V004 R2V006
Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. R2V008 R2V009 R2V010 R2V011 R2V012
Culpeper makes schedule discipline especially important. EdgeCore originally described 216 MW initial critical capacity, possible expansion to 432 MW and early-2028 initial power delivery. Its current page instead markets 196 MW with capacity available from mid-2029. Utility power and customer-ready capacity are different milestones, and the scope changed; calculating a simple delay would overstate the evidence. DataBank’s separate 192 MW campus comprises IAD5 and IAD6. An October 2025 groundbreaking announcement targeted the first facility for early Q2 2026, but a dated completion readback was not obtained. A passed target is neither proof of operation nor proof of delay. R2V013 R2V014 R2V015 R2V016
Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. R2V017 R2V018 R2V031 R2V034 R2V035
Fairfax is explicitly represented by the Stonecroft transaction and a documented inventory gap. The county confirms a conditional agreement for approximately 41.7 acres at $166.8 million, with closing anticipated in April 2027 absent extensions. It expressly says the sale approval does not approve data-center use. The county’s schedule for replacing public-safety facilities must not become a data-center opening date. Its August inventory of twenty operating and eleven construction facilities demonstrates that this named-site sample is incomplete, but those counts do not justify manufacturing eleven project records without addresses and permit links. R2V020 R2V021
Oregon requires a similarly precise distinction between regulatory instruments and physical progress. Hillsboro’s July 27 measure concerns new data-center and BESS land-use applications, initially for 120 days; the city’s September page discusses a possible additional six-month extension. The separate state enterprise-zone application pause concerns tax incentives. Neither statement alone proves previously permitted campuses stopped operating or building. STACK POR03 reports approximately 200 MW total critical capacity including 72 MW operational, with additional availability and expansion components. Those component figures do not exactly reconcile to the headline, and operator-reported operational capacity is not measured utilization. Aligned PDX-01 is named, but no unsupported third-party MW is imported. R2V001 R2V005 R2V022 R2V023
Atlanta’s additions include DataBank’s 120 MW critical IT Lithia Springs campus and STACK’s 160 MW ATL02 marketing specification, whose IT-versus-gross definition remains unclear. CBRE’s H1 2026 estimate of 2, 882 MW under construction concerns its Atlanta market and measurement period. Comparing it with a mixed-stage, partly unquantified research sample reveals incomplete coverage, not a calculable missing-capacity balance. The record therefore reports the benchmark, its scope and the reconciliation gap without a misleading coverage percentage. R2V024 R2V026 R2V007
Georgia also supplies a useful independent negative control: Fayetteville denied Crow’s Highway 85 North site plan in January 2026, and the appeal was withdrawn in March. That is a separate site from QTS. The county water utility’s May statement says QTS meter and billing problems were corrected and disputes residential pressure impacts; this is attributed to the utility, while raw measurements and permits remain unavailable. Across all Tier 1 records, the ten-field audit distinguishes evidence obtained from missing private contracts. The central remaining publication limitation is phase-level execution: entitlement, firm power, financing draws, lease conditions and accepted operating load cannot be filled by press-release confidence. R2V027 R2V028
Iowa illustrates the value of municipal records for identity and approval checks. Cedar Rapids identifies Google, QTS and CLOP as distinct developments. Google's Heaviside alias should remain within the Google record. QTS occupies a separate Big Cedar campus; its development agreement establishes investment and timing conditions, which should not be relabeled as customer commissioning dates. CLOP is a smaller, separately addressed development with a June 2026 building permit under existing industrial zoning. That permit is not Google's or QTS's. Google's Council Bluffs expansion belongs alongside Cedar Rapids in the statewide investment program, but the state-level spending announcement cannot be allocated in full to both campuses. R2U001 R2U002
Nebraska's Google location record distinguishes Lincoln, Omaha and Papillion. The current page attributes a 2026 online milestone to Lincoln. That supports an attributed operating-stage statement, but does not provide independently verified operating IT load, tenant acceptance, billing or utilization. The state's new reporting and task-force infrastructure offers a useful route to water and energy records. This review identifies that route without claiming that a facility's actual annual return was retrieved. Future work should reconcile the Lincoln project name with any Agate permit entity using parcel and permit identifiers, rather than relying on secondary interpretations of redacted material. R2U003 R2U004
South Carolina should be modeled as three Google sites: Pine Hill in Ridgeville, Winding Woods in St. George, and expansion at the existing Moncks Corner campus. The 2024 announcement allocates one combined investment figure to the two Dorchester sites and a separate figure to Berkeley. County announcements corroborate acquisition and groundbreaking, although a government release based on the same announcement is weaker than an independent permit or meter record. Google's live location page contains a non-specific 2024 Dorchester opening milestone that does not resolve which new campus or phase was commissioned. The report should retain that ambiguity rather than translate it into two fully operational campuses. R2U005 R2U006 R2U017 R2U018
Meta's Aiken project provides another identifiable South Carolina owner-user campus. State and company announcements name Sage Mill, the construction partner and the local electric cooperative, and preserve an original spring 2027 target. None of those statements proves an executed firm-power agreement, completed water and air approvals, financing close or revised commissioning date. Its floor area should remain floor area. Renewable energy matching should remain a procurement attribute, rather than a claim that equivalent round-the-clock delivered power is secured. R2U007 R2U008
Orangeburg requires building-level treatment. DataBank announced LGA3 operational in May 2025 and described it as nearly fully leased; a later facility datasheet specifies 20 MW critical IT design capacity. The adjacent LGA4 page specifies 10 MW and describes the second facility in future tense. Neither figure is an independently measured operating load. Nor does qualitative leasing disclosure establish accepted or billed MW. Historical campus plans, substation capacity and these individual building specifications must not be added together. A generic availability or service-hours label is not commissioning evidence. R2U009 R2U010 R2U011
New York's July 14, 2026 Executive Order 62 creates a material, defined permitting constraint. Its data-center definition covers a facility or group of facilities on the same or contiguous sites capable of consuming at least 50 MW, subject to stated exclusions. DEC must hold covered discretionary applications for construction or expansion that were not deemed complete before July 14. Local-government permissions are expressly excluded from that provision. Applicability to a named project therefore depends on its campus boundary, power capability and DEC completeness history; the order does not establish a universal construction prohibition. The official explanation describes a pause of up to a year, while the operative order ties the hold to submission of the final GEIS and associated findings report. Separate proposed legislation is not treated as enacted law. R2U015 R2U016
Residual diligence remains substantial. Deeds, final local approvals, environmental permits, executed utility and fuel contracts, financing schedules, leases, acceptance tests and metered operation are not uniformly public or retrieved. An explicit unknown is preferable to a favorable assumption. This contribution strengthens named-site coverage and traceable status classification; it does not certify complete regional coverage or independently verified megawatts across the portfolio.
Western coverage adds eight named developments across California, Colorado, Utah and Idaho. The records show why regional inventory cannot be reconstructed by adding every advertised power number. STACK's San Jose announcement places a 60 MW critical-capacity expansion inside a 100 MW campus. DataBank's SLC6 announcement puts two expansion increments inside a 22 MW facility. These are nested scopes, not separate supplies. Capacity advertised in a current specification sheet also does not establish the amount energized, accepted by a tenant or generating revenue. R2W001 R2W013 R2W014
California supplies two particularly useful definition controls. Novva's dated San Francisco announcement describes 28 MW of critical capacity and a 9 MW first phase targeted for summer 2026, while its current facility page gives 36 MW. The database retains these conflicting versions and leaves the canonical IT figure unresolved; it does not assume the initial phase met its target. At STACK's Hayward SVY03A, the California Energy Commission and city identify 76.6 MW of backup generation. The city separately records the May 2025 land-use approval and describes construction. Neither fact converts the generator rating into critical IT capacity or completed utility delivery. R2W002 R2W003 R2W004 R2W005
In Colorado, DataBank's September 2024 release announced an October grand opening for DEN5, with 16 MW critical IT capacity. A later operator tour supports treating it as an existing marketed facility, while metered IT use remains unknown. QTS describes its Aurora campus as having at least 160 MW of critical capacity and 65 owned acres. This is a planned campus specification: no retrieved utility contract or complete permit file establishes delivery of the full figure. These additions broaden private-operator coverage without manufacturing an operating-capacity total. R2W006 R2W007 R2W008
Novva's West Jordan expansion is the strongest financing and energy-path case in this supplement. CIM and Novva reported a closed $2 billion commitment supporting two planned 72 MW critical IT phases, targeted for 2026. The campus headline is 175 MW; the two phases and headline are not additive. Commitment, drawn balance and construction budget remain separate. Utah's December 2024 air order also matters: it authorizes 72 new natural-gas engines for primary power to two buildings. A description limited to emergency backup would miss this principal generation route. The order does not establish executed gas transportation, net electrical output or completion of the engines, and mechanical engine ratings are not converted into IT supply. R2W009 R2W012
The Novva credit case therefore needs two distinct sensitivities. Construction overruns of 15% and 30% require a verified remaining construction budget, which the retrieved financing announcement does not provide. For illustration only, if the full commitment were drawn, floating and unhedged, rate increases of 100 and 200 basis points would add $20 million and $40 million a year. Six-, twelve- and twenty-four-month delays extend that hypothetical carrying burden, but lost revenue and base interest cannot be estimated from the available terms. The city's expansion coverage provides useful local corroboration; its repetition of the financing amount is not a separate lender confirmation. R2W009 R2W010
Idaho's addition is already at a different stage. Meta announced Kuna online on September 3, 2026 and reported more than $1.2 billion invested. The regulator's ESA approval and Idaho Power's planning document independently connect the project to Brisbie LLC. The utility's June 2025 forecast had expected completion in 2025, revealing a later operating announcement while leaving exact delay measurement uncertain because the milestones differ. None of these primary records supplies defensible site IT MW. The special-contract threshold and the utility's aggregate large-customer forecast are not substitutes. Owner-reported online status is retained, while independently verified operating IT and measured utilization remain null. R2W015 R2W016 R2W017
The three market additions change the coverage qualification of this investigation. Illinois was absent from the retained R2 project inventory, while Arizona had one NTT Mesa development record. Dallas–Fort Worth also needed identifiable local developments to sit alongside the inventory’s substantial West Texas coverage. R3 adds selected campuses and phases, rather than presenting the resulting list as a census. An operating reference is useful evidence of execution, but it does not belong in a tally of future construction.
Chicago’s clearest incremental building example is Edged’s second Aurora facility. The developer reported structural topping out in June 2026, a 72 MW critical-capacity design and full preleasing, with operations targeted for the second quarter of 2027. These are meaningful milestones, although the disclosed tenant and lease economics remain unavailable. The record covers that second building; it does not add the older whole-campus headline on top. R3P004
Two larger Illinois campuses qualify through disclosed investment scale even though this review does not establish defensible MW figures. Compass’s redevelopment of the former Sears headquarters in Hoffman Estates involves five planned buildings and an approximately $10 billion eventual investment headline. ComEd separately described a dedicated onsite substation and a mid-2026 energization target. The target has passed, but that alone establishes neither energization nor a delay: a current commissioning record is still needed. Compass’s October 2026 account confirms continued development, without closing individual building milestones. CBRE identifies Microsoft as the lessee; this remains broker-reported tenant attribution until the underlying lease or tenant confirmation is reviewed. R3P005 R3P007 R3P024
At Yorkville, CyrusOne describes more than $1 billion of planned investment, infrastructure work beginning in 2025 and site work in early 2026. Its current proposal also revises the building design. First-building completion in late 2027 and operations beginning in 2028 remain targets. Developer-funded transmission is part of the plan, but the public description does not disclose a binding allocation or energized MW. The appropriate classification is development and site work, with capacity unknown. R3P008
Dallas–Fort Worth requires its own geographic boundary. Red Oak, Lancaster and Irving are local examples; Abilene and other West Texas developments are not substitutes. DataBank’s first three Red Oak buildings illustrate the distinction between capital commitment and service delivery. The company announced a $2 billion construction loan and said DFW9, DFW10 and DFW11 were leased. Its current directory identifies each at 60 MW critical IT design, supporting a transparent 180 MW design total. Neither the loan nor the directory establishes customer acceptance, billing or measured utilization. The three buildings must also remain nested within the larger eight-building campus. R3P009 R3P010
At Skybox’s Lancaster PowerCampus, the developer distinguishes 200 MW of critical-load design from a 300 MW onsite substation. A state filing identifies interior improvements to the first building’s existing shell and supplies estimated costs and dates. Those are useful identity and scope evidence, but a registered project is not a completion certificate. The separate Edged Irving second-building record is a smaller comparison: 24 MW proposed critical capacity, with a later state filing listing July 2026 and March 2028 construction dates. It remains below the principal-investigation materiality threshold, and “Review Complete” is not proof that construction began. R3P011 R3P016
Arizona also needs mixed-stage campuses to be represented accurately. EdgeCore’s current Mesa specification describes 496 MW of critical IT design across five buildings. Earlier announcements combine an operating building, buildings under construction and additional development land. The historical 450-plus-MW headline, the first-campus figure and the expansion figure cannot be added to the current design. Its $1.9 billion financing disclosure is significant, but the allocation and drawn amount for later phases are not public in the reviewed evidence. R3P017 R3P019
Two Arizona references show why operating evidence still needs precise boundaries. Stream says the first two PHXA buildings in Goodyear serve tenants, while five remain future development options. Its 280 MW full-build critical capacity is distinct from the ultimate 480 MW substation rating. Edged’s Mesa facility had an April 2026 opening event reported by the company and its participating fiber provider. That 36 MW design is a useful dated opening reference, without establishing accepted IT, revenue or utilization. A website’s later space-availability date should not be mistaken for the opening date. R3P020 R3P023
The market benchmarks require similar care. CBRE’s H1 2026 primary-market totals concern eight wholesale markets, with 10, 903 MW of supply and 7, 481.1 MW under construction. JLL’s broader North America report describes more than 66 GW under construction, including owner-occupied development and a much larger frontier-market component. These totals describe different universes. The retrieved public summaries also lack a complete crosswalk for construction admission rules and engineering capacity definitions, so geography alone cannot close the difference. R3P001 R3P003
Publication can therefore describe a broader, better-qualified investigation of these markets. It should not claim full market coverage, equate preleasing with utilization, or turn a campus’s ultimate electrical design into near-term supply. The next decisive records are building-specific completion, utility service and energization, tenant acceptance and project financing documentation. These gaps are visible research limits, not evidence that the corresponding projects have failed.
Atlanta’s private-capital pipeline becomes more visible through two distinct DC BLOX campuses and T5 Atlanta IV. The Atlanta West financing announcement establishes a closed $1.15 billion loan supporting development, but it does not establish how much has been drawn, the project borrower’s exact identity, lender recourse or current billing. Earlier funding cannot simply be added to the later financing amount without checking whether it was refinanced or remains separately available. Campus capacity and building capacity also require different denominators. R3U001
The current Atlanta West page identifies 200 MW of critical-load campus design; its remaining building carries 80 MW critical load and 120 MW total load. These figures describe different scopes, not competing estimates of a single operating number. Atlanta East’s separate Conyers campus has 154 MW of completed-and-planned critical-load design, organized as one 10 MW building and three 48 MW buildings. That language does not reveal the operating fraction. Both sites name utility providers, but neither utility name proves an executed, fully deliverable service commitment. R3U002 R3U003
T5’s Palmetto acquisition establishes control of a substantial planned Atlanta IV site. Its announced 300 MW power capacity lacks an explicit critical-IT definition. The originally anticipated 2026 substation milestone is not a demonstrated data-center opening date. The record therefore remains a land-controlled development with unverified current construction and energization, rather than being counted among financed or operating campuses merely because the platform is established. R3U004
Northern Virginia additions span different stages. NTT’s VA11 has a clearly defined 96 MW critical-IT building design and an early-2027 opening target. A separate March 2026 issuer announcement reports a hyperscale customer commitment above 90 MW. That is useful demand evidence, but the customer’s identity, executed lease terms, acceptance conditions and rent commencement are unavailable. Iron Mountain’s 40-acre Manassas extension is earlier-stage evidence: acquired land supporting two proposed buildings and 150 MW of planned capacity, with a new substation contemplated. Neither the larger existing campus nor the separate Richmond acquisition should be added to this incremental record. R3U005 R3U006 R3U007
Equinix supplies a different measurement system. Its December 2025 construction table identifies DC17 phases 1–2, DC22 phase 2, SV18 phases 1–2 and NY11 phase 5. The disclosed units are sellable cabinets and estimated capital expenditure, not critical IT load. The corresponding later quarterly filing does not resolve these phases individually; an elapsed target and a live sales page cannot substitute for an acceptance date. SV18 is in San Jose, while NY11 is physically in Carteret, New Jersey. The latter is retained as a smaller mature-market comparison, not used to inflate the hyperscale principal cohort. R3U008 R3U009 R3U010 R3U012
Legal closure requires equal care. Loudoun’s October 22 account of the October 20 AWS/GWU negotiations describes intent to withdraw the proposed data-center use, but also states that agreements still need finalization. The case belongs outside the active development cohort with a preliminary-outcome label, rather than an assertion that a binding cancellation has been fully executed. Hillsboro’s city page, meanwhile, describes a moratorium on new applications and an ongoing code-amendment procedure. It does not justify saying every approved project has been halted. The operative city instrument was not separately obtained, so the legal basis remains a government-summary source. R3U013 R3U014
Figure 1. Two research universes. Source: R3 project classifications; Natural Earth MAP01. Approximate municipality coordinates; overlapping points; unlocated records retained in tracker. Units: records, not MW.
6. Canada's Emerging AI Infrastructure Opportunity
Canadian opportunities span operating conversions, new buildings and proposed power-rich campuses. Toronto, Montreal, Quebec City, Calgary, Edmonton and Ottawa require different evidence tests. Acquisitions and refinancings stay in the reference cohort unless a distinct incremental development is established.
Saskatchewan offers the clearest example of a headline exceeding its currently executable base. Bell's original 300 MW Sherwood project has credible construction evidence: an October government update describes substantial employment, advancing structural work and a substation contractor. First-stage delivery remains targeted for the first half of 2027. That is materially stronger evidence than a press-release-only concept, although it establishes neither energized capacity nor customer acceptance. Bell's additional 900 MW is a separate proposed Saskatchewan development. Its September announcement explicitly describes a non-binding memorandum, customer-dependent phases and outstanding definitive agreements and approvals. The resulting 1.2 GW headline combines these different stages. CA-S01CA-S02CA-S03
The associated potential investment above C$50 billion includes computing equipment and generation alongside data-center buildings. It therefore cannot be interpreted as funded Bell construction expenditure. This distinction matters for competitive analysis: a conditional campus can attract attention or land commitments long before it competes for an actual tenant delivery date. Conversely, the original 300 MW construction program should not be dismissed merely because its much larger follow-on phase is speculative. Evidence that would move the expansion into a firmer category includes named customers, executed generation agreements, specific permits and disclosed financing. CA-S03
British Columbia's immediate market is constrained by allocation rather than an absence of developer interest. BC Hydro reports approximately 800 MW of applications against a framework allocating 300 MW to AI and 100 MW to conventional data centers over two years. Selection remains in review, with its notification timetable extended. Applications are not awards. TELUS separately says it has secured an initial 85 MW across three BC facilities and plans more than 150 MW by 2032. The 85 MW and 150 MW are portfolio figures: assigning either to each of Kamloops, Mount Pleasant and West Georgia would multiply capacity without evidence. CA-S24CA-S07
Bell's British Columbia portfolio requires attention to the boundary between facility platform, GPU provider and customer. HIVE's June announcement described a US$220 million, three-year Bell/Cohere GPU-services agreement and 2, 016 GB300 GPUs. Its August results instead described approximately US$225 million and 2, 304 GB200 NVL72 GPUs. The contract amendment or scope difference needs reconciliation. Neither figure is annual recurring revenue or proof that the whole Merritt campus is leased. Bell's two 6.5 MW facility phases also differ from BUZZ's 5 MW IT lease and additional 7.6 MW option. CA-S04 CA-S06 R2C043 R2C044
Operating evidence is strongest where a specific launch is documented, but MW utilization remains uncertain. TELUS opened Rimouski in September 2025 and described it as sold out, without establishing measured IT load or the detailed credit protection of customer commitments. Bell identifies Mission Flats as its first facility online without demonstrating full utilization of the advertised 7 MW. HIVE's June results state that its Manitoba B200 cluster went live in May 2026; subsequent results report a revenue contribution. The contractual footprint requires correction: the original 4 MW commitment was reduced to 1 MW plus a 3 MW option. Actual billing MW and physical overlap with Bell Rosser remain unresolved. CA-S07 CA-S04 R2C043 R2C044 R2C053
Alberta contains both major contracted developments and ambitious preconstruction proposals. Meta's Sturgeon County campus has a self-use sponsor, a groundbreaking and an associated generation investment decision. Greenlight's 932 MW combined-cycle project targets H2 2030. Capital Power separately announced a 250 MW capacity-and-energy agreement with Meta for more than ten years, expecting service from H2 2028. That identifies an interim supply counterparty but does not establish all campus energization, IT acceptance or completion of the later generation plant. These quantities describe different assets and obligations. CA-S17 CA-S18 R2C025 R2C026
Wonder Valley remains a different proposition. The developer's current description places it in preconstruction and consultation, with a Phase 1 concept of ten 100 MW IT buildings supported by up to 2 GW of generation. The older 7.5 GW figure is a long-term power ambition, not operating compute capacity. No committed tenant or financing close was established in this review. Keephills sits between these cases: AESO confirms an executed 230 MW load contract, but the development memorandum and contemplated power purchase arrangement represent separate commercial steps. A system-operator allocation does not by itself establish tenant demand or a completed power sale. CA-S21CA-S22CA-S19
AESO's published Phase I allocation totals 1, 200 MW across 970 MW GLDC and 230 MW Keephills. Those projects must still complete applicable connection processes. Its September update also describes the bring-your-own-generation process as still being finalized. Consequently, Alberta's policy preference for new generation should not be represented as a fully operational blanket exemption from permitting or reliability requirements. The GLDC identity was not conclusively reconciled to Meta in this review; creating another additive 970 MW campus would risk substantial duplication. CA-S19CA-S20
HIVE's 320 MW GTA proposal still has conflicting design and schedule disclosures: 200 versus 240 MW of IT capacity, and H2 2027 versus H1 2028. The June results' illustration is arithmetically consistent with its own 200 MW denominator: at US$150 per kW-month, full operation would generate US$360 million annualized. That is a peer-pricing illustration, not evidence of an executed GTA tenant lease. The unresolved issue is scope across documents, not that particular multiplication. The 7.2 MW Toronto airport-area acquisition is a separate development. Provincial adequacy planning does not verify either site's connection conditions. R2C045 R2C053 CA-S13 R2C047 CA-S26
Public sovereign-compute support needs the correct beneficiary. Government documents identify CoreWeave as builder and operator of Cambridge capacity and Cohere as anchor customer, with up to C$240 million for Cohere's C$725 million compute program; this does not disclose complete property financing. QScale's 60 MW IT Building B is nested within Q01's advertised 142 MW campus power. Separately, the November 2024 financing comprised a closed 170 million facility and a 150 million uncommitted accordion (the original release uses a dollar sign without an explicit currency code) for phases 3 and 4. Goldman Sachs Alternatives' May 2026 acquisition is an ownership event, not proof of subsequent phase acceptance. CA-S16 CA-S09 R2C023 R2C024
Pricing and conversion risks are the final cross-market differentiators. Hydro-Québec's proposed tariff requires a verified regulatory decision before being treated as a current universal rate. Manitoba's new levy framework requires commencement and applicability checks before assuming that any named facility's electricity bill doubles. At Grand Falls, 70 MW of energized mining infrastructure is not evidence of a completed 50 MW AI conversion: network delivery, redundancy and customer acceptance remain distinct milestones. For an emerging developer, the competitive lesson is concrete: firm power terms, a credible customer and accepted phased delivery are more valuable than a larger unconstrained MW headline. CA-S25CA-S27CA-S15
Cologix MTL8 is the clearest classification test. Its March 2026 announcement explicitly places the facility in service when the senior loan is announced. Recent financing is therefore evidence of capital deployment around an existing asset, rather than evidence that construction has just begun. Neither the debt amount nor advertised site power proves tenant acceptance, billing load or utilization. The financing could include continuing investment or refinancing, but the reviewed release does not disclose that split; choosing either label as established would overstate the evidence. R2C001
Private platforms also demonstrate why financial headlines need reconstruction. eStruxture's July 2025 total combined issued ABS with an underwritten revolving component and an accordion. The full headline cannot be treated as cash drawn or as a CAL-3 construction loan. Its later program total requires a bridge to the earlier components. Rating analysis adds real diligence value: debt can retain a long legal maturity while expecting refinancing much earlier, and a post-refinancing-date cash sweep can constrain owner distributions without immediately constituting a default. This is a financing risk distinct from whether the underlying facilities are technically sound. R2C002 R2C003 R2C004
QScale illustrates the same distinction at a named campus. Its facility announcement separates a closed credit line from an explicitly uncommitted accordion for Q01 phases 3 and 4. That is stronger evidence than a generic investment aspiration, but still does not reveal draws, equity contributed, or financing for every subsequent phase. The May 2026 ownership transaction closed with Goldman Sachs Alternatives and reinvesting founders and management. It should not be attributed to Brookfield, nor should an acquisition be mistaken for completion of Building B. R2C023 R2C024
Vantage's Quebec City expansion provides a lender-origin reference point: a specified additional IT-capacity phase supported by a defined senior facility, with the institutional lender's participation included within the total loan. The old completion target is not proof of completion today. Montreal III separately identifies critical IT capacity and its dedicated substation, demonstrating why an electrical asset rating cannot be added to data-hall IT load. Current operator specifications are useful for design definitions but are insufficient to establish the amount customers have accepted. R2C008 R2C010
Ontario coverage now includes private operating-platform comparisons. Cologix consolidated TOR4 ownership while describing a concurrent TOR5 purchase; the announcement's different verbs matter when determining closing status. Qu's launch follows an acquisition of existing Rogers facilities and includes Ottawa capacity with expansion potential. These are evidence of ownership and available infrastructure, not a fresh batch of greenfield megawatts. Neither two-site nor national portfolio totals should be assigned in full to every facility. Niagara searches also require geographic care: a New York development is not an Ontario project. R2C006 R2C027 R2C028
British Columbia yields useful evidence outside operator publicity. Burnaby's permit register identifies VAN-3 alterations and additions, while eStruxture explicitly labels the advertised electrical figure critical power. The permit's declared value is not the complete capital stack. At Hillside, TRU's landlord account establishes the land lease, TrueNorth's development role, construction activity and a late-2027 expectation. Bell's network branding alone did not reveal those ownership roles. BC Hydro's refusal to discuss individual requests means that general connection-policy documents cannot independently validate a particular company's allocation. R2C030 R2C029 R2C039 R2C022
Alberta provides both progress and negative controls. Capital Power's disclosed Meta agreement helps explain initial power supply before the later Greenlight generation target, while the county separately identifies the approved data-centre project. By contrast, Rocky View County refused the specific Kineticor area-structure-plan proposal despite an AESO allocation; that decision does not establish an irrevocable ban on a future revised proposal. Beacon's Indus ASP approval and federal no-further-assessment determination address different permissions; they cannot substitute for every provincial approval or a financed customer commitment. Malachite One remains a developer concept, and its displayed full-build power arithmetic does not reconcile. R2C026 R2C025 R2C015 R2C013 R2C033 R2C017
Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. R2C018 R2C019 R2C035 R2C020 R2C049
Finally, HIVE's detailed disclosures change interpretation of two baseline records. The Manitoba lease's headline footprint includes optional capacity, while subsequent results substantiate a GPU deployment's contribution to revenue without providing site utilization. Grand Falls distinguishes gross energized mining infrastructure from a planned AI conversion, and its power arrangements include an interruptible or surplus component. These differences matter for reliability, customer commitments and economics. They also reinforce why Rosser landlord capacity, BUZZ hosted IT and Bell network aggregates must not be added before their physical boundaries are reconciled. R2C043 R2C044 R2C046
The Canadian review supports a narrower claim than a national development census: several identifiable private projects are progressing, while other headlines describe ownership changes, optional expansion or financing around existing assets. Revision 3 adds three individually identified principal facilities or phases, one proposed multi-site program envelope, and two reference projects. The program is excluded from unique-site totals. This bounded selection improves coverage without implying that Montréal or Ottawa has been exhaustively searched or that every announced megawatt will reach service.
