SAVRN Research · Capital Atlas

North American Data Center Capital Atlas

Name: North American Data Center Capital Atlas
Creator: SAVRN
Published: 2026-08-24
License: https://creativecommons.org/licenses/by/4.0/

Who is funding the AI data center buildout, in what structure, at which site, and how much of that capital has been stopped. 88 capital providers, 170 named sites, 296 financing transactions, and 128 documented blocked or delayed projects, drawn together from 1,994 source citations. Every figure links to the page that states it.

Updated 2026-08-25 Refreshed Tuesday, Thursday, and Saturday Version 1.0.1 Compiled by SAVRN Research

The atlas in one image: capital flows to campuses. The copper campuses are funded and building. The outlined ones are where the money stopped.

Announced multi-year capital

exceeds $1.5 trillion

Announced capital deployment across hyperscalers, frontier AI labs, NeoClouds, private capital sponsors and REITs now exceeds $1.5 trillion on a multi-year announced basis.

Blocked or delayed, Q1 2026

~$130 billion across ~75 projects

Communities, utilities, regulators and states blocked or delayed roughly $130 billion of pipeline across roughly 75 projects in the first three months of 2026.

Blocked or delayed, full-year 2025

$156 billion

Data Center Watch's blocked-or-delayed tally rose to $156 billion for full-year 2025, up from $64 billion for May 2024 through March 2025.

Blocked or delayed, May 2024 to March 2025

$64 billion

Data Center Watch documented $64 billion blocked or delayed between May 2024 and March 2025, split into $18 billion blocked and $46 billion delayed.

Vacancy and construction pipeline

1% vacancy

JLL reports North American data center vacancy at 1% for a third consecutive year, with more than 66 GW under construction. Not a dollar figure, so no USD value recorded.

Stargate Project target

$500 billion over four years

The Stargate Project targets $500 billion over four years and 10 GW of capacity. More than $450 billion and over 8 gigawatts of that had been announced by October 2025.

Blackstone data center portfolio

$150 billion portfolio

Blackstone reported a $150 billion data center portfolio with a $160 billion prospective pipeline, against $1.3 trillion of firm AUM.

Largest single loss: Prince William Digital Gateway

$24.7 billion, 2 GW, 27M sq ft

The Prince William Digital Gateway, developed by QTS and Compass, is the largest single loss at $24.7 billion, 2 GW and 27M sq ft.

Read the numbers the way the evidence allows. Announced multi-year site commitments overlap with one another and with reported capital expenditure, so this atlas never sums them into a single deployment figure. Blocked-and-delayed totals from different trackers cover different windows and definitions, and are shown side by side rather than added. Where a figure could not be confirmed from a fetched source, the entry reads n.a. rather than an estimate.

Section 01 · The map

The capital map

Every named site in the atlas, placed where it stands. Copper circles are committed capital: campuses announced, under construction, or operating, sized by announced dollars (megawatts where dollars are undisclosed). Red, amber, and violet circles are the wall: projects blocked, delayed, or halted by courts, sized the same way. Click any circle for the record and its sources.

Circle area scales with announced capital. Sites with no confirmed dollar figure are sized by megawatts, and shown at minimum size where neither is disclosed. Locations are plotted at the named city or county. 286 records are mapped; entries without a confirmed location appear in the tables below but not on the map.

Section 02 · The numbers

The numbers

Four views of the same record: what the five reporting hyperscalers actually spent, what independent trackers say was stopped, the largest single losses, and the interconnection queues where announced capacity waits.

Reported capital expenditure, five filers

US$ billions. Consolidated, global, all-purpose capex as reported in filings; 2026 figures are company guidance where actuals are not yet filed (striped). These are not North America data center lines; no company reports one.

116

Microsoft

132

Amazon

Alphabet

The capital layers

Eight layers now fund North American data center capacity, and they behave differently under stress. Each profile below carries the entity's reported spending, its announced commitments, its named sites, and its financing transactions, with a source on every figure.

Hyperscalers

The reporting companies whose consolidated capital expenditure guidance now runs into the hundreds of billions a year, alongside announced site commitments that overlap it and are never summed with it.

6entities 50named sites 26transactions 35recorded facts

Microsoft (Azure)

Financingbalance-sheet capex plus heavy finance leasing of third-party datacenter shells; lease-accounting shift to 25-year terms lowering reported capex

MSFT

Microsoft's audited additions to property and equipment rose from $44,477 million in FY2024 to $64,551 million in FY2025 and $115,948 million in FY2026, with finance leases used heavily for large third-party datacenter shells. In July 2026 it moved to 25-year lease treatment and guided to $175 billion of reported capex for calendar 2026, below its prior $190 billion estimate, framed as accounting-driven rather than demand-driven. Its flagship North American commitment is more than $7 billion in Mount Pleasant, Wisconsin, alongside sites in Georgia, Texas, Arizona, Virginia and Washington. Microsoft is also the most heavily documented case of capacity pull-back, with up to about 2 GW of leases and LOIs cancelled or deferred per TD Cowen, about 1.5 GW of self-build frozen per SemiAnalysis, and a $1 billion Ohio project paused.

Period	Kind	Amount	Context
FY2023	reported	$28.1B	Audited additions to property and equipment, fiscal year ending 30 June
FY2024	reported	$44.5B	Audited additions to property and equipment, fiscal year ending 30 June
FY2025	reported	$64.6B	Audited additions to property and equipment, fiscal year ending 30 June
FY2025 finance leases	reported	$20.5B	Finance-lease right-of-use assets obtained, the mechanism Microsoft uses for large third-party datacenter shells; $3,128M in FY2023 and $11,633M in FY2024
FY2026	reported	$116B	Additions to property and equipment for the twelve months ended 30 June 2026, versus $64,551 million for FY2025; $35,802 million in the June 2026 quarter alone
FY26 Q4	reported	$41.0B	Management on FY26 Q4 call: 'Capital expenditures were $41 billion including the impact from higher component pricing'; total finance leases $5.6 billion, primarily for large datacenter sites; cash paid for PP&E $35.8 billion; roughly two-thirds of Q4 capex for short-lived assets, primarily CPUs and GPUs
FY26 Q3	reported	$31.9B	Capital expenditures of $31.9 billion, 'down sequentially due to the normal variability from cloud infrastructure buildouts and the timing of delivery of finance leases'; finance leases $4.7 billion, cash paid for PP&E $30.9 billion; quarter ended 31 March 2026
FY26 Q2	reported	$37.5B	Q2 FY26 capex was $37.5 billion
CY2026	guidance	$175B	Reported capex guidance of $175 billion for calendar 2026, below prior $190 billion estimate; lowered by spreading long-term datacenter leases over 25 years rather than 15; management says calendar 2026 investment expectations otherwise unchanged and FY27 capex will grow year-over-year
FY2027 Q1	guidance	$50.0B	Expects reported capital expenditures of $50 billion for the fiscal first quarter of 2027
FY2025	guidance	$80.0B	Microsoft said it intended to 'invest over $80 billion globally to expand its AI infrastructure in the current fiscal year, which concludes in June' (FY2025); stated as 'over' $80 billion

Record

Purchases of property and equipment remaining in accounts payable were $6.9 billion at 30 June 2025 versus $4.3 billion at 30 June 2024.
Reuters contextualised Microsoft's spend as part of '$700 billion in unprecedented Big Tech outlays'.
TD Cowen said Microsoft has walked away from data center projects in the US and Europe to the tune of 2 GW, in a note published 26 March that included lease cancellations and deferrals, following earlier speculation about 200 MW walked away from in February 2025; Reuters covered the same analyst thesis as a potential oversupply signal.
SemiAnalysis counter-read: the 2 GW of lease cancellations only covers non-binding LOIs, not firm contracts; Microsoft has approximately 5 GW of pre-leased capacity under binding contracts starting operations between 2025 and 2028, but is freezing 1.5 GW of near-term self-build datacenter projects previously scheduled to go online in 2025 and 2026.
Estimated delayed or paused envelope for Microsoft per the atlas: up to about 2 GW of leases and LOIs cancelled or deferred plus about 1.5 GW of self-build frozen, and about $1 billion of Ohio capex paused.
Microsoft runs a $545,000 Datacenter Academy investment near San Antonio ($0.545 million).
The Mount Pleasant, Wisconsin announcement was paired with a 250 megawatt solar project built with National Grid Renewables and a $20 million joint community fund.
Microsoft will add three Availability Zones in the US Government Arizona region in early 2026, and will add Availability Zones during 2026 in regions where it already has three, including East US 2 in Virginia.
Microsoft is a 'key initial technology partner' but not an equity funder of the Stargate Project, and trade press noted it lost its position as OpenAI's exclusive cloud provider following the $500bn Stargate data center initiative.
A specific 2024-2026 Iowa (West Des Moines) dollar commitment is n.a. in this research.

Amazon (AWS)

Financingbalance-sheet / operating cash flow, with power procured contractually via PPAs

AMZN

Amazon's purchases of property and equipment were $82,999 million in 2024 and $131,819 million in 2025, with net cash capex of $77.7 billion and $128.3 billion respectively, primarily supporting AWS growth. Guidance escalated three times inside eighteen months, from $100 billion for 2025 to $200 billion and then $220 billion for 2026. Announced North American commitments include $11 billion plus an additional $15 billion in Indiana, at least $20 billion in Pennsylvania, more than $23 billion forecast in Ohio by 2030, and $10 billion for two Mississippi complexes plus a further $3 billion Vicksburg campus. AWS builds are overwhelmingly balance-sheet funded, with power procured contractually, including a 1,920 MW nuclear PPA with Talen Energy through 2042.

Period	Kind	Amount	Context
FY2023	reported	$52.7B	Cash-flow statement purchases of property and equipment, $(52,729)M in 2023
FY2024	reported	$83.0B	Cash-flow statement purchases of property and equipment, $(82,999)M in 2024; net of proceeds and incentives, cash capital expenditures were $77.7 billion in 2024
FY2025	reported	$132B	Cash-flow statement purchases of property and equipment, $(131,819)M in 2025; net cash capital expenditures $128.3 billion, primarily investments in technology infrastructure, the majority to support AWS business growth, expected to increase in 2026
CY2025	guidance	$100B	Amazon guided to $100 billion for 2025
CY2026 (Feb 2026 guide)	guidance	$200B	Amazon plans to double its capex spend in 2026, investing $200 billion, most of which will be funnelled into data centers for its AWS cloud division; held steady on that forecast in April
CY2026 (Jul 2026 guide)	guidance	$220B	In July 2026 CEO Andy Jassy said the company expects capital spending to reach $220 billion this year
Q2 2026	reported	$54.2B	Capital expenditures reached $54.2 billion during the June quarter, compared with $32.1 billion a year ago

Record

Since 2011, AWS has invested more than $108 billion in its infrastructure across the U.S.
By 2030, AWS's planned investment toward data center expansion in Ohio is forecast to surpass $23 billion, one of the largest private investment commitments Ohio has ever received; the December 2024 increment was an estimated $7.8 billion by 2030, and cumulative Ohio cloud infrastructure investment since 2016 was more than $10.3 billion.
AWS's standing Virginia commitment is $35 billion in additional data center investment by 2040, announced January 2023; it predates the 2024-2026 window but remains the largest single-state AWS commitment.
Aggregate delayed or paused capacity in MW for Amazon is n.a.; no source quantifies AWS pull-back in MW. Confirmed blocked or delayed announced dollars: $3.6B (Tucson) plus $4B (Wilmington, tabled).
After rejecting Project Blue, Tucson adopted rules requiring council approval for any datacenter larger than 25,000 sq ft or requiring more than 20 megawatts of power, with water-disclosure triggers above 7 million gallons per month.

Alphabet / Google

Financingbalance-sheet self-build, newly supplemented by equity markets ($49.6B stock and mandatory convertible preferred raise, June 2026)

GOOGL

Alphabet's audited purchases of property and equipment were $52,535 million in 2024 and $91,447 million in 2025, with comparatively small finance-lease additions, indicating Google self-builds and owns far more of its fleet than Microsoft leases. 2026 capex guidance was raised twice, from $175-185 billion to $195-205 billion, after a record $44.9 billion quarter that produced Alphabet's first cash-negative quarter since its 2004 IPO. Unlike peers, Alphabet began tapping equity markets, raising $49.6 billion net in June 2026 partly for capex, and agreed to acquire data center company Intersect for $4.75 billion. Major announced North American commitments include $40 billion in Texas through 2027, $9 billion in South Carolina, and $7 billion in Iowa.

Period	Kind	Amount	Context
FY2023	reported	$32.3B	Audited purchases of property and equipment, $(32,251)M in 2023
FY2024	reported	$52.5B	Filing states 'During the years ended December 31, 2024 and 2025, we spent $52.5 billion and $91.4 billion on capital expenditures, respectively'; finance-lease additions were comparatively small at $313M in 2024
FY2025	reported	$91.4B	Audited purchases of property and equipment, $(91,447)M in 2025; finance-lease additions $1,606M in 2025, indicating Google self-builds and owns far more of its fleet than Microsoft leases
CY2026 (initial guide)	guidance	$180B	Midpoint of initial range: 'Alphabet said it expects 2026 capital expenditures to be in the range of $175 billion to $185 billion', the top end more than double its 2025 capex spend
CY2026 (Q2 raised guide)	guidance	$200B	Midpoint of raised range: CFO Anat Ashkenazi raised full-year capex guidance to between $195 billion and $205 billion, up from $180 billion to $190 billion
Q2 2026	reported	$44.9B	Q2 2026 exhibit confirms purchases of property and equipment of $(44,924)M for the quarter and $(80,598)M year-to-date, versus $(22,446)M and $(39,643)M in prior-year periods; trailing-twelve-month figure $(132,402)M; capex doubled year-over-year to a record $44.9 billion, producing negative free cash flow of $5.9 billion, the first cash-negative quarter since the 2004 IPO

Record

Roughly 60% of Q2 2026 technical infrastructure investment went into servers, with the remaining 40% split across data centers and networking equipment.
The Texas announcement includes a new $30 million Energy Impact Fund and more than 6,200 megawatts of new energy generation and capacity contracted to date through power purchase agreements.
DCD's roundup corroborates the $9bn South Carolina figure alongside $4bn in Arkansas.
Google's Kairos Power agreement will enable up to 500 MW of new 24/7 carbon-free power to U.S. electricity grids, with the initial phase intended to bring Kairos Power's first SMR online by 2030, followed by additional reactor deployments through 2035.
In Ohio, Google is running a first-of-its-kind initiative to aggregate 100 megawatts of distributed capacity annually into a virtual power plant on the PJM grid.
Google is reported to be eyeing a site in Palo, Iowa to bypass Linn County regulations.
A discrete 2024-2026 Google Virginia dollar commitment is n.a. from fetched sources.
Delayed or paused capacity for Google in MW is n.a.; confirmed blocked or withdrawn announced dollars are $1B (Franklin Township) plus an indefinite court-ordered halt at Pine Island.

Meta Platforms

Financingbalance-sheet capex plus landmark private-credit JVs (Blue Owl, BlackRock) with residual value guarantees and one-time distributions back to Meta

Period	Kind	Amount	Context
FY2024	reported	$37.3B	Purchases of property and equipment $(37,256)M in 2024; principal payments on finance leases $(1,969)M
FY2025	reported	$72.2B	Capital expenditures, including principal payments on finance leases, were $22.14 billion and $72.22 billion for the fourth quarter and full year 2025, respectively; underlying purchases of property and equipment were $(69,691)M with principal payments on finance leases of $(2,524)M
CY2026 (initial guide)	guidance	$125B	Midpoint of initial range: 'We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115-135 billion'; CNBC noted the high end would be almost double 2025's $72.2 billion
CY2026 (Apr 2026 raise)	guidance	$145B	Guidance was raised to as much as $145 billion in April 2026; recorded at the stated ceiling
CY2026 (Q2 narrowed guide)	guidance	$138B	Midpoint of narrowed range: 'We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion'
Q2 2026	reported	$31.1B	Q2 2026 capex of $31.08 billion; H1 2026 purchases of PP&E of $(49,113)M

Oracle

Financingdebt and hybrid capital: senior notes, mandatory convertible preferred, asset sales, plus $72B of site-level partner debt; leases capacity from developer Crusoe at Abilene

ORCL

Oracle's capex inflected from $21.2 billion in fiscal 2025 to $55.7 billion in fiscal 2026 (fiscal years end 31 May), funded unlike peers with debt and hybrid capital, including $42.7 billion of senior notes and $5.0 billion of mandatory convertible preferred stock in FY2026, with about $40 billion more planned for fiscal 2027 against a record $638 billion backlog. Oracle is an initial equity funder in Stargate and holds an OpenAI partnership exceeding $300 billion over five years to develop 4.5 GW of additional capacity. Its Saline Township, Michigan campus produced a $16.3 billion financing, the largest single-facility technology debt package on record, part of $72 billion in partner debt across four states. The Abilene, Texas flagship's expansion from 1.2 GW to 2 GW was dropped.

Period	Kind	Amount	Context
FY2025	reported	$21.2B	Cash used for capital expenditures of $21.2 billion in fiscal 2025, shown as $(21,215)M; fiscal year ends 31 May
FY2026	reported	$55.7B	$(55,663)M in FY2026; the increase drove a $34.4 billion increase in capital expenditures in investing activities
FY2026	raise	$48.0B	$48 billion of debt and equity raised in fiscal 2026 (includes $42.7B senior notes and $5.0B Mandatory Convertible Preferred Stock)
FY2027	raise	$40.0B	Oracle plans to raise about $40 billion in fiscal 2027 to help fund its AI data center build-out, on top of the $48 billion raised in fiscal 2026; against a $90 billion FY2027 revenue forecast
as of FY2026 results	backlog	$638B	Record $638 billion backlog

Record

FY2026 financing included $4.9 billion of cash proceeds from the sale of investments, primarily in Ampere.
Bloomberg reported the market reaction as 'Oracle Falls After Data Center Costs Overshadow AI Growth'.
Oracle is one of the initial equity funders in Stargate alongside SoftBank, OpenAI and MGX; reported equity split leaves Oracle a minority, with OpenAI maintaining a 40% stake and SoftBank similarly possessing a 40% share.
The Saline Township financing sits against a BBB-negative credit outlook and $553 billion in performance obligations concentrated heavily in a single counterparty, OpenAI.
With as much as $300bn set to go to Oracle, that cloud provider has itself struggled to fund its data center buildout, and is loading up on debt and planning to lay off thousands to cover costs.
Implied cancelled or deferred capacity at Abilene per the atlas: approximately 0.8 GW (the 2 GW ambition minus the 1.2 GW built).

Apple

Financingbalance-sheet; no disclosed data center capex, project finance, or PPA structure

AAPL

Apple is the outlier: a very large US commitment with essentially no owned hyperscale data center capacity disclosed. It announced on 24 February 2025 that it will spend more than $500 billion in the U.S. over the next four years, including a Houston AI server factory and 20,000 R&D jobs; the commitment was subsequently raised by $100 billion, and Apple now references a $600 billion commitment. The Houston Advanced Manufacturing Center, opened 13 August 2026, is a server manufacturing plant, not a data center; Apple discloses no MW figure, no site-level data center capex, and no PPA structure in the fetched sources.

Period	Kind	Amount	Context
2025-2029 US commitment	guidance	$500B	'Apple will spend more than $500 billion in the U.S. over the next four years', announced 24 February 2025; a total US commitment spanning silicon, components, cover glass, suppliers and R&D, not a data center capex figure, and should never be summed with hyperscaler data center capex
raised US commitment	guidance	$600B	The commitment was subsequently raised by $100 billion, and Apple now references 'a $600 billion commitment last year'; total US commitment, not data center capex
data center capex	reported	n.a.	n.a. (no data center capex disclosed); MW n.a.; Apple-owned NA data center dollar figures n.a.; delayed/paused capacity n.a.

Record

Production at the Houston facility started ahead of schedule in late 2025.
Houston is a server manufacturing plant, not a data center; the $500B to $600B figure spans silicon, components, cover glass, suppliers and R&D and is not a data center capex figure.