Toronto adds two useful examples. Yondr broke ground on a 27 MW project in January 2025 and subsequently reported energization. Its July 2026 account describes training a new operations team. Those statements show progress, but they do not identify the electrical capacity energized, establish full customer acceptance or provide measured utilization. The original mid-2026 readiness target has passed; publication should retain the distinction between a target and a verified completion date. The 27 MW figure also lacks a sufficiently explicit IT-versus-facility definition to place it in the operating-IT column. R3C001 R3C003
STACK’s Toronto campus requires phase discipline. The issuer reported delivery of an initial 8 MW facility in 2023, alongside 48 MW of future expansion. Its later marketing still identifies that expansion, while a subsequent issuer post targets the first 24 MW for the third quarter of 2028. The earlier release had targeted the second quarter of 2026. That changed target is material, but the reviewed documents do not explain the cause. The operating first phase and future phases are different exposures; adding the 56 MW campus envelope to the 48 MW expansion would duplicate capacity. R3C004 R3C006
Québec City coverage gains Vantage’s QC24, a fourth building with 32 MW of additional IT design capacity and C$500 million of announced investment. This is separate from the 16 MW third facility already in R2, but both sit within the same 86 MW campus envelope. The explicit operational target is early 2027, although a quotation within the announcement uses inconsistent relative timing. The investment announcement is evidence of the development plan, not a complete construction-financing package. Current utility delivery, tenant acceptance and phase-specific billing remain unverified. R3C011
QScale’s Building B remains inside the existing Q01 record rather than becoming a duplicate campus. Its June 2026 release reports construction of a 60 MW IT building with a stated $700 million budget. The financing document is more limited: the November 2024 release closed a $170 million facility for phases 3 and 4, with a further $150 million explicitly uncommitted. Neither full drawing nor exercise of the option has been demonstrated. The older phase description cannot automatically be mapped to Building B. The source uses dollars without expressly identifying currency, so this review preserves that qualification. R3C016 R3C017
QScale’s ownership also needs a precise date. Despite its prospective title, the May 2026 announcement says the Goldman Sachs Alternatives acquisition had closed, with founders and management reinvesting. That closing does not reveal how much new equity was allocated to Building B. The reviewed documents do not disclose security, guarantees, refund obligations, debt maturity, or acceptance conditions. A financing case can therefore identify the committed-versus-optional distinction while leaving the remaining capital structure open. The evidence does not support a claim that the project is fully funded. R3C018
For eStruxture, the ABS component is now considerably clearer. A July 2026 DBRS review identifies five note series totaling C$900 million. The original financing release separately described a C$300 million underwritten DevCo revolver and a C$300 million accordion. Combining the ABS with that historical maximum produces C$1.5 billion, whereas the issuer’s March announcement states C$1.55 billion under the program. The C$50 million difference remains unexplained by the reviewed documents. More fundamentally, program size is not the same as drawn debt, available cash or a project-specific construction loan. R3C012 R3C015
The rating materials identify an operating-asset cash-flow structure with an earlier anticipated refinancing date inside a much longer legal maturity. Failure to refinance can trigger a cash sweep without automatically causing default. This gives publication a concrete financing mechanism to explain, but does not establish unlimited sponsor support for construction elsewhere. A one-percentage-point refinancing increase on an unchanged C$900 million balance would add C$9 million of annual interest as a simple sensitivity. It is not a forecast of the actual coupon or of insolvency. R3C014 R3C015
Alberta’s additional records are deliberately qualified. A government inventory lists the TNE/Data District proposal across Olds, Bonnyville, Calgary and Edmonton, with a combined 240 MW and C$1.26 billion budget. It explicitly uses placeholder map locations. One program record is appropriate until parcels, individual capacities and power agreements can be resolved. CAL-1 Phase 4 has a recorded permit and construction classification, but no disclosed incremental MW, so it remains a reference alteration project. Bitdeer’s Fox Creek build pairs planned gas generation with mining first and future AI flexibility; that optionality does not establish an AI customer. R3C007 R3C010
Montréal and Ottawa remain qualified coverage gaps. Existing facilities, acquisitions and marketed capacity are useful comparisons, but they were not relabelled as new construction to balance the map. Across the Canadian cohort, the next publication gate is documentary: current commitments and draws, power delivery, completion responsibilities, customer acceptance and billing. Until those are available, the defensible story concerns differentiated progress and financing risk, not a single national total of operating AI capacity.
Figure 7. Priority market qualification. Sources: Coverage Expansion Report and project/source ledgers. Regional comments are conditional, not ranked investment scores. Units: qualitative market observations.
7. The Electricity Bottleneck
Electricity access is becoming a question of which rights a developer has secured, for which years and under which operating conditions. ERCOT’s Batch Zero process became effective on July 11, 2026 after approval by the Public Utility Commission of Texas. It replaces an individual-study approach with a coordinated assessment of sufficiently mature, committed large-load applications. Eligibility establishes entry into a reliability process; it does not establish that the project can withdraw all its requested power whenever its tenant needs it. That distinction belongs in both the construction schedule and the valuation. GF01
ERCOT’s implementation notice also deferred specified dispatch, ramp-rate and energization provisions for Provisional Controllable Load Resources. Flexibility therefore cannot be treated as an already available, unconditional shortcut for every proposed campus. The July study presentation makes the underwriting problem more concrete: studied loads can receive constrained annual allocations, while generation inside a Whole Load Private Use Network is turned off when calculating its grid-withdrawal limit and peak-demand allocation. Our inference is that onsite generation and unrestricted grid backup must be verified separately. GF02GF03GF04
Federal reform is moving, but proposed solutions should not be booked as completed infrastructure. FERC’s June 18 show-cause orders directed six regional operators to justify or change their large-load tariffs. These are preliminary findings rather than final nationwide service rights or new transmission rates. FERC’s current educational explanation lists extended response deadlines of November 16 for five operators and November 20 for SPP. Filing a response is another procedural milestone; the investment-relevant evidence is the accepted tariff, its effective date, and the agreement applicable to the particular load. GF05GF06
Regional differences are consequential. SPP’s HILL framework, effective January 15, describes a 90-day study-and-approval process for qualifying large loads paired with generation. It does not promise an energized campus in 90 days. MISO’s July filing described a proposed same-substation, zero-injection pathway, but this review has not verified its final effectiveness. CAISO explains that state-regulated utility tariffs generally govern retail load interconnection and cost recovery, while the ISO plans transmission. A national assumption that every connection takes the same number of years is therefore unsuitable for underwriting. GF07GF08GF09GF10
A municipal record illustrates why a signed service figure needs its constraints. Denton describes Core Scientific’s 391 MW power agreement but a 297 MW available-capacity limit until local transmission overloads are resolved. The issuer’s 394 MW gross description remains separately attributed. Proposed transmission work has an earliest 2031 completion estimate; that is not a finding that all existing Denton operations wait until 2031. R2L018
Figure 3. What each milestone actually proves. Source: evidence taxonomy and claim audit. Company announcements are not independent engineering certificates. Units: qualitative milestone definitions.
8. Behind-the-Meter Power: Advantage or Hidden Risk?
Behind-the-meter generation can reduce exposure to a delayed grid connection, but it substitutes a power-development project for part of the utility dependency. The IEA’s 2026 analysis estimates that reliable onsite gas systems may require generating capacity 30–70% above critical demand. Its possible 15–27 GW of onsite gas serving data centers in 2030 is a scenario estimate, not an operating inventory. Investors should consequently separate generator nameplate MW, dependable output after outages and auxiliaries, total facility demand and IT load. The same headline gigawatt can describe very different commercial capabilities. GF13
A robust design must define how much computing load can remain online after a generator or fuel-delivery failure. Redundancy consumes equipment and capital, and auxiliaries reduce the output available to the data hall. A battery can provide short-duration support and help manage a transition, but its MW rating does not disclose how many hours it can sustain the load; that requires its energy rating in MWh and an operating plan. These are engineering distinctions, not evidence that a named project necessarily fails its design requirement.
The commercial test is equally specific. A grid-backed campus needs to know whether backup withdrawals are permitted when its own generation is unavailable. A fully islanded campus avoids that particular dependence but bears its own fuel, maintenance and reliability burden. A flexible workload may tolerate interruption; a service agreement with strict availability requirements may not. Valuation must include the cost of the operating mode promised to the tenant. GF04
Fuel availability requires an equally specific chain. Pipeline proximity is not evidence of reserved transportation capacity, adequate delivery pressure or assured service during regional stress. The FERC/NERC winter-2026 staff review found significant constraints, including fully subscribed New England pipelines that disadvantaged non-firm shippers. It also provides disconfirming evidence against an indiscriminate reliability bear case: participants reported no manual load shedding or widespread interruption of firm natural-gas customers. Improved preparation matters, while firm delivery remains materially different from access to a nearby commodity market. GF14
Named deployments provide a favorable counterexample to the claim that onsite power is only a promotional promise. Bloom reports that its earlier Oracle fuel-cell system became operational in 55 days, while CoreSite says it has deployed fuel cells at its Milpitas and Boston campuses. These are supplier/operator statements, not independent availability measurements, and the reviewed material does not support converting either example into a new utilized-IT total. R3M007 R3M008
Jupiter shows the harder scaling case. Oracle’s April design proposed up to 2.45 GW of fuel-cell generation in place of turbines and diesel units, with projected local-emission and water benefits. That design improvement does not itself close the replacement air-permit, gas-transportation, commissioning or lease-acceptance dependencies discussed above. A successful smaller installation supports technical plausibility; it does not establish the delivery schedule or equity return of a multigigawatt campus. R3M009 R2S013 R2S023
9. Why Permits, Transformers and Turbines Matter
A campus can be ahead of schedule in one workstream and blocked in another. Land acquisition, a preliminary plat, zoning approval, an air permit, a building permit and utility service authorization each answer different questions. A photograph of structural steel may demonstrate construction progress while saying little about the availability of transformers, protection systems, cooling water, fiber or an approved generation operating mode. The critical path is the slowest indispensable dependency, not the most visible work.
Equipment constraints are real, but industry averages should not be used as project-specific delay evidence. A March 2026 Department of Energy webinar cited 2024 distribution-transformer lead times of one to two years or more and large-transformer lead times of three to four years. Those figures describe a dated industry condition. They do not establish the delivery date of a transformer already reserved by a particular campus. Conversely, a sponsor's statement that equipment has been ordered does not disclose whether the order is binding, what specification is reserved, or what happens if the site is not ready. GF12
GE Vernova's second-quarter 2026 disclosure reported 116 GW of gas-turbine backlog plus slot reservations and described plans to raise annual production capacity. The combination of firm orders and reservations is useful evidence of demand for manufacturing capacity, but the categories should not be treated as interchangeable. For a development underwriting, the relevant evidence is the allocated unit, contractual delivery schedule, required deposit, cancellation provisions, commissioning resources and associated balance-of-plant equipment. GF11
An apparent shortcut can add another construction project. A behind-the-meter plant requires fuel delivery, emissions controls, electrical integration, maintenance planning and testing. Temporary generation can bridge a gap, but its permit conditions and operating limits determine whether it can support the promised workload. A grid connection can avoid some of those obligations while depending on transmission and substations outside the developer's direct control.
The strongest execution advantage is therefore a completed and documented sequence: site rights, approvals, equipment allocation, funded work, integrated commissioning and customer acceptance. A delayed project with a low-cost permanent power solution and protected lease can still have better lifetime economics than an earlier project using expensive temporary arrangements. Schedule and return should be modeled together rather than rewarding the earliest announced opening date.
10. Who Is Financing This Buildout?
Financing should be reconstructed by asset and obligation. Land and buildings, electrical infrastructure, generation equipment and GPUs need not have the same owner, creditor, useful life or source of repayment. A landlord can have a long lease while its tenant must repeatedly refinance computing equipment; a cloud provider can report contracted customer revenue while the associated construction remains incomplete. The analysis therefore follows cash from sponsor equity and customer advances through debt drawdowns and capital expenditure to tenant acceptance and collections. A large contract value alone does not establish that construction and subsequent operating obligations are fully funded. GF17GF18
Oracle’s first-quarter fiscal-2027 disclosure provides a concrete example. Quarterly operating cash flow was $23.103 billion, including $11.363 billion of customer prepayments with a significant financing component. Cash capital expenditure was $28.499 billion, and net proceeds from its at-the-market equity program were $19.909 billion. These figures demonstrate substantial access to capital, but they are different economic categories. Customer-funded construction, shareholder funding and recurring cash generated after delivering services should not be treated as interchangeable measures of operating profitability. GF17
The favorable interpretation is that customer advances can reduce financing uncertainty and demonstrate commercial commitment. The competing interpretation is that advances bring forward cash needed to satisfy future service obligations; subsequent revenue recognition does not necessarily bring an equivalent second cash receipt. Our analytical implication is to reconcile the timing of advances, refunds where applicable, construction spending and future customer payments. A model that counts a prepayment as available construction funding and again as undiscounted future collections overstates the cash supporting creditors and shareholders. Contract-specific provisions are needed to determine the actual exposure. GF17
Galaxy’s Phase II notes have US$3.507 billion face amount and a 9.875% fixed coupon. Holding the full principal outstanding adds US$173.158 million, US$346.316 million and US$692.633 million of simple coupon cost over six, twelve and twenty-four months. These are elapsed financing-cost sensitivities, with no assumed offsets from invested proceeds or existing schedules. At refinancing, an extra 100 or 200 basis points on the same principal would add US$35.07 million or US$70.14 million of annual interest. The workbook exposes the inputs and formulas. R2L008
Utility approval also brings obligations. Kentucky’s final order supplies independent support for Justified’s 482 MW service agreement, while its minimum-demand provisions expose the sponsor to charges even if usage disappoints. The 401 MW tenant IT figure and 480 MW design description are different measures. The previously announced construction bridge was repaid and terminated, so it cannot remain in available capital. Minority ownership and redemption rights also mean that a controlled subsidiary is not economically identical to an asset wholly funded by its listed parent. R2L013 R2L014
Recent filings materially change schedules and funding analysis. Cipher’s September amendment moves Barber Lake hall delivery into the fourth quarter of 2026 and first quarter of 2027. The developer bears the first $359.3 million above the original budget; only half the higher excess receives tenant reimbursement through future rent. A longer contracted term therefore does not remove the immediate construction cash requirement. Applied Digital’s October filing distinguishes initial and full delivery dates for its next campuses, but also introduces a capacity inconsistency at Polaris Forge 2 that should remain unresolved until the company reconciles its definitions. A related-party generation arrangement creates an additional financing and execution dependency at Polaris Forge 3. R2L001 R2L010
The capital cases separate debt face value, released proceeds, construction spending and unspent cash. Helios Phase II adds a large secured note issuance and an uncapped completion guarantee; these belong beside, not inside, the earlier Phase I borrowing. Applied Digital’s platform preferred capital carries a compounding return and a minimum investment multiple, and is not freely assignable to every campus. Lake Mariner’s customer backstop begins with lease commencement and offers specified default remedies; it is not an unrestricted guarantee of every future dollar of revenue. Prepaid rent reduces later collections and should not be described as permanent equity. R2L002 R2L007 R2L008 R2L013
Fermi and WhiteFiber illustrate financing that can bridge equipment or construction without proving a fully funded campus. Equipment collateral, customer conditions, liquidity covenants and near-term maturities can create cash demands before recurring revenue stabilizes. A conditional lease-closing deadline is not an operating date. Similarly, an annualized accounting effective yield should not replace the stated bridge coupon. The accompanying sensitivities use disclosed principals and rates, with any assumed benchmark or refinancing explicitly identified. They measure simple financing carry over six, twelve and twenty-four months, not predicted losses or debt-service coverage. Unknown remaining budgets prevent a credible project-wide funding-gap calculation. R2L023 R2L024 LP27 LP29 LP32
The eight listed-company cases support a qualified publication conclusion: financing has become more concrete, but financing closure, construction completion, tenant acceptance and operating cash collection remain separate milestones. Publicly filed debt terms materially improve the evidence base. They still do not disclose enough project-level cost-to-complete, cash-flow or remaining-equity information to calculate credible DSCR, equity returns or universal funding gaps. Issuer releases and the same issuers' SEC exhibits count as one origin family, not independent corroboration.
Applied Digital’s August 31 debt table reports US$2.350 billion of 9.25% notes and US$1.590 billion of 7% notes for Polaris Forge 1, totaling US$3.940 billion. The $300m bridge refinanced by the ELN04 issue must stay excluded. ELN04 has subsidiary security and a parent completion guarantee; the parent is otherwise not the note guarantor. Campus debt should not be divided by the 250 MW RFS milestone because debt and delivered capacity cover different phases. Polaris Forge 2's $2.15bn notes have cleared their escrow-release condition, but released cash is not proof of construction spending or completion. Its 200 MW contracted IT, 280 MW utility peak and 300 MW generic description must remain separate. R3L001
Lake Mariner demonstrates why a strong counterparty's name is insufficient. The Google support described in TeraWulf's filing becomes effective at the relevant lease commencement and has specified default remedies. It should not be represented as an already active unconditional construction guarantee. The $3.2bn notes have a project-security structure and amortization provisions. Core42's $90m prepayment is consumed against future rent; it cannot be treated as permanent equity while also counting the same future rent as unrestricted cash. Google warrants are a separate dilution cost. R3L002
Cipher’s September amendment describes an amended Fluidstack lease plus a binding commitment for a later AI-lab lease; it does not establish a single executed 20-year Fluidstack contract. Cipher bears the first $359.3m above the initial budget, with only half of further excess reimbursed through future rent. That mechanism can limit ultimate economic exposure while leaving a near-term cash requirement. Forecast hall deliveries and first rent in late 2026 are forecasts, not verified acceptance. R3L003 The initial financing identifies Cipher Compute as issuer and Cipher Barber Lake as guarantor. R3L004
Denton provides a particularly clear warning against assigning corporate or pooled financing to one campus. Core Scientific's $3.3bn notes cover five project entities, including Denton; the parent has an uncapped completion guarantee. The prior $1bn loan was repaid, not added to continuing financing. Tenant build credits delay cash collections and affect amortization commencement. Separately, the city record distinguishes the 391 MW PPA from a 297 MW temporary transmission limitation. These are utility quantities, not accepted IT load, and the historical city report is not a new measurement of current operations. R3L006 R3L005
Hut 8 announced the April 30 closing of $3.25bn notes, following an SEC-filed pricing disclosure of a 6.192% coupon, 2042 maturity and full amortization. The notes are disclosed as nonrecourse to Hut 8 and finance a 245 MW IT facility and substation, alongside reserves and equity reimbursement. Full amortization addresses a scheduled balloon if payments occur; it does not eliminate construction or customer-payment risk. R3L008 R3L009
Nebius's $775m facility is backed by deployed GPUs and contracted cash flows, with SOFR+2.50% pricing. The public announcement does not establish that every dollar belongs to Vineland. Its equipment financing therefore cannot be presented as proof that DataOne's campus construction is fully funded. The NJDEP release was not accessible in this review, so its remedies and any effect on particular halls remain unverified. R3L010 R3L011
IREN's financing must stay customer- and tranche-specific. IE US Hardware 3 LLC is the borrower for the Microsoft cohort. The $3.65bn announcement and the rounded 8-K describe the same financing, not additional facilities. The executed parent guarantee separately addresses residual debt after specified remarketing events and refundable customer upfront amounts following valid nonacceptance termination, with contractual exceptions. Acceptance releases are tranche-specific. The issuer’s August announcement that Microsoft accepted 50 MW does not establish acceptance of all 200 MW. R3L012 R3L013 R2M016
A narrow comparison is possible: PF2’s US$2.15 billion of issued debt divided by 200 MW of contracted IT is US$10.75 million/MW; River Bend’s US$3.25 billion financed bundle divided by 245 MW is US$13.27 million/MW. These are debt intensities, not construction-cost benchmarks. For IREN’s separate 200 MW Microsoft equipment cohort, the US$3.65 billion financing package is US$18.25 million/MW and US$5.81 billion of GPU capex is US$29.05 million/MW. Package availability does not establish the amount currently drawn or deployed, and the equipment ratios are not comparable building-cost measures. Six-, twelve- and twenty-four-month carry sensitivities hold principal constant; rate shocks apply to floating balances or hypothetical new/refinancing debt. Where remaining eligible cost is unknown, cost-overrun exposure remains a formula rather than a quantified funding gap. R3L001 R3L008 R3L009 R3L012 R2M013
Figure 6. Actual financing downside case. Scenario calculation on disclosed Phase II notes, not a forecast of actual incremental cost. Cash balances, draws and offsets are unmodeled. Source: Galaxy July 2026 notes disclosure and R3 financing analysis. Units: US$ millions of illustrative coupon carry over the stated delay.
11. The Credit and Refinancing Risks Underneath the Contracts
CoreWeave shows why power contracts, customer backlog and current earnings need separate treatment. Its August 11 SEC earnings exhibit reports 1.5 GW of active power and 3.7 GW of contracted power as of June 30. These are company-defined measures: contracted upstream power is not independent proof of firm delivered service or a paying downstream customer for every megawatt, and active power is not independently measured utilized IT. The approximately $104 billion revenue backlog is expressly subject to delivery and service-availability requirements. Growing revenue and active power are meaningful counterevidence to a thesis of no execution; converting the remaining commitments into cash still requires the promised service to become available. R2S006
The same exhibit reports $640 million of quarterly net interest expense. Its four current and noncurrent recourse and nonrecourse debt categories sum to $35.068 billion in carrying value, including $7.513 billion in current categories. These balances are not a complete contractual maturity schedule and do not mean that all debt is immediately payable. Cash and equivalents of $5.524 billion are distinct from restricted cash. Reported adjusted EBITDA cannot establish that equipment purchases, cash interest, principal payments and equity obligations are fully funded. Conversely, debt exceeding cash alone does not establish insolvency: facilities, draw schedules, refinancing, collateral and future collections must also be reconciled. R2S006
Counterparty diversity must be assessed economically as well as legally. An AI provider may purchase cloud services from a platform that leases a building from a development vehicle, which in turn borrows from several lenders. Multiple contracts and bank names can still depend on one ultimate customer’s demand and ability to pay. Our inference is that concentration analysis should trace that dependency without erasing the legal distinctions: guarantees, collateral, termination rights and completion obligations can materially change where losses fall. The disclosed backlog conditions establish the need for that work, not the answer for every lease. GF18GF17
The Buildout’s October 20 CoreWeave stress test is useful as a transparent challenge model. It explicitly assumes future financing, occupancy, pricing and maturity arrangements, including no further GPU purchases after 2029. Its repayment outcome should therefore remain an analyst scenario rather than a filed fact. Likewise, a bond’s secondary-market yield is not automatically the coupon currently paid by its issuer. The constructive lesson is to show which assumptions keep a capital-intensive business funded and then stress them together, rather than import another model’s conclusion without its conditions. GF20
Figure 5. Trace the obligation, then the support. Sources: financing appendix and claim ledger. This is an analytical checklist, not a generic legal conclusion. Units: qualitative financing diligence questions.
12. Can AI Compute Economics Support the Investment?
The latest national demand work is materially different from the often-repeated 2028 framing. LBNL’s June 2026 update estimates US data-center electricity use of 649 TWh in 2030, with compounded-uncertainty bounds of 521–843 TWh. Dividing by 8.76 gives approximately 74.1 GW of average facility demand, or 59.5–96.2 GW across those bounds. This conversion does not measure installed IT capacity, peak grid withdrawal or commercially utilized computing capacity. It is an energy-model result, and should appear beside its assumptions rather than inside a supposedly verified operating-MW total. GF15
The IEA’s separate 2026 global outlook projects 485 TWh in 2025 rising to approximately 950 TWh in 2030. Its geography, model and scope differ from LBNL’s US study. These figures should not be added together or mechanically reconciled. Meanwhile, EIA’s October short-term outlook projects 2.8% growth in commercial-sector electricity demand for 2027; that sector includes many uses besides data centers. Together, these sources support continued demand growth while leaving considerable uncertainty about its location, pace and conversion into profitable project-level utilization. GF13GF15GF16
Jevons-style rebound is a hypothesis to test, rather than a guarantee of attractive infrastructure returns. Falling energy or dollar cost per task can expand adoption, while reasoning, video and agentic applications change how much work each user requests. But rising token volumes do not establish rising revenue per GPU, and revenue does not establish cash returns after refresh spending and financing. Our analytical focus is the margin retained by each contractual layer: the application, cloud platform, equipment owner, facility landlord and power supplier can experience quite different economics during the same demand expansion. GF13GF17GF18 This continues the three-part test in Ephesus’s earlier Jevons analysis: adoption, resource demand and financial returns must each be demonstrated. ER01
Independent trackers improve discovery but cannot close every measurement gap. Epoch models IT power, compute and cost from imagery, permits and company disclosures; it estimated coverage of 44% of deployed global AI compute on October 23, with a 90% confidence interval of 30–79%. Its sample emphasizes newer AI facilities. The Buildout is also a useful route to company relationships and source leads, rather than primary proof. We therefore retain their estimates as estimates and do not turn either resource into an exhaustive North American census. GF21GF19
13. The Regional Winners and Losers
Regional advantage is conditional on the workload and the specific connection. Texas offers a large development ecosystem and new large-load coordination mechanisms, but a project still needs a credible withdrawal allocation, generation plan and operating profile. SPP's paired-generation framework may help qualifying projects move through study; it does not remove local construction requirements. PJM's updated forecast illustrates both continued long-term demand growth and the need to scrutinize near-term requests. These differences make a single national queue-delay assumption unreliable. GF01 GF04 GF07 GF22
Saskatchewan's opportunity is similarly phased: Bell's advancing Sherwood construction supports a more concrete delivery proposition than the separate 900 MW memorandum. Manitoba may support conversions and GPU deployments, but incomplete site reconciliation and unresolved levy applicability prevent a confident power-cost comparison. CA-S02CA-S03CA-S27
Ontario provides visible demand through Cohere and CoreWeave, although public support for a compute customer is different from complete facility financing. HIVE's conflicting GTA disclosures reinforce the need for authoritative capacity and schedule documents. Quebec has established operators and construction activity; prospective electricity pricing must be assessed against the final applicable regulatory decision rather than a proposed headline rate. CA-S16CA-S11CA-S13CA-S25
Atlantic coverage now includes several distinct development paths. EverWind announced Point Tupper's 420 MW phased campus in October, with Anthropic identified as the initial tenant through independent reporting; funding and delivery conditions remain incompletely disclosed. Spruce Lake's federal designation review was pending at the cutoff, while Memorial University has a much smaller institutional replacement under construction. Grand Falls remains an existing mining site proposed for AI conversion. These records broaden regional coverage without establishing a summed operating-capacity estimate. R2C018 R2C019 R2C035 R2C020 R2C046
Credit and construction capacity cut across geography. A strong tenant and funded completion package can make a constrained region financeable; a large power reservation does little for an unleased development that cannot fund its next phase. Delay also has different effects depending on lease commencement, debt maturity and who pays for utility upgrades. The relevant comparison is risk-adjusted delivered cost and return, including the capital tied up before service, rather than the lowest advertised energy price.