Named sites — hyperscalers

Site	Location	Capital	MW	Status	Detail
Mount Pleasant datacenter campus (Fairwater Wisconsin)	Mount Pleasant, WI	≥$7.0B		construction	Microsoft announced $3.3B on 8 May 2024 for a state-of-the-art datacenter campus, then committed an additional $4 billion on 18 September 2025 for a second datacenter of similar size and scale, bringing total Wisconsin investment to more than $7 billion. Construction of the first facility completed 23 June 2026 ahead of schedule with nearly 10,000 construction workers and nearly 550 full-time employees on-site; the second facility is scheduled to be completed in 2028. Microsoft estimates $4.7 billion between 2024 and 2028 locally on hyperscale construction in Wisconsin.
Fairwater Atlanta AI datacenter	Atlanta, GA	n.a.		operating	The Atlanta AI datacenter began operation in October 2025 and is the second in Microsoft's Fairwater family, connected to Wisconsin by a dedicated inter-site network to operate as an AI superfactory. Microsoft is also expanding with the launch of its East US 3 region in the Greater Atlanta Metro area in early 2027. The dollar figure for the Atlanta campus is n.a.
Pecos datacenter campus	Pecos, TX	n.a.	2000	announced	In June 2026 Microsoft announced a new campus in Pecos, Texas, expanding its global datacenter capacity by approximately 2 gigawatts, described as a multibillion-dollar datacenter campus investment over the next five to seven years, with no precise dollar total disclosed.
SAT93 and SAT94, San Antonio/Medina County	San Antonio, TX	$700M		construction	Microsoft filed for SAT93 and SAT94, two 245,000 sq ft buildings at $350 million each in the San Antonio/Medina County corridor, with construction from May 2025 to June 2027.
Texas Research Park plan	San Antonio, TX	$1.0B		announced	Microsoft owns 158 acres in Texas Research Park where it plans to spend $1 billion on one million square feet.
SAT16	San Antonio, TX	~$215M		announced	Microsoft has SAT16 in the San Antonio corridor at an expected $215 million.
SAT 82, Castroville	Castroville, TX	~$400M		announced	A Castroville building, SAT 82, carries an estimated cost of $400m, with work set to begin in mid-August 2026 and an aimed completion of June 2028.
El Mirage land acquisition	El Mirage, AZ	$258M		announced	Microsoft acquired 283 acres in El Mirage for $258 million in two all-cash transactions.
Goodyear data center campus	Goodyear, AZ	$1.5B		expansion	Microsoft is expanding its five-building, $1.5 billion data center campus in Goodyear, having earlier bought 272 acres near Goodyear Airport for $42 million in 2018.
Boydton campus, Mecklenburg County	Boydton, VA	$499M		operating	A $499 million Mecklenburg County, Virginia datacenter investment is documented at the 175-acre Boydton Plank Road site. The fetched page carries no publication date and the site is Microsoft's long-established Boydton campus, so this figure should not be read as a new 2024-2026 commitment.
Quincy datacenters	Quincy, WA	n.a.		operating	Microsoft's original datacenter home received $210,000 in local grants in 2026. The county PUD wants six new transmission lines estimated to cost $260 million, toward which Microsoft has committed more than $2.6 million.
Licking County project	Licking County, OH	$1.0B		paused	Microsoft announced a slowing or pausing of certain data center construction initiatives, including a significant $1 billion project in Licking County, Ohio, having previously announced in late December that it was suspending later stages of a substantial data center initiative in Wisconsin. DCD reported the same Licking County pause at $1bn; the DCD headline was confirmed via search index with the figure corroborated by AP.
Project Rainier, New Carlisle / St. Joseph County	New Carlisle, IN	$26.0B		operating	The original $11 billion commitment was approved by St. Joseph County leaders in August 2024 and opened in October 2025 as Project Rainier, a fully operational cluster. In November 2025 Amazon announced plans to invest an additional $15 billion in Northern Indiana to build data center campuses, creating 1,100 new high-skilled jobs, additional to the $11 billion. IndyStar reporting puts the New Carlisle campus at $26 billion.
Madison County data center complexes	Madison County, MS	$10.0B		announced	AWS plans to invest $10 billion to build two data center complexes in Madison County, marking the single largest capital investment in Mississippi's history.
Vicksburg campus	Vicksburg, MS	$3.0B		announced	A further $3 billion campus in Vicksburg, Mississippi, with construction due to start this year, was reported in 2026.
New Albany five-building campus	New Albany, OH	n.a.		announced	AWS operates data centers across Franklin and Licking counties and is planning to build a five-building data center campus in New Albany, Ohio.
Sunbury data center campus	Sunbury, OH	$2.0B		announced	AWS shared plans to spend $2bn on a data center campus in Sunbury, Ohio.
Pennsylvania campuses (Salem Township and Falls Township)	Luzerne and Bucks counties, PA	≥$20.0B		announced	Amazon is planning to invest at least $20 billion to establish multiple high-tech cloud computing and AI innovation campuses across Pennsylvania, creating at least 1,250 high-paying, high-tech jobs, with Salem Township and Falls Township the first communities identified (Luzerne and Bucks counties). The $20 billion is a statewide multi-community commitment, not a single-site figure.
Kline Township campus	PA	n.a.		announced	AWS is planning a 2.5 million sq ft campus in Kline Township, Pennsylvania.
Wilmington campus (tabled)	Wilmington, OH	$4.0B		delayed	AWS said it will invest around $4 billion in developing the 471-acre Wilmington, Ohio site plus $25 million in public infrastructure. The project has been tabled twice, with the council postponing a vote in November 2025; the decision to table the project was unanimous.
Project Blue, Tucson	Tucson, AZ	$3.6B		rejected	The Tucson city council voted unanimously to oppose Project Blue, a $3.6 billion Amazon campus, after fears about water use and rising costs boiled over. The Arizona Technology Council likewise noted the city council shot down a proposed $3.6 billion data center linked to Amazon.
Iowa: Council Bluffs expansion and new Cedar Rapids data center	Council Bluffs and Cedar Rapids, IA	$7.0B		expansion	Google is investing an additional $7 billion in Iowa within the next two years in cloud and AI infrastructure, reflecting development of both a new data center in Cedar Rapids and expansion of the existing facility in Council Bluffs, plus workforce funding to increase Iowa's electrical worker pipeline by 95%.
Texas program (Armstrong County, Haskell County, Midlothian)	Armstrong County, Haskell County, and Midlothian (Ellis County), TX	$40.0B		announced	Google announced a new $40 billion investment in Texas through 2027, naming Armstrong County, Haskell County and Midlothian. DCD adds that how much of the $40bn will go toward the Ellis County campuses has not been stated, and that Ellis County had a separate $1bn expansion plan from August 2024.
Midlothian / Red Oak campuses (Ellis County)	Midlothian and Red Oak, TX	$1.0B		expansion	At the Midlothian/Red Oak campuses, Google plans to invest $1 billion in Texas this year, taking spending in the Lone Star State to $2.7 billion, with 375 MW of carbon-free energy capacity in new solar PPAs.
South Carolina: Berkeley County campus and two Dorchester County sites	Berkeley County and Dorchester County, SC	$9.0B		expansion	Google announced a new $9 billion investment in South Carolina through 2027, which will expand its Berkeley County data center campus and support the continued construction of two new sites in Dorchester County. DCD's roundup corroborates the $9bn figure.
Ohio operations (New Albany, Columbus, Lancaster)	New Albany, Columbus, and Lancaster, OH	≥$20.0B		operating	Google has invested more than $20 billion in its Ohio data center operations since 2019, across New Albany, Columbus and Lancaster. The figure is cumulative since 2019, not a 2024-2026 commitment.
Lima data center	Lima, OH	$500M		announced	Google has been confirmed as the company behind a $500m data center in Lima, Ohio.
Nevada campuses (Storey and Clark counties)	Storey and Clark counties, NV	≥$400M		expansion	Google plans to invest more than $400 million in Nevada this year to support its data center campuses in Storey and Clark counties, bringing total investment in the state to more than $2.2 billion since 2019. The document's correction note confirms the Nevada figure is >$400 million in-year and >$2.2 billion cumulative, correcting a summary-table typo of $400B.
Project Skyway, Pine Island	Pine Island, MN	n.a.		halted	A Minnesota judge halted construction activity on the Google data center campus in Pine Island via a May 22 temporary restraining order sought by the Minnesota Center for Environmental Advocacy. General contractor Ryan Cos. estimates delays on Project Skyway could cost $5 million or more. Google announced its Pine Island investment in February.
Franklin Township proposal (withdrawn)	Franklin Township, outside Indianapolis, IN	$1.0B		withdrawn	In September, Google walked away from a $1 billion data center outside Indianapolis, pulling its Franklin Township proposal minutes before the city-county council was set to vote it down.
Hyperion, Holly Ridge, Richland Parish	Holly Ridge, LA	≥$50.0B	5000	construction	Announced in December 2024 as a $10 billion AI data center planned to span over 4 million square feet, then financed through a landmark October 2025 private-credit JV with Blue Owl Capital at approximately $27 billion in development costs. By mid-2026 the site will be a 5 GW facility costing more than $50 billion, with Meta also investing over $1 billion in local infrastructure improvements and more than $1.6 billion in contracts to Louisiana businesses. Fortune reported Meta quietly purchased roughly 1,400 acres adjacent to the 2,250-acre site for a phase 2, with more than 3,700 construction workers and reported plans to climb to 5,000.
El Paso AI data center	El Paso, TX	≥$14.0B	1000	construction	Meta committed $1.5 billion to an El Paso AI data center in October 2025, then in March 2026 raised the plan to $10 billion with 1 GW by 2028. In July 2026 Meta repeated the Blue Owl playbook with BlackRock in a venture with approximately $14 billion of total development costs; CNBC framed it as a $14 billion El Paso data center venture.
Montgomery data center	Montgomery, AL	≥$1.5B		expansion	Originally announced at $800 million in May 2024, the Montgomery campus was expanded in September 2025, almost doubling the investment to more than $1.5 billion and bringing the campus to nearly 1.3 million square feet, with Meta's Alabama total at more than $3 billion.
Cheyenne data center	Cheyenne, WY	≥$800M		announced	Cheyenne, Wyoming, will be home to Meta's newest data center, its 21st in the U.S. The 715,000-square-foot campus will represent an investment of more than $800 million and support approximately 100 jobs.
Mesa data center	Mesa, AZ	≥$1.0B		operating	The Mesa facility is now online. Once fully built out, it will represent an investment of more than $1 billion in the state of Arizona.
Eagle Mountain campus	Eagle Mountain, UT	$1.5B		expansion	Meta's latest two-building expansion will add around 2 million square feet to the Eagle Mountain campus and bring total capital investment in the project to $1.5 billion, up from an original $750 million plan of 1,000,000 sq ft.
Kuna data center	Kuna, ID	$800M		construction	An $800 million development that Meta paused shortly after announcing it in February as part of the late-2022 AI redesign rescope cycle, having begun work in September. Construction was subsequently reported at peak in January 2026.
Social Circle / Newton County campus	Social Circle, GA	n.a.		announced	Local approvals are documented: the Social Circle City Council approved a new data center, and a 2.5 million sq ft campus was proposed outside Atlanta. A Meta-confirmed dollar or MW figure for Georgia is n.a.
Lebanon hyperscale development	Lebanon, IN	$10.0B		announced	Meta is planning a $10 billion hyperscale development in Lebanon, Indiana.
Stargate flagship campus, Abilene (Crusoe/Lancium Clean Campus)	Abilene, TX	n.a.	1200	operating	Crusoe announced the first phase of Stargate's flagship campus in Abilene up and running on Oracle Cloud Infrastructure on 30 September 2025; construction of the multi-building campus began in June 2024 and Oracle began delivering the first NVIDIA GB200 racks in June 2025. At completion the planned eight-building campus will support hundreds of thousands of GPUs on a single integrated network fabric. Oracle and OpenAI later dropped plans to expand the site to 2 GW, with power not ready for a year and OpenAI preferring to deploy Nvidia Vera Rubin chips at a new campus; Meta is in talks to pick up Crusoe capacity.
Saline Township campus	Saline Township, Washtenaw area, MI	$16.3B		announced	Oracle closed a $16.3 billion financing for a single data centre campus in Saline Township, Michigan, the largest single-facility technology debt package on record. The financing is part of $72 billion in total data centre partner debt Oracle has assembled across Michigan, Texas, Wisconsin, and New Mexico for the Stargate joint venture, against a BBB-negative credit outlook and $553 billion in performance obligations concentrated heavily in OpenAI.
Advanced Manufacturing Center, Houston	Houston, TX	n.a.		operating	Apple opened its Advanced Manufacturing Center in Houston on 13 August 2026, stating that in less than nine months it invested hundreds of millions of dollars into the facility, stood up a factory, started production, and shipped the first advanced AI servers off the line, with Mac mini production to begin later in the year. Production started ahead of schedule in late 2025. Houston is a server manufacturing plant, not a data center.
Stargate site, Shackelford (announced)	Shackelford, TX	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Milam (announced)	Milam, TX	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Dona Ana (announced)	Dona Ana, NM	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Lordstown (announced)	Lordstown, OH	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Colossus, Memphis	Memphis, TN	n.a.		operating	Part of xAI's Memphis, Tennessee plus Southaven, Mississippi complex per the summary table. An $80M greywater plant was paused in 2026; no campus was cancelled.
Colossus 2, Southaven	Southaven, MS	~$35.8B	946	construction	Colossus 2 in Southaven, Mississippi is estimated at 946 MW IT and $35.8 billion cumulative cost, projected to 1,531 MW and $58.0 billion by Q1 2027, per the summary table citing Epoch AI. xAI sought $12bn in debt to fund the buildout with first chips online in a few weeks per DCD.
AWS Virginia standing commitment	VA	$35.0B		announced	AWS's standing commitment of $35 billion in additional Virginia data center investment by 2040, announced January 2023. It predates the 2024-2026 window but remains the largest single-state AWS commitment.
Google Arkansas commitment	AR	$4.0B		announced	DCD's roundup corroborates a $4 billion Google commitment in Arkansas alongside the $9 billion South Carolina figure. No named Arkansas site is disclosed in the fetched sources.