The likely pattern is selective success within regions rather than a simple ranking of winning states and provinces. Existing electrical infrastructure, identified equipment and effective local coordination can be meaningful advantages. Their value must be measured against retrofit cost, cooling requirements, curtailment exposure and any new obligations required to convert a mining or industrial site into an AI campus.
14. What It Means for NUAI, IREN and Their Peers
NUAI illustrates how securing power can consume liquidity before rent starts. Its October filing describes a US$116 million LC backed by US$118.3 million of cash collateral. US$60 million came from new term-loan draws and US$58.3 million from existing cash. That collateral cannot simultaneously be treated as freely deployable construction cash. R3M001
The PPA covers 200–207 MW and retains delivery conditions. Vistra’s future 5% nonvoting interest is defined at the Project Company and activates after power delivery; it does not establish a simple 95% retained share of every TCDC economic interest. The Odessa preliminary-plat vote is a narrower land-use milestone than full construction, air-permit or power-service approval. R3M002 R3M003
The original TCDC facility gives the lender discretion over the later tranches and includes repayment premiums and covenants. Q2’s US$20 million principal differs from its accounting carrying amount; neither establishes current free liquidity. Subsequent draws and waivers matter. It would be premature to infer an uncured default from the original lease deadline alone, or to infer fully funded construction from the facility headline. R3M004 R3M005
The public Ephesus model baselines are NUAI v2.7.1 and IREN v1.2.0-preliminary. They are dated analytical scenarios. IREN’s public 385 million share and US$4.7 billion net-debt assumptions must not be represented as current filed balances. For either business, revised underwriting requires a dated bridge from physical capacity to accepted service, cash receipts, funding obligations and common-equity value. R3-PUB-NUAI R3M006
NUAI and IREN occupy different positions in the development procedure. NUAI has documented a long-term electricity supply contract and the credit support needed to maintain it; the reviewed evidence still does not establish a leased, fully funded and commissioned data-center phase. IREN has a large contracted GPU-services program, closed hardware financing and an explicit customer-acceptance milestone. Neither company's campus power envelope measures the amount of accepted equipment producing cash today. R2M009 R2M010 R2M016
IREN's Horizon 1 merits a clearer milestone than generic delivery: the August 13 announcement explicitly states Microsoft accepted the first 50 MW IT tranche. That supports an issuer-reported accepted-capacity field, while measured utilization and independent operating verification remain unknown. The remaining Microsoft tranches require their own acceptance evidence. GPU funding and customer advances materially reduce capital needs, but the reported funding coverage applies to associated hardware expenditure. Defined refund and parent-guarantee obligations can survive before acceptance, so an equipment financing close does not eliminate construction and performance exposure. R2M016 R2M014 R2M015 NI-IREN-GPU-FIN
The wider portfolio must remain disaggregated. Childress's NVIDIA deployment, Horizon expansions and Microsoft phases sit inside one campus. Sweetwater substation energization precedes commissioned customer equipment; the 1.4 GW and 600 MW site envelopes cannot be counted as operating AI. Kiowa's planned 1.6 GW needs its own utility, tariff, construction and customer evidence. British Columbia's existing sites combine mining conversion with further AI upgrades. This audit does not resolve every local permit or utility record, and absence of those records is an evidence gap rather than proof of a failed project. NI-IREN-Q3 NI-IREN-Q126 NI-IREN-10K
Listed developers are no longer a uniform collection of speculative power sites. Applied Digital reported 250 MW of critical IT ready for service at Polaris Forge 1 in October; Galaxy reported rent commencement on Helios Phase I’s 133 MW during the second quarter; TeraWulf identified 102 MW of revenue-generating IT at Lake Mariner. These are meaningful delivery milestones. They do not establish that every leased campus, reserved megawatt or announced expansion has reached the same stage. LP01LP07LP20
The comparison changes when capacity is normalized. Cipher’s 700 MW contracted HPC portfolio is gross facility capacity, while Barber Lake separately identifies 207 MW of IT. Hut 8’s two Beacon Point phases total 704 MW IT inside a 1 GW utility envelope. Core Scientific’s approximately 590 MW CoreWeave program spans six facilities with different delivery dates. Adding a tenant’s portfolio to its landlords’ projects, or treating utility power as IT, inflates the apparent supply. LP10LP15LP19
Ownership and financing deserve equal attention. TeraWulf’s filing says it sold its entire Abernathy interest effective July 6, despite its press release’s agreement-to-sell wording. The campus therefore leaves WULF’s owned inventory, while installment consideration is not all immediately available cash. Applied Digital has closed substantial project debt, but its PF2 completion guarantee retains parent exposure. Cipher’s large cash balance includes restricted project accounts, which can support construction without being freely available for every corporate purpose. LP02LP05LP06LP10
Fermi and WhiteFiber illustrate why milestone sequencing matters. AMD credit support strengthened Fermi’s 222 MW TensorWave phase, yet the October 21 shareholder letter still described pursuit of project financing and customer contributions. The lease closing deadline had moved to October 31. WhiteFiber, meanwhile, confirmed initial NC1 billing in August and subsequently closed a convertible offering, making a blanket “no operating progress” conclusion untenable. Full 40 MW acceptance and permanent project-financing closure still require readbacks. LP27LP28LP29LP31LP32
Figure 10. Model changes remain proposals. Sources: public model baselines and issuer filings in the financing cases. Mechanical sensitivities are separated from underwriting judgment. Units: qualitative model-review criteria.
15. Bear, Base and Bull Development Scenarios
The 2027–2030 outlook is conditional. These scenarios specify observations that would strengthen or weaken the delivery thesis; they are not probability-weighted continental MW forecasts.
A more concrete but limited milestone cohort appears below. It uses only disclosed IT envelopes and retains unknown first-phase quantities. The listed dates are management targets for different stages; no annual operating-MW forecast is interpolated from them. Failure to distinguish an initial handover from full-campus completion would materially overstate supply in 2027 and 2028.
The bear case does not require AI demand to disappear. It assumes that projects encounter repeated power and acceptance delays, financing remains available only at a higher equity cost, and compute pricing falls faster than operators reduce the cost of service. Multi-gigawatt campus options remain unbuilt, while accepted phases continue operating. Lenders and landlords may collect under existing contracts even as developers or compute providers earn poor incremental returns. The distinguishing evidence would be repeated target revisions, slower cash conversion, rising collateral requirements and weaker returns on new equipment.
The base illustration assumes that committed phases increasingly reach service, with expansions proceeding in stages as demand, utility upgrades and capital become available. Large announcements are not entirely canceled, but their cash generation is spread across more years than headline campus capacity suggests. The decision rule is to move a phase forward only when the associated power, financing and acceptance evidence improves. A construction milestone changes the schedule assessment; it does not automatically remove tenant-credit or equipment-economics risk.
The bull case requires several things to work together: faster grid coordination, dependable on-site generation where appropriate, greater equipment output, strong customer funding and enough paid compute demand to absorb the delivered capacity. Efficiency gains must expand useful workloads and spending sufficiently to support the installed asset base. Power connections and financing announcements alone would not validate this case; utilization, collections and sustainable margins would also need to improve.
The paths are falsifiable at the project level. Accepted permanent-power delivery and cash collection strengthen the conversion case. Expired commitments, termination, permitting reversals, persistent utility limits and unresolved acceptance disputes weaken it. Repeated on-time handovers and funded contingency would contradict a broad delay thesis; rising collateral requirements and recurring schedule extensions would contradict a smooth-delivery thesis.
| Selected campus | Planned IT envelope | Supported milestone / constraint |
|---|---|---|
| Frontier | 1,400 MW | First delivery 1H2027; first-phase MW and full-campus date unknown. ST02 ST07 |
| Lighthouse | 902 MW | First delivery 2H2027; campus completion 2028 target, not full utilization. ST02 ST14 |
| PORTS-Pike | 8,000 MW | First 800 MW in 2028; remaining 7,200 is arithmetic residual through 2032, without annual allocation. ST21 ST22 |
| Adjacent Microsoft Abilene | 672 MW | First building, designed for 336 MW of critical IT, targets energization in mid-2027. This is not verified energized or accepted IT capacity. Second building timing unverified; separate from the original Oracle campus. R2S019 |
Figure 8. Bull, base and bear: tests that can disprove them. No probabilities or continental MW forecasts assigned. Scenarios are monitoring frameworks, not calibrated statistical projections. Source: R3 scenario framework. Units: qualitative scenario tests.
16. The Most Important Catalysts Through 2027–2030
The first monitoring window is regulatory. FERC's educational explanation records November 16 and November 20, 2026 response deadlines for the large-load show-cause proceedings. Those responses may reveal changes in allocation, cost responsibility and customer protections, but they are not final nationwide approvals. ERCOT's July study presentation also contains tentative Batch Zero milestones into April 2027; the calendar flags them for verification against later amendments rather than treating an old presentation as a guaranteed schedule. GF06 GF04
During 2027, the most consequential project evidence will be permanent power, commissioning and customer acceptance at the first large contracted phases. Oracle currently places Frontier and Jupiter first customer delivery in the first half of 2027, with Lighthouse and Saline in the second half. Jupiter's county timeline separately anticipated initial operations in the fourth quarter of 2026 and first-phase completion in the third quarter of 2028. Monitor each milestone on its own definition, including the replacement air permit and gas-lateral authorization. For Saline, track actual storage commissioning against the approved 2027 targets. A calendar entry is a prompt to retrieve completion evidence, not a declaration that it occurred. R2S001 R2S012 R2S013 R2S022 R2S023 R2S008
The 2028–2030 window shifts attention toward repeatability. PORTS-Pike's first 800 MW IT target in 2028 will test a broader generation, transmission and construction program extending through 2032. Galaxy's earlier Helios Phase I term facility has a 36-month term and an August 15, 2028 maturity, creating a refinancing milestone well before the 15-year customer lease expires. That facility is separate from the US$3.507 billion of Helios Phase II notes issued in July 2026, bearing a 9.875% fixed coupon and maturing August 1, 2031. Debt tenor, customer acceptance and equipment renewal therefore require separate phase-level timelines. ST21 ST22 R2L007 R2L008
Monitoring should record both supportive and adverse evidence. A target met with an accepted, permanent-power phase strengthens the conversion case. A missed milestone may reflect a recoverable sequence change or a deeper funding and permitting problem; the reason must be established. Cash collections, unrestricted liquidity, guarantee activation, residual-value assumptions and customer concentration deserve the same attention as construction photographs. The editable calendar includes source-linked dates and uncertainty labels so future updates can change the analysis without overwriting its history.
Figure 9. Positive delivery and negative controls. Sources: R2 primary-source audit, municipal records and dated issuer disclosures. See exact scope, dates and contradictions in tracker. Units: categorical evidence cases; power and financing units are shown with each value.
17. Conclusions: Who Can Actually Deliver the Gigawatts?
The prospective winners are the projects that can demonstrate control over the entire delivery chain. Land and a large power announcement are starting points. The more decisive evidence is a defined load boundary, executable service arrangements, equipment and construction commitments, financing that remains available through completion, and an enforceable path from acceptance to cash collection. Where those elements are visible, a project deserves credit for execution even when the industry's broader narrative is overheated.
The strongest bullish interpretation is that capital and technology are adapting to a genuine constraint. Customer advances, larger infrastructure partnerships, dedicated generation and coordinated utility investment can turn previously difficult sites into viable supply. Initial operating phases provide concrete evidence that some enormous programs are progressing. The strongest bearish interpretation is that much of the apparent diversification still depends on a narrow set of economic customers, and that each solution to a bottleneck can transfer additional cost or contingent liability to another participant.
Both interpretations can be true for different securities attached to the same campus. A completed building may be a sound asset at one financing basis and a poor investment at another. An infrastructure sponsor can meet a tenant's delivery requirements while diluting common shareholders. A cloud provider can grow revenue while facing expensive equipment replacement. Investors should follow the contract and capital stack to the party bearing the shortfall rather than infer value from the size of the campus.
The most useful output of this investigation is a record that can be updated. The tracker preserves conflicting dates and capacity definitions, the source ledger points back to original documents, and the model memo identifies assumptions that deserve human review. No live Ephesus valuation model has been changed. The conclusions should change when evidence changes: completed power and acceptance strengthen the case; unconditional capital and collected revenue strengthen it further; deterioration in price, utilization or renewal economics can weaken it even after successful delivery.
Announcing, financing, delivering and earning an acceptable return from a gigawatt are four separate milestones. The evidence supports real progress through that sequence, alongside a large conditional pipeline. The investment task is to price each phase according to the milestone it has actually reached and the risks its owners still carry.
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Open exact sectionInspect every material assumption
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Open exact sectionCompare execution paths
Move between bear, base, and bull conditions, then inspect the phase-by-phase buildout schedule.
Open exact sectionStress-test the valuation
Open the complete sensitivity matrices for discount rates, terminal values, unit economics, delays, dilution, and execution risk.
Open exact sectionReview what changed
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Open exact sectionTest the conclusion against contrary evidence
Read the facts, limitations, and developments that would weaken, invalidate, or materially change the stated conclusion.
Open exact sectionTrace the evidence to its sources
Follow the source map to filings, company disclosures, contracts, permits, and other cited records.
Open exact sectionEvidence guide
Evidence and judgment labels
Statements marked Fact are intended to be directly supported by cited evidence. Guidance, estimates, assumptions, inferences, and speculation remain separately named so they are not mistaken for verified facts.
318
mapped sources
Yes
primary support
Related spreadsheets
Audit the linked model
IREN · AI infrastructure and digital assets
IREN Five-Year DCF and Buildout Model
This model estimates the cash IREN could generate from operating and planned sites, subtracts construction and hardware-replacement costs, reduces the value of uncertain projects, subtracts net debt, and divides what remains among diluted shares.
Question this model answers
What could one IREN share be worth at different stages of its AI and Bitcoin-mining buildout?
Base estimate per share
US$38.96
Outcomes shown
3
NUAI · Data centers and behind-the-meter power
NUAI TCDC - Taxpayer-Specific Financing and Original-Holder Value
NUAI TCDC v2.7.1 separates direct-leasing strategy, taxpayer cash, priced financing and retained ownership. Ten captured comparisons distinguish frozen v2.6 references, matched tax cases, re-underwritten financing, timing and policy assumptions. All new financing remains conditional.
Question this model answers
Who funds TCDC, which taxpayer can use each deduction, and what remains for original shareholders?
Conditional financing comparisons
Compare captures
Captured cases
10
Evidence map
Mapped public sources
Oracle Q1FY2027 SEC earnings exhibit
Sep 10, 2026
Relevant finding
OCF23.103bn includes11.363bn financing-component customer prepayments;cashcapex28.499bn;netATM19.909bn;RPO664bn.
Review notes
Issuing origin: Inherited publisher grouping: Oracle SEC. Source family: Inherited publisher grouping: Oracle SEC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-31. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
United States Data Center Energy Usage Report2025 Update
2026-06 (publication month; day not stated)
Relevant finding
649TWh2030 reference;521-843TWh compounded range;11.8%US electricity reference,9.5-15.3%range; shipments/utilization/lifetimes sensitivities.
Review notes
Issuing origin: Inherited publisher grouping: Lawrence Berkeley National Laboratory. Source family: Inherited publisher grouping: Lawrence Berkeley National Laboratory. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Applied Digital brings an additional 75 MW of AI capacity online at Polaris Forge 1
Oct 2, 2026
Relevant finding
PF1 reached 250 MW critical IT ready for service; the 400 MW campus is leased.
Review notes
Issuing origin: Inherited publisher grouping: Applied Digital. Source family: Inherited publisher grouping: Applied Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-02. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy completes Helios Phase I
Jul 6, 2026
Relevant finding
Phase I 133 MW critical IT / approximately 200 MW gross delivered; rent started Q2 2026. Phase II 260 MW critical IT construction; target first delivery 1H2027.
Review notes
Issuing origin: Inherited publisher grouping: Galaxy. Source family: Inherited publisher grouping: Galaxy. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Galaxy originates reported milestones; not independent metering or cash collection.
TeraWulf second-quarter 2026 results
Aug 5, 2026
Relevant finding
Lake Mariner: 102 MW IT billing and 336 MW construction. Justified: 401 MW IT / 480 MW gross. Chesapeake acquisition conditional, potential 1 GW and initial 2030 data-center target; Lake Hawkeye potential 400 MW gross / 320 MW IT around 2029.
Review notes
Issuing origin: Inherited publisher grouping: TeraWulf. Source family: Inherited publisher grouping: TeraWulf. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-05. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: TeraWulf originates disclosed results and guidance; existing guidance/access qualifications apply.
Oracle data center delivery tracker
Undated — publication date not stated
Relevant finding
75% Abilene delivered September 2026; Frontier and Jupiter 1H27; Lighthouse and Saline 2H27 customer delivery targets.
Review notes
Issuing origin: Inherited publisher grouping: Oracle. Source family: Inherited publisher grouping: Oracle. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Core Scientific second-quarter 2026 results
Jul 28, 2026
Relevant finding
Fleet billing reached 437 MW in mid-July; approximately 1.1 GW leased. AMD contract covers 530 MW; wider 2.5 GW opportunity is not all contracted.
Review notes
Issuing origin: Inherited publisher grouping: Core Scientific. Source family: Inherited publisher grouping: Core Scientific. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-28. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Core Scientific originates results and forward-looking statements; not independent completion evidence.
Cipher Digital second-quarter 2026 investor presentation
Aug 4, 2026
Relevant finding
Contracted HPC capacity is 700 MW gross. June cash of $4.560 billion includes $3.728 billion restricted; debt approximately $6.016 billion.
Review notes
Issuing origin: Inherited publisher grouping: Cipher Digital. Source family: Inherited publisher grouping: Cipher Digital. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-04. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Cipher originates attributed plans, specifications and terms; not independent execution verification.
Cipher Digital second-quarter 2026 results
Aug 4, 2026
Relevant finding
Black Pearl initial delivery and rent reported; Barber rent forecast for October; Stingray delivery expected H1 2027.
Review notes
Issuing origin: Inherited publisher grouping: Cipher Digital. Source family: Inherited publisher grouping: Cipher Digital. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-04. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Cipher originates results; reported and guided milestones remain distinct.
Abilene first phase live
Sep 30, 2025
Relevant finding
First two buildings energized within a year; first GB200 racks June 2025; early workloads running.
Review notes
Issuing origin: Inherited publisher grouping: Crusoe. Source family: Inherited publisher grouping: Crusoe. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-09-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Abilene $15bn venture phase two
May 21, 2025
Relevant finding
Crusoe/Blue Owl funds/Primary Digital joint venture; eight-building 1.2GW development; original mid-2026 phase-two energization target.
Review notes
Issuing origin: Inherited publisher grouping: Crusoe. Source family: Inherited publisher grouping: Crusoe. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-05-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Crusoe Microsoft Abilene campus
Mar 27, 2026
Relevant finding
Separate adjacent Microsoft project: 900MW generation; two buildings each 336MW IT; first energization mid-2027. Existing eight-building campus completion end-2026.
Review notes
Issuing origin: Inherited publisher grouping: Crusoe via GlobeNewswire. Source family: Inherited publisher grouping: Crusoe via GlobeNewswire. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Frontier campus announcement
Aug 19, 2025
Relevant finding
1.4GW, ten buildings, $25bn development announcement; original first building delivery 2H26.
Review notes
Issuing origin: Inherited publisher grouping: Vantage. Source family: Inherited publisher grouping: Vantage. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-08-19. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Frontier technical data sheet
Undated — publication date not stated
Relevant finding
1.4GW critical IT load; N+1 electrical/mechanical design; 1,200 acres.
Review notes
Issuing origin: Inherited publisher grouping: Vantage. Source family: Inherited publisher grouping: Vantage. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Frontier TX302 building registration
Jun 29, 2026
Relevant finding
Owner Vantage Data Centers TX302, LLC; $1.185bn estimated building cost; target completion September 8, 2027. Accessibility review complete does not mean operational completion.
Review notes
Issuing origin: Inherited publisher grouping: Texas Department of Licensing and Regulation. Source family: Inherited publisher grouping: Texas Department of Licensing and Regulation. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-29. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
SB Energy partnership and Milam lease
Jan 9, 2026
Relevant finding
OpenAI 1.2 GW Milam lease; $1bn OpenAI/SoftBank platform equity and $800m Ares redeemable preferred platform investment. No site allocation established.
Review notes
Issuing origin: Inherited publisher grouping: OpenAI. Source family: Inherited publisher grouping: OpenAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-01-09. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Five new Stargate sites
Sep 23, 2025
Relevant finding
Stargate umbrella; named five sites; 4.5GW Oracle agreement and combined 1.5GW Lordstown/Milam potential.
Review notes
Issuing origin: Inherited publisher grouping: OpenAI. Source family: Inherited publisher grouping: OpenAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-09-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Lordstown independent tracker
Aug 25, 2026
Relevant finding
Construction imagery; 214MW IT Q1 2027 projection derives from assumptions;300MW inferred by subtraction, not direct site disclosure.
Review notes
Issuing origin: Inherited publisher grouping: Epoch AI. Source family: Inherited publisher grouping: Epoch AI. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-25. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Epoch originates this modeled estimate; not direct measurement of operating IT.
Lordstown moratorium ruling
Oct 20, 2026
Relevant finding
Bristolville25Developer proposal implicated by preliminary-submission timing before moratorium; source does not identify it as Stargate.
Review notes
Issuing origin: Inherited publisher grouping: Supreme Court of Ohio news service. Source family: Inherited publisher grouping: Supreme Court of Ohio news service. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK New Mexico campus announcement
Sep 26, 2025
Relevant finding
More than a gigawatt; Blue Owl managed-fund investment; on-site microgrid.
Review notes
Issuing origin: Inherited publisher grouping: STACK. Source family: Inherited publisher grouping: STACK. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-09-26. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Jupiter air-permit public record
Undated — publication date not stated
Relevant finding
Application 10883, draft July 29 permit, amended Sept14 hearing notice; old Acoma east/west applications withdrawn April27.
Review notes
Issuing origin: Inherited publisher grouping: New Mexico Environment Department. Source family: Inherited publisher grouping: New Mexico Environment Department. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Jupiter October microgrid refinement
Oct 15, 2026
Relevant finding
Proposed operating-output cap; claimed ~35% projected emission reduction; supplement to pending permit; IT capacity said unchanged.
Review notes
Issuing origin: Inherited publisher grouping: Oracle. Source family: Inherited publisher grouping: Oracle. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-15. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Oracle force majeure report
Sep 24, 2026
Relevant finding
Reported payment-delay protection and $18bn debt/$3bn equity; Oracle/Blue Owl dispute cancellation implication. Exact notice/lease not reviewed.
Review notes
Issuing origin: Inherited publisher grouping: Reuters. Source family: Inherited publisher grouping: Reuters. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-09-24. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Jupiter docket
Undated — publication date not stated
Relevant finding
AQB26-57(P) Yucca Growth Infrastructure listed; underlying entries not returned by text renderer.
Review notes
Issuing origin: Inherited publisher grouping: New Mexico Environment Department. Source family: Inherited publisher grouping: New Mexico Environment Department. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Green Chile Project environmental assessment schedule, CP26-80-000
Jul 29, 2026
Relevant finding
Proposed Transwestern lateral about 17.8 miles, 24 inches, up to 400,000 dekatherms daily to Green Chile Ventures for AI-campus generation. Application January 29, 2026. Proposed capacity is not firm delivered fuel.
Review notes
Issuing origin: FERC / Federal Register. Source family: FERC / Federal Register. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Official indexed notice text reviewed. Inherited review, not freshly verified for R3. Event date: 2026-07-29. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Green Chile Project environmental assessment availability
Sep 10, 2026
Relevant finding
Staff EA assesses 17.77-mile lateral and concludes approval would not significantly affect environmental quality. Comments due October 5, 2026. Positive assessment is progress, not final authorization or in-service evidence.
Review notes
Issuing origin: FERC / Federal Register. Source family: FERC / Federal Register. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Official indexed notice text reviewed. Inherited review, not freshly verified for R3. Event date: 2026-09-10. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Jupiter overview and executed document index
Oct 23, 2026
Relevant finding
County timeline: anticipated initial operations Q4 2026; phase-one 400-acre and microgrid completion Q3 2028. $50 billion initial and up to $165 billion over 30 years are investment estimates, not cash funding.
Review notes
Issuing origin: Doña Ana County. Source family: Doña Ana County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-10-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data centers: construction and customer delivery tracker
Oct 23, 2026
Relevant finding
Abilene 75% delivered in September; initial customer delivery Frontier and Jupiter 1H 2027, Lighthouse and Saline 2H 2027. These are issuer statements, not independent metered utilization.
Review notes
Issuing origin: Oracle. Source family: Oracle. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-10-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ozaukee County Data Center Infrastructure Project
Oct 23, 2026
Relevant finding
Docket 137-CE-229, new electrical infrastructure estimate $2,480.770–$2,724.689m including $1,099.366m E-STATCOM entirely paid by Oracle America Cloud Services LLC; EIS required.
Review notes
Issuing origin: Wisconsin Public Service Commission. Source family: Wisconsin Public Service Commission. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-10-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Lighthouse technical overview
Undated — publication date not stated
Relevant finding
902MW critical IT; four buildings; full-campus completion scheduled 2028.
Review notes
Issuing origin: Inherited publisher grouping: Vantage. Source family: Inherited publisher grouping: Vantage. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PSC revokes application completeness
Aug 6, 2026
Relevant finding
137-CE-221 closed after substantial application changes; new application required; explicitly not project denial.
Review notes
Issuing origin: Inherited publisher grouping: Wisconsin PSC. Source family: Inherited publisher grouping: Wisconsin PSC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Related Digital announces financing for $16 billion Oracle project
Apr 24, 2026
Relevant finding
Related and Blackstone affiliate equity; long-term fixed-rate PIMCO-anchored debt; allocations and contractual terms undisclosed.
Review notes
Issuing origin: Related Digital. Source family: Related Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-24. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Relevant finding
Approves 175 MW third-party and 395 MW DTE-owned battery projects toward 1,383 MW obligation, with Q2/Q3 2027 targets. Additional projects still needed. This is approval, not operational confirmation.
Review notes
Issuing origin: Michigan Public Service Commission. Source family: Michigan Public Service Commission. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-04-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DTE contracts conditional approval
Dec 18, 2025
Relevant finding
1,383MW contracted data-center load; priority load shedding; minimum payment and security protections; customer funds matching MW battery capacity.
Review notes
Issuing origin: Inherited publisher grouping: Michigan PSC. Source family: Inherited publisher grouping: Michigan PSC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-12-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Saline contract approval appeal
Aug 7, 2026
Relevant finding
AG seeks remand for contested case; allegations are litigant positions, not judicial findings.
Review notes
Issuing origin: Inherited publisher grouping: Michigan Attorney General. Source family: Inherited publisher grouping: Michigan Attorney General. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-07. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
OpenAI joins PORTS Pike
Aug 17, 2026
Relevant finding
Approx8GW IT contracted; 20-year lease; first800MW 2028; six-year buildout through2032.
Review notes
Issuing origin: Inherited publisher grouping: OpenAI. Source family: Inherited publisher grouping: OpenAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-17. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NVIDIA secures PORTS-Pike capacity
Aug 17, 2026
Relevant finding
SB Energy to build, own and operate under 20-year OpenAI lease; 8 IT-GW customer, initial credit support 4.25 IT-GW with 3.75 IT-GW option; NVIDIA $1.5 billion SB Energy equity investment.