Financing transactions — hyperscalers

Timing	Parties	Instrument	Amount	Detail
Announced 28 October 2025	OpenAI · Microsoft	other	$250B	Under the restructured partnership announced 28 October 2025, OpenAI contracted to purchase an incremental $250B of Azure services, and Microsoft no longer has a right of first refusal to be OpenAI's compute provider.
Announced 28 October 2025	Microsoft · OpenAI Group PBC	other	~$135B	Microsoft holds an investment in OpenAI Group PBC valued at approximately $135 billion, representing roughly 27 percent on an as-converted diluted basis.
Through 2042, with options to extend	Amazon · Talen Energy	ppa	n.a.	Talen entered a power purchase agreement to provide Amazon with 1,920 megawatts of carbon-free nuclear power through 2042 from the Susquehanna plant in Pennsylvania, at full quantity, with options to extend and exploration of SMR technology. Amazon's quote in the release ties it to the $20B Pennsylvania commitment and 1,250 jobs; Talen owns approximately 10.7 GW of power infrastructure including 2.2 GW of nuclear.
Announced November 2025 alongside the $15B Indiana expansion	Amazon · NIPSCO	other	n.a.	Amazon's November 2025 Indiana announcement included an energy agreement with NIPSCO expected to provide approximately $1 billion in cost savings to Indiana residents and businesses over 15 years.
June 2026	Alphabet	equity raise	$49.6B	In June 2026 Alphabet issued a combination of Class A stock, Class C stock and mandatory convertible preferred stock for aggregate net proceeds of $49.6 billion, to be used for general corporate purposes, including capital expenditures.
December 2025	Alphabet · Intersect	acquisition	$4.8B	Alphabet agreed to acquire data center company Intersect for $4.75 billion in cash and the assumption of debt in December 2025.
First SMR online by 2030; additional reactor deployments through 2035	Google · Kairos Power	ppa	n.a.	Google's Kairos Power agreement will enable up to 500 MW of new 24/7 carbon-free power to U.S. electricity grids, with the initial phase intended to bring Kairos Power's first SMR online by 2030 and additional reactor deployments through 2035.
Scheduled to begin operations in 2030	Google · Kairos Power · TVA	ppa	n.a.	Kairos Power's Hermes 2 Plant in Oak Ridge, Tennessee will deliver up to 50 MW to the TVA grid that powers Google data centers in Tennessee and Alabama, with output increased from 28 MW to 50 MW and operations scheduled to begin in 2030; Hermes 2 is the first deployment under the Kairos-Google deal to enable 500 MW of advanced nuclear capacity by 2035.
Joint venture agreement entered 21 October 2025	Meta · Blue Owl Capital	jv equity	~$27.0B	Meta and funds managed by Blue Owl Capital entered a joint venture to develop and own the Hyperion data center campus, with the parties committing pro rata shares of approximately $27 billion in total development costs. Blue Owl made a cash contribution of approximately $7 billion, Meta received a one-time distribution of approximately $3 billion, leases have a four-year initial term with extension options, and Meta provided a residual value guarantee for the first 16 years of operations.
Announced alongside the December 2024 Hyperion announcement	Entergy · Meta	other	$3.0B	Utility Entergy is planning three new natural gas plants near the Hyperion site at a cost of $3 billion.
Announced July 2026	Meta · BlackRock	jv equity	≥$14.0B	Meta and BlackRock committed to fund pro rata shares of approximately $14 billion in total El Paso development costs. At financial close Meta contributes land and construction-in-progress assets valued at approximately $2.3 billion, BlackRock makes a cash contribution of approximately $4.9 billion, Meta receives a one-time distribution of approximately $1 billion to align the 80/20 ownership split, and Meta provides residual value guarantees with an aggregate threshold of approximately $13 billion that decreases over time.
Announced July 2026 with the BlackRock venture	BlackRock	debt facility	$12.5B	A portion of BlackRock's investment in the El Paso venture will be funded with proceeds from a $12.5 billion debt financing.
Fiscal 2026 (year ended 31 May 2026)	Oracle	senior notes	$42.7B	Oracle's FY2026 included $42.7 billion of net proceeds from senior notes issuance, funding its AI data center build-out with debt rather than operating cash flow alone.
Fiscal 2026 (year ended 31 May 2026)	Oracle	preferred	$5.0B	Oracle raised $5.0 billion of cash proceeds from Mandatory Convertible Preferred Stock in FY2026, alongside $4.9 billion of cash proceeds from the sale of investments, primarily in Ampere.
Closed; part of the Stargate joint venture program	Oracle · PIMCO · Related Digital Infrastructure · Blackstone	project bond	~$16.3B	Oracle closed a $16.3 billion financing for the Saline Township, Michigan campus, the largest single-facility technology debt package on record, with bonds carrying a 7.5% coupon and 19.5-year maturity, structured with six years of interest-only payments followed by 13 years of amortisation.
Assembled across Michigan, Texas, Wisconsin, and New Mexico	Oracle	debt facility	$72.0B	The Saline Township financing is part of $72 billion in total data centre partner debt Oracle has assembled across Michigan, Texas, Wisconsin, and New Mexico for the Stargate joint venture.
Over the next five years	Oracle · OpenAI	other	≥$300B	Oracle and OpenAI entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity in the U.S., taking the pair to over 5 gigawatts under development running over 2 million chips, under a partnership exceeding $300 billion over five years.
Announced January 2025	SoftBank · OpenAI · Oracle · MGX	jv equity	n.a.	SoftBank, OpenAI, Oracle, and MGX are the initial equity funders in the Stargate Project, with OpenAI and SoftBank each reported at a 40% stake.
Reported after the Abilene expansion was dropped	Meta · Crusoe	other	~$150M	With Oracle and OpenAI dropping plans to expand the flagship Abilene Stargate site, Meta is in talks to pick up Crusoe capacity and reportedly paid a $150 million deposit to Crusoe to secure the site.
Per summary table	Anthropic · Fluidstack	platform	$50.0B	Anthropic's $50 billion own-build program with Fluidstack in Texas and New York, per the summary table.
Over 10 years, per summary table	Anthropic · AWS	other	≥$100B	Anthropic's commitment of more than $100 billion and up to 5 GW to AWS over 10 years, per the summary table.
Per summary table	Anthropic · Google Cloud	other	~$200B	Anthropic's approximately $200 billion Google Cloud commitment, per the summary table.
Per summary table	Anthropic · SpaceX	other	n.a.	More than 300 MW with SpaceX, per the summary table.
Per summary table	xAI	equity raise	$6.0B	xAI's $6 billion Series C, per the summary table.
Per summary table; first chips online in a few weeks per DCD headline	xAI	debt facility	$12.0B	xAI seeks $12bn in debt to fund the Colossus 2 data center, per DCD.
Per summary table	xAI	equity raise	~$20.0B	A $20 billion raise reported for xAI, per the summary table.

Frontier AI labs

The demand-side counterparties for most of the capacity in this atlas. Two are now infrastructure principals in their own right, and the third operates the only large self-powered merchant AI fleet in North America.

3entities 14named sites 22transactions 18recorded facts

OpenAI (Stargate)

Financingmulti-party JV equity (SoftBank/OpenAI/Oracle/MGX) plus partner-level debt and vendor purchase commitments

OpenAI launched the Stargate Project in January 2025 as a new company intending to invest $500 billion over four years building AI infrastructure in the United States, with $100 billion deployed immediately and SoftBank, OpenAI, Oracle, and MGX as initial equity funders. Planned capacity milestones grew from a 10 GW commitment at launch to over 8 gigawatts of planned capacity with more than $450 billion in investment over three years by October 2025. By 2026 the program showed retrenchment: the Abilene expansion was cancelled, projected compute spend was trimmed to around $600 billion by 2030 from an earlier $1.4 trillion by 2033 pledge, and OpenAI pulled back from a Stargate Norway deal.

Period	Kind	Amount	Context
2025-2029 (announced Jan 2025)	guidance	$500B	Cumulative multi-year: 'intends to invest $500 billion over the next four years building new AI infrastructure for OpenAI in the United States,' with 'We will begin deploying $100 billion immediately.'
Sep 2025 milestone	guidance	$400B	Cumulative: 'over $400 billion in investment over the next three years' alongside 'nearly 7 gigawatts of planned capacity.' Overlaps the Jan 2025 $500B commitment; do not sum.
Oct 2025 milestone	guidance	$450B	Cumulative: 'more than $450 billion in investment over the next three years' alongside 'over 8 gigawatts of planned capacity.' Supersedes the Sep 2025 figure; do not sum.
projected by 2030 (reported 2026)	guidance	$600B	'OpenAI has around $600bn in projected compute spend by 2030, an apparent reduction on an earlier pledge to spend $1.4tn by 2033.' Reported figure, not a company disclosure in this passage.
earlier framing (Altman, 2025)	guidance	$1.40T	'33 gigawatts of new computing power... $1.4 trillion in forthcoming commitments.' Later trimmed; do not sum with other lines.

Record

The initial equity funders in Stargate are SoftBank, OpenAI, Oracle, and MGX, with Arm, Microsoft, NVIDIA, Oracle, and OpenAI as key initial technology partners, and the buildout starting in Texas.
The January 2025 launch carried a 10 GW capacity commitment, growing to over 5 gigawatts and over 2 million chips with the Oracle 4.5 GW partnership in July 2025, nearly 7 gigawatts in September 2025, and over 8 gigawatts by October 2025.
The September 2025 announcement added five sites, with coverage identifying the new campuses across multiple states.
The Abilene expansion was cancelled, with the 2 GW ambition reduced to the built 1.2 GW, power unavailable for a year, and OpenAI preferring to deploy Vera Rubin silicon at a new campus.
Early scepticism about the program's pace was reported in 2025, and OpenAI later pulled back from a Stargate Norway deal.
Fellow Stargate backer SoftBank is turning to debt to fund OpenAI's expansion and is seeking $40bn in loans.

Anthropic

Financingvendor/strategic equity (Amazon $4B to $8B, then $5B plus up to $20B), long-term purchase commitments (>$100B AWS, ~$200B Google Cloud), and third-party developer builds (Fluidstack)

Anthropic is a compute buyer that has become a direct infrastructure investor, announcing in November 2025 a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York. Its AWS relationship grew from a $4 billion Amazon equity investment by March 2024 and the Project Rainier cluster to an April 2026 commitment of more than $100 billion over ten years to AWS technologies with up to 5GW of new capacity, alongside a further $5 billion Amazon investment with up to $20 billion more. It also holds large Google Cloud and Broadcom TPU agreements, a reported $200 billion Google Cloud commitment, and contracted access to more than 300 megawatts of SpaceX compute capacity. Run-rate revenue surpassed $30 billion, up from approximately $9 billion at the end of 2025.

Period	Kind	Amount	Context	Sources
announced Nov 2025	guidance	$50.0B	'a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York, with more sites to come.' Multi-year own-build program; sites coming online throughout 2026.

Record

The $50 billion own-build program with Fluidstack will create approximately 800 permanent jobs and 2,400 construction jobs, with sites coming online throughout 2026; Fluidstack was chosen for rapid delivery of gigawatts of power, with no numeric GW disclosed.
The April 2026 AWS expansion secures up to 5GW of new capacity, with nearly 1GW total of Trainium2 and Trainium3 capacity coming online by the end of 2026 and over one million Trainium2 chips currently in use.
The October 2025 Google Cloud deal, worth tens of billions, gives Anthropic access to up to one million TPUs and more than a gigawatt of capacity in 2026.
In April 2026 Anthropic signed a new agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity expected to come online starting in 2027, with the vast majority of the new compute sited in the United States.
Run-rate revenue has surpassed $30 billion, up from approximately $9 billion at the end of 2025, and Anthropic is in talks with investors about raising cash at a valuation of $900 billion.
Anthropic expressed interest in working with SpaceX to develop multiple gigawatts of compute capacity in space; delayed or paused capacity is n.a. in the source.

xAI (now operating under SpaceX / "SpaceXAI")

Financingventure/strategic equity rounds plus project debt for Colossus 2; self-powered merchant fleet now monetized via GPU rental and capacity contracts

xAI closed a $6 billion Series C on December 23, 2024, bringing total funding to over $12 billion, sought $12 billion in debt in July 2025 to fund Colossus 2, and reportedly raised a further $20 billion in equity in January 2026. The SpaceX combination valued SpaceX at $1 trillion and xAI at $250 billion, for a combined $1.25 trillion. It operates the Colossus 1 and Colossus 2 campuses in the Memphis area, providing on the order of 1 gigawatt of combined AI compute capacity by mid-2026, largely self-powered by gas turbines that have drawn permits, litigation, and regulatory friction. The fleet is now partly monetized as merchant capacity, with Google renting approximately 110,000 GPUs for $920 million per month and Anthropic contracting for more than 300 megawatts.

Period	Kind	Amount	Context
Series C, Dec 23 2024	raise	$6.0B	'We have closed our Series C funding round of $6 billion' with participation from A16Z, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners and Vy Capital.
cumulative to Dec 2024	raise	$12.0B	Cumulative: 'making its total funding to date over $12 billion.' Includes the $6B Series C; do not sum with it.
Jul 2025	debt sought	$12.0B	Debt sought, not closed in the source: 'xAI is working with a financier to secure $12 billion in debt to fund its Colossus 2 data center and its GPU compute,' working with Valor Equity Partners and following a $10bn raise; some lenders wanted repayment within three years and a cap on total debt.
Jan 2026	raise	$20.0B	'A further US$20 billion equity raise was reported in January 2026.' Reported, per IFR.

Record

Colossus 1 was the world's largest AI supercomputer with 100,000 NVIDIA Hopper GPUs, fully operational in 122 days and running workloads 19 days after first server delivery, with plans to double to 200,000 Hopper GPUs; by mid-2026, 230k GPUs including 30k GB200s were operational for training Grok.
As of mid-2026 the combined Colossus campuses provided on the order of 1 gigawatt of AI compute capacity.
A permanent ~1.2 GW simple-cycle plant of 41 turbines received a Mississippi Prevention of Significant Deterioration permit in March 2026, with temporary units scheduled for phased removal by mid-2027 under a 2026 agreement with state regulators.
xAI won a permit for turbines to power the Memphis supercomputer and in 2026 won an air permit for its makeshift power plant despite backlash; The Guardian reported the datacenter was generating extra electricity illegally, Senator Whitehouse called for answers about a pattern of operating illegal data center gas plants, and Earthjustice and the NAACP have litigated.
Plans for an $80 million wastewater / greywater recycling plant near Colossus 1 were paused in 2026 while the company focused on completing and stabilizing Colossus 2, and a contractor publicly alleged non-payment on Colossus and Colossus II in August 2026; no cancelled xAI campus was identified, cancelled capacity n.a.
The Memphis complex now functions partly as merchant AI capacity, with Google renting approximately 110,000 GPUs for $920 million per month and Anthropic contracting for more than 300 megawatts of compute capacity.