Review notes
Issuing origin: SB Energy / NVIDIA joint announcement. Source family: SB Energy / NVIDIA joint announcement. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-08-17. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: SB Energy/NVIDIA originate the announced relationship; shared economic interest is not independent corroboration.
Relevant finding
PORTS initial 4.25 GW under 20-year OpenAI leases. $105bn guarantee has phased effectiveness, readiness conditions, first expected FY2029, and declines with payments. Additional option approximately 3.8 GW.
Review notes
Issuing origin: NVIDIA / SEC filing. Source family: NVIDIA / SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-08-26. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DOE fact sheet on Portsmouth site energy development
Mar 20, 2026
Relevant finding
Land leasing, remediation and new generation/transmission are separate development obligations. $4.2 billion transmission plan and Japanese generation investment announcement are not demonstrated construction draws.
Review notes
Issuing origin: US Department of Energy. Source family: US Department of Energy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-03-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Newmark arranges $2.3 billion construction financing for 206 MW
Jan 22, 2025
Relevant finding
$2.3bn JPMorgan construction loan for initial 206 MW development; prospective 300 MW onsite generation.
Review notes
Issuing origin: Newmark. Source family: Newmark. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Full page or document reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2025-01-22. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Newmark originates disclosed terms; syndication is not independent confirmation of loan draws.
Abilene and Taylor County announce initial Crusoe phase
Nov 19, 2024
Relevant finding
Lancium owns the campus and leases about 90 acres to Crusoe. Initial phase combined capital investment estimated at $3.4 billion; substation construction described. Investment is an estimate, not costs incurred.
Review notes
Issuing origin: Development Corporation of Abilene. Source family: Development Corporation of Abilene. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2024-11-19. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Authority is primary for its actions and description; developer forecasts remain attributed.
Newmark facilitates $7.1 billion construction loan
May 22, 2025
Relevant finding
Search-indexed issuer announcement describes $7.1 billion construction loan for Blue Owl, Crusoe and Primary. Full page blocked; scope and refinancing relationship to $2.3 billion facility not reconciled. Do not add the facilities as outstanding debt.
Review notes
Issuing origin: Newmark. Source family: Newmark. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Official indexed result; full page HTTP 403. Corroborated announcement title in Newmark SEC Q2 2025 exhibit.. Inherited review, not freshly verified for R3. Event date: 2025-05-22. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Newmark origin established; HTTP403 preserved; primary only for accessible announcement text/title.
Abilene joint venture expanded to $15 billion
May 21, 2025
Relevant finding
Eight-building campus expansion; first two buildings targeted 1H 2025 energization, remaining phase mid-2026. JV size is not a disclosed cash draw.
Review notes
Issuing origin: Crusoe. Source family: Crusoe. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2025-05-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
New Mexico environmental public notices
Oct 23, 2026
Relevant finding
Yucca application 10883 received April 27, 2026, with July draft and September amended hearing notice. Former Acoma East and West applications withdrawn April 27. Record reviewed does not establish issued replacement permit.
Review notes
Issuing origin: New Mexico Environment Department. Source family: New Mexico Environment Department. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-10-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Oracle Q1 FY2027 financial results
Sep 10, 2026
Relevant finding
Quarter ended August 31: $23.103 billion operating cash flow; $28.499 billion capex; $11.363 billion identified customer prepayments; $19.909 billion net ATM equity proceeds. Delivery and revenue growth provide counterevidence to an immediate funding-collapse thesis.
Review notes
Issuing origin: Oracle / SEC filing. Source family: Oracle / SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-09-10. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CoreWeave second-quarter 2026 financial results
Aug 11, 2026
Relevant finding
June 30 backlog $104 billion depends on delivery and service availability. Active power 1.5 GW differs from contracted 3.7 GW. Quarterly revenue $2.575 billion, net interest $640 million, operating loss $49 million, adjusted EBITDA $1.510 billion.
Review notes
Issuing origin: CoreWeave / SEC filing. Source family: CoreWeave / SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Inherited review, not freshly verified for R3. Event date: 2026-08-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Court upholds Lordstown data center moratorium
Oct 20, 2026
Relevant finding
Bristolville25Developer proposal implicated by preliminary-submission timing before moratorium; source does not identify it as Stargate.
Review notes
Issuing origin: Supreme Court of Ohio. Source family: Supreme Court of Ohio. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full page or document reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-10-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Newmark initial Abilene construction financing
Jan 22, 2025
Relevant finding
$2.3bn JPMorgan construction loan for initial 206 MW development; prospective 300 MW onsite generation.
Review notes
Issuing origin: Newmark. Source family: Newmark. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2025-01-22. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Newmark Abilene Phase II construction loan
May 22, 2025
Relevant finding
$7.1bn expressly finances second phase, six additional buildings; eight buildings across both phases. Announcement does not supply current aggregate drawn balance.
Review notes
Issuing origin: Newmark. Source family: Newmark. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed; native Newmark URL returned 403. Inherited review, not freshly verified for R3. Event date: 2025-05-22. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Saline $16bn financing announcement
Apr 24, 2026
Relevant finding
Related and Blackstone affiliate equity; long-term fixed-rate PIMCO-anchored debt; allocations and contractual terms undisclosed.
Review notes
Issuing origin: Related Digital. Source family: Related Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-24. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NVIDIA Q2 FY2027 CFO commentary
Aug 26, 2026
Relevant finding
PORTS initial 4.25 GW under 20-year OpenAI leases. $105bn guarantee has phased effectiveness, readiness conditions, first expected FY2029, and declines with payments. Additional option approximately 3.8 GW.
Review notes
Issuing origin: NVIDIA. Source family: NVIDIA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full relevant filed commentary reviewed; executed guarantee not obtained. Access/excerpt/underlying-document limitations retained. Event date: 2026-08-26. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Jupiter official project and document index
Undated — publication date not stated
Relevant finding
County investment estimates and distinct initial-operations / Phase I completion milestones. Index lists executed and bond documents; listing does not establish cash funding.
Review notes
Issuing origin: Doña Ana County. Source family: Doña Ana County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full index reviewed; Series 2025A/B/C IRB download attempts failed; underlying agreements not reviewed. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. Government record independently establishes only its stated administrative facts; developer estimates embedded in the record are not independent operating verification. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ozaukee Data Infrastructure Project regulatory case
Undated — publication date not stated
Relevant finding
Docket 137-CE-229, new electrical infrastructure estimate $2,480.770–$2,724.689m including $1,099.366m E-STATCOM entirely paid by Oracle America Cloud Services LLC; EIS required.
Review notes
Issuing origin: Wisconsin PSC. Source family: Wisconsin PSC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full case page reviewed; underlying CPCN application and contracts not read. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. Government record independently establishes only its stated administrative facts; developer estimates embedded in the record are not independent operating verification. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TX302 official project registration
Jun 29, 2026
Relevant finding
Owner Vantage Data Centers TX302, LLC; $1.185bn estimated building cost; target completion September 8, 2027. Accessibility review complete does not mean operational completion.
Review notes
Issuing origin: Texas TDLR. Source family: Texas TDLR. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full official registration reviewed; not a financing or occupancy document. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-06-29. Retrieval/review date: 2026-10-23. Government record independently establishes only its stated administrative facts; developer estimates embedded in the record are not independent operating verification. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy June 2026 Form 10-Q access recheck
Aug 10, 2026
Relevant finding
Retains accepted R2 Phase I drawn balance/rate/maturity and Phase II coupon/maturity/completion guarantee with explicit re-access limitation.
Review notes
Issuing origin: Galaxy. Source family: Galaxy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Initial PDF opened; targeted follow-up returned 403. Relevant debt terms carried from accepted R2L008, not freshly re-verified. Inherited review, not freshly verified for R3. Event date: 2026-08-10. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy Phase I financing closed
Aug 15, 2025
Relevant finding
$1.4bn commitment, $350m equity provided, 80% loan-to-cost, 36-month term, security over all Phase I assets.
Review notes
Issuing origin: Galaxy. Source family: Galaxy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2025-08-15. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy Phase I delivered
Jul 6, 2026
Relevant finding
Phase I 133 MW critical IT / approximately 200 MW gross delivered; rent started Q2 2026. Phase II 260 MW critical IT construction; target first delivery 1H2027.
Review notes
Issuing origin: Galaxy. Source family: Galaxy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-07-06. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
OpenAI / SoftBank / SB Energy partnership
Jan 9, 2026
Relevant finding
OpenAI 1.2 GW Milam lease; $1bn OpenAI/SoftBank platform equity and $800m Ares redeemable preferred platform investment. No site allocation established.
Review notes
Issuing origin: OpenAI. Source family: OpenAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Full release reviewed; financing and lease contracts not obtained. Access/excerpt/underlying-document limitations retained. Event date: 2026-01-09. Retrieval/review date: 2026-10-23. Issuer, sponsor or arranger origin; syndication, SEC hosting and affiliated releases do not provide independent commercial corroboration. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Inside Prometheus
Oct 19, 2026
Relevant finding
First phase complete and used to train Muse models; full buildout scaling; no actual metered load.
Review notes
Issuing origin: Inherited publisher grouping: Meta Engineering. Source family: Inherited publisher grouping: Meta Engineering. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-19. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
First Mount Pleasant facility completed
Jun 23, 2026
Relevant finding
First facility fully operational after April startup; second under construction for 2028.
Review notes
Issuing origin: Inherited publisher grouping: Microsoft. Source family: Inherited publisher grouping: Microsoft. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Wisconsin and Atlanta AI superfactory
Nov 12, 2025
Relevant finding
Atlanta began operation in October 2025; networking links separate facilities.
Review notes
Issuing origin: Inherited publisher grouping: Microsoft. Source family: Inherited publisher grouping: Microsoft. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-11-12. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hyperion campus: current project description
Undated — publication date not stated
Relevant finding
5 GW compute ambition; $50B+ Louisiana investment; construction; not operating MW.
Review notes
Issuing origin: Inherited publisher grouping: Meta. Source family: Inherited publisher grouping: Meta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Meta and Blue Owl Hyperion joint venture
Oct 21, 2025
Relevant finding
80/20 Blue Owl/Meta; ~$27B buildings/infrastructure; four-year initial leases; capped residual-value guarantee for the first 16 operating years.
Review notes
Issuing origin: Inherited publisher grouping: Meta. Source family: Inherited publisher grouping: Meta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-10-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Relevant finding
Approves initial generation/transmission settlement subject to conditions; does not establish later expansion approval.
Review notes
Issuing origin: Inherited publisher grouping: Louisiana Public Service Commission. Source family: Inherited publisher grouping: Louisiana Public Service Commission. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-08-29. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Additional Meta agreement and energy infrastructure
Mar 27, 2026
Relevant finding
Seven additional gas plants >5,200 MW, 240 miles of 500 kV lines and storage proposed; claimed full cost recovery from Meta.
Review notes
Issuing origin: Inherited publisher grouping: Entergy. Source family: Inherited publisher grouping: Entergy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Additional Northern Indiana investment
Nov 24, 2025
Relevant finding
$15B and 2.4 GW regional capacity; distinct from the earlier St Joseph $11B program; NIPSCO GenCo structure.
Review notes
Issuing origin: Inherited publisher grouping: Amazon. Source family: Inherited publisher grouping: Amazon. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-11-24. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
AWS St Joseph County investment
Apr 25, 2024
Relevant finding
$11B New Carlisle / St Joseph campus investment over multiple years.
Review notes
Issuing origin: Inherited publisher grouping: Amazon. Source family: Inherited publisher grouping: Amazon. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2024-04-25. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Rainier
Undated — publication date not stated
Relevant finding
Rainier operational across multiple US data centers; cannot allocate cluster capacity wholly to Indiana.
Review notes
Issuing origin: Inherited publisher grouping: Amazon. Source family: Inherited publisher grouping: Amazon. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Mississippi investment rises to$25B
Apr 9, 2026
Relevant finding
Additional $11B in Madison; $1B former Delphi conversion in Hinds; statewide $25B includes earlier Warren investment. Canton recycled water target: 2027.
Review notes
Issuing origin: Inherited publisher grouping: Amazon. Source family: Inherited publisher grouping: Amazon. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-04-09. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Warren County campus
Undated — publication date not stated
Relevant finding
At least $3B Warren campus; distinct from the two Madison campuses.
Review notes
Issuing origin: Inherited publisher grouping: Amazon. Source family: Inherited publisher grouping: Amazon. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Talen expands Amazon nuclear relationship
Jun 11, 2025
Relevant finding
1,920 MW maximum PPA through 2042; full ramp by 2032; front-of-meter conversion expected in spring 2026; supports the adjacent campus and other Pennsylvania sites.
Review notes
Issuing origin: Inherited publisher grouping: Talen Energy. Source family: Inherited publisher grouping: Talen Energy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-06-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Salem Township Innovation Campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: AWS presents a different aggregation trap. Northern Indiana's additional $15 billion/2.4 GW program is regional and distinct from the earlier $11 billion St Joseph County commitment. Rainier operates across multiple American data centers; the reviewed evidence does not allocate the entire cluster to New Carlisle. Mississippi's $25 billion program encompasses Madison expansion, Warren and a Hinds conversion, so state totals cannot become individual campus valuations. In Pennsylvania, current project pages describe active construction at Salem and Falls Township, with commissioning and operation dates for the new developments still to be determined. Salem's existing-campus operation language does not establish completion of its expansion. Talen's maximum 1, 920 MW supply agreement covers the adjacent campus and other Pennsylvania sites and ramps fully by 2032; neither that ceiling nor the ramp date measures Salem's operating capacity. Completion of the previously expected front-of-meter transition remains unverified in this review. [US-S08] [US-S09] [US-S10] [US-S11] [US-S12] [US-S14] [R2U012] [R2U013]
Review notes
Issuing origin: Amazon project promotion / Pennsylvania Chamber. Source family: Amazon project promotion / Pennsylvania Chamber. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Falls Township Innovation Campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: AWS presents a different aggregation trap. Northern Indiana's additional $15 billion/2.4 GW program is regional and distinct from the earlier $11 billion St Joseph County commitment. Rainier operates across multiple American data centers; the reviewed evidence does not allocate the entire cluster to New Carlisle. Mississippi's $25 billion program encompasses Madison expansion, Warren and a Hinds conversion, so state totals cannot become individual campus valuations. In Pennsylvania, current project pages describe active construction at Salem and Falls Township, with commissioning and operation dates for the new developments still to be determined. Salem's existing-campus operation language does not establish completion of its expansion. Talen's maximum 1, 920 MW supply agreement covers the adjacent campus and other Pennsylvania sites and ramps fully by 2032; neither that ceiling nor the ramp date measures Salem's operating capacity. Completion of the previously expected front-of-meter transition remains unverified in this review. [US-S08] [US-S09] [US-S10] [US-S11] [US-S12] [US-S14] [R2U012] [R2U013]
Review notes
Issuing origin: Amazon project promotion / Pennsylvania Chamber. Source family: Amazon project promotion / Pennsylvania Chamber. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Anthropic access to Colossus1
May 6, 2026
Relevant finding
Anthropic access to Colossus 1; more than 220,000 Nvidia GPUs; financial terms and MW absent.
Review notes
Issuing origin: Inherited publisher grouping: xAI/SpaceXAI. Source family: Inherited publisher grouping: xAI/SpaceXAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Relevant finding
Accession 0001628280-26-066880. Report period: September 30; text inspected in the investor-hosted copy of the same filing, US-S19.
Review notes
Issuing origin: Inherited publisher grouping: SEC / Space Exploration Technologies. Source family: Inherited publisher grouping: SEC / Space Exploration Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-22. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
SpaceX Q3 2026 10-Q, readable filing PDF
Oct 22, 2026
Relevant finding
1.7 GW company-wide nameplate compute excludes overhead and is not actual use. Approximately $569M of disputed contractor counterclaims/liens; federal turbine litigation remains. August stormwater notices are separate from the air matter.
Review notes
Issuing origin: Inherited publisher grouping: Space Exploration Technologies. Source family: Inherited publisher grouping: Space Exploration Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-22. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
March 2026 Permit Board signed minutes
Mar 10, 2026
Relevant finding
Board approved 41 MZX turbines totaling 1,260 MW; generation rating is not data-center IT MW.
Review notes
Issuing origin: Inherited publisher grouping: Mississippi Department of Environmental Quality. Source family: Inherited publisher grouping: Mississippi Department of Environmental Quality. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-10. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Executed MZX Agreed Order 7739-26
Jul 30, 2026
Relevant finding
Temporary turbine retirement conditions; 13 SMT130/SCR units extended through December 31; permanent equipment supply delays. This does not resolve federal Clean Air Act litigation.
Review notes
Issuing origin: Inherited publisher grouping: Mississippi Commission on Environmental Quality; executed copy hosted by law firm. Source family: Inherited publisher grouping: Mississippi Commission on Environmental Quality; executed copy hosted by law firm. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Constellation/CyrusOne Freestone agreement
Feb 9, 2026
Relevant finding
Freestone: 380 MW signed plus 380 MW of phase 2 exclusivity; prior Thad Hill: 400 MW; generators continue supporting the grid.
Review notes
Issuing origin: Inherited publisher grouping: Constellation. Source family: Inherited publisher grouping: Constellation. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-02-09. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Phoenix groundbreaking
Sep 10, 2026
Relevant finding
2 GW campus; three facilities; dedicated onsite power proposed; $10B regional economic investment.
Review notes
Issuing origin: Inherited publisher grouping: Aligned. Source family: Inherited publisher grouping: Aligned. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-09-10. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Project Caprock groundbreaking
Apr 9, 2026
Relevant finding
540 MW, six-building campus; first facility, LBB01, targets Q1 2027.
Review notes
Issuing origin: Inherited publisher grouping: Aligned. Source family: Inherited publisher grouping: Aligned. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-04-09. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Switch $2.6B syndicated letter-of-credit facility
Apr 21, 2026
Relevant finding
Performance letter of credit backs transmission/generation commitments; separate from the borrowing base; not proof that construction of the entire campus is funded.
Review notes
Issuing origin: Inherited publisher grouping: Switch. Source family: Inherited publisher grouping: Switch. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-04-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Google Texas investment
Nov 14, 2025
Relevant finding
$40B statewide through 2027 includes Armstrong and Haskell; one Haskell campus alongside solar/storage; 6,200 MW of contracted generation is not data-center load.
Review notes
Issuing origin: Inherited publisher grouping: Google. Source family: Inherited publisher grouping: Google. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-11-14. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Digital Realty Q4 2024 results
Feb 13, 2025
Relevant finding
Charlotte: 156 acres acquired for $160M; up to 400 MW of IT potential. Main page body not fully rendered; search-index evidence only.
Review notes
Issuing origin: Inherited publisher grouping: Digital Realty. Source family: Inherited publisher grouping: Digital Realty. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-02-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Equinix Q2 2024 results
Aug 7, 2024
Relevant finding
Atlanta: more than 200 acres acquired with power access; future multi-hundred-MW xScale campus, precise MW unverified.
Review notes
Issuing origin: Inherited publisher grouping: Equinix. Source family: Inherited publisher grouping: Equinix. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2024-08-07. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NTT seven-market land acquisitions
May 13, 2025
Relevant finding
New Mesa: 174 acres, 324 MW and seven buildings; first facility targets FY2028. Separate from older Mesa 240 MW campus. Hillsboro: 216 MW expansion.
Review notes
Issuing origin: Inherited publisher grouping: NTT DATA. Source family: Inherited publisher grouping: NTT DATA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-05-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fayetteville city data-center discussion
Undated — publication date not stated
Relevant finding
QTS: 13 buildings and 6.2M square feet; Crow Holdings withdrew its separate project's appeal on March 18; new centers prohibited from March 5.
Review notes
Issuing origin: Inherited publisher grouping: City of Fayetteville GA. Source family: Inherited publisher grouping: City of Fayetteville GA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fayette County water bill clarification
May 13, 2026
Relevant finding
AMI meter-transition billing failure; back bill paid at the construction rate; county denies residential water-pressure impact.
Review notes
Issuing origin: Inherited publisher grouping: Fayette County GA. Source family: Inherited publisher grouping: Fayette County GA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
QTS Fayetteville campus
Undated — publication date not stated
Relevant finding
Construction water is distinct from claims about closed-loop operational cooling.
Review notes
Issuing origin: Inherited publisher grouping: QTS. Source family: Inherited publisher grouping: QTS. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Blackstone's QTS terminates Digital Gateway data center project in Virginia
Jul 2, 2026
Relevant finding
Reuters reports QTS terminated its planned Digital Gateway development and withdrew related filings. Direct underlying QTS statement and court withdrawal were not obtained.
Review notes
Issuing origin: QTS termination statement reported by Reuters. Source family: QTS termination statement reported by Reuters. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Search result and summary retrieved; direct article open unavailable. Inherited review, not freshly verified for R3. Event date: 2026-07-02. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Massive Va. data center project won't go forward after backer ends legal fight
Jul 9, 2026
Relevant finding
Reports withdrawal of QTS's remaining legal challenge after the Digital Gateway approval was invalidated and upheld on appeal; quotes a QTS termination statement. Also reports rejection of Dulles South Innovation Center. The QTS statement is not independent primary corroboration of Reuters's company statement.
Review notes
Issuing origin: Washington Post reporting; QTS company statement overlaps R2V003. Source family: Washington Post reporting; QTS company statement overlaps R2V003. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Detailed search/news extract retrieved; underlying court documents not reviewed. Inherited review, not freshly verified for R3. Event date: 2026-07. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PW Digital Gateway: August 5 legal-status update
Aug 5, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Prince William County provides a decisive negative control. QTS’s July termination statement was reported by Reuters and The Washington Post. The county’s August update separately confirms that the July 29 appellate order voided Digital Gateway rezoning approvals and restored the former zoning. The comprehensive-plan amendment survived, so a future proposal would require a new rezoning procedure. This supports exclusion from active delivery projections without claiming the entire planning corridor can never be developed. Repeated coverage of the same QTS statement is one originating corporate account, while the county notice supplies independent primary evidence about legal status. [R2V003] [R2V004] [R2V006]
Review notes
Issuing origin: Prince William County. Source family: Prince William County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NVA02 campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. [R2V008] [R2V009] [R2V010] [R2V011] [R2V012]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NVA05 campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. [R2V008] [R2V009] [R2V010] [R2V011] [R2V012]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK secures $900 million in green financing in Northern Virginia
Jan 14, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. [R2V008] [R2V009] [R2V010] [R2V011] [R2V012]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK announces 1+GW Stafford Technology Campus
Jan 16, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. [R2V008] [R2V009] [R2V010] [R2V011] [R2V012]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK secures $4 billion in green financing for multiple campuses
Mar 19, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Private development in the same broader market is substantial and heterogeneous. STACK lists NVA02 at 420 MW of critical capacity, while NVA05 illustrates the danger of treating every published number as a stable specification: its current page states 150 MW, whereas the January 2025 financing announcement described 200 MW. The record preserves both dated observations and flags the unresolved scope. Stafford’s 1+ GW campus is another parent development, not nineteen independently additive projects. The $4 billion financing announcement combines Stafford, Portland and Toronto; it cannot be assigned wholesale to one site. Substation ratings similarly cannot be relabeled as critical IT load. [R2V008] [R2V009] [R2V010] [R2V011] [R2V012]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
EdgeCore announces Culpeper land acquisition and development
Jul 18, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Culpeper makes schedule discipline especially important. EdgeCore originally described 216 MW initial critical capacity, possible expansion to 432 MW and early-2028 initial power delivery. Its current page instead markets 196 MW with capacity available from mid-2029. Utility power and customer-ready capacity are different milestones, and the scope changed; calculating a simple delay would overstate the evidence. DataBank’s separate 192 MW campus comprises IAD5 and IAD6. An October 2025 groundbreaking announcement targeted the first facility for early Q2 2026, but a dated completion readback was not obtained. A passed target is neither proof of operation nor proof of delay. [R2V013] [R2V014] [R2V015] [R2V016]
Review notes
Issuing origin: EdgeCore Digital Infrastructure. Source family: EdgeCore Digital Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Culpeper campus current specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Culpeper makes schedule discipline especially important. EdgeCore originally described 216 MW initial critical capacity, possible expansion to 432 MW and early-2028 initial power delivery. Its current page instead markets 196 MW with capacity available from mid-2029. Utility power and customer-ready capacity are different milestones, and the scope changed; calculating a simple delay would overstate the evidence. DataBank’s separate 192 MW campus comprises IAD5 and IAD6. An October 2025 groundbreaking announcement targeted the first facility for early Q2 2026, but a dated completion readback was not obtained. A passed target is neither proof of operation nor proof of delay. [R2V013] [R2V014] [R2V015] [R2V016]
Review notes
Issuing origin: EdgeCore Digital Infrastructure. Source family: EdgeCore Digital Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank breaks ground on Culpeper facilities
Oct 21, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Culpeper makes schedule discipline especially important. EdgeCore originally described 216 MW initial critical capacity, possible expansion to 432 MW and early-2028 initial power delivery. Its current page instead markets 196 MW with capacity available from mid-2029. Utility power and customer-ready capacity are different milestones, and the scope changed; calculating a simple delay would overstate the evidence. DataBank’s separate 192 MW campus comprises IAD5 and IAD6. An October 2025 groundbreaking announcement targeted the first facility for early Q2 2026, but a dated completion readback was not obtained. A passed target is neither proof of operation nor proof of delay. [R2V013] [R2V014] [R2V015] [R2V016]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank Culpeper campus and IAD5/IAD6 specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Culpeper makes schedule discipline especially important. EdgeCore originally described 216 MW initial critical capacity, possible expansion to 432 MW and early-2028 initial power delivery. Its current page instead markets 196 MW with capacity available from mid-2029. Utility power and customer-ready capacity are different milestones, and the scope changed; calculating a simple delay would overstate the evidence. DataBank’s separate 192 MW campus comprises IAD5 and IAD6. An October 2025 groundbreaking announcement targeted the first facility for early Q2 2026, but a dated completion readback was not obtained. A passed target is neither proof of operation nor proof of delay. [R2V013] [R2V014] [R2V015] [R2V016]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ashburn II VA2 data sheet
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. [R2V017] [R2V018] [R2V031] [R2V034] [R2V035]
Review notes
Issuing origin: Vantage Data Centers. Source family: Vantage Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ashburn III VA3 campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. [R2V017] [R2V018] [R2V031] [R2V034] [R2V035]
Review notes
Issuing origin: Vantage Data Centers. Source family: Vantage Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Official search extract readable; direct retrieval failed. Extract states 134 acres, seven centers, 288 MW critical IT.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Purchase of Blackstone interest in three Northern Virginia data centers
Jun 29, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. [R2V017] [R2V018] [R2V031] [R2V034] [R2V035]
Review notes
Issuing origin: Joint Digital Realty and Blackstone transaction announcement. Source family: Joint Digital Realty and Blackstone transaction announcement. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ashburn I campus, French official page
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. [R2V017] [R2V018] [R2V031] [R2V034] [R2V035]
Review notes
Issuing origin: Vantage Data Centers. Source family: Vantage Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Official search extract states 206 MW capacity; direct retrieval failed. Exact operational share unverified.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
North America campus directory
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Loudoun coverage now identifies Vantage’s three Ashburn campuses separately. VA2 has a 96 MW critical IT specification; VA3’s official indexed description gives 288 MW critical IT. Partial retrieval failure limits full-page verification, and VA1’s operating share remains unresolved. These records must not be added again to the company’s combined Ashburn total. Digital Realty supplies stronger lease economics for three other Northern Virginia assets: 288 MW total IT under ongoing development, fully leased, with stabilization expected in 2027–2028. Because asset identifiers were not fully resolved, this is a portfolio evidence parent, excluded from unique-campus counts and duplicate sums. Its acquisition value is not construction cash available. [R2V017] [R2V018] [R2V031] [R2V034] [R2V035]
Review notes
Issuing origin: Vantage Data Centers. Source family: Vantage Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Sale of county-owned land at 3721 Stonecroft Boulevard
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Fairfax is explicitly represented by the Stonecroft transaction and a documented inventory gap. The county confirms a conditional agreement for approximately 41.7 acres at $166.8 million, with closing anticipated in April 2027 absent extensions. It expressly says the sale approval does not approve data-center use. The county’s schedule for replacing public-safety facilities must not become a data-center opening date. Its August inventory of twenty operating and eleven construction facilities demonstrates that this named-site sample is incomplete, but those counts do not justify manufacturing eleven project records without addresses and permit links. [R2V020] [R2V021]
Review notes
Issuing origin: Fairfax County. Source family: Fairfax County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fairfax County data centers: August 2026 inventory and regulatory roles
2026-08 (publication month; day not stated)
Relevant finding
Article citation context; other cited records may jointly support this passage: Fairfax is explicitly represented by the Stonecroft transaction and a documented inventory gap. The county confirms a conditional agreement for approximately 41.7 acres at $166.8 million, with closing anticipated in April 2027 absent extensions. It expressly says the sale approval does not approve data-center use. The county’s schedule for replacing public-safety facilities must not become a data-center opening date. Its August inventory of twenty operating and eleven construction facilities demonstrates that this named-site sample is incomplete, but those counts do not justify manufacturing eleven project records without addresses and permit links. [R2V020] [R2V021]
Review notes
Issuing origin: Fairfax County. Source family: Fairfax County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data & Energy Storage in Hillsboro: Community Development Code Amendments
Sep 29, 2026
Relevant finding
City Council enacted a 120-day land-use moratorium on new applications for data center and BESS development on July 27. The page describes a possible additional six-month extension, fall 2026 definitions/use-allowance work, and winter/spring 2027 development/design work.