Named sites — frontier ai labs

Site	Location	Capital	MW	Status	Detail
Stargate site, Shackelford (announced)	Shackelford, TX	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Milam (announced)	Milam, TX	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Dona Ana (announced)	Dona Ana, NM	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Stargate site, Lordstown (announced)	Lordstown, OH	n.a.		announced	Listed in the summary table among the 7+ announced US Stargate sites. No site-level dollar or MW figure appears in this part.
Colossus, Memphis	Memphis, TN	n.a.		operating	Part of xAI's Memphis, Tennessee plus Southaven, Mississippi complex per the summary table. An $80M greywater plant was paused in 2026; no campus was cancelled.
Colossus 2, Southaven	Southaven, MS	~$35.8B	946	construction	Colossus 2 in Southaven, Mississippi is estimated at 946 MW IT and $35.8 billion cumulative cost, projected to 1,531 MW and $58.0 billion by Q1 2027, per the summary table citing Epoch AI. xAI sought $12bn in debt to fund the buildout with first chips online in a few weeks per DCD.
Stargate Abilene	Abilene, TX	n.a.	1200	operating	Flagship Stargate campus of 1.2 GW across eight buildings and roughly 4 million square feet, with the first two buildings live in September 2025 carrying over 200MW of IT. The planned expansion from a 2 GW ambition was cancelled, leaving the built 1.2 GW, with OpenAI preferring to deploy Vera Rubin silicon at a new campus and Meta in talks to pick up Crusoe capacity.
Stargate Saline Township (Michigan)	Saline Township, MI	~$7.0B	1000	announced	Stargate campus in Saline Township, Michigan, part of the 4.5GW Oracle partnership, a more than one gigawatt campus developed by Related Digital with construction expected to begin in early 2026 and more than 2,500 union construction jobs. AP reported it as a $7 billion, Michigan-first hyperscale campus.
Shackelford County Stargate AI Campus	Shackelford, TX	n.a.		announced	One of the campuses identified in coverage of the September 2025 five-site expansion, the Shackelford County, Texas site was later designated an official Stargate AI Campus.
Anthropic-Fluidstack Texas data centers	TX	n.a.		announced	Texas leg of Anthropic's $50 billion investment in American computing infrastructure, building data centers with Fluidstack, with sites coming online throughout 2026. Specific city and county sites and MW are n.a. in the source.
Anthropic-Fluidstack New York data centers	NY	n.a.		announced	New York leg of Anthropic's $50 billion investment in American computing infrastructure, building data centers with Fluidstack, with sites coming online throughout 2026. Specific city and county sites and MW are n.a. in the source.
Project Rainier (New Carlisle)	New Carlisle, IN	$11.0B		operating	Amazon and Anthropic built Project Rainier, activated October 2025 as one of the world's largest AI compute clusters, hosted at the $11 billion New Carlisle, Indiana campus.
Colossus 1	Memphis, TN	n.a.		operating	World's largest AI supercomputer at launch with 100,000 NVIDIA Hopper GPUs, fully operational in 122 days, with plans to double to 200,000 Hopper GPUs. By mid-2026, 230k GPUs including 30k GB200s were operational for training Grok. In February 2025 an xAI affiliate purchased a large warehouse and adjacent parcels at 5420 Tulane Road in Whitehaven, Memphis for roughly $80 million.
Colossus 2	Memphis, TN	$35.8B	946	operating	The first major GPU cluster of roughly 110,000 Nvidia GB200-class processors at about 210 MW came online around January 2026 after a reported 91-day build, followed by a GB300-class cluster, with 300,000 to 350,000+ GPUs and several hundred megawatts of IT load by mid-2026. Epoch AI estimates 1,112k H100-equivalents on 946 MW of IT power at a capital cost of $35.8 B, and cites the company S-1 filing, page 76, for the first cluster figures. The source describes the combined campuses as xAI's Memphis complex; the permanent power plant was permitted in Mississippi.

Financing transactions — frontier ai labs

Timing	Parties	Instrument	Amount	Detail
January 2025	OpenAI · SoftBank · Oracle · MGX	platform	≥$500B	Stargate launched as a new company intending to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States, starting in Texas, with SoftBank, OpenAI, Oracle, and MGX as initial equity funders.
January 2025 (reported)	OpenAI · SoftBank	jv equity	$19.0B	Reported equity economics of the Stargate venture: OpenAI and SoftBank each investing $19 billion for 40% stakes each.
September 2025	OpenAI · Oracle	other	≥$300B	The September 2025 five-site announcement stated the Oracle relationship exceeds $300 billion between the two companies over the next five years, building on the July 2025 Oracle 4.5 GW partnership.
n.a. (announced in next-chapter partnership post)	OpenAI · Microsoft	other	$250B	OpenAI contracted to purchase an incremental $250B of Azure services as part of the next chapter of the Microsoft-OpenAI partnership.
described in atlas §5.4		debt facility	n.a.	The debt package for the Saline Township, Michigan Stargate site is described in the atlas's §5.4.
approved December 2025	DTE · Stargate (Saline Township data center)	ppa	n.a.	Michigan regulators approved a 19-year DTE contract for 1.4 GW serving the Stargate AI data center in Saline Township.
reported 2026	SoftBank	debt facility	$40.0B	Fellow Stargate backer SoftBank is turning to debt to fund OpenAI's expansion and is currently seeking $40bn in loans.
announced November 2025	Anthropic · Fluidstack	platform	$50.0B	Anthropic announced a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York with more sites to come, creating approximately 800 permanent jobs and 2,400 construction jobs.
initial September 2023 ('Last September'); completed March 2024	Amazon · Anthropic	equity raise	$4.0B	Amazon's equity investment in Anthropic reached $4 billion in March 2024, comprising an initial $1.25 billion and an additional $2.75 billion.
April 2026	Anthropic · Amazon (AWS)	other	≥$100B	Anthropic committed more than $100 billion over ten years to AWS technologies, securing up to 5GW of new capacity to train and run Claude, with nearly 1GW total of Trainium2 and Trainium3 capacity coming online by end of 2026.
April 2026	Amazon · Anthropic	equity raise	$5.0B	Amazon is investing $5 billion in Anthropic with up to an additional $20 billion in the future, building on the $8 billion previously invested.
October 2025	Anthropic · Google	other	n.a.	A cloud deal worth tens of billions giving Anthropic access to up to one million TPUs and more than a gigawatt of capacity in 2026.
April 2026	Anthropic · Google · Broadcom	other	n.a.	Anthropic signed a new agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity, with the vast majority of the new compute to be sited in the United States, described as a major expansion of the November 2025 $50 billion American infrastructure commitment.
referenced May 2026	Anthropic · Google	other	$200B	CNBC referenced Anthropic's $200 billion commitment to Google Cloud in coverage of the SpaceX capacity deal.
May 2026	Anthropic · SpaceX (xAI/Colossus fleet)	lease	n.a.	Anthropic will get access to more than 300 megawatts of compute capacity from SpaceX's xAI/Colossus fleet, and expressed interest in working with SpaceX to develop multiple gigawatts of compute capacity in space.
reported May 2026	Anthropic	equity raise	n.a.	Anthropic is in talks with investors about raising cash at a valuation of $900 billion.
23 December 2024	xAI · A16Z · Blackrock · Fidelity Management & Research Company · Kingdom Holdings · Lightspeed · MGX · Morgan Stanley · OIA · QIA · Sequoia Capital · Valor Equity Partners · Vy Capital	equity raise	≥$6.0B	xAI closed its Series C funding round of $6 billion with participation from key investors, bringing its total funding to date over $12 billion.
July 2025	xAI · Valor Equity Partners	debt facility	$12.0B	xAI worked with a financier to secure $12 billion in debt to fund its Colossus 2 data center and its GPU compute, working with Valor Equity Partners.
reported January 2026	xAI	equity raise	~$20.0B	A further US$20 billion equity raise was reported in January 2026.
n.a. (per Wikipedia SpaceXAI entry)	SpaceX · xAI	merger	n.a.	The SpaceX combination valued SpaceX at $1 trillion and xAI at $250 billion, for a combined total of $1.25 trillion; xAI now operates under SpaceX as SpaceXAI.
February 2025	xAI affiliate	acquisition	~$80M	An xAI affiliate purchased a large warehouse and adjacent parcels at 5420 Tulane Road in Whitehaven, Memphis for roughly $80 million.
agreed June 5, 2026; term October 2026 through June 2029	Google · SpaceX	lease	~$920M	On June 5, 2026, Google agreed to rent access to approximately 110,000 GPUs from SpaceX beginning October 2026 through June 2029 for $920 million per month, making xAI's Memphis complex function partly as merchant AI capacity.

NeoClouds & GPU clouds

GPU cloud specialists financing capacity with venture equity and secured debt, with contracted backlogs that far exceed revenue and customer concentration that is extreme by any market's standard.

18entities 37named sites 87transactions 44recorded facts

CoreWeave

FinancingGPU-backed private-credit DDTLs plus public equity, convertibles, and customer-contract-secured loan facilities

CRWV

CoreWeave is the largest neocloud, listed on Nasdaq in March 2025 after a $1.5 billion IPO, with $35.1 billion of total debt at June 30, 2026 and a revenue backlog of approximately $104 billion. Its capital stack spans GPU-backed delayed-draw term loans ($2.3 billion and $7.5 billion), a $650 million revolver, a $3.1 billion term loan, $3.5 billion of convertibles, an $8.5 billion Meta-secured loan facility, and a $2 billion Nvidia equity investment. Anchor contracts include approximately $22.4 billion with OpenAI, approximately $21 billion with Meta, and a $6.3 billion Nvidia capacity backstop, against a target of more than 5GW of AI factory capacity by 2030 across 33+ data centers.

Period	Kind	Amount	Context
as of 6/30/26	reported	$35.1B	Total debt $35.1B at June 30, 2026, per Wikipedia summary alongside $3.5B April 2026 convertible notes
Q2 FY2026	backlog	$104B	Revenue backlog of approximately $104 billion, with more than $25 billion of new commitments signed in the quarter
Q2 FY2026	reported	n.a.	Source renders quarterly revenue as '(626) million', an apparent transcription artifact; adjusted EBITDA $1,510 million
FY2024	reported	$1.9B	S-1 disclosed $1.92 billion of 2024 revenue, 62% from Microsoft, and a $863 million net loss in 2024
as of Sep 2025	reported	$18.8B	TechCrunch characterized the Nvidia investment against CoreWeave's $18.81 billion of debt as of September 2025

Record

CoreWeave targets more than 5GW of AI factory capacity by 2030 under its January 2026 collaboration with Nvidia, and operated 33 data centers at the time of the Kenilworth announcement.
Microsoft accounted for 62% of CoreWeave's 2024 revenue per the IPO documents; the dollar value of the Microsoft contract itself is n.a.
IBM contracted a GB200 NVL72 supercomputer from CoreWeave to train IBM's Granite models, announced January 15, 2025, with contract value not disclosed.
CoreWeave disclosed third-party data center delivery delays affecting Texas, Oklahoma and North Carolina sites on November 11, 2025, moving both CRWV and CORZ shares.
No CoreWeave-specific Virginia site capacity or investment figure was confirmable from a fetched primary source; the document records it as n.a.

Core Scientific

Financingpost-restructuring public equity plus high-yield senior secured notes against take-or-pay HPC hosting contracts

CORZ

Core Scientific emerged from Chapter 11 on January 23, 2024, converting roughly $400 million of debt into equity and relisting on Nasdaq with 724MW of capacity across five states. Its pivot to HPC hosting is anchored by a CoreWeave contract ladder that grew to approximately $10.2 billion over 12 years across roughly 590MW at six sites, and in Q1 2026 it priced $3.3 billion of 7.750% senior secured notes due 2031 to fund an approximately 3GW expansion pipeline. A $9.0 billion all-stock acquisition by CoreWeave was announced in July 2025 but terminated on October 30, 2025 after shareholders voted it down.