Review notes
Issuing origin: City of Hillsboro. Source family: City of Hillsboro. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened; relevant text and last-update date readable. Inherited review, not freshly verified for R3. Event date: 2026-07-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Enterprise Zone Agreements with Data Centers in Hillsboro
May 8, 2026
Relevant finding
Indexed official result describes HB 4084 changes to enterprise-zone applications beginning in June 2026. This tax-program measure must not be conflated with the separate July land-use moratorium.
Review notes
Issuing origin: City of Hillsboro. Source family: City of Hillsboro. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Official search result only; full statute and announcement not opened. Inherited review, not freshly verified for R3. Event date: 2026-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
POR03 campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Oregon requires a similarly precise distinction between regulatory instruments and physical progress. Hillsboro’s July 27 measure concerns new data-center and BESS land-use applications, initially for 120 days; the city’s September page discusses a possible additional six-month extension. The separate state enterprise-zone application pause concerns tax incentives. Neither statement alone proves previously permitted campuses stopped operating or building. STACK POR03 reports approximately 200 MW total critical capacity including 72 MW operational, with additional availability and expansion components. Those component figures do not exactly reconcile to the headline, and operator-reported operational capacity is not measured utilization. Aligned PDX-01 is named, but no unsupported third-party MW is imported. [R2V001] [R2V005] [R2V022] [R2V023]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Aligned Hillsboro PDX-01 campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Oregon requires a similarly precise distinction between regulatory instruments and physical progress. Hillsboro’s July 27 measure concerns new data-center and BESS land-use applications, initially for 120 days; the city’s September page discusses a possible additional six-month extension. The separate state enterprise-zone application pause concerns tax incentives. Neither statement alone proves previously permitted campuses stopped operating or building. STACK POR03 reports approximately 200 MW total critical capacity including 72 MW operational, with additional availability and expansion components. Those component figures do not exactly reconcile to the headline, and operator-reported operational capacity is not measured utilization. Aligned PDX-01 is named, but no unsupported third-party MW is imported. [R2V001] [R2V005] [R2V022] [R2V023]
Review notes
Issuing origin: Aligned Data Centers. Source family: Aligned Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Lithia Springs campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlanta’s additions include DataBank’s 120 MW critical IT Lithia Springs campus and STACK’s 160 MW ATL02 marketing specification, whose IT-versus-gross definition remains unclear. CBRE’s H1 2026 estimate of 2, 882 MW under construction concerns its Atlanta market and measurement period. Comparing it with a mixed-stage, partly unquantified research sample reveals incomplete coverage, not a calculable missing-capacity balance. The record therefore reports the benchmark, its scope and the reconciliation gap without a misleading coverage percentage. [R2V024] [R2V026] [R2V007]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
ATL02 Lithia Springs campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlanta’s additions include DataBank’s 120 MW critical IT Lithia Springs campus and STACK’s 160 MW ATL02 marketing specification, whose IT-versus-gross definition remains unclear. CBRE’s H1 2026 estimate of 2, 882 MW under construction concerns its Atlanta market and measurement period. Comparing it with a mixed-stage, partly unquantified research sample reveals incomplete coverage, not a calculable missing-capacity balance. The record therefore reports the benchmark, its scope and the reconciliation gap without a misleading coverage percentage. [R2V024] [R2V026] [R2V007]
Review notes
Issuing origin: STACK Infrastructure. Source family: STACK Infrastructure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
North America Data Center Trends H1 2026
Aug 27, 2026
Relevant finding
Eight primary wholesale markets; 10,903 MW supply and 7,481.1 MW under construction.
Review notes
Issuing origin: CBRE. Source family: CBRE. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Direct page opened and relevant text read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: CBRE originates estimates, definitions and survey period; not metered site measurements.
Data Center Discussion: QTS and separate Crow proposal
Mar 18, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Georgia also supplies a useful independent negative control: Fayetteville denied Crow’s Highway 85 North site plan in January 2026, and the appeal was withdrawn in March. That is a separate site from QTS. The county water utility’s May statement says QTS meter and billing problems were corrected and disputes residential pressure impacts; this is attributed to the utility, while raw measurements and permits remain unavailable. Across all Tier 1 records, the ten-field audit distinguishes evidence obtained from missing private contracts. The central remaining publication limitation is phase-level execution: entitlement, firm power, financing draws, lease conditions and accepted operating load cannot be filled by press-release confidence. [R2V027] [R2V028]
Review notes
Issuing origin: City of Fayetteville. Source family: City of Fayetteville. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fayette County QTS water bill clarification
May 13, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Georgia also supplies a useful independent negative control: Fayetteville denied Crow’s Highway 85 North site plan in January 2026, and the appeal was withdrawn in March. That is a separate site from QTS. The county water utility’s May statement says QTS meter and billing problems were corrected and disputes residential pressure impacts; this is attributed to the utility, while raw measurements and permits remain unavailable. Across all Tier 1 records, the ten-field audit distinguishes evidence obtained from missing private contracts. The central remaining publication limitation is phase-level execution: entitlement, firm power, financing draws, lease conditions and accepted operating load cannot be filled by press-release confidence. [R2V027] [R2V028]
Review notes
Issuing origin: Fayette County Water System. Source family: Fayette County Water System. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Direct page opened and relevant text read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data Centers: Google, QTS and CLOP Cedar Rapids projects
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Iowa illustrates the value of municipal records for identity and approval checks. Cedar Rapids identifies Google, QTS and CLOP as distinct developments. Google's Heaviside alias should remain within the Google record. QTS occupies a separate Big Cedar campus; its development agreement establishes investment and timing conditions, which should not be relabeled as customer commissioning dates. CLOP is a smaller, separately addressed development with a June 2026 building permit under existing industrial zoning. That permit is not Google's or QTS's. Google's Council Bluffs expansion belongs alongside Cedar Rapids in the statewide investment program, but the state-level spending announcement cannot be allocated in full to both campuses. [R2U001] [R2U002]
Review notes
Issuing origin: Cedar Rapids municipal government. Source family: Cedar Rapids municipal government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
New $7 billion investment in Iowa
May 30, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Iowa illustrates the value of municipal records for identity and approval checks. Cedar Rapids identifies Google, QTS and CLOP as distinct developments. Google's Heaviside alias should remain within the Google record. QTS occupies a separate Big Cedar campus; its development agreement establishes investment and timing conditions, which should not be relabeled as customer commissioning dates. CLOP is a smaller, separately addressed development with a June 2026 building permit under existing industrial zoning. That permit is not Google's or QTS's. Google's Council Bluffs expansion belongs alongside Cedar Rapids in the statewide investment program, but the state-level spending announcement cannot be allocated in full to both campuses. [R2U001] [R2U002]
Review notes
Issuing origin: Google. Source family: Google. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Nebraska data center locations and milestones
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Nebraska's Google location record distinguishes Lincoln, Omaha and Papillion. The current page attributes a 2026 online milestone to Lincoln. That supports an attributed operating-stage statement, but does not provide independently verified operating IT load, tenant acceptance, billing or utilization. The state's new reporting and task-force infrastructure offers a useful route to water and energy records. This review identifies that route without claiming that a facility's actual annual return was retrieved. Future work should reconcile the Lincoln project name with any Agate permit entity using parcel and permit identifiers, rather than relying on secondary interpretations of redacted material. [R2U003] [R2U004]
Review notes
Issuing origin: Google. Source family: Google. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data Center Task Force and annual reporting
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Nebraska's Google location record distinguishes Lincoln, Omaha and Papillion. The current page attributes a 2026 online milestone to Lincoln. That supports an attributed operating-stage statement, but does not provide independently verified operating IT load, tenant acceptance, billing or utilization. The state's new reporting and task-force infrastructure offers a useful route to water and energy records. This review identifies that route without claiming that a facility's actual annual return was retrieved. Future work should reconcile the Lincoln project name with any Agate permit entity using parcel and permit identifiers, rather than relying on secondary interpretations of redacted material. [R2U003] [R2U004]
Review notes
Issuing origin: Nebraska government. Source family: Nebraska government. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Google grows South Carolina footprint with new Dorchester County operations and Berkeley expansion
Sep 26, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: South Carolina should be modeled as three Google sites: Pine Hill in Ridgeville, Winding Woods in St. George, and expansion at the existing Moncks Corner campus. The 2024 announcement allocates one combined investment figure to the two Dorchester sites and a separate figure to Berkeley. County announcements corroborate acquisition and groundbreaking, although a government release based on the same announcement is weaker than an independent permit or meter record. Google's live location page contains a non-specific 2024 Dorchester opening milestone that does not resolve which new campus or phase was commissioned. The report should retain that ambiguity rather than translate it into two fully operational campuses. [R2U005] [R2U006] [R2U017] [R2U018]
Review notes
Issuing origin: South Carolina government. Source family: South Carolina government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
South Carolina data center locations and milestones
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: South Carolina should be modeled as three Google sites: Pine Hill in Ridgeville, Winding Woods in St. George, and expansion at the existing Moncks Corner campus. The 2024 announcement allocates one combined investment figure to the two Dorchester sites and a separate figure to Berkeley. County announcements corroborate acquisition and groundbreaking, although a government release based on the same announcement is weaker than an independent permit or meter record. Google's live location page contains a non-specific 2024 Dorchester opening milestone that does not resolve which new campus or phase was commissioned. The report should retain that ambiguity rather than translate it into two fully operational campuses. [R2U005] [R2U006] [R2U017] [R2U018]
Review notes
Issuing origin: Google. Source family: Google. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Google coming to Dorchester County
Feb 15, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: South Carolina should be modeled as three Google sites: Pine Hill in Ridgeville, Winding Woods in St. George, and expansion at the existing Moncks Corner campus. The 2024 announcement allocates one combined investment figure to the two Dorchester sites and a separate figure to Berkeley. County announcements corroborate acquisition and groundbreaking, although a government release based on the same announcement is weaker than an independent permit or meter record. Google's live location page contains a non-specific 2024 Dorchester opening milestone that does not resolve which new campus or phase was commissioned. The report should retain that ambiguity rather than translate it into two fully operational campuses. [R2U005] [R2U006] [R2U017] [R2U018]
Review notes
Issuing origin: Dorchester County government. Source family: Dorchester County government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Indexed primary county text reviewed. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Google breaks ground in Dorchester County
Sep 26, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: South Carolina should be modeled as three Google sites: Pine Hill in Ridgeville, Winding Woods in St. George, and expansion at the existing Moncks Corner campus. The 2024 announcement allocates one combined investment figure to the two Dorchester sites and a separate figure to Berkeley. County announcements corroborate acquisition and groundbreaking, although a government release based on the same announcement is weaker than an independent permit or meter record. Google's live location page contains a non-specific 2024 Dorchester opening milestone that does not resolve which new campus or phase was commissioned. The report should retain that ambiguity rather than translate it into two fully operational campuses. [R2U005] [R2U006] [R2U017] [R2U018]
Review notes
Issuing origin: Dorchester County government. Source family: Dorchester County government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Indexed primary county text reviewed. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Meta selects Aiken County for first South Carolina data center
Aug 29, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Meta's Aiken project provides another identifiable South Carolina owner-user campus. State and company announcements name Sage Mill, the construction partner and the local electric cooperative, and preserve an original spring 2027 target. None of those statements proves an executed firm-power agreement, completed water and air approvals, financing close or revised commissioning date. Its floor area should remain floor area. Renewable energy matching should remain a procurement attribute, rather than a claim that equivalent round-the-clock delivered power is secured. [R2U007] [R2U008]
Review notes
Issuing origin: South Carolina government. Source family: South Carolina government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hello, South Carolina!
Aug 29, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Meta's Aiken project provides another identifiable South Carolina owner-user campus. State and company announcements name Sage Mill, the construction partner and the local electric cooperative, and preserve an original spring 2027 target. None of those statements proves an executed firm-power agreement, completed water and air approvals, financing close or revised commissioning date. Its floor area should remain floor area. Renewable energy matching should remain a procurement attribute, rather than a claim that equivalent round-the-clock delivered power is secured. [R2U007] [R2U008]
Review notes
Issuing origin: Meta. Source family: Meta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank celebrates opening of new data center in Hudson Valley
May 22, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Orangeburg requires building-level treatment. DataBank announced LGA3 operational in May 2025 and described it as nearly fully leased; a later facility datasheet specifies 20 MW critical IT design capacity. The adjacent LGA4 page specifies 10 MW and describes the second facility in future tense. Neither figure is an independently measured operating load. Nor does qualitative leasing disclosure establish accepted or billed MW. Historical campus plans, substation capacity and these individual building specifications must not be added together. A generic availability or service-hours label is not commissioning evidence. [R2U009] [R2U010] [R2U011]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
LGA3 facility datasheet Q425V1
2025-Q4 (publication quarter; day not stated)
Relevant finding
Article citation context; other cited records may jointly support this passage: Orangeburg requires building-level treatment. DataBank announced LGA3 operational in May 2025 and described it as nearly fully leased; a later facility datasheet specifies 20 MW critical IT design capacity. The adjacent LGA4 page specifies 10 MW and describes the second facility in future tense. Neither figure is an independently measured operating load. Nor does qualitative leasing disclosure establish accepted or billed MW. Historical campus plans, substation capacity and these individual building specifications must not be added together. A generic availability or service-hours label is not commissioning evidence. [R2U009] [R2U010] [R2U011]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Orangeburg LGA4 data center
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Orangeburg requires building-level treatment. DataBank announced LGA3 operational in May 2025 and described it as nearly fully leased; a later facility datasheet specifies 20 MW critical IT design capacity. The adjacent LGA4 page specifies 10 MW and describes the second facility in future tense. Neither figure is an independently measured operating load. Nor does qualitative leasing disclosure establish accepted or billed MW. Historical campus plans, substation capacity and these individual building specifications must not be added together. A generic availability or service-hours label is not commissioning evidence. [R2U009] [R2U010] [R2U011]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Executive Order 62: Temporary Moratorium on Data Centers
Jul 14, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: New York's July 14, 2026 Executive Order 62 creates a material, defined permitting constraint. Its data-center definition covers a facility or group of facilities on the same or contiguous sites capable of consuming at least 50 MW, subject to stated exclusions. DEC must hold covered discretionary applications for construction or expansion that were not deemed complete before July 14. Local-government permissions are expressly excluded from that provision. Applicability to a named project therefore depends on its campus boundary, power capability and DEC completeness history; the order does not establish a universal construction prohibition. The official explanation describes a pause of up to a year, while the operative order ties the hold to submission of the final GEIS and associated findings report. Separate proposed legislation is not treated as enacted law. [R2U015] [R2U016]
Review notes
Issuing origin: New York government. Source family: New York government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
First statewide moratorium on new hyperscale data centers
Jul 14, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: New York's July 14, 2026 Executive Order 62 creates a material, defined permitting constraint. Its data-center definition covers a facility or group of facilities on the same or contiguous sites capable of consuming at least 50 MW, subject to stated exclusions. DEC must hold covered discretionary applications for construction or expansion that were not deemed complete before July 14. Local-government permissions are expressly excluded from that provision. Applicability to a named project therefore depends on its campus boundary, power capability and DEC completeness history; the order does not establish a universal construction prohibition. The official explanation describes a pause of up to a year, while the operative order ties the hold to submission of the final GEIS and associated findings report. Separate proposed legislation is not treated as enacted law. [R2U015] [R2U016]
Review notes
Issuing origin: New York government. Source family: New York government. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened and read. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK breaks ground on 60 MW expansion of SVY01
Mar 26, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Western coverage adds eight named developments across California, Colorado, Utah and Idaho. The records show why regional inventory cannot be reconstructed by adding every advertised power number. STACK's San Jose announcement places a 60 MW critical-capacity expansion inside a 100 MW campus. DataBank's SLC6 announcement puts two expansion increments inside a 22 MW facility. These are nested scopes, not separate supplies. Capacity advertised in a current specification sheet also does not establish the amount energized, accepted by a tenant or generating revenue. [R2W001] [R2W013] [R2W014]
Review notes
Issuing origin: STACK. Source family: STACK. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank SLC6 second expansion
Jan 10, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Western coverage adds eight named developments across California, Colorado, Utah and Idaho. The records show why regional inventory cannot be reconstructed by adding every advertised power number. STACK's San Jose announcement places a 60 MW critical-capacity expansion inside a 100 MW campus. DataBank's SLC6 announcement puts two expansion increments inside a 22 MW facility. These are nested scopes, not separate supplies. Capacity advertised in a current specification sheet also does not establish the amount energized, accepted by a tenant or generating revenue. [R2W001] [R2W013] [R2W014]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
SLC6 facility specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Western coverage adds eight named developments across California, Colorado, Utah and Idaho. The records show why regional inventory cannot be reconstructed by adding every advertised power number. STACK's San Jose announcement places a 60 MW critical-capacity expansion inside a 100 MW campus. DataBank's SLC6 announcement puts two expansion increments inside a 22 MW facility. These are nested scopes, not separate supplies. Capacity advertised in a current specification sheet also does not establish the amount energized, accepted by a tenant or generating revenue. [R2W001] [R2W013] [R2W014]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Novva announces San Francisco facility
Nov 29, 2023
Relevant finding
Article citation context; other cited records may jointly support this passage: California supplies two particularly useful definition controls. Novva's dated San Francisco announcement describes 28 MW of critical capacity and a 9 MW first phase targeted for summer 2026, while its current facility page gives 36 MW. The database retains these conflicting versions and leaves the canonical IT figure unresolved; it does not assume the initial phase met its target. At STACK's Hayward SVY03A, the California Energy Commission and city identify 76.6 MW of backup generation. The city separately records the May 2025 land-use approval and describes construction. Neither fact converts the generator rating into critical IT capacity or completed utility delivery. [R2W002] [R2W003] [R2W004] [R2W005]
Review notes
Issuing origin: Novva. Source family: Novva. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Novva San Francisco facility specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: California supplies two particularly useful definition controls. Novva's dated San Francisco announcement describes 28 MW of critical capacity and a 9 MW first phase targeted for summer 2026, while its current facility page gives 36 MW. The database retains these conflicting versions and leaves the canonical IT figure unresolved; it does not assume the initial phase met its target. At STACK's Hayward SVY03A, the California Energy Commission and city identify 76.6 MW of backup generation. The city separately records the May 2025 land-use approval and describes construction. Neither fact converts the generator rating into critical IT capacity or completed utility delivery. [R2W002] [R2W003] [R2W004] [R2W005]
Review notes
Issuing origin: Novva. Source family: Novva. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
STACK SVY03A backup generating system
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: California supplies two particularly useful definition controls. Novva's dated San Francisco announcement describes 28 MW of critical capacity and a 9 MW first phase targeted for summer 2026, while its current facility page gives 36 MW. The database retains these conflicting versions and leaves the canonical IT figure unresolved; it does not assume the initial phase met its target. At STACK's Hayward SVY03A, the California Energy Commission and city identify 76.6 MW of backup generation. The city separately records the May 2025 land-use approval and describes construction. Neither fact converts the generator rating into critical IT capacity or completed utility delivery. [R2W002] [R2W003] [R2W004] [R2W005]
Review notes
Issuing origin: California Energy Commission. Source family: California Energy Commission. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data center development applications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: California supplies two particularly useful definition controls. Novva's dated San Francisco announcement describes 28 MW of critical capacity and a 9 MW first phase targeted for summer 2026, while its current facility page gives 36 MW. The database retains these conflicting versions and leaves the canonical IT figure unresolved; it does not assume the initial phase met its target. At STACK's Hayward SVY03A, the California Energy Commission and city identify 76.6 MW of backup generation. The city separately records the May 2025 land-use approval and describes construction. Neither fact converts the generator rating into critical IT capacity or completed utility delivery. [R2W002] [R2W003] [R2W004] [R2W005]
Review notes
Issuing origin: City of Hayward. Source family: City of Hayward. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DEN5 grand-opening announcement
Sep 4, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: In Colorado, DataBank's September 2024 release announced an October grand opening for DEN5, with 16 MW critical IT capacity. A later operator tour supports treating it as an existing marketed facility, while metered IT use remains unknown. QTS describes its Aurora campus as having at least 160 MW of critical capacity and 65 owned acres. This is a planned campus specification: no retrieved utility contract or complete permit file establishes delivery of the full figure. These additions broaden private-operator coverage without manufacturing an operating-capacity total. [R2W006] [R2W007] [R2W008]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Denver Centennial data-center virtual tour
Dec 23, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: In Colorado, DataBank's September 2024 release announced an October grand opening for DEN5, with 16 MW critical IT capacity. A later operator tour supports treating it as an existing marketed facility, while metered IT use remains unknown. QTS describes its Aurora campus as having at least 160 MW of critical capacity and 65 owned acres. This is a planned campus specification: no retrieved utility contract or complete permit file establishes delivery of the full figure. These additions broaden private-operator coverage without manufacturing an operating-capacity total. [R2W006] [R2W007] [R2W008]
Review notes
Issuing origin: DataBank. Source family: DataBank. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Denver/Aurora campus specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: In Colorado, DataBank's September 2024 release announced an October grand opening for DEN5, with 16 MW critical IT capacity. A later operator tour supports treating it as an existing marketed facility, while metered IT use remains unknown. QTS describes its Aurora campus as having at least 160 MW of critical capacity and 65 owned acres. This is a planned campus specification: no retrieved utility contract or complete permit file establishes delivery of the full figure. These additions broaden private-operator coverage without manufacturing an operating-capacity total. [R2W006] [R2W007] [R2W008]
Review notes
Issuing origin: QTS. Source family: QTS. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CIM and Novva close $2 billion financing commitment
Mar 5, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Novva's West Jordan expansion is the strongest financing and energy-path case in this supplement. CIM and Novva reported a closed $2 billion commitment supporting two planned 72 MW critical IT phases, targeted for 2026. The campus headline is 175 MW; the two phases and headline are not additive. Commitment, drawn balance and construction budget remain separate. Utah's December 2024 air order also matters: it authorizes 72 new natural-gas engines for primary power to two buildings. A description limited to emergency backup would miss this principal generation route. The order does not establish executed gas transportation, net electrical output or completion of the engines, and mechanical engine ratings are not converted into IT supply. [R2W009] [R2W012]
Review notes
Issuing origin: CIM-Novva financing. Source family: CIM-Novva financing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Novva SLC Common LLC air approval order DAQE-AN160660003-24
Dec 19, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Novva's West Jordan expansion is the strongest financing and energy-path case in this supplement. CIM and Novva reported a closed $2 billion commitment supporting two planned 72 MW critical IT phases, targeted for 2026. The campus headline is 175 MW; the two phases and headline are not additive. Commitment, drawn balance and construction budget remain separate. Utah's December 2024 air order also matters: it authorizes 72 new natural-gas engines for primary power to two buildings. A description limited to emergency backup would miss this principal generation route. The order does not establish executed gas transportation, net electrical output or completion of the engines, and mechanical engine ratings are not converted into IT supply. [R2W009] [R2W012]
Review notes
Issuing origin: Utah Division of Air Quality. Source family: Utah Division of Air Quality. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
West Jordan Novva expansion update
Mar 19, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: The Novva credit case therefore needs two distinct sensitivities. Construction overruns of 15% and 30% require a verified remaining construction budget, which the retrieved financing announcement does not provide. For illustration only, if the full commitment were drawn, floating and unhedged, rate increases of 100 and 200 basis points would add $20 million and $40 million a year. Six-, twelve- and twenty-four-month delays extend that hypothetical carrying burden, but lost revenue and base interest cannot be estimated from the available terms. The city's expansion coverage provides useful local corroboration; its repetition of the financing amount is not a separate lender confirmation. [R2W009] [R2W010]
Review notes
Issuing origin: City of West Jordan. Source family: City of West Jordan. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Relevant finding
Article citation context; other cited records may jointly support this passage: Idaho's addition is already at a different stage. Meta announced Kuna online on September 3, 2026 and reported more than $1.2 billion invested. The regulator's ESA approval and Idaho Power's planning document independently connect the project to Brisbie LLC. The utility's June 2025 forecast had expected completion in 2025, revealing a later operating announcement while leaving exact delay measurement uncertain because the milestones differ. None of these primary records supplies defensible site IT MW. The special-contract threshold and the utility's aggregate large-customer forecast are not substitutes. Owner-reported online status is retained, while independently verified operating IT and measured utilization remain null. [R2W015] [R2W016] [R2W017]
Review notes
Issuing origin: Meta. Source family: Meta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Commission approves Idaho Power-Brisbie energy services agreement
May 12, 2023
Relevant finding
Article citation context; other cited records may jointly support this passage: Idaho's addition is already at a different stage. Meta announced Kuna online on September 3, 2026 and reported more than $1.2 billion invested. The regulator's ESA approval and Idaho Power's planning document independently connect the project to Brisbie LLC. The utility's June 2025 forecast had expected completion in 2025, revealing a later operating announcement while leaving exact delay measurement uncertain because the milestones differ. None of these primary records supplies defensible site IT MW. The special-contract threshold and the utility's aggregate large-customer forecast are not substitutes. Owner-reported online status is retained, while independently verified operating IT and measured utilization remain null. [R2W015] [R2W016] [R2W017]
Review notes
Issuing origin: Idaho Public Utilities Commission. Source family: Idaho Public Utilities Commission. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
2025 IRP Appendix A: Sales and Load Forecast
2025-06 (publication month; day not stated)
Relevant finding
Article citation context; other cited records may jointly support this passage: Idaho's addition is already at a different stage. Meta announced Kuna online on September 3, 2026 and reported more than $1.2 billion invested. The regulator's ESA approval and Idaho Power's planning document independently connect the project to Brisbie LLC. The utility's June 2025 forecast had expected completion in 2025, revealing a later operating announcement while leaving exact delay measurement uncertain because the milestones differ. None of these primary records supplies defensible site IT MW. The special-contract threshold and the utility's aggregate large-customer forecast are not substitutes. Owner-reported online status is retained, while independently verified operating IT and measured utilization remain null. [R2W015] [R2W016] [R2W017]
Review notes
Issuing origin: Idaho Power. Source family: Idaho Power. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Edged US Tops Out Second Sustainable Data Center on Edged Chicago Campus
Jun 4, 2026
Relevant finding
72 MW critical capacity, fully preleased, structural topping out, Q2 2027 target.
Review notes
Issuing origin: Edged-Chicago-phase2. Source family: Edged-Chicago-phase2. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-06-04. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Compass Kicks Off Development of Its First Hyperscale Campus in Illinois
Jun 13, 2024
Relevant finding
Former Sears headquarters; five buildings; approximately $10bn eventual local investment.