Period	Kind	Amount	Context
FY2026 guidance	guidance	$2.0B	Guided to $2 billion of 2026 capex, targeting 450MW billable by summer 2026 and 590MW by early 2027
Q1 2026	raise	$3.3B	$3.3 billion of 7.750% senior secured notes due 2031, approximately $2.9 billion net
Nov 2024	guidance	$4.0B	Muskogee 100MW HPC groundbreaking described as part of more than $4 billion of capex

Record

Core Scientific emerged from Chapter 11 on January 23, 2024 with 724MW of capacity across five states, converting roughly $400 million of debt into equity.
The CoreWeave HPC hosting contract reached approximately $10.2 billion cumulative over 12 years, covering roughly 590MW across six sites after the February 26, 2025 Denton expansion.
Marble, North Carolina and Calvert City, Kentucky appear inside the six-site and five-state aggregates, but site-level MW and dollar figures were not confirmable from fetched primary sources; recorded as n.a.
The atlas flags that claims of a completed CoreWeave acquisition of Core Scientific are incorrect; the $9.0 billion all-stock deal was terminated on October 30, 2025 after a shareholder vote.

Lambda (Lambda Labs)

FinancingGPU-backed SPV debt and syndicated facilities layered on venture equity, moving toward an IPO

Lambda has layered a $320 million Series C, a $500 million GPU-backed SPV facility led by Macquarie, a $480 million Series D, a Series E of more than $1.5 billion, and debt facilities including a $926 million term loan B, a $1 billion syndicated facility and a $275 million facility, with a $350 million pre-IPO round reportedly in talks ahead of a targeted H2 2026 IPO. Its anchor relationships include a multibillion-dollar Microsoft agreement covering GB300 NVL72 systems and a reported $1.5 billion Nvidia lease-back. Flagship US expansion is a Kansas City, Missouri deployment starting at 24MW and scaling above 100MW against a company-wide 3GW liquid-cooled ambition.

Period	Kind	Amount	Context	Sources
H2 2026 (reported)	raise	$350M	$350 million pre-IPO round reportedly in talks with Mubadala Capital to lead; IPO reportedly targeted for H2 2026 with Morgan Stanley, J.P. Morgan and Citi engaged

Record

The atlas corrects the brief's '$400M Series C (Aug 2025)': the confirmed Series C is $320 million in February 2024, and the August 2025 event is a $275 million facility.
Lambda targets a company-wide 3GW liquid-cooled buildout, with named locations including San Francisco, Allen TX, Columbus OH, Chicago, Atlanta (EdgeConneX), Plano TX (Aligned) and Vernon CA.
Nvidia arranged a $600 million Supermicro 21MW Prime sublease routed to Lambda.

Nebius Group

Financingpublic equity plus large convertible note programs and strategic Nvidia equity

NBIS

Nebius Group has raised a $700 million strategic equity round, a $3.75 billion equity-plus-converts package, approximately $4.3375 billion and $5.0 billion convertible note offerings, and a $2 billion Nvidia equity investment tied to scaling more than 5GW by 2030. Anchor contracts include a $17.4 billion five-year Microsoft agreement expandable to up to $19.4 billion, anchored at Vineland, New Jersey, and Meta agreements of $3 billion and then $27 billion over five years. Contracted-power guidance has escalated to more than 4GW, with Q1 2026 group revenue of $399.0 million and capex of approximately $2.5 billion.

Period	Kind	Amount	Context
Q1 2026	reported	$2.5B	Q1 2026 capex approximately $2.5 billion; $6.3 billion of capital secured in the quarter, $2.3 billion positive operating cash flow, $9.3 billion ending cash
Q3 2025	reported	$956M	Q3 2025 capex of $955.5 million against revenue of $146.1 million
FY2026 guidance	guidance	$3.2B	2026 revenue guidance of $3.0B-$3.4B (midpoint recorded) and $7B-$9B ARR; contracted-power guidance escalated from >1GW (Aug 2025) to >2.5GW, >3GW and currently >4GW

Record

Q1 2026 group revenue reached $399.0 million (from $50.9 million a year earlier), with AI-cloud revenue of $389.7 million and group adjusted EBITDA of $129.5 million.
Nebius plans to deploy more than 100,000 GB300 units for the Microsoft agreement, and described available capacity as sold out while targeting 2.5GW contracted and 800MW-1GW connected by end-2026.

Crusoe Energy

Financingprivate-capital JV (Blue Owl / Primary Digital) project funding plus venture equity rounds

Crusoe anchors the Stargate buildout at Abilene, Texas through a joint venture with Blue Owl Capital and Primary Digital Infrastructure that began at $3.4 billion for a 206MW first phase and grew to a $15 billion JV funding a 1.2GW, eight-building campus, with a further 900MW Abilene campus announced in March 2026 for Microsoft bringing the site total to 2.1GW. Equity raises include a $600 million Series D at $2.8 billion and a $1.375 billion Series E first close at more than $10 billion, with a reported ~$3 billion round at a ~$30 billion valuation in talks. Its pipeline spans 45GW, including 1.8GW in Wyoming.

Period	Kind	Amount	Context	Sources
to date (reported Jul 2026)	raise	$2.8B	Total funding raised to date put at $2.77 billion by SiliconANGLE, reporting on the Bloomberg-reported ~$3B round

Record

The Series E disclosure cited a 45GW pipeline, 1.2GW at Abilene and 1.8GW in Wyoming.
Meta reportedly contracted two Crusoe data centers under construction in Texas and Missouri.
No Abilene-specific delay was found; Crusoe publicly backed Governor Abbott's Texas data center audits and responsible growth standards in an August 8, 2026 item. Iceland and international expansion figures are n.a.

Applied Digital

Financingperpetual preferred facility plus project-level senior secured notes against take-or-pay hyperscaler and CoreWeave leases

APLD

Applied Digital's FY2026 Form 10-K reports 1,410MW of contracted critical IT load across five Polaris Forge and Delta Forge campuses, representing approximately $36.2 billion of take-or-pay, non-cancellable revenue, anchored by CoreWeave leases totaling about $11 billion at Ellendale, ND and hyperscaler leases of $5 billion and $7.5 billion. Financing combines a $5.0 billion Macquarie perpetual preferred facility, senior secured notes of $2.35 billion, $2.15 billion and $1.59 billion, and a $160 million private placement that included Nvidia. Nvidia later sold its entire APLD position, worth roughly $182 million.

Period	Kind	Amount	Context
FY2026 10-K	backlog	$36.2B	Approximately $36.2 billion of take-or-pay, non-cancellable revenue across 1,410MW contracted critical IT load at five campuses (fiscal year ended May 31, 2026, filed July 29, 2026)
as of May 20, 2026	backlog	$31.0B	Approximately $31 billion of contracted baseline revenue ($73 billion if all renewals are exercised) across four AI Factory campuses totaling 1,200MW net critical IT / ~1,670MW gross utility power
FQ2 2026	reported	$127M	Revenue $126.6 million, $2.35 billion of notes outstanding, $900 million of preferred drawn, approximately $16 billion of aggregate lease revenue

Record

1.2GW of leases were executed in eleven months as of May 20, 2026, with more than 1.7GW of grid-connected power being marketed.
Nvidia sold its entire APLD position, worth roughly $182 million, in the fourth quarter, alongside exits from Recursion and WeRide.

Cerebras Systems

Financinglate-stage venture equity plus customer working-capital loan, moving toward IPO with a Morgan Stanley revolver

Cerebras raised a $1.1 billion Series G at an $8.1 billion post-money valuation in September 2025 and $1 billion in February 2026 at a $23 billion valuation, identified as a Series H, and re-filed its S-1 on April 17, 2026 targeting a Nasdaq listing under CBRS at approximately a $23 billion valuation after withdrawing its first IPO following a 14-month CFIUS review. Its dominant contract is with OpenAI, valued by Cerebras at more than $20 billion with up to 750MW through 2028, plus a $1 billion OpenAI working capital loan. Remaining performance obligations stood at $24.6 billion at December 31, 2025.

Period	Kind	Amount	Context
as of 12/31/2025	backlog	$24.6B	$24.6 billion of remaining performance obligations, only 15% expected to be recognized in 2026-2027
FY2025	reported	$510M	2025 revenue of $510 million (+76%); GAAP net income $87.9 million (Futurum reports $237.8 million GAAP net income driven by a $363.3 million non-cash G42 liability restructuring gain, and a $75.7 million non-GAAP net loss)
FY2024	reported	$-483300K	2024 net loss of $481.6-485 million (midpoint of the verbatim range recorded as a loss)

Record

Cerebras withdrew its first IPO in October 2025 after a 14-month CFIUS review of its largest customer's investment, then re-filed a Form S-1 on April 17, 2026 targeting a Nasdaq listing under CBRS at approximately a $23 billion valuation.
Customer concentration shifted from 87% of H1 2024 revenue from G42 to 24% from G42 plus 62% from MBZUAI in 2025; Amazon is able to buy approximately $270 million of Class N stock; the company had 708 employees.
An earlier CNBC report placed the OpenAI deal at more than $10 billion over 750MW through 2028, versus the later more-than-$20-billion valuation of the relationship.
85% of the capacity from the six datacenters announced March 11, 2025 is in the US.

Vultr

Financingprivate growth equity (LuminArx, AMD Ventures) funding balance-sheet AI cluster investment

Vultr announced a financing at a $3.5 billion valuation in December 2024 with LuminArx Capital Management and AMD Ventures, with the round size reported as $333 million. In December 2025 it said it would invest more than $1 billion in a 50MW AI cluster in Springfield, Ohio using 24,000 AMD MI355 chips. Anchor customer contract values are n.a.

Period	Kind	Amount	Context	Sources
Dec 2025	guidance	$1.0B	More than $1 billion investment in the Springfield, Ohio 50MW AI cluster

Record

The atlas notes the brief's '$3.5B Series A' conflates valuation with round size; the December 2024 round was reported at $333 million at a $3.5 billion valuation.
Anchor customer contract values are n.a. in the fetched record.

Voltage Park

Financingphilanthropic / nonprofit seeding (Navigation Fund, McCaleb grant) plus merger equity

Voltage Park was seeded when Jed McCaleb's nonprofit purchased approximately $500 million of Nvidia H100 GPUs (24,000 units) in October 2023, and later received a $900 million grant from McCaleb. In January 2026 it merged with Lightning AI in a deal valuing the combined company at more than $2.5 billion, with more than $500 million of ARR, 60MW, more than 35,000 Nvidia GPUs and six data centers across four states. It also acquired GPU marketplace TensorDock in April 2025.

Period	Kind	Amount	Context	Sources
Oct 2023	raise	$500M	Approximately $500 million of Nvidia H100 GPUs purchased by Jed McCaleb's nonprofit; 24,000 H100s per the Navigation Fund's later description
reported Jan 2026	raise	$900M	$900 million grant from McCaleb

Record

Voltage Park describes 36,000+ H100/B200/GB300 GPUs post-merger, across six data centers in four states with at least one facility in every US time zone.
Voltage Park acquired GPU marketplace TensorDock in April 2025.
Anchor customer contract values are n.a. in the fetched record.

Together AI

Financingventure equity with strategic investors (Aramco Ventures, Nvidia, Vista)

Together AI raised a $305 million Series B in February 2025 led by General Catalyst with Prosperity7, reporting 200MW of secured capacity and a 36,000 GB200 NVL72 deployment with Hypertec, followed by an $800 million Series C in July 2026 with Aramco Ventures, Nvidia and Vista at an $8.3 billion valuation, citing more than 500MW of capacity commitments. Named anchor customer contract values are n.a.

Record

Together AI reported 200MW of secured capacity and a 36,000 GB200 NVL72 deployment with Hypertec at the Series B, rising to more than 500MW of capacity commitments at the Series C.
Named anchor customer contract values are n.a. in the fetched record.

Fluidstack

Financingventure equity plus hyperscaler lease backstops and lockbox-secured partner debt

Fluidstack raised an $830 million Series A at a $7.5 billion valuation in July 2026, led by Situational Awareness. Its anchor relationship is Anthropic's approximately $50 billion US data center program, starting with Fluidstack sites in Texas and New York: 168MW at Abernathy, Texas with TeraWulf, 244MW with Cipher Mining, and 360MW at Lake Mariner, plus a $1.4 billion Google lease backstop. It also signed a 245MW, 15-year capacity deal at Hut 8's River Bend worth $7 billion, up to $17.7 billion with extensions, inside a multi-gigawatt partnership of up to 2.295GW for Anthropic.

Record

TeraWulf's $3.2 billion senior secured notes name Fluidstack USA I Inc. in a designated lockbox securing the notes, and note Google LLC pledging warrants prior to completion of the expansion.
The Hut 8 partnership for Anthropic covers up to 2.295GW, beginning with the 245MW River Bend capacity deal.

Sesterce

Financingunconfirmed; European infrastructure investment program with no confirmed North American capital commitment

The brief's claimed $2 billion Sesterce commitment could not be confirmed; no fetched page states such a figure and it is recorded as n.a. The confirmable program is European-centric: 600MW of capacity by 2028 and 1.2GW by 2030, a Valence Data Center with 40,000 GPUs, EUR 450 million of infrastructure investment and EUR 1.8 billion including hardware, and a 1GW Sesterce SoftBank Bosquel campus in France. North American presence is limited to a listed EWR20 Datacenter in New York with no stated capacity, dollar figure, date, GPU count or customer.

Period	Kind	Amount	Context	Sources
n.a.	raise	n.a.	n.a., no confirmed $2B commitment; no fetched page states a $2 billion Sesterce commitment

Record

Sesterce's stated European program includes 600MW by 2028, 1.2GW by 2030, 500,000 GPUs by 2028 and more than 1 million GPUs by 2030 across two Grand Est sites, and a 250MW / 200,000 GPU Southern France Supercomputer.
Sesterce's corporate site lists a 1GW 'Sesterce SoftBank Bosquel' campus in France, 2GW of clean energy under long-term PPAs in Europe, 150 kW/rack designs, and SoftBank under 'Trusted by'.

Poolside

Financingventure equity plus strategic Nvidia investment; campus lease structure collapsed with partner exit

Poolside partnered with CoreWeave in October 2025 on Project Horizon, a 2GW West Texas campus at Longfellow Ranch structured in eight 250MW phases with a 15-year lease on the initial 250MW phase and a 500MW expansion option. CoreWeave subsequently ended the 2GW deal, leaving a $2 billion funding gap, with power procurement challenges cited. Poolside was reported raising $2 billion at a $14 billion valuation after $500 million at $3 billion in 2024, and Nvidia separately agreed to invest up to $1 billion.

Record

Project Horizon called for more than 40,000 Nvidia GB300 NVL72 GPUs to be supplied from December 2025 on a 568-acre site.
The account of CoreWeave's exit notes CoreWeave's $8.5 billion loan facility secured by its Meta agreement and cites power procurement challenges at the 2GW campus.

Groq

Financingventure equity plus sovereign (Saudi) commitment; assets acquired by Nvidia per CNBC

Groq raised $640 million in August 2024 at a $2.8 billion valuation, $750 million in September 2025 at $6.9 billion, and $650 million in June 2026, alongside a $1.5 billion Saudi commitment announced February 2025 tied to a Dammam data center. A later Reuters page renders the Saudi figure as $15 billion; the atlas treats $1.5 billion as the originally reported commitment. Nvidia agreed to acquire Groq's assets for about $20 billion in cash, its largest purchase on record, while Groq characterized it as a non-exclusive licensing agreement without disclosing a price. Groq operates 13 data centers with a 200MW target by end-2027.

Record

The two Reuters figures for the Saudi commitment conflict ($1.5 billion originally, '$15 billion' on a later page); the atlas flags the discrepancy in-line and treats $1.5B as originally reported.
Groq operates 13 data centers with a 200MW target by end-2027, following a December 2025 non-exclusive Nvidia licensing agreement; it had been targeting $500 million of revenue for the year, with approximately $500 million of Saudi contract revenue expected per Reuters.
Groq's North American data center-level MW and site names beyond the 13-facility/200MW aggregate are n.a.

SambaNova Systems

Financinglate-stage venture equity with strategic investors (Vista, Intel, General Atlantic)

SambaNova closed the first tranche of a $1 billion Series F at an $11 billion valuation led by General Atlantic in July 2026, after a $350 million round in February 2026 led by Vista that included Intel, and a $676 million round in April 2021 at more than $5 billion. Its deployment model is SambaManaged, a modular offering scaling to a 1MW token factory with 100 racks and 1,600 chips. North American site names and MW are n.a., and no customer contract value is disclosed.

Record

SambaManaged scales to a 1MW 'token factory' with 100 racks and 1,600 chips; each SambaRack holds 16 SN40L RDU chips at 10kW air-cooled, deployable in 90 days.
SambaNova claims a 'major US public company' customer running DeepSeek-class models, with no contract value disclosed; NA site names and MW are n.a.

Nscale

Financingventure equity led by industrial strategics (Aker ASA) with Nvidia and Dell participation

Nscale raised a $1.1 billion Series B on September 25, 2025, led by Aker ASA with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital. Its expanded Microsoft agreement covers approximately 200,000 Nvidia GB300 GPUs, including about 104,000 at a roughly 240MW Texas campus starting Q3 2026, with Microsoft holding an option on a second 700MW Texas phase from late 2027 against a 1.2GW site target; the deal has been reported at approximately $14 billion.

Record

The Microsoft agreement covers approximately 200,000 Nvidia GB300 GPUs, with ~104,000 at the ~240MW Texas campus and an option on a second 700MW Texas phase from late 2027.

IREN

Financingcustomer prepayment (20% from Microsoft) plus balance-sheet equipment purchases

IREN signed an approximately $9.7 billion, five-year AI cloud agreement with Microsoft on November 3, 2025 with a 20% prepayment, expected to generate roughly $1.94 billion of annualized run-rate revenue once fully commissioned. It is deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at its 750MW campus in Childress, Texas, backed by a 3GW secured North American power portfolio and approximately $5.8 billion of GPU and equipment purchases from Dell.

Period	Kind	Amount	Context	Sources
announced Nov 2025	reported	$5.8B	~$5.8 billion of GPU and equipment purchases from Dell supporting the Microsoft deployment

Record

IREN holds a 3GW secured North American power portfolio backing its AI cloud buildout.

TeraWulf

Financinghigh-yield senior secured notes with tenant lockbox and Google warrant pledge support

TeraWulf priced $3.2 billion of 7.750% senior secured notes due 2030 at par on October 16, 2025, closing October 23, 2025, with Morgan Stanley as sole bookrunner, to fund expansion at the Lake Mariner campus in Barker, New York. The notes name Fluidstack USA I Inc. in a designated lockbox securing the notes, and note Google LLC pledging warrants prior to completion of the expansion; the value of the Fluidstack lockbox arrangement is not stated.

Period	Kind	Amount	Context	Sources
Oct 2025	raise	$3.2B	$3.2 billion of 7.750% senior secured notes due 2030, priced at par October 16, 2025, closing October 23, 2025

Record

The Fluidstack lockbox securing the notes has no stated value in the fetched record.

Named sites — neoclouds & gpu clouds

Site	Location	Capital	MW	Status	Detail
Kenilworth data center	Kenilworth, NJ	~$1.8B	250	construction	An approximately $1.8 billion project delivering 250MW across 392,600 sq ft, targeted online in early 2027. CoreWeave operated 33 data centers at the time of the announcement.
Plano data center (1000 Coit Road)	Plano, TX	$1.6B		announced	A $1.6 billion, 450,000 sq ft facility at 1000 Coit Road in Plano, Texas.
Douglasville (Flexential) site	Douglasville, GA	n.a.		operating	A CoreWeave site built in 2023 and leased from Flexential in the Flexential Douglasville building. Specific MW and dollar commitment are n.a.
Denton HPC data center	Denton, TX	≥$1.2B	260	operating	Core Scientific hosts CoreWeave GPUs with OpenAI as end user at a 260MW site load. CoreWeave deployed more than 16,000 GPUs by end-December at the delayed site, with a $6.1 billion contract conversion involved.
Muskogee HPC data center	Muskogee, OK	n.a.	100	construction	Groundbreaking on a 100MW HPC data center on November 18, 2024, part of more than $4 billion of capex.
Kansas City deployment	Kansas City, MO	n.a.	24	announced	Lambda targeted a Kansas City, Missouri deployment starting at 24MW and scaling above 100MW, hosting more than 10,000 Blackwell Ultra GPUs from early 2026, against a company-wide 3GW liquid-cooled ambition.
Vineland build-to-suit facility	Vineland, NJ	n.a.	300	announced	Nebius is adding up to 300MW at a New Jersey build-to-suit facility anchoring the $17.4 billion Microsoft agreement, for which it plans to deploy more than 100,000 GB300 units.
Kansas City colocation	Kansas City, MO	n.a.		announced	Phased colocation capacity in Kansas City alongside the New Jersey build-to-suit expansion. State inferred as listed in the source only as Kansas City; the source does not specify the state.
Abilene Stargate campus (Crusoe / Blue Owl / Primary Digital JV)	Abilene, TX	$15.0B	1200	construction	The JV began with $3.4 billion for a 206MW first phase designed for 100,000 GPUs for a Fortune 100 tenant, then entered phase 2 of a $15 billion joint venture funding six additional buildings to reach 1.2GW. Phase 1 construction began June 2024 and phase 2 in March 2025, targeted to energize mid-2026. Oracle/OpenAI (Stargate) contract value is n.a.
Abilene 900MW AI factory campus (Microsoft)	Abilene, TX	n.a.	900	announced	On March 27, 2026 Crusoe announced a new 900MW Abilene campus supporting Microsoft AI infrastructure, bringing the site total to 2.1GW, with 336MW of critical IT load per building.
Wyoming pipeline capacity	WY	n.a.	1800	announced	The Series E first-close disclosure cited 1.8GW in Wyoming alongside 1.2GW at Abilene within a 45GW pipeline. No city or further detail is given.
Polaris Forge 1	Ellendale, ND	~$11.0B	400	operating	Polaris Forge 1 holds 400MW contracted to CoreWeave: a first ~100MW building operational since October 2025, a 150MW second building partially operational, and a 150MW third building under construction with a calendar-2027 ready-for-service date.
Polaris Forge 2	Harwood, ND	$5.0B	200	construction	Polaris Forge 2 near Harwood, ND broke ground August 18, 2025 with an initial 200MW anticipated in H2 calendar 2026 and full capacity in early 2027, backed by a $5 billion hyperscaler lease.
Santa Clara datacenter	Santa Clara, CA	n.a.		operating	One of six new North American and European datacenters announced March 11, 2025; Santa Clara was online at announcement.
Stockton datacenter	Stockton, CA	n.a.		operating	One of six new datacenters announced March 11, 2025; Stockton was online at announcement.
Dallas datacenter	Dallas, TX	n.a.		operating	One of six new datacenters announced March 11, 2025; Dallas was online at announcement.
Minneapolis datacenter	Minneapolis, MN	n.a.		announced	One of six new datacenters announced March 11, 2025, scheduled for Q2 2025.
Oklahoma City datacenter	Oklahoma City, OK	n.a.		announced	One of six new datacenters announced March 11, 2025, scheduled for Q3 2025 with 300+ CS-3 systems.
Montreal datacenter	Montreal, Quebec	n.a.		announced	One of six new datacenters announced March 11, 2025, scheduled for Q3 2025.
Springfield AI cluster	Springfield, OH	≥$1.0B	50	announced	On December 2, 2025 Vultr said it would invest more than $1 billion in a 50MW AI cluster in Springfield, Ohio using 24,000 AMD MI355 chips.
Quincy facility	Quincy, WA	n.a.		operating	One of Voltage Park's six US sites, described as covering at least one facility in every US time zone.
Puyallup facility	Puyallup, WA	n.a.		operating	One of Voltage Park's six US sites.
Salt Lake City facilities (two)	Salt Lake City, UT	n.a.		operating	Two of Voltage Park's six US sites are in Salt Lake City, Utah.
Fort Worth facility	Fort Worth, TX	n.a.		operating	One of Voltage Park's six US sites.
Allen facility	Allen, TX	n.a.		operating	One of Voltage Park's six US sites.
Sterling facility	Sterling, VA	n.a.		operating	One of Voltage Park's six US sites.
Abernathy site (with TeraWulf)	Abernathy, TX	n.a.	168	announced	168MW at Abernathy, Texas with TeraWulf, one of the initial Fluidstack sites in Anthropic's approximately $50 billion US data center program.
Lake Mariner campus	Barker, NY	$3.2B	360	expansion	TeraWulf's Lake Mariner campus in Barker, New York hosts 360MW of Fluidstack capacity within Anthropic's US program. The $3.2 billion notes fund expansion at the campus.
EWR20 Datacenter	NY	n.a.		announced	Sesterce lists an EWR20 Datacenter in New York, but the page states no capacity, dollar figure, date, GPU count or customer; all are n.a.
Project Horizon (Longfellow Ranch)	TX	n.a.	2000	cancelled	A 2GW West Texas campus at Longfellow Ranch structured in eight 250MW phases, with more than 40,000 Nvidia GB300 NVL72 GPUs to be supplied from December 2025. CoreWeave subsequently ended the 2GW deal, leaving a $2 billion funding gap.
Dammam data center	Dammam, Saudi Arabia	$1.5B		announced	The $1.5 billion commitment from Saudi Arabia announced February 10, 2025 is tied to a Dammam data center. A later Reuters page renders the figure as $15 billion; the atlas treats $1.5B as originally reported.
Nscale Texas campus (Microsoft)	TX	n.a.	240	announced	Approximately 104,000 of the roughly 200,000 Nvidia GB300 GPUs under the expanded Microsoft agreement deploy at a ~240MW Texas campus starting Q3 2026, with Microsoft holding an option on a second 700MW Texas phase from late 2027 against a 1.2GW site target.
Childress campus (Horizon 1-4)	Childress, TX	n.a.	750	construction	IREN is deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at its 750MW campus in Childress, Texas, under the approximately $9.7 billion five-year Microsoft agreement.
Valence Data Center	Valence, France	n.a.		announced	A Valence Data Center in Valence Romans Agglo with 40,000 GPUs, within a European program of EUR 450 million of infrastructure investment and EUR 1.8 billion including hardware. Euro amounts are not converted to USD.
Sesterce SoftBank Bosquel campus	Bosquel, France	n.a.	1000	announced	Sesterce's corporate site lists a 1GW 'Sesterce SoftBank Bosquel' campus in France, alongside 150 kW/rack designs and SoftBank under 'Trusted by'.
Applied Digital Delta Forge 1	ND	n.a.		announced	A $7.5 billion AI data center lease with an undisclosed US hyperscaler signed April 23, 2026, on a 430MW site of more than 500 acres, with operations targeted for mid-2027.
Applied Digital Polaris Forge 3	ND	n.a.	300	announced	A lease of roughly $7.5 billion base term, about $18.2 billion if all options are exercised, for 300MW of critical IT load with operations targeted for August 2027.