Review notes
Issuing origin: Compass-Hoffman. Source family: Compass-Hoffman. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2024-06-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
ComEd and Compass launch former Sears headquarters redevelopment
Jun 13, 2024
Relevant finding
Utility planned onsite substation energization mid-2026; does not establish actual energization.
Review notes
Issuing origin: ComEd-Hoffman-2024. Source family: ComEd-Hoffman-2024. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2024-06-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Chicago Data Center Market H1 2026
Aug 27, 2026
Relevant finding
Chicago selected market context; names Microsoft lease at Compass, requiring lease-document qualification.
Review notes
Issuing origin: CBRE-H1-2026. Source family: CBRE-H1-2026. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-08-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CyrusOne Yorkville Technology Campus
Undated — publication date not stated
Relevant finding
Site work early 2026; >$1bn planned investment; late-2027 first-building completion/2028 operations targets.
Review notes
Issuing origin: CyrusOne-Yorkville. Source family: CyrusOne-Yorkville. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank secures $2.0bn construction financing for first three Red Oak buildings
Apr 21, 2026
Relevant finding
DFW9–11 already leased; $2bn construction loan, MUFG agent; 180 MW stated power.
Review notes
Issuing origin: DataBank-RedOak. Source family: DataBank-RedOak. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
DataBank Red Oak campus directory
Undated — publication date not stated
Relevant finding
DFW9/10/11 each 60 MW critical IT; 480 MW ultimate eight-building campus distinct from 400 MW phase-one substation.
Review notes
Issuing origin: DataBank-RedOak. Source family: DataBank-RedOak. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PowerCampus Dallas
Undated — publication date not stated
Relevant finding
115 acres; 300 MW onsite substation; no proof of energization.
Review notes
Issuing origin: Skybox-Lancaster. Source family: Skybox-Lancaster. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Edged Dallas DFW1-2 registration TABS2026018130
Apr 20, 2026
Relevant finding
Owner Edged Dallas LLC; $177.82334m estimate; July 16 2026–March 27 2028 submitted dates; Review Complete.
Review notes
Issuing origin: TDLR-Edged-DFW1-2-filing. Source family: TDLR-Edged-DFW1-2-filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
EdgeCore expands Metro Phoenix market to over 450 MW
May 20, 2025
Relevant finding
43.87 acres acquired; PH01 operating, PH02/PH03 under construction as then reported; future SRP delivery.
Review notes
Issuing origin: EdgeCore-Mesa. Source family: EdgeCore-Mesa. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2025-05-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
EdgeCore Phoenix data centers
Undated — publication date not stated
Relevant finding
Current design: 496 MW critical IT, five buildings, 84 acres; individual operating MW unspecified.
Review notes
Issuing origin: EdgeCore-Mesa. Source family: EdgeCore-Mesa. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Stream PHXA Goodyear campus
Undated — publication date not stated
Relevant finding
280 MW critical load at full build; two buildings serving tenants, five remaining; 480 MW ultimate APS substation.
Review notes
Issuing origin: Stream-PHXA. Source family: Stream-PHXA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Edged Phoenix specifications
Undated — publication date not stated
Relevant finding
8807 East Warner Road; 36 MW critical; Q4 2026 space availability is not commissioning evidence.
Review notes
Issuing origin: Edged-Mesa-opening. Source family: Edged-Mesa-opening. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
North America Data Center Trends H1 2026
Aug 27, 2026
Relevant finding
Eight primary wholesale markets; 10,903 MW supply and 7,481.1 MW under construction.
Review notes
Issuing origin: CBRE-H1-2026. Source family: CBRE-H1-2026. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-08-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Data center demand exceeds expectations in H1 2026
Aug 11, 2026
Relevant finding
66 GW construction, 28 GW owner-occupied construction; Texas statewide figures are not DFW.
Review notes
Issuing origin: JLL-H1-2026. Source family: JLL-H1-2026. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Underlying page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-08-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: JLL originates summary; not proof of underlying full-report review.
DC BLOX closes $1.15 billion Atlanta West green loan
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlanta’s private-capital pipeline becomes more visible through two distinct DC BLOX campuses and T5 Atlanta IV. The Atlanta West financing announcement establishes a closed $1.15 billion loan supporting development, but it does not establish how much has been drawn, the project borrower’s exact identity, lender recourse or current billing. Earlier funding cannot simply be added to the later financing amount without checking whether it was refinanced or remains separately available. Campus capacity and building capacity also require different denominators. [R3U001]
Review notes
Issuing origin: DC BLOX. Source family: DC BLOX. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2025-08-11. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Atlanta West / Douglas County campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: The current Atlanta West page identifies 200 MW of critical-load campus design; its remaining building carries 80 MW critical load and 120 MW total load. These figures describe different scopes, not competing estimates of a single operating number. Atlanta East’s separate Conyers campus has 154 MW of completed-and-planned critical-load design, organized as one 10 MW building and three 48 MW buildings. That language does not reveal the operating fraction. Both sites name utility providers, but neither utility name proves an executed, fully deliverable service commitment. [R3U002] [R3U003]
Review notes
Issuing origin: DC BLOX. Source family: DC BLOX. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Atlanta East / Rockdale County campus
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: The current Atlanta West page identifies 200 MW of critical-load campus design; its remaining building carries 80 MW critical load and 120 MW total load. These figures describe different scopes, not competing estimates of a single operating number. Atlanta East’s separate Conyers campus has 154 MW of completed-and-planned critical-load design, organized as one 10 MW building and three 48 MW buildings. That language does not reveal the operating fraction. Both sites name utility providers, but neither utility name proves an executed, fully deliverable service commitment. [R3U002] [R3U003]
Review notes
Issuing origin: DC BLOX. Source family: DC BLOX. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2024-09. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
T5 Atlanta IV land acquisition
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: T5’s Palmetto acquisition establishes control of a substantial planned Atlanta IV site. Its announced 300 MW power capacity lacks an explicit critical-IT definition. The originally anticipated 2026 substation milestone is not a demonstrated data-center opening date. The record therefore remains a land-controlled development with unverified current construction and energization, rather than being counted among financed or operating campuses merely because the platform is established. [R3U004]
Review notes
Issuing origin: T5 Data Centers. Source family: T5 Data Centers. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2024-08-28. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NTT VA11 Gainesville data center
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Northern Virginia additions span different stages. NTT’s VA11 has a clearly defined 96 MW critical-IT building design and an early-2027 opening target. A separate March 2026 issuer announcement reports a hyperscale customer commitment above 90 MW. That is useful demand evidence, but the customer’s identity, executed lease terms, acceptance conditions and rent commencement are unavailable. Iron Mountain’s 40-acre Manassas extension is earlier-stage evidence: acquired land supporting two proposed buildings and 150 MW of planned capacity, with a new substation contemplated. Neither the larger existing campus nor the separate Richmond acquisition should be added to this incremental record. [R3U005] [R3U006] [R3U007]
Review notes
Issuing origin: NTT DATA. Source family: NTT DATA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NTT capacity commitments including more than 90 MW at VA11
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Northern Virginia additions span different stages. NTT’s VA11 has a clearly defined 96 MW critical-IT building design and an early-2027 opening target. A separate March 2026 issuer announcement reports a hyperscale customer commitment above 90 MW. That is useful demand evidence, but the customer’s identity, executed lease terms, acceptance conditions and rent commencement are unavailable. Iron Mountain’s 40-acre Manassas extension is earlier-stage evidence: acquired land supporting two proposed buildings and 150 MW of planned capacity, with a new substation contemplated. Neither the larger existing campus nor the separate Richmond acquisition should be added to this incremental record. [R3U005] [R3U006] [R3U007]
Review notes
Issuing origin: NTT DATA via Business Wire. Source family: NTT DATA via Business Wire. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2026-03-03. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Iron Mountain adds Virginia development land
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Northern Virginia additions span different stages. NTT’s VA11 has a clearly defined 96 MW critical-IT building design and an early-2027 opening target. A separate March 2026 issuer announcement reports a hyperscale customer commitment above 90 MW. That is useful demand evidence, but the customer’s identity, executed lease terms, acceptance conditions and rent commencement are unavailable. Iron Mountain’s 40-acre Manassas extension is earlier-stage evidence: acquired land supporting two proposed buildings and 150 MW of planned capacity, with a new substation contemplated. Neither the larger existing campus nor the separate Richmond acquisition should be added to this incremental record. [R3U005] [R3U006] [R3U007]
Review notes
Issuing origin: Iron Mountain. Source family: Iron Mountain. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2024-11-18. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Equinix Form 10-K 2025: significant construction projects
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Equinix supplies a different measurement system. Its December 2025 construction table identifies DC17 phases 1–2, DC22 phase 2, SV18 phases 1–2 and NY11 phase 5. The disclosed units are sellable cabinets and estimated capital expenditure, not critical IT load. The corresponding later quarterly filing does not resolve these phases individually; an elapsed target and a live sales page cannot substitute for an acceptance date. SV18 is in San Jose, while NY11 is physically in Carteret, New Jersey. The latter is retained as a smaller mature-market comparison, not used to inflate the hyperscale principal cohort. [R3U008] [R3U009] [R3U010] [R3U012]
Review notes
Issuing origin: Equinix / SEC filing. Source family: Equinix / SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2025-12-31. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Equinix second-quarter 2026 Form 10-Q
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Equinix supplies a different measurement system. Its December 2025 construction table identifies DC17 phases 1–2, DC22 phase 2, SV18 phases 1–2 and NY11 phase 5. The disclosed units are sellable cabinets and estimated capital expenditure, not critical IT load. The corresponding later quarterly filing does not resolve these phases individually; an elapsed target and a live sales page cannot substitute for an acceptance date. SV18 is in San Jose, while NY11 is physically in Carteret, New Jersey. The latter is retained as a smaller mature-market comparison, not used to inflate the hyperscale principal cohort. [R3U008] [R3U009] [R3U010] [R3U012]
Review notes
Issuing origin: Equinix / SEC filing. Source family: Equinix / SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2026-06-30. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Equinix SV18 location
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Equinix supplies a different measurement system. Its December 2025 construction table identifies DC17 phases 1–2, DC22 phase 2, SV18 phases 1–2 and NY11 phase 5. The disclosed units are sellable cabinets and estimated capital expenditure, not critical IT load. The corresponding later quarterly filing does not resolve these phases individually; an elapsed target and a live sales page cannot substitute for an acceptance date. SV18 is in San Jose, while NY11 is physically in Carteret, New Jersey. The latter is retained as a smaller mature-market comparison, not used to inflate the hyperscale principal cohort. [R3U008] [R3U009] [R3U010] [R3U012]
Review notes
Issuing origin: Equinix. Source family: Equinix. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Equinix NY11 location
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Equinix supplies a different measurement system. Its December 2025 construction table identifies DC17 phases 1–2, DC22 phase 2, SV18 phases 1–2 and NY11 phase 5. The disclosed units are sellable cabinets and estimated capital expenditure, not critical IT load. The corresponding later quarterly filing does not resolve these phases individually; an elapsed target and a live sales page cannot substitute for an acceptance date. SV18 is in San Jose, while NY11 is physically in Carteret, New Jersey. The latter is retained as a smaller mature-market comparison, not used to inflate the hyperscale principal cohort. [R3U008] [R3U009] [R3U010] [R3U012]
Review notes
Issuing origin: Equinix. Source family: Equinix. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Preliminary Amazon/GWU agreement
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Legal closure requires equal care. Loudoun’s October 22 account of the October 20 AWS/GWU negotiations describes intent to withdraw the proposed data-center use, but also states that agreements still need finalization. The case belongs outside the active development cohort with a preliminary-outcome label, rather than an assertion that a binding cancellation has been fully executed. Hillsboro’s city page, meanwhile, describes a moratorium on new applications and an ongoing code-amendment procedure. It does not justify saying every approved project has been halted. The operative city instrument was not separately obtained, so the legal basis remains a government-summary source. [R3U013] [R3U014]
Review notes
Issuing origin: Loudoun County. Source family: Loudoun County. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2026-10-20. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hillsboro data and energy storage code amendments
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Legal closure requires equal care. Loudoun’s October 22 account of the October 20 AWS/GWU negotiations describes intent to withdraw the proposed data-center use, but also states that agreements still need finalization. The case belongs outside the active development cohort with a preliminary-outcome label, rather than an assertion that a binding cancellation has been fully executed. Hillsboro’s city page, meanwhile, describes a moratorium on new applications and an ongoing code-amendment procedure. It does not justify saying every approved project has been halted. The operative city instrument was not separately obtained, so the legal basis remains a government-summary source. [R3U013] [R3U014]
Review notes
Issuing origin: City of Hillsboro. Source family: City of Hillsboro. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Inherited reviewed source; not reopened during R3. Inherited review, not freshly verified for R3. Event date: 2026-07-27. Retrieval/review date: Not separately stated. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Bell AI Fabric expands national network with 300 MW data centre in Saskatchewan
Mar 16, 2026
Relevant finding
300 MW Sherwood campus; staged delivery beginning first half 2027; SaskPower grid supply; approximately C$1.7 billion Bell capital investment.
Review notes
Issuing origin: Inherited publisher grouping: BCE. Source family: Inherited publisher grouping: BCE. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-16. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Bell AI Fabric Saskatchewan construction update
Oct 1, 2026
Relevant finding
More than 500 workers; structural steel and four building shells progressing; Dynamo Electric to construct high-voltage substation. Evidence of construction, not energization.
Review notes
Issuing origin: Inherited publisher grouping: Government of Saskatchewan. Source family: Inherited publisher grouping: Government of Saskatchewan. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-01. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Bell AI Fabric to expand nation-building project in Saskatchewan with up to 900 MW of additional power
Sep 14, 2026
Relevant finding
Non-binding MOU for up to 900 MW additional generation and data centers, conditional on customer commitments, definitive agreements and approvals. Potential investment exceeding C$50 billion includes tenant computing and generation; it is not a financing close.
Review notes
Issuing origin: Inherited publisher grouping: BCE. Source family: Inherited publisher grouping: BCE. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-09-14. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
BC Hydro emerging industries connections
Undated — publication date not stated
Relevant finding
15 applications totaling approximately 800 MW; selection review ongoing and notification timetable extended. Application quantity is neither awarded capacity nor energized supply.
Review notes
Issuing origin: Inherited publisher grouping: BC Hydro. Source family: Inherited publisher grouping: BC Hydro. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TELUS and Government of Canada advance work to scale Canada's sovereign AI infrastructure
May 11, 2026
Relevant finding
Rimouski opened September 2025 and is described as sold out. Three BC facilities planned above 150 MW by 2032, with an initial 85 MW secured across the cluster; site allocations not disclosed. Kamloops later 2026; Mount Pleasant M3 initial end-2026 and expansion 2028; 150 West Georgia 2029. Government collaboration is not an executed funding award.
Review notes
Issuing origin: Inherited publisher grouping: TELUS. Source family: Inherited publisher grouping: TELUS. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Bell AI Fabric economic impact and locations
Undated — publication date not stated
Relevant finding
Mission Flats Kamloops 7 MW described as first facility online; Hillside/TRU planned 26 MW; Merritt two 6.5 MW phases; Rosser Manitoba planned 14 MW. Individual project totals are subsets of Bell network ambitions and cannot be added again to aggregate network claims.
Review notes
Issuing origin: Inherited publisher grouping: Bell. Source family: Inherited publisher grouping: Bell. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE's BUZZ HPC closes US$220 million sovereign AI GPU contract with Bell AI Fabric for Cohere
Jun 18, 2026
Relevant finding
Approximately US$220 million three-year GPU cloud contract, 2,304 GB200 GPUs, Bell Merritt deployment, Cohere end customer, Hypertec integration. Hardware funded in part from US$115 million convertible financing completed April; contract value is not annual recurring revenue.
Review notes
Issuing origin: Inherited publisher grouping: HIVE Digital Technologies. Source family: Inherited publisher grouping: HIVE Digital Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE annual 10-K
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Bell's British Columbia portfolio requires attention to the boundary between facility platform, GPU provider and customer. HIVE's June announcement described a US$220 million, three-year Bell/Cohere GPU-services agreement and 2, 016 GB300 GPUs. Its August results instead described approximately US$225 million and 2, 304 GB200 NVL72 GPUs. The contract amendment or scope difference needs reconciliation. Neither figure is annual recurring revenue or proof that the whole Merritt campus is leased. Bell's two 6.5 MW facility phases also differ from BUZZ's 5 MW IT lease and additional 7.6 MW option. [CA-S04] [CA-S06] [R2C043] [R2C044]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Opened; financial year ended March 31, 2026. Exact filing date was not independently verified.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE Q1 FY2027 results
Aug 15, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Bell's British Columbia portfolio requires attention to the boundary between facility platform, GPU provider and customer. HIVE's June announcement described a US$220 million, three-year Bell/Cohere GPU-services agreement and 2, 016 GB300 GPUs. Its August results instead described approximately US$225 million and 2, 304 GB200 NVL72 GPUs. The contract amendment or scope difference needs reconciliation. Neither figure is annual recurring revenue or proof that the whole Merritt campus is leased. Bell's two 6.5 MW facility phases also differ from BUZZ's 5 MW IT lease and additional 7.6 MW option. [CA-S04] [CA-S06] [R2C043] [R2C044]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE fiscal 2026 results and GTA 200 MW IT design
Jun 2, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Operating evidence is strongest where a specific launch is documented, but MW utilization remains uncertain. TELUS opened Rimouski in September 2025 and described it as sold out, without establishing measured IT load or the detailed credit protection of customer commitments. Bell identifies Mission Flats as its first facility online without demonstrating full utilization of the advertised 7 MW. HIVE's June results state that its Manitoba B200 cluster went live in May 2026; subsequent results report a revenue contribution. The contractual footprint requires correction: the original 4 MW commitment was reduced to 1 MW plus a 3 MW option. Actual billing MW and physical overlap with Bell Rosser remain unresolved. [CA-S07] [CA-S04] [R2C043] [R2C044] [R2C053]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Breaking ground on Meta's first data center in Canada
Jul 8, 2026
Relevant finding
Sturgeon County project announced at 1 GW and C$13 billion; company self-use; pays for associated new generation and grid investment. Campus MW definition and staged operating dates require more detail.
Review notes
Issuing origin: Inherited publisher grouping: Meta. Source family: Inherited publisher grouping: Meta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-08. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Pembina and partners reach final investment decision on Greenlight Power
Jul 2, 2026
Relevant finding
932 MW combined-cycle gas generation; long-term tolling with capacity and usage payments; in-service H2 2030. C$4 billion Class III capital estimate; approximately C$4.6 billion including construction interest and financing; 85% fixed-price. Ownership: Pembina 47.5%, Morgan Stanley Infrastructure Partners 47.5%, Kineticor 5%. Generation capacity must not be added to data-center capacity.
Review notes
Issuing origin: Inherited publisher grouping: Pembina Pipeline filing hosted by US SEC. Source family: Inherited publisher grouping: Pembina Pipeline filing hosted by US SEC. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-02. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Pembina originates decision and conditions; SEC hosting does not verify funding, construction or operation.
Sturgeon County data-centre development registry
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta contains both major contracted developments and ambitious preconstruction proposals. Meta's Sturgeon County campus has a self-use sponsor, a groundbreaking and an associated generation investment decision. Greenlight's 932 MW combined-cycle project targets H2 2030. Capital Power separately announced a 250 MW capacity-and-energy agreement with Meta for more than ten years, expecting service from H2 2028. That identifies an interim supply counterparty but does not establish all campus energization, IT acceptance or completion of the later generation plant. These quantities describe different assets and obligations. [CA-S17] [CA-S18] [R2C025] [R2C026]
Review notes
Issuing origin: Sturgeon-planning. Source family: Sturgeon-planning. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Capital Power Meta 250 MW energy supply agreement
Jul 8, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta contains both major contracted developments and ambitious preconstruction proposals. Meta's Sturgeon County campus has a self-use sponsor, a groundbreaking and an associated generation investment decision. Greenlight's 932 MW combined-cycle project targets H2 2030. Capital Power separately announced a 250 MW capacity-and-energy agreement with Meta for more than ten years, expecting service from H2 2028. That identifies an interim supply counterparty but does not establish all campus energization, IT acceptance or completion of the later generation plant. These quantities describe different assets and obligations. [CA-S17] [CA-S18] [R2C025] [R2C026]
Review notes
Issuing origin: CapitalPower-Meta-ESA. Source family: CapitalPower-Meta-ESA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Wonder Valley proposed development FAQ
Undated — publication date not stated
Relevant finding
Alberta site remains in preconstruction, regulatory/design planning and consultation. Current Phase 1 concept: up to 2 GW generation and ten 100 MW IT buildings; no verified committed tenant or financing close.
Review notes
Issuing origin: Inherited publisher grouping: O'Leary Digital. Source family: Inherited publisher grouping: O'Leary Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TransAlta memorandum for Keephills data center development with potential to scale to 1 GW
Feb 27, 2026
Relevant finding
MOU with CPP Investments and Brookfield for initial 230 MW development; ultimate potential 1 GW. Proposed power purchase arrangement and MOU must be distinguished from AESO's separately executed load contract.
Review notes
Issuing origin: Inherited publisher grouping: TransAlta. Source family: Inherited publisher grouping: TransAlta. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-02-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Large load projects
Undated — publication date not stated
Relevant finding
Phase I 1,200 MW allocated: 970 MW GLDC project P2936 and 230 MW Keephills P3083 with executed load contracts. Projects still must complete applicable connection processes; allocations are not energized capacity. GLDC-to-Meta project identity not conclusively reconciled in this review.
Review notes
Issuing origin: Inherited publisher grouping: Alberta Electric System Operator. Source family: Inherited publisher grouping: Alberta Electric System Operator. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Phase II large load integration engagement
Sep 8, 2026
Relevant finding
September update says BYOG process still being finalized, with documents and intake expected in fall. Policy prioritization for projects bringing generation does not eliminate connection, operating, permitting or reliability requirements.
Review notes
Issuing origin: Inherited publisher grouping: Alberta Electric System Operator. Source family: Inherited publisher grouping: Alberta Electric System Operator. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-09-08. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE GTA land acquisition and power allocation
May 18, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: HIVE's 320 MW GTA proposal still has conflicting design and schedule disclosures: 200 versus 240 MW of IT capacity, and H2 2027 versus H1 2028. The June results' illustration is arithmetically consistent with its own 200 MW denominator: at US$150 per kW-month, full operation would generate US$360 million annualized. That is a peer-pricing illustration, not evidence of an executed GTA tenant lease. The unresolved issue is scope across documents, not that particular multiplication. The 7.2 MW Toronto airport-area acquisition is a separate development. Provincial adequacy planning does not verify either site's connection conditions. [R2C045] [R2C053] [CA-S13] [R2C047] [CA-S26]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE Q4 fiscal 2026 earnings presentation
Undated — publication date not stated
Relevant finding
GTA slides give H1 2028, while the announcement and results text give H2 2027. Slides variously show 200 MW and 240 MW IT; 240 MW at US$150/kW/month would imply US$432 million, not US$360 million. Publication/version date was not established. Conflicting slide labels do not establish definitive project lease coverage.
Review notes
Issuing origin: Inherited publisher grouping: HIVE Digital Technologies. Source family: Inherited publisher grouping: HIVE Digital Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE Toronto Airport acquisition
Sep 18, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: HIVE's 320 MW GTA proposal still has conflicting design and schedule disclosures: 200 versus 240 MW of IT capacity, and H2 2027 versus H1 2028. The June results' illustration is arithmetically consistent with its own 200 MW denominator: at US$150 per kW-month, full operation would generate US$360 million annualized. That is a peer-pricing illustration, not evidence of an executed GTA tenant lease. The unresolved issue is scope across documents, not that particular multiplication. The 7.2 MW Toronto airport-area acquisition is a separate development. Provincial adequacy planning does not verify either site's connection conditions. [R2C045] [R2C053] [CA-S13] [R2C047] [CA-S26]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IESO 2026 Annual Planning Outlook
2026-03 (publication month; day not stated)
Relevant finding
Province-level resource adequacy does not establish deliverable supply at each data center parcel. Large step-load timing, scale and geography remain materially uncertain; regional transmission requirements require project-level checks.
Review notes
Issuing origin: Inherited publisher grouping: Independent Electricity System Operator. Source family: Inherited publisher grouping: Independent Electricity System Operator. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Strategic Response Fund: Cohere Compute Expansion Project public statement
Undated — publication date not stated
Relevant finding
CoreWeave to build and operate Cambridge, Ontario facility with Cohere as anchor customer. Up to C$240 million contribution to a C$725 million Cohere compute expansion project; no disclosed site MW. Government support for a customer compute program is distinct from a fully financed landlord construction budget or unconditional tenant credit guarantee.
Review notes
Issuing origin: Inherited publisher grouping: Innovation, Science and Economic Development Canada. Source family: Inherited publisher grouping: Innovation, Science and Economic Development Canada. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-03. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Q01 Building B: 60 MW AI-ready infrastructure
Jun 4, 2026
Relevant finding
Building B construction underway: 60 MW IT and C$700 million investment within Q01 campus. The 142 MW campus secured-power figure and 60 MW building IT figure overlap and use different definitions.
Review notes
Issuing origin: Inherited publisher grouping: QScale. Source family: Inherited publisher grouping: QScale. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-04. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
QScale acquisition closed
May 13, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Public sovereign-compute support needs the correct beneficiary. Government documents identify CoreWeave as builder and operator of Cambridge capacity and Cohere as anchor customer, with up to C$240 million for Cohere's C$725 million compute program; this does not disclose complete property financing. QScale's 60 MW IT Building B is nested within Q01's advertised 142 MW campus power. Separately, the November 2024 financing comprised a closed 170 million facility and a 150 million uncommitted accordion (the original release uses a dollar sign without an explicit currency code) for phases 3 and 4. Goldman Sachs Alternatives' May 2026 acquisition is an ownership event, not proof of subsequent phase acceptance. [CA-S16] [CA-S09] [R2C023] [R2C024]
Review notes
Issuing origin: QScale-GS-transaction. Source family: QScale-GS-transaction. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
QScale credit facility and uncommitted accordion
Nov 20, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Public sovereign-compute support needs the correct beneficiary. Government documents identify CoreWeave as builder and operator of Cambridge capacity and Cohere as anchor customer, with up to C$240 million for Cohere's C$725 million compute program; this does not disclose complete property financing. QScale's 60 MW IT Building B is nested within Q01's advertised 142 MW campus power. Separately, the November 2024 financing comprised a closed 170 million facility and a 150 million uncommitted accordion (the original release uses a dollar sign without an explicit currency code) for phases 3 and 4. Goldman Sachs Alternatives' May 2026 acquisition is an ownership event, not proof of subsequent phase acceptance. [CA-S16] [CA-S09] [R2C023] [R2C024]
Review notes
Issuing origin: QScale-financing. Source family: QScale-financing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hydro-Québec proposed data center and blockchain tariffs
Feb 19, 2026
Relevant finding
Proposed average 13 Canadian cents/kWh for affected data centers above 5 MW, with transition for existing customers. Subject to Régie approval; current final decision and site applicability not verified. Do not model the proposed tariff as universally in force.
Review notes
Issuing origin: Inherited publisher grouping: Hydro-Québec. Source family: Inherited publisher grouping: Hydro-Québec. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-02-19. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Manitoba 2026 legislation amending large-load electricity treatment
Jun 1, 2026
Relevant finding
Contains levy framework and a default linked to 100% of electricity energy/demand charges if applicable regulatory rate absent. Commencement requires proclamation; class/threshold regulations and application to specific sites were not verified. Do not assume present doubled electricity bills.
Review notes
Issuing origin: Inherited publisher grouping: Government of Manitoba. Source family: Inherited publisher grouping: Government of Manitoba. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-01. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE's BUZZ starts building a digital superhighway for Eastern Canada's first sovereign AI factory
May 8, 2026
Relevant finding
Grand Falls has existing energized 70 MW mining infrastructure; planned 50 MW AI conversion is a separate readiness question. US$3.1 million five-year Bell fiber agreement; network delivery expected Q3 2026, with AI facility engineering underway.
Review notes
Issuing origin: Inherited publisher grouping: HIVE Digital Technologies. Source family: Inherited publisher grouping: HIVE Digital Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-08. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Cologix MTL8 senior financing and in-service statement
Mar 5, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Cologix MTL8 is the clearest classification test. Its March 2026 announcement explicitly places the facility in service when the senior loan is announced. Recent financing is therefore evidence of capital deployment around an existing asset, rather than evidence that construction has just begun. Neither the debt amount nor advertised site power proves tenant acceptance, billing load or utilization. The financing could include continuing investment or refinancing, but the reviewed release does not disclose that split; choosing either label as established would overstate the evidence. [R2C001]
Review notes
Issuing origin: Cologix-LaCaisse-joint-release. Source family: Cologix-LaCaisse-joint-release. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture C$1.35 billion financing
Jul 30, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Private platforms also demonstrate why financial headlines need reconstruction. eStruxture's July 2025 total combined issued ABS with an underwritten revolving component and an accordion. The full headline cannot be treated as cash drawn or as a CAL-3 construction loan. Its later program total requires a bridge to the earlier components. Rating analysis adds real diligence value: debt can retain a long legal maturity while expecting refinancing much earlier, and a post-refinancing-date cash sweep can constrain owner distributions without immediately constituting a default. This is a financing risk distinct from whether the underlying facilities are technically sound. [R2C002] [R2C003] [R2C004]
Review notes
Issuing origin: eStruxture-financing. Source family: eStruxture-financing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture additional C$150 million ABS
Mar 25, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Private platforms also demonstrate why financial headlines need reconstruction. eStruxture's July 2025 total combined issued ABS with an underwritten revolving component and an accordion. The full headline cannot be treated as cash drawn or as a CAL-3 construction loan. Its later program total requires a bridge to the earlier components. Rating analysis adds real diligence value: debt can retain a long legal maturity while expecting refinancing much earlier, and a post-refinancing-date cash sweep can constrain owner distributions without immediately constituting a default. This is a financing risk distinct from whether the underlying facilities are technically sound. [R2C002] [R2C003] [R2C004]
Review notes
Issuing origin: eStruxture-financing. Source family: eStruxture-financing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture provisional ratings and ABS terms
Jul 1, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Private platforms also demonstrate why financial headlines need reconstruction. eStruxture's July 2025 total combined issued ABS with an underwritten revolving component and an accordion. The full headline cannot be treated as cash drawn or as a CAL-3 construction loan. Its later program total requires a bridge to the earlier components. Rating analysis adds real diligence value: debt can retain a long legal maturity while expecting refinancing much earlier, and a post-refinancing-date cash sweep can constrain owner distributions without immediately constituting a default. This is a financing risk distinct from whether the underlying facilities are technically sound. [R2C002] [R2C003] [R2C004]
Review notes
Issuing origin: DBRS-eStruxture-analysis. Source family: DBRS-eStruxture-analysis. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Vantage Quebec City third facility senior financing
Jul 24, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: Vantage's Quebec City expansion provides a lender-origin reference point: a specified additional IT-capacity phase supported by a defined senior facility, with the institutional lender's participation included within the total loan. The old completion target is not proof of completion today. Montreal III separately identifies critical IT capacity and its dedicated substation, demonstrating why an electrical asset rating cannot be added to data-hall IT load. Current operator specifications are useful for design definitions but are insufficient to establish the amount customers have accepted. [R2C008] [R2C010]
Review notes
Issuing origin: LaCaisse-Vantage-lending. Source family: LaCaisse-Vantage-lending. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Montreal III QC61 specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Vantage's Quebec City expansion provides a lender-origin reference point: a specified additional IT-capacity phase supported by a defined senior facility, with the institutional lender's participation included within the total loan. The old completion target is not proof of completion today. Montreal III separately identifies critical IT capacity and its dedicated substation, demonstrating why an electrical asset rating cannot be added to data-hall IT load. Current operator specifications are useful for design definitions but are insufficient to establish the amount customers have accepted. [R2C008] [R2C010]
Review notes
Issuing origin: Vantage-site-specifications. Source family: Vantage-site-specifications. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TOR4 ownership and TOR5 acquisition announcement
Sep 18, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Ontario coverage now includes private operating-platform comparisons. Cologix consolidated TOR4 ownership while describing a concurrent TOR5 purchase; the announcement's different verbs matter when determining closing status. Qu's launch follows an acquisition of existing Rogers facilities and includes Ottawa capacity with expansion potential. These are evidence of ownership and available infrastructure, not a fresh batch of greenfield megawatts. Neither two-site nor national portfolio totals should be assigned in full to every facility. Niagara searches also require geographic care: a New York development is not an Ontario project. [R2C006] [R2C027] [R2C028]
Review notes
Issuing origin: Cologix-CIM-joint-release. Source family: Cologix-CIM-joint-release. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Qu launch and acquisition of nine Rogers facilities
Dec 8, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Ontario coverage now includes private operating-platform comparisons. Cologix consolidated TOR4 ownership while describing a concurrent TOR5 purchase; the announcement's different verbs matter when determining closing status. Qu's launch follows an acquisition of existing Rogers facilities and includes Ottawa capacity with expansion potential. These are evidence of ownership and available infrastructure, not a fresh batch of greenfield megawatts. Neither two-site nor national portfolio totals should be assigned in full to every facility. Niagara searches also require geographic care: a New York development is not an Ontario project. [R2C006] [R2C027] [R2C028]
Review notes
Issuing origin: Qu-InfraRed-launch. Source family: Qu-InfraRed-launch. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Qu operating locations
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Ontario coverage now includes private operating-platform comparisons. Cologix consolidated TOR4 ownership while describing a concurrent TOR5 purchase; the announcement's different verbs matter when determining closing status. Qu's launch follows an acquisition of existing Rogers facilities and includes Ottawa capacity with expansion potential. These are evidence of ownership and available infrastructure, not a fresh batch of greenfield megawatts. Neither two-site nor national portfolio totals should be assigned in full to every facility. Niagara searches also require geographic care: a New York development is not an Ontario project. [R2C006] [R2C027] [R2C028]
Review notes
Issuing origin: Qu-site-marketing. Source family: Qu-site-marketing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: search text available. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
VAN3 alteration and addition permit BLD25-00070
Sep 8, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: British Columbia yields useful evidence outside operator publicity. Burnaby's permit register identifies VAN-3 alterations and additions, while eStruxture explicitly labels the advertised electrical figure critical power. The permit's declared value is not the complete capital stack. At Hillside, TRU's landlord account establishes the land lease, TrueNorth's development role, construction activity and a late-2027 expectation. Bell's network branding alone did not reveal those ownership roles. BC Hydro's refusal to discuss individual requests means that general connection-policy documents cannot independently validate a particular company's allocation. [R2C030] [R2C029] [R2C039] [R2C022]
Review notes
Issuing origin: Burnaby-building-permits. Source family: Burnaby-building-permits. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: search-index full record; direct fetch 403. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture VAN-3 specifications
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: British Columbia yields useful evidence outside operator publicity. Burnaby's permit register identifies VAN-3 alterations and additions, while eStruxture explicitly labels the advertised electrical figure critical power. The permit's declared value is not the complete capital stack. At Hillside, TRU's landlord account establishes the land lease, TrueNorth's development role, construction activity and a late-2027 expectation. Bell's network branding alone did not reveal those ownership roles. BC Hydro's refusal to discuss individual requests means that general connection-policy documents cannot independently validate a particular company's allocation. [R2C030] [R2C029] [R2C039] [R2C022]
Review notes
Issuing origin: eStruxture-site-specifications. Source family: eStruxture-site-specifications. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hillside/TRU development
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: British Columbia yields useful evidence outside operator publicity. Burnaby's permit register identifies VAN-3 alterations and additions, while eStruxture explicitly labels the advertised electrical figure critical power. The permit's declared value is not the complete capital stack. At Hillside, TRU's landlord account establishes the land lease, TrueNorth's development role, construction activity and a late-2027 expectation. Bell's network branding alone did not reveal those ownership roles. BC Hydro's refusal to discuss individual requests means that general connection-policy documents cannot independently validate a particular company's allocation. [R2C030] [R2C029] [R2C039] [R2C022]
Review notes
Issuing origin: TRU-landlord-project. Source family: TRU-landlord-project. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
BC Hydro 2026 Call for Demand Q&A
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: British Columbia yields useful evidence outside operator publicity. Burnaby's permit register identifies VAN-3 alterations and additions, while eStruxture explicitly labels the advertised electrical figure critical power. The permit's declared value is not the complete capital stack. At Hillside, TRU's landlord account establishes the land lease, TrueNorth's development role, construction activity and a late-2027 expectation. Bell's network branding alone did not reveal those ownership roles. BC Hydro's refusal to discuss individual requests means that general connection-policy documents cannot independently validate a particular company's allocation. [R2C030] [R2C029] [R2C039] [R2C022]
Review notes
Issuing origin: BC-Hydro-policy. Source family: BC-Hydro-policy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: search text available. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Relevant finding
Rocky View County refused the specific Kineticor ASP; AESO allocation did not override the decision; no permanent ban inferred.
Review notes
Issuing origin: RockyView-planning. Source family: RockyView-planning. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Beacon AI Hub ASP
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta provides both progress and negative controls. Capital Power's disclosed Meta agreement helps explain initial power supply before the later Greenlight generation target, while the county separately identifies the approved data-centre project. By contrast, Rocky View County refused the specific Kineticor area-structure-plan proposal despite an AESO allocation; that decision does not establish an irrevocable ban on a future revised proposal. Beacon's Indus ASP approval and federal no-further-assessment determination address different permissions; they cannot substitute for every provincial approval or a financed customer commitment. Malachite One remains a developer concept, and its displayed full-build power arithmetic does not reconcile. [R2C026] [R2C025] [R2C015] [R2C013] [R2C033] [R2C017]
Review notes
Issuing origin: RockyView-planning. Source family: RockyView-planning. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Indus no-further-assessment decision
Mar 10, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta provides both progress and negative controls. Capital Power's disclosed Meta agreement helps explain initial power supply before the later Greenlight generation target, while the county separately identifies the approved data-centre project. By contrast, Rocky View County refused the specific Kineticor area-structure-plan proposal despite an AESO allocation; that decision does not establish an irrevocable ban on a future revised proposal. Beacon's Indus ASP approval and federal no-further-assessment determination address different permissions; they cannot substitute for every provincial approval or a financed customer commitment. Malachite One remains a developer concept, and its displayed full-build power arithmetic does not reconcile. [R2C026] [R2C025] [R2C015] [R2C013] [R2C033] [R2C017]
Review notes
Issuing origin: IAAC-Indus. Source family: IAAC-Indus. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: decision search text; direct fetch failed. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Malachite One developer presentation to council
Jun 23, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta provides both progress and negative controls. Capital Power's disclosed Meta agreement helps explain initial power supply before the later Greenlight generation target, while the county separately identifies the approved data-centre project. By contrast, Rocky View County refused the specific Kineticor area-structure-plan proposal despite an AESO allocation; that decision does not establish an irrevocable ban on a future revised proposal. Beacon's Indus ASP approval and federal no-further-assessment determination address different permissions; they cannot substitute for every provincial approval or a financed customer commitment. Malachite One remains a developer concept, and its displayed full-build power arithmetic does not reconcile. [R2C026] [R2C025] [R2C015] [R2C013] [R2C033] [R2C017]
Review notes
Issuing origin: Emerald-Malachite-presentation. Source family: Emerald-Malachite-presentation. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened PDF text; not independent confirmation of projections. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
EverWind Point Tupper investment
Oct 16, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. [R2C018] [R2C019] [R2C035] [R2C020] [R2C049]
Review notes
Issuing origin: EverWind-announcement. Source family: EverWind-announcement. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Anthropic first Canadian data-center lease
Oct 16, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. [R2C018] [R2C019] [R2C035] [R2C020] [R2C049]
Review notes
Issuing origin: Reuters-direct-reporting. Source family: Reuters-direct-reporting. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: search text available. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Spruce Lake designation analysis in progress
Oct 23, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. [R2C018] [R2C019] [R2C035] [R2C020] [R2C049]
Review notes
Issuing origin: IAAC-SpruceLake. Source family: IAAC-SpruceLake. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Memorial University primary data-centre replacement
Jul 14, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. [R2C018] [R2C019] [R2C035] [R2C020] [R2C049]
Review notes
Issuing origin: Memorial-capital-project. Source family: Memorial-capital-project. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PEI Atlantic Technology Centre
Feb 28, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Atlantic Canada is no longer represented solely by the Grand Falls conversion. EverWind's October announcement identifies phased Point Tupper development and an initial customer agreement; Reuters separately reports Anthropic's confirmation. The investment is split between the campus and wind projects, and construction dates remain conditional. Spruce Lake has a federal designation review still in progress on the cutoff date. Memorial's replacement project provides a smaller, funded owner-occupied counterexample whose significance should not be exaggerated into hyperscale AI development. No verified new PEI hyperscale project was found in this targeted pass. [R2C018] [R2C019] [R2C035] [R2C020] [R2C049]
Review notes
Issuing origin: PEI-economic-development. Source family: PEI-economic-development. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: search text available. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE Grand Falls fibre conversion
May 8, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Finally, HIVE's detailed disclosures change interpretation of two baseline records. The Manitoba lease's headline footprint includes optional capacity, while subsequent results substantiate a GPU deployment's contribution to revenue without providing site utilization. Grand Falls distinguishes gross energized mining infrastructure from a planned AI conversion, and its power arrangements include an interruptible or surplus component. These differences matter for reliability, customer commitments and economics. They also reinforce why Rosser landlord capacity, BUZZ hosted IT and Bell network aggregates must not be added before their physical boundaries are reconciled. [R2C043] [R2C044] [R2C046]
Review notes
Issuing origin: HIVE-filings. Source family: HIVE-filings. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Toronto groundbreaking
Jan 29, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Toronto adds two useful examples. Yondr broke ground on a 27 MW project in January 2025 and subsequently reported energization. Its July 2026 account describes training a new operations team. Those statements show progress, but they do not identify the electrical capacity energized, establish full customer acceptance or provide measured utilization. The original mid-2026 readiness target has passed; publication should retain the distinction between a target and a verified completion date. The 27 MW figure also lacks a sufficiently explicit IT-versus-facility definition to place it in the operating-IT column. [R3C001] [R3C003]
Review notes
Issuing origin: Yondr / underlying issuer family. Source family: Yondr / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Toronto operations training
Jul 9, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Toronto adds two useful examples. Yondr broke ground on a 27 MW project in January 2025 and subsequently reported energization. Its July 2026 account describes training a new operations team. Those statements show progress, but they do not identify the electrical capacity energized, establish full customer acceptance or provide measured utilization. The original mid-2026 readiness target has passed; publication should retain the distinction between a target and a verified completion date. The 27 MW figure also lacks a sufficiently explicit IT-versus-facility definition to place it in the operating-IT column. [R3C001] [R3C003]
Review notes
Issuing origin: Yondr / underlying issuer family. Source family: Yondr / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
First phase of Toronto campus
Sep 18, 2023
Relevant finding
Article citation context; other cited records may jointly support this passage: STACK’s Toronto campus requires phase discipline. The issuer reported delivery of an initial 8 MW facility in 2023, alongside 48 MW of future expansion. Its later marketing still identifies that expansion, while a subsequent issuer post targets the first 24 MW for the third quarter of 2028. The earlier release had targeted the second quarter of 2026. That changed target is material, but the reviewed documents do not explain the cause. The operating first phase and future phases are different exposures; adding the 56 MW campus envelope to the 48 MW expansion would duplicate capacity. [R3C004] [R3C006]
Review notes
Issuing origin: STACK / underlying issuer family. Source family: STACK / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Toronto first 24MW target Q3 2028
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: STACK’s Toronto campus requires phase discipline. The issuer reported delivery of an initial 8 MW facility in 2023, alongside 48 MW of future expansion. Its later marketing still identifies that expansion, while a subsequent issuer post targets the first 24 MW for the third quarter of 2028. The earlier release had targeted the second quarter of 2026. That changed target is material, but the reviewed documents do not explain the cause. The operating first phase and future phases are different exposures; adding the 56 MW campus envelope to the 48 MW expansion would duplicate capacity. [R3C004] [R3C006]
Review notes
Issuing origin: STACK / underlying issuer family. Source family: STACK / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Vantage QC24 investment
Feb 27, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Québec City coverage gains Vantage’s QC24, a fourth building with 32 MW of additional IT design capacity and C$500 million of announced investment. This is separate from the 16 MW third facility already in R2, but both sit within the same 86 MW campus envelope. The explicit operational target is early 2027, although a quotation within the announcement uses inconsistent relative timing. The investment announcement is evidence of the development plan, not a complete construction-financing package. Current utility delivery, tenant acceptance and phase-specific billing remain unverified. [R3C011]
Review notes
Issuing origin: Vantage / underlying issuer family. Source family: Vantage / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
QScale closed facility and optional accordion
Nov 20, 2024
Relevant finding
Article citation context; other cited records may jointly support this passage: QScale’s Building B remains inside the existing Q01 record rather than becoming a duplicate campus. Its June 2026 release reports construction of a 60 MW IT building with a stated $700 million budget. The financing document is more limited: the November 2024 release closed a $170 million facility for phases 3 and 4, with a further $150 million explicitly uncommitted. Neither full drawing nor exercise of the option has been demonstrated. The older phase description cannot automatically be mapped to Building B. The source uses dollars without expressly identifying currency, so this review preserves that qualification. [R3C016] [R3C017]
Review notes
Issuing origin: QScale / underlying issuer family. Source family: QScale / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Q01 Building B construction
Jun 4, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: QScale’s Building B remains inside the existing Q01 record rather than becoming a duplicate campus. Its June 2026 release reports construction of a 60 MW IT building with a stated $700 million budget. The financing document is more limited: the November 2024 release closed a $170 million facility for phases 3 and 4, with a further $150 million explicitly uncommitted. Neither full drawing nor exercise of the option has been demonstrated. The older phase description cannot automatically be mapped to Building B. The source uses dollars without expressly identifying currency, so this review preserves that qualification. [R3C016] [R3C017]
Review notes
Issuing origin: QScale / underlying issuer family. Source family: QScale / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
QScale acquisition closing
May 13, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: QScale’s ownership also needs a precise date. Despite its prospective title, the May 2026 announcement says the Goldman Sachs Alternatives acquisition had closed, with founders and management reinvesting. That closing does not reveal how much new equity was allocated to Building B. The reviewed documents do not disclose security, guarantees, refund obligations, debt maturity, or acceptance conditions. A financing case can therefore identify the committed-versus-optional distinction while leaving the remaining capital structure open. The evidence does not support a claim that the project is fully funded. [R3C018]
Review notes
Issuing origin: QScale / Goldman Sachs / underlying issuer family. Source family: QScale / Goldman Sachs / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture July financing
Jul 30, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: For eStruxture, the ABS component is now considerably clearer. A July 2026 DBRS review identifies five note series totaling C$900 million. The original financing release separately described a C$300 million underwritten DevCo revolver and a C$300 million accordion. Combining the ABS with that historical maximum produces C$1.5 billion, whereas the issuer’s March announcement states C$1.55 billion under the program. The C$50 million difference remains unexplained by the reviewed documents. More fundamentally, program size is not the same as drawn debt, available cash or a project-specific construction loan. [R3C012] [R3C015]
Review notes
Issuing origin: eStruxture / underlying issuer family. Source family: eStruxture / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture annual rating confirmation
Jul 22, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: For eStruxture, the ABS component is now considerably clearer. A July 2026 DBRS review identifies five note series totaling C$900 million. The original financing release separately described a C$300 million underwritten DevCo revolver and a C$300 million accordion. Combining the ABS with that historical maximum produces C$1.5 billion, whereas the issuer’s March announcement states C$1.55 billion under the program. The C$50 million difference remains unexplained by the reviewed documents. More fundamentally, program size is not the same as drawn debt, available cash or a project-specific construction loan. [R3C012] [R3C015]
Review notes
Issuing origin: Morningstar DBRS / underlying issuer family. Source family: Morningstar DBRS / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
eStruxture provisional rating
Jul 1, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: The rating materials identify an operating-asset cash-flow structure with an earlier anticipated refinancing date inside a much longer legal maturity. Failure to refinance can trigger a cash sweep without automatically causing default. This gives publication a concrete financing mechanism to explain, but does not establish unlimited sponsor support for construction elsewhere. A one-percentage-point refinancing increase on an unchanged C$900 million balance would add C$9 million of annual interest as a simple sensitivity. It is not a forecast of the actual coupon or of insolvency. [R3C014] [R3C015]
Review notes
Issuing origin: Morningstar DBRS / underlying issuer family. Source family: Morningstar DBRS / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TNE/Data District Phase 1 project inventory
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta’s additional records are deliberately qualified. A government inventory lists the TNE/Data District proposal across Olds, Bonnyville, Calgary and Edmonton, with a combined 240 MW and C$1.26 billion budget. It explicitly uses placeholder map locations. One program record is appropriate until parcels, individual capacities and power agreements can be resolved. CAL-1 Phase 4 has a recorded permit and construction classification, but no disclosed incremental MW, so it remains a reference alteration project. Bitdeer’s Fox Creek build pairs planned gas generation with mining first and future AI flexibility; that optionality does not establish an AI customer. [R3C007] [R3C010]
Review notes
Issuing origin: Government of Alberta / underlying issuer family. Source family: Government of Alberta / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CAL-1 Phase 4 alterations
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Alberta’s additional records are deliberately qualified. A government inventory lists the TNE/Data District proposal across Olds, Bonnyville, Calgary and Edmonton, with a combined 240 MW and C$1.26 billion budget. It explicitly uses placeholder map locations. One program record is appropriate until parcels, individual capacities and power agreements can be resolved. CAL-1 Phase 4 has a recorded permit and construction classification, but no disclosed incremental MW, so it remains a reference alteration project. Bitdeer’s Fox Creek build pairs planned gas generation with mining first and future AI flexibility; that optionality does not establish an AI customer. [R3C007] [R3C010]
Review notes
Issuing origin: Government of Alberta / underlying issuer family. Source family: Government of Alberta / underlying issuer family. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: opened in R3. Content reviewed but exact scope/full direct access not established. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Implementation of the Batch Zero Process PGRR145 NPRR1325
Jun 23, 2026
Relevant finding
Batch Zero effective July11; prior individual LLIS process ended July10; system-wide allocation for mature committed projects.
Review notes
Issuing origin: Inherited publisher grouping: ERCOT. Source family: Inherited publisher grouping: ERCOT. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Partial implementation details of PGRR145 NPRR1325
Jun 30, 2026
Relevant finding
Specified PCLR dispatch/ramp/energization portions deferred to later implementation.
Review notes
Issuing origin: Inherited publisher grouping: ERCOT. Source family: Inherited publisher grouping: ERCOT. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-11. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PGRR145 issue and approval record
Jun 18, 2026
Relevant finding
PUCT approval June18; July11 BatchZero/WLPUN and system implementation for PCLR; recommended2027 priority.
Review notes
Issuing origin: Inherited publisher grouping: ERCOT PUCT. Source family: Inherited publisher grouping: ERCOT PUCT. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Batch Zero Interconnection Study Scope
Jul 21, 2026
Relevant finding
Base vs studied-load allocation; WLPUN generator turned off for withdrawal allocation; security estimates; original tentative Oct31/Apr9 milestones, recheck amendments.
Review notes
Issuing origin: Inherited publisher grouping: ERCOT. Source family: Inherited publisher grouping: ERCOT. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
FERC launches targeted action to speed large load integration
Jun 18, 2026
Relevant finding
Six regional show-cause orders; five areas of potential tariff reform.
Review notes
Issuing origin: Inherited publisher grouping: FERC. Source family: Inherited publisher grouping: FERC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Cost transparency and customer protection initiatives in June2026 show cause orders
Undated — publication date not stated
Relevant finding
Preliminary findings do not impose final rates; response deadlines extended to Nov16 five RTOs and Nov20 SPP.
Review notes
Issuing origin: Inherited publisher grouping: FERC Office of Public Participation. Source family: Inherited publisher grouping: FERC Office of Public Participation. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
FERC approves SPP large load connection proposal
Jan 15, 2026
Relevant finding
HILL study framework effectiveJan15;90day study approval for loads with onsite/nearby generation, not COD guarantee.
Review notes
Issuing origin: Inherited publisher grouping: SPP. Source family: Inherited publisher grouping: SPP. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-01-15. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
MISO informational report in EL26-70
Jul 20, 2026
Relevant finding
Describes proposed ZGIA same-substation zero-injection framework and parallel load/generation study work.
Review notes
Issuing origin: Inherited publisher grouping: MISO. Source family: Inherited publisher grouping: MISO. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: MISO originates filed planning assumptions; filing is distinct from approval or site service award.
MISO Advisory Committee legal report
Oct 14, 2026
Relevant finding
Indexed official report lists November23 deficiency response for ER26-3552 ZGIA; do not label requestedOct18 date effective.
Review notes
Issuing origin: Inherited publisher grouping: MISO. Source family: Inherited publisher grouping: MISO. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
California ISO large loads
Undated — publication date not stated
Relevant finding
State utility tariffs generally govern retail newload study/interconnection/rates/cost recovery; CEC Jan2026 forecast +1.8GW2030,+4.9GW2040.
Review notes
Issuing origin: Inherited publisher grouping: CAISO. Source family: Inherited publisher grouping: CAISO. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Denton staff report 2026-039 on AI data facilities
Undated — publication date not stated
Relevant finding
Reviewed scope: 391 MW contract, 297 MW availability limit, leased land and code compliance
Review notes
Issuing origin: City of Denton. Source family: City of Denton. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Key Questions on Energy and AI Executive Summary
2026-04 (publication month; day not stated)
Relevant finding
Global485TWh2025 to950TWh2030; onsite gas estimate15-27GW2030;30-70% generation overbuild may be needed for reliability; forecasts not observed operating capacity.
Review notes
Issuing origin: Inherited publisher grouping: IEA. Source family: Inherited publisher grouping: IEA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Winter2026 Arctic Events A System Performance Review
Sep 10, 2026
Relevant finding
No manual load shed or widespread firm gas interruption; significant constraints; fully subscribed NewEngland pipelines restricted nonfirm delivery.
Review notes
Issuing origin: Inherited publisher grouping: FERC NERC regional entities joint staff. Source family: Inherited publisher grouping: FERC NERC regional entities joint staff. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-01. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Bloom / Oracle expanded fuel-cell agreement
Apr 13, 2026
Relevant finding
Supplier reports a prior fully operational Oracle system delivered in55days; initial1.2GW contracted within up-to2.8GW agreement is future deployment, not operatingIT.
Review notes
Issuing origin: Bloom/Oracle joint commercial announcement. Source family: Bloom/Oracle joint commercial announcement. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 primary webpage read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CoreSite reported onsite fuel-cell deployment
Undated — publication date not stated
Relevant finding
CoreSite states deployment at Milpitas and Boston campuses. Vendor reliability/emissions claims are not independent engineering measurement; no verified operatingMW derived.
Review notes
Issuing origin: CoreSite/Bloom commercial discussion. Source family: CoreSite/Bloom commercial discussion. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 primary webpage read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Oracle Jupiter revised fuel-cell power design
Apr 27, 2026
Relevant finding
Up-to2.45GW generation design replaces earlier turbine/diesel plan. Claimed NOx/water benefits are projections, not permit approval or operating measurements.
Review notes
Issuing origin: Oracle/BorderPlex/Bloom announcement. Source family: Oracle/BorderPlex/Bloom announcement. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 primary webpage read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-04-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Distribution Transformer Convening Webinar transcript
Mar 5, 2026
Relevant finding
Cites dated2024 distribution leadtimes1-2years+ and large-transformer3-4years; not campus purchase-order evidence.
Review notes
Issuing origin: Inherited publisher grouping: US DOE. Source family: Inherited publisher grouping: US DOE. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-05. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
GE Vernova second quarter2026 financial results
Jul 22, 2026
Relevant finding
116GW backlog plus slot reservations; targeted gas-turbine annual output20GWQ32026,24GW2028,30GW2030.
Review notes
Issuing origin: Inherited publisher grouping: GE Vernova. Source family: Inherited publisher grouping: GE Vernova. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CoreWeave Q2 2026 SEC earnings exhibit
Aug 11, 2026
Relevant finding
104bn delivery-conditional backlog;active1.5GW contracted3.7GW;debt carrying categories35.068bn;quarterinterest640m.
Review notes
Issuing origin: Inherited publisher grouping: CoreWeave SEC. Source family: Inherited publisher grouping: CoreWeave SEC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy June 30, 2026 Form 10-Q
Undated — publication date not stated
Relevant finding
Reviewed scope: Note 16, pages 37–38; Note 24, page 51; management discussion, page 53
Review notes
Issuing origin: Galaxy. Source family: Galaxy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TeraWulf June 30, 2026 Form 10-Q
Undated — publication date not stated
Relevant finding
Reviewed scope: Ownership, leases, customer backstops and debt notes
Review notes
Issuing origin: TeraWulf. Source family: TeraWulf. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Kentucky PSC final order for Justified
Undated — publication date not stated
Relevant finding
Reviewed scope: Case 2026-00115: 482 MW service agreement and minimum-demand obligations
Review notes
Issuing origin: Kentucky PSC. Source family: Kentucky PSC. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Applied Digital August 31, 2026 Form 10-Q, filed October 7
Undated — publication date not stated
Relevant finding
Reviewed scope: Notes 9, 16 and 17; business update; Item 5
Review notes
Issuing origin: Applied Digital. Source family: Applied Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Cipher Barber Lake amendment and subsequent tenant commitment
Undated — publication date not stated
Relevant finding
Reviewed scope: Item 8.01: revised delivery and cost reimbursement
Review notes
Issuing origin: Cipher. Source family: Cipher. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Applied Digital May 31, 2026 Form 10-K
Undated — publication date not stated
Relevant finding
Reviewed scope: Note 16, temporary equity
Review notes
Issuing origin: APLD. Source family: APLD. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Galaxy closes Helios Phase I financing
Undated — publication date not stated
Relevant finding
$1.4bn commitment, $350m equity provided, 80% loan-to-cost, 36-month term, security over all Phase I assets.
Review notes
Issuing origin: Galaxy. Source family: Galaxy. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fermi June 30, 2026 Form 10-Q
Undated — publication date not stated
Relevant finding
Reviewed scope: Equipment facilities, liquidity, customer conditions and subsequent events
Review notes
Issuing origin: Fermi. Source family: Fermi. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
WhiteFiber June 30, 2026 Form 10-Q
Undated — publication date not stated
Relevant finding
Reviewed scope: NC-1 delayed-draw facility and subsequent borrowings
Review notes
Issuing origin: WhiteFiber. Source family: WhiteFiber. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fermi signs AMD credit-support agreement
Oct 13, 2026
Relevant finding
AMD credit support covers the 222 MW gross first phase; a future 650 MW framework is separate. Project-financing milestone, not financing-close evidence.
Review notes
Issuing origin: Inherited publisher grouping: Fermi / ACCESS Newswire. Source family: Inherited publisher grouping: Fermi / ACCESS Newswire. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fermi CEO October21 financing letter
Oct 21, 2026
Relevant finding
October 21 issuer letter still pursues customer contributions, project debt and strategic investors; lease and support conditions remain.
Review notes
Issuing origin: Inherited publisher grouping: Fermi, issuer letter reproduced by StockTitan. Source family: Inherited publisher grouping: Fermi, issuer letter reproduced by StockTitan. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
WhiteFiber convertible closing Form 8-K
Aug 21, 2026
Relevant finding
$310 million 5% convertible closed. Net proceeds $298.5 million, with $118.5 million used for exchange cash; approximately 6.3 million shares issued in the exchange.
Review notes
Issuing origin: Inherited publisher grouping: SEC / WhiteFiber. Source family: Inherited publisher grouping: SEC / WhiteFiber. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Applied Digital FY2027 Q1 Form 10-Q
Oct 7, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Applied Digital’s August 31 debt table reports US$2.350 billion of 9.25% notes and US$1.590 billion of 7% notes for Polaris Forge 1, totaling US$3.940 billion. The $300m bridge refinanced by the ELN04 issue must stay excluded. ELN04 has subsidiary security and a parent completion guarantee; the parent is otherwise not the note guarantor. Campus debt should not be divided by the 250 MW RFS milestone because debt and delivered capacity cover different phases. Polaris Forge 2's $2.15bn notes have cleared their escrow-release condition, but released cash is not proof of construction spending or completion. Its 200 MW contracted IT, 280 MW utility peak and 300 MW generic description must remain separate. [R3L001]
Review notes
Issuing origin: Applied Digital. Source family: Applied Digital. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-08-31. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
TeraWulf Q2 2026 Form 10-Q
Aug 5, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Lake Mariner demonstrates why a strong counterparty's name is insufficient. The Google support described in TeraWulf's filing becomes effective at the relevant lease commencement and has specified default remedies. It should not be represented as an already active unconditional construction guarantee. The $3.2bn notes have a project-security structure and amortization provisions. Core42's $90m prepayment is consumed against future rent; it cannot be treated as permanent equity while also counting the same future rent as unrestricted cash. Google warrants are a separate dilution cost. [R3L002]
Review notes
Issuing origin: TeraWulf. Source family: TeraWulf. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Cipher September 24 lease amendment 8-K
Sep 24, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Cipher’s September amendment describes an amended Fluidstack lease plus a binding commitment for a later AI-lab lease; it does not establish a single executed 20-year Fluidstack contract. Cipher bears the first $359.3m above the initial budget, with only half of further excess reimbursed through future rent. That mechanism can limit ultimate economic exposure while leaving a near-term cash requirement. Forecast hall deliveries and first rent in late 2026 are forecasts, not verified acceptance. [R3L003] The initial financing identifies Cipher Compute as issuer and Cipher Barber Lake as guarantor. [R3L004]
Review notes
Issuing origin: Cipher. Source family: Cipher. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-09-24. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Cipher first Barber Lake notes closing 8-K
Nov 13, 2025
Relevant finding
Article citation context; other cited records may jointly support this passage: Cipher’s September amendment describes an amended Fluidstack lease plus a binding commitment for a later AI-lab lease; it does not establish a single executed 20-year Fluidstack contract. Cipher bears the first $359.3m above the initial budget, with only half of further excess reimbursed through future rent. That mechanism can limit ultimate economic exposure while leaving a near-term cash requirement. Forecast hall deliveries and first rent in late 2026 are forecasts, not verified acceptance. [R3L003] The initial financing identifies Cipher Compute as issuer and Cipher Barber Lake as guarantor. [R3L004]
Review notes
Issuing origin: Cipher. Source family: Cipher. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2025-11-13. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Core Scientific June 30 Form 10-Q
Jul 28, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Denton provides a particularly clear warning against assigning corporate or pooled financing to one campus. Core Scientific's $3.3bn notes cover five project entities, including Denton; the parent has an uncapped completion guarantee. The prior $1bn loan was repaid, not added to continuing financing. Tenant build credits delay cash collections and affect amortization commencement. Separately, the city record distinguishes the 391 MW PPA from a 297 MW temporary transmission limitation. These are utility quantities, not accepted IT load, and the historical city report is not a new measurement of current operations. [R3L006] [R3L005]
Review notes
Issuing origin: Core Scientific. Source family: Core Scientific. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Denton city staff report 2026-039
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Denton provides a particularly clear warning against assigning corporate or pooled financing to one campus. Core Scientific's $3.3bn notes cover five project entities, including Denton; the parent has an uncapped completion guarantee. The prior $1bn loan was repaid, not added to continuing financing. Tenant build credits delay cash collections and affect amortization commencement. Separately, the city record distinguishes the 391 MW PPA from a 297 MW temporary transmission limitation. These are utility quantities, not accepted IT load, and the historical city report is not a new measurement of current operations. [R3L006] [R3L005]
Review notes
Issuing origin: City of Denton. Source family: City of Denton. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hut 8 River Bend bond pricing SEC exhibit
Apr 27, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Hut 8 announced the April 30 closing of $3.25bn notes, following an SEC-filed pricing disclosure of a 6.192% coupon, 2042 maturity and full amortization. The notes are disclosed as nonrecourse to Hut 8 and finance a 245 MW IT facility and substation, alongside reserves and equity reimbursement. Full amortization addresses a scheduled balloon if payments occur; it does not eliminate construction or customer-payment risk. [R3L008] [R3L009]
Review notes
Issuing origin: Hut 8. Source family: Hut 8. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-04-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Hut 8 River Bend bond closing
Apr 30, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Hut 8 announced the April 30 closing of $3.25bn notes, following an SEC-filed pricing disclosure of a 6.192% coupon, 2042 maturity and full amortization. The notes are disclosed as nonrecourse to Hut 8 and finance a 245 MW IT facility and substation, alongside reserves and equity reimbursement. Full amortization addresses a scheduled balloon if payments occur; it does not eliminate construction or customer-payment risk. [R3L008] [R3L009]
Review notes
Issuing origin: Hut 8. Source family: Hut 8. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: headline and opening bullets read. Access/excerpt/underlying-document limitations retained. Event date: 2026-04-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Nebius first secured GPU debt financing
Jul 17, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: Nebius's $775m facility is backed by deployed GPUs and contracted cash flows, with SOFR+2.50% pricing. The public announcement does not establish that every dollar belongs to Vineland. Its equipment financing therefore cannot be presented as proof that DataOne's campus construction is fully funded. The NJDEP release was not accessible in this review, so its remedies and any effect on particular halls remain unverified. [R3L010] [R3L011]
Review notes
Issuing origin: Nebius. Source family: Nebius. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-07-17. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
New Jersey DEP release lead
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: Nebius's $775m facility is backed by deployed GPUs and contracted cash flows, with SOFR+2.50% pricing. The public announcement does not establish that every dollar belongs to Vineland. Its equipment financing therefore cannot be presented as proof that DataOne's campus construction is fully funded. The NJDEP release was not accessible in this review, so its remedies and any effect on particular halls remain unverified. [R3L010] [R3L011]
Review notes
Issuing origin: NJDEP. Source family: NJDEP. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: 403; not substantively verified. No substantive source content verified. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN Microsoft GPU financing May 29 8-K
Jun 1, 2026
Relevant finding
Article citation context; other cited records may jointly support this passage: IREN's financing must stay customer- and tranche-specific. IE US Hardware 3 LLC is the borrower for the Microsoft cohort. The $3.65bn announcement and the rounded 8-K describe the same financing, not additional facilities. The executed parent guarantee separately addresses residual debt after specified remarketing events and refundable customer upfront amounts following valid nonacceptance termination, with contractual exceptions. Acceptance releases are tranche-specific. The issuer’s August announcement that Microsoft accepted 50 MW does not establish acceptance of all 200 MW. [R3L012] [R3L013] [R2M016]
Review notes
Issuing origin: IREN. Source family: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-05-29. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN executed limited parent guarantee
Undated — publication date not stated
Relevant finding
Article citation context; other cited records may jointly support this passage: IREN's financing must stay customer- and tranche-specific. IE US Hardware 3 LLC is the borrower for the Microsoft cohort. The $3.65bn announcement and the rounded 8-K describe the same financing, not additional facilities. The executed parent guarantee separately addresses residual debt after specified remarketing events and refundable customer upfront amounts following valid nonacceptance termination, with contractual exceptions. Acceptance releases are tranche-specific. The issuer’s August announcement that Microsoft accepted 50 MW does not establish acceptance of all 200 MW. [R3L012] [R3L013] [R2M016]
Review notes
Issuing origin: IREN. Source family: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: read. Content reviewed but exact scope/full direct access not established. Event date: 2026-05-29. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN reports Horizon 1 accepted by Microsoft
Aug 13, 2026
Relevant finding
Reviewed scope: Opening paragraphs
Review notes
Issuing origin: IREN issuer disclosure. Source family: IREN issuer disclosure. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN FY2026 results
Undated — publication date not stated
Relevant finding
Reviewed scope: Buildout, funding and ARR slides and footnotes
Review notes
Issuing origin: IREN SEC filing. Source family: IREN SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
CoreWeave a cash flow stress test
Oct 20, 2026
Relevant finding
Explicit assumptions newfinancing/occupancy/pricing/maturity/noGPUbuys after2029; market bondyield not current issuer coupon.
Review notes
Issuing origin: Inherited publisher grouping: The Buildout. Source family: Inherited publisher grouping: The Buildout. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
October2026 Short Term Energy Outlook
Oct 6, 2026
Relevant finding
Commercial sector electricity demand forecast2.8%growth2027; includes nondata-center demand.
Review notes
Issuing origin: Inherited publisher grouping: US EIA. Source family: Inherited publisher grouping: US EIA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
The Jevons Question: Cheaper Intelligence, More Compute
Undated — publication date not stated
Relevant finding
Distinguishes cheaper compute, paid demand and owner returns; not independent primary project evidence
Review notes
Issuing origin: Inherited publisher grouping: Ephesus Research. Source family: Inherited publisher grouping: Ephesus Research. Evidence role: secondary analytical context. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Prior analytical context; not primary empirical evidence or independent corroboration.
AI data centers methodology
Undated — publication date not stated
Relevant finding
Models ITpower/compute/cost from imagery and records;44%globalAIcompute estimatedcoverage90%CI30-79%;newAI-focused sample not census.
Review notes
Issuing origin: Inherited publisher grouping: Epoch AI. Source family: Inherited publisher grouping: Epoch AI. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-10-23. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Epoch originates methodology; not evidence modeled capacity or utilization achieved.
Relevant finding
Company/supply-chain research discovery; self-described beta and AI-assisted; no independent primary validation.
Review notes
Issuing origin: Inherited publisher grouping: The Buildout. Source family: Inherited publisher grouping: The Buildout. Evidence role: secondary or not established as primary for this claim. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
PJM updated20year forecast continues significant longterm load growth
Jan 14, 2026
Relevant finding
Nearterm forecast lower than2025;longterm remainsstrong;summer2026 large-load component adjustment-0.7% vsprior forecast.
Review notes
Issuing origin: Inherited publisher grouping: PJM. Source family: Inherited publisher grouping: PJM. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-01-14. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
HIVE's BUZZ HPC announces 320 MW sovereign AI infrastructure in Greater Toronto Area
May 18, 2026
Relevant finding
320 MW utility allocation; land purchased for C$46 million plus C$12 million adjacent parcel; planned capital cost C$3.5 billion. Initial schedule second half 2027; no independently verified financing close or full-campus executed lease in this release.
Review notes
Issuing origin: Inherited publisher grouping: HIVE Digital Technologies. Source family: Inherited publisher grouping: HIVE Digital Technologies. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NUAI October LC reimbursement and collateral filing
Oct 8, 2026
Relevant finding
US$116m LC, 102% cash collateral, $60m A2/A3 draw plus $58.3m existing cash, TCDC guarantee, joint/several deficiency exposure, 2% annual LC fee and 12% draw reimbursement interest. Full reimbursement agreement promised for Q3 filing.
Review notes
Issuing origin: NUAI. Source family: NUAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 full 8-K read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-10-07. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NUAI Odessa PPA and development-funding filing
Sep 21, 2026
Relevant finding
PowerCo/Luminant 200–207MW PPA; delivery conditions by December2027, LC plus up to $82.8m further security; 5% nonvoting Project Company interest after delivery. Full PPA/DFA not attached.
Review notes
Issuing origin: NUAI. Source family: NUAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 full 8-K read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-09-18. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Odessa signed September17 planning meeting record
Undated — publication date not stated
Relevant finding
Page4 case2026-91-P: New Era Phase1 preliminary plat63.42acres approved4–0 with staff conditions. Page5 signed. Waterwell discussion employees only; not whole-campus environmental authorization.
Review notes
Issuing origin: City of Odessa. Source family: City of Odessa. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 PDF downloaded; pages1,3,4,5 visually inspected. Selected relevant PDF pages visually inspected; review does not establish whole-campus environmental or operating authorization. Event date: 2026-09-17. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NUAI Q2 2026 Form10-Q financing notes
Aug 14, 2026
Relevant finding
TCDC wholly owned following purchase; $20m A1 principal versus $15.173m carrying value atJune30; discretionary further tranches; April2029 maturity; SOFR spreads; July17 ATM covenant waiver. Historical cash not October free liquidity.
Review notes
Issuing origin: NUAI. Source family: NUAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 financing notes, liquidity and subsequent events read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NUAI executed April8 term loan agreement
Apr 8, 2026
Relevant finding
TCDC borrower; Macquarie agent/lender; discretionary tranches, maturity/interest, restricted distributions, New Era contribution and lease-related provisions. Original instrument subject to subsequent waivers/amendments.
Review notes
Issuing origin: NUAI/Macquarie executed facility. Source family: NUAI/Macquarie executed facility. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Fresh R3 underlying agreement targeted terms reviewed. Content reviewed but exact scope/full direct access not established. Event date: 2026-04-08. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ephesus public IREN model version
Aug 12, 2026
Relevant finding
Live v1.2.0-preliminary; 385m diluted-share and $4.7bn net-debt model assumptions, not newly filed actuals.
Review notes
Issuing origin: Ephesus Research. Source family: Ephesus Research. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Fresh R3 live public page read. Fresh direct content review with explicit scope; not independent project performance verification. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Primary for displayed model version and dated assumptions, not current filed balances or outcomes.
NUAI October 7 LC reimbursement and development strategy 8-K
Undated — publication date not stated
Relevant finding
US$116m LC, 102% cash collateral, $60m A2/A3 draw plus $58.3m existing cash, TCDC guarantee, joint/several deficiency exposure, 2% annual LC fee and 12% draw reimbursement interest. Full reimbursement agreement promised for Q3 filing.
Review notes
Issuing origin: NUAI. Source family: NUAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NUAI September 18 PPA 8-K
Undated — publication date not stated
Relevant finding
PowerCo/Luminant 200–207MW PPA; delivery conditions by December2027, LC plus up to $82.8m further security; 5% nonvoting Project Company interest after delivery. Full PPA/DFA not attached.
Review notes
Issuing origin: NUAI. Source family: NUAI. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN limited parent guarantee
Undated — publication date not stated
Relevant finding
Reviewed scope: Definitions and section 2.1
Review notes
Issuing origin: IREN. Source family: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Access/excerpt/underlying-document limitations retained. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN Microsoft statement of work
Undated — publication date not stated
Relevant finding
Reviewed scope: Section 3; delivery termination and upfront-payment refunds
Review notes
Issuing origin: IREN SEC filing. Source family: IREN SEC filing. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed by research workstream; see claim-level limits. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN closes $3.65 billion investment-grade GPU financing
Jun 1, 2026
Relevant finding
$2.10bn private placement and $1.55bn delayed-draw term loan; blended debt cost about 6%. Secured by GPU assets and contract cash flows; together with Microsoft prepayments covers approximately 96% of $5.81bn GPU capex. 3.31% blended funding figure includes customer prepayments and is not the debt coupon.
Review notes
Issuing origin: Inherited publisher grouping: IREN. Source family: Inherited publisher grouping: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-01. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN business update and Q3 FY26 results
May 7, 2026
Relevant finding
NVIDIA $3.4bn five-year contract uses existing 60 MW Childress air-cooled infrastructure; ramp early 2027. 5 GW strategic collaboration is not 5 GW of executed customer take-or-pay. NVIDIA right to purchase up to 30m shares at $70 is conditional; full exercise would raise $2.1bn. Sweetwater 1 substation energized; 1,210 MW gross in-build 2027 plan includes Horizon 5–6 and other phases.
Review notes
Issuing origin: Inherited publisher grouping: IREN. Source family: Inherited publisher grouping: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-05-07. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN Q1 FY26 results presentation
Nov 6, 2025
Relevant finding
160 MW British Columbia transition target by end-2026; Horizon 1–4 200 MW IT with revised Microsoft specifications. Sweetwater 2 substation energization target late 2027.
Review notes
Issuing origin: Inherited publisher grouping: IREN. Source family: Inherited publisher grouping: IREN. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2025-11-06. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
IREN Form 10-K for June 30, 2026
Aug 27, 2026
Relevant finding
North American site power portfolio: Canal Flats 30, Prince George 50, Mackenzie 80, Childress 750, Sweetwater 1 1,400, Sweetwater 2 600, Kiowa 1,600 MW. Cash/equivalents $5,895.6m; restricted cash $1,723.9m; debt principal $7,705.649m; capital commitments $13,810m. 394,058,648 ordinary shares outstanding August 14, 2026. FY26 AI cloud revenue $128.8m; Bitcoin mining revenue $578.2m; operating cash flow includes $1,841.7m deferred-revenue increase. Kiowa economics depend on utility/regulatory large-load arrangements.
Review notes
Issuing origin: Inherited publisher grouping: IREN / SEC. Source family: Inherited publisher grouping: IREN / SEC. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-06-30. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: IREN originates period disclosures; audited statements, management narrative and guidance remain distinct.
Hut 8 Beacon Point second phase lease
Jul 20, 2026
Relevant finding
Beacon Point: 704 MW IT in two phases supported by 1,000 MW utility capacity; 15-year leases, 3% escalation and phase-two initial Q2 2028 target.
Review notes
Issuing origin: Inherited publisher grouping: SEC / Hut 8. Source family: Inherited publisher grouping: SEC / Hut 8. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-20. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Core Scientific financing presentation April 21 2026
Apr 21, 2026
Relevant finding
CoreWeave program covers six facilities totaling approximately 590 MW IT / 900 MW grid. Site capacities, delivery schedules and customer-contribution credits are disclosed.
Review notes
Issuing origin: Core Scientific. Source family: Core Scientific. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-04-21. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Core Scientific originates disclosed terms; SEC hosting does not confirm draws or conditions fulfilled.
Applied Digital fiscal fourth-quarter and full-year 2026 results
Jul 27, 2026
Relevant finding
PF2 notes completed; PF1 Building 4 notes closed. Revolver: $430 million committed plus $120 million accordion. Delta Forge 2 adds 210 MW IT; contracted portfolio approximately 1.4 GW.
Review notes
Issuing origin: Inherited publisher grouping: Applied Digital. Source family: Inherited publisher grouping: Applied Digital. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-07-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Applied Digital originates results and guidance; accepted date, phase and financial-status qualifications apply.
Applied Digital announces pricing of $2.15bn notes
Mar 4, 2026
Relevant finding
Parent completion guarantee requires funding necessary for timely PF2 completion.
Review notes
Issuing origin: Inherited publisher grouping: Applied Digital. Source family: Inherited publisher grouping: Applied Digital. Evidence role: primary for the originating statement or analysis within its stated scope. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-03-04. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction. Provenance qualification: Applied Digital originates terms; committed, drawn and spent cash remain distinct.
Relevant finding
Abernathy interest sold effective July 6; no equity remains. Justified ownership 93.2%. Google support effectiveness follows corresponding lease commencement.
Review notes
Issuing origin: TeraWulf. Source family: TeraWulf. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-05. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Fermi TensorWave closing extended to October31
Sep 22, 2026
Relevant finding
Conditional TensorWave lease closing extended September 30 to October 31; 222 MW total facility power and 15-year initial term.
Review notes
Issuing origin: Inherited publisher grouping: Fermi / ACCESS Newswire. Source family: Inherited publisher grouping: Fermi / ACCESS Newswire. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-09-22. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
WhiteFiber corrected second-quarter results
Aug 12, 2026
Relevant finding
Corrected August release confirms initial NC1 billing; full 40 MW run-rate expected later in August. Permanent financing remains conditional.
Review notes
Issuing origin: Inherited publisher grouping: WhiteFiber / PR Newswire. Source family: Inherited publisher grouping: WhiteFiber / PR Newswire. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-12. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
NVIDIA and SB Energy PORTS agreement
Aug 17, 2026
Relevant finding
NVIDIA $1.5bn equity investment; credit support initial4.25ITGW and optional3.75; SB builds/owns/operates;10GW generation/$4.2bn grid investment.
Review notes
Issuing origin: Inherited publisher grouping: SB Energy / NVIDIA. Source family: Inherited publisher grouping: SB Energy / NVIDIA. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: 2026-08-17. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Crusoe announces adjacent Microsoft campus
Mar 27, 2026
Relevant finding
Separate adjacent Microsoft development: 900 MW generation, two 336 MW critical IT buildings; first energization targeted mid-2027.
Review notes
Issuing origin: Crusoe. Source family: Crusoe. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Reviewed baseline issuer release; no independent October construction inspection. Inherited review, not freshly verified for R3. Event date: 2026-03-27. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Natural Earth 1:110m Admin 0 Countries
Undated — publication date not stated
Relevant finding
Generalized country boundaries for approximate map, not parcel survey
Review notes
Issuing origin: Inherited publisher grouping: Natural Earth. Source family: Inherited publisher grouping: Natural Earth. Evidence role: primary for this document, statement, registration or published analysis. Access at research cutoff: Previously reviewed source; not freshly reopened for this investigation.. Inherited review, not freshly verified for R3. Event date: Not separately stated. Retrieval/review date: 2026-10-23. No independent corroboration count inferred from publisher, URL or SEC hosting. Issuer disclosures and government-hosted applicant statements do not independently establish metered IT operation, customer acceptance, profitability, or funded construction.
Ephesus public NUAI model version and published assumptions
Undated — publication date not independently established; public page reviewed October 23, 2026
Relevant finding
The canonical public NUAI model displays version 2.7.1. This establishes the published model version and its dated analytical assumptions, not current filed balances or investment outcomes.
Review notes
Origin and source family: Ephesus Research. Direct public page HTTP200 and displayed version2.7.1 verified during release preparation on October23,2026 America/Vancouver. Publication date is not inferred from retrieval. Primary and verified refer only to the displayed public model specification.
Version control
Article change log
Research status
Research status
Preliminary
Conclusion
Mixed
Version
3.0.0
Last reviewed
Oct 23, 2026
Access
Public and free
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