Financing transactions — neoclouds & gpu clouds

Timing	Parties	Instrument	Amount	Detail
April 2023	CoreWeave · Nvidia	equity raise	$421M	CoreWeave's April 2023 Series B included a $100 million investment from Nvidia.
December 2023	CoreWeave	equity raise	$642M	A $642 million secondary sale in December 2023.
May 2024	CoreWeave · Coatue	equity raise	$1.1B	A $1.1 billion Series C led by Coatue in May 2024 at a $19 billion valuation.
priced March 27, 2025	CoreWeave · Nvidia	equity raise	$1.5B	The IPO listed CoreWeave on Nasdaq under CRWV; the stock opened at $39, implying roughly a $23 billion valuation.
January 26, 2026	Nvidia · CoreWeave	equity raise	$2.0B	Nvidia's investment is tied to a collaboration to build more than 5GW of AI factory capacity by 2030.
August 2023	CoreWeave · Magnetar Capital · Blackstone	debt facility	$2.3B	Delayed-draw term loan led by Magnetar Capital and Blackstone.
May 17, 2024	CoreWeave · Blackstone · Magnetar · Coatue · Carlyle · CDPQ · BlackRock · DigitalBridge	debt facility	$7.5B	Blackstone-led delayed-draw term loan with Magnetar, Coatue, Carlyle, CDPQ, BlackRock and DigitalBridge participating.
October 11, 2024	CoreWeave	debt facility	≥$650M	Revolving credit facility to support ongoing growth.
Q2 FY2026	CoreWeave · Jane Street	debt facility	≥$3.1B	Term loan disclosed with Q2 FY2026 results alongside a $1 billion Jane Street investment and more than $10 billion of unsecured notes and convertibles.
April 2026	CoreWeave	convertible	$3.5B	Convertible notes issued in April 2026 per the Wikipedia summary of CoreWeave's debt stack.
2026	CoreWeave · Meta	debt facility	$8.5B	Loan facility secured by CoreWeave's long-term Meta agreement.
March 10, 2025; expanded May 2025 and September 25, 2025	CoreWeave · OpenAI	other	~$22.4B	AI infrastructure agreement, expanded twice in 2025 to approximately $22.4 billion.
September 2025; runs through April 13, 2032	Nvidia · CoreWeave	backstop	$6.3B	Nvidia committed to purchase any unsold CoreWeave cloud capacity through April 13, 2032.
runs through December 2032	CoreWeave · Meta	other	~$21.0B	Expanded AI infrastructure agreement based on Nvidia's Vera Rubin platform, running through December 2032.
agreed July 7, 2025; terminated October 30, 2025	CoreWeave · Core Scientific	acquisition	~$9.0B	The deal covered 1.3GW of gross capacity including 840MW of HPC and 500MW of mining across 10 facilities, and was terminated after Core Scientific shareholders voted it down.
January 23, 2024	Core Scientific	other	~$400M	Core Scientific emerged from Chapter 11 and relisted on Nasdaq with 724MW of capacity across five states.
priced Q1 2026	Core Scientific	senior notes	~$3.3B	Financing supporting an approximately 3GW expansion pipeline and $2 billion of 2026 capex.
June 3, 2024	Core Scientific · CoreWeave	lease	≥$3.5B	First step of the CoreWeave HPC hosting contract ladder, delivering approximately 200MW of infrastructure.
October 22, 2024	Core Scientific · CoreWeave	lease	≥$8.7B	CoreWeave exercised its final option to modify approximately 120MW, taking the relationship to roughly 500MW at six sites.
February 26, 2025	Core Scientific · CoreWeave	lease	≥$10.2B	A new 70MW contract at Denton took the CoreWeave relationship to approximately 590MW across six sites, with Denton site load of 260MW.
February 2024	Lambda	equity raise	$320M	Recorded on the same Business Wire page as the GPU-backed facility.
announced April 2, 2024	Lambda · Macquarie Group · Industrial Development Funding	debt facility	$500M	GPU-backed special purpose financing to expand Lambda's cloud for AI.
February 2025 per DCD	Lambda · Andra Capital · SGW · Nvidia · ARK Invest · In-Q-Tel · Supermicro	equity raise	$480M	Series D co-led by Andra Capital and SGW, with Nvidia, ARK Invest, In-Q-Tel and Supermicro participating.
November 18, 2025	Lambda · TWG Global · USIT	equity raise	≥$1.5B	Series E led by TWG Global and USIT to build superintelligence cloud infrastructure.
recorded on April 2024 Business Wire page	Lambda	debt facility	$926M	Term loan B recorded on the same page as the GPU-backed facility announcement.
recorded on April 2024 Business Wire page	Lambda	debt facility	$1.0B	Syndicated facility recorded on the same page as the GPU-backed facility announcement.
August 2025	Lambda	debt facility	$275M	Facility recorded on the same page as the GPU-backed facility announcement.
reported; IPO targeted H2 2026	Lambda · Mubadala Capital	equity raise	~$350M	Lambda reportedly targets an IPO in H2 2026, slightly later than a previously reported H1 target, with Morgan Stanley, J.P. Morgan and Citi engaged.
November 3, 2025	Lambda · Microsoft	other	n.a.	Agreement covering GB300 NVL72 systems and tens of thousands of Nvidia GPUs.
reported	Nvidia · Lambda	lease	~$1.5B	Nvidia would consume Lambda cloud capacity running Nvidia GPUs under the reported arrangement.
n.a.	Nvidia · Supermicro · Lambda	lease	$600M	Nvidia arranged a Supermicro 21MW Prime sublease routed to Lambda.
December 2, 2024	Nebius Group · Nvidia · Accel	equity raise	$700M	Strategic equity financing to accelerate roll-out of full-stack AI infrastructure.
September 2025	Nebius Group	convertible	$3.8B	Combined stock offering and convertible notes raise.
closed March 20, 2026	Nebius Group	convertible	~$4.3B	Private offering of convertible senior notes with aggregate gross proceeds of approximately $4.3 billion.
priced August 19, 2026	Nebius Group	convertible	~$5.0B	Upsized private offering of convertible senior notes.
March 11, 2026	Nvidia · Nebius Group	equity raise	≥$2.0B	Nvidia and Nebius partnership to scale full-stack AI cloud.
September 2025	Nebius Group · Microsoft	other	$17.4B	AI infrastructure agreement anchored at the Vineland, New Jersey facility, with more than 100,000 GB300 units planned.
n.a. (reported alongside sold-out capacity commentary)	Nebius Group · Meta	other	$3.0B	Initial Meta compute agreement, signed as Nebius described current available capacity as sold out.
compute purchase beginning early 2027	Nebius Group · Meta	other	$27.0B	Second, far larger Meta agreement following the initial $3 billion deal.
phase 1 construction began June 2024	Crusoe Energy · Blue Owl Capital · Primary Digital Infrastructure	jv equity	$3.4B	Initial joint venture funding the Abilene first phase.
May 21, 2025	Crusoe Energy · Blue Owl Capital · Primary Digital Infrastructure	jv equity	~$11.6B	Phase 2 funds six additional buildings to bring the Abilene campus to 1.2GW across eight buildings, each designed for up to 50,000 Nvidia GB200 NVL72s.
closed December 12, 2024	Crusoe Energy · Founders Fund · Fidelity · Mubadala · Nvidia · Ribbit · Valor	equity raise	$600M	Series D led by Founders Fund.
October 24, 2025	Crusoe Energy · Valor Equity Partners · Mubadala Capital	equity raise	≥$1.4B	Series E co-led by Valor Equity Partners and Mubadala Capital, disclosed with a 45GW pipeline, 1.2GW at Abilene and 1.8GW in Wyoming.
first reported by Bloomberg, July 2026	Crusoe Energy	equity raise	~$3.0B	SiliconANGLE, reporting Bloomberg, put total funding raised to date at $2.77 billion and noted Meta reportedly contracting two Crusoe data centers under construction in Texas and Missouri.
June 2, 2025	Applied Digital · CoreWeave	lease	~$7.0B	Two 15-year lease agreements with CoreWeave at Ellendale, North Dakota.
August 29, 2025	Applied Digital · CoreWeave	lease	≥$11.0B	Additional 150MW lease with CoreWeave, taking Ellendale to 400MW.
October 22, 2025	Applied Digital · unnamed investment-grade hyperscaler	lease	$5.0B	AI factory lease with a US-based, unnamed investment-grade hyperscaler at Polaris Forge 2.
April 23, 2026	Applied Digital · undisclosed US hyperscaler	lease	≥$7.5B	AI data center lease with an undisclosed US hyperscaler at Delta Forge 1; site location beyond the campus name is not stated in the source.
May 20, 2026	Applied Digital	lease	~$7.5B	Polaris Forge 3 lease announced as Applied Digital surpassed $31 billion of contracted baseline revenue; campus location is not stated in the source.
announced October 7, 2025	Applied Digital · Macquarie Asset Management	preferred	$5.0B	Perpetual preferred equity facility from Macquarie Asset Management.
priced March 4, 2026	Applied Digital	senior notes	$2.1B	Senior secured notes funding Polaris Forge 2.
priced June 9, 2026	Applied Digital	senior notes	$1.6B	Senior secured notes funding the ELN-04 150MW building.
September 2024	Applied Digital · Nvidia · Related Companies	equity raise	$160M	Private placement that included Nvidia, whose position was later sold entirely.
fourth quarter (reported March 2026)	Nvidia · Applied Digital	other	~$182M	Nvidia exited its Applied Digital stake alongside exits from Recursion and WeRide.
September 30, 2025	Cerebras · Fidelity · Atreides Management	equity raise	$1.1B	Series G led by Fidelity and Atreides Management.
February 2026	Cerebras	equity raise	$1.0B	Raise preceding the April 2026 S-1 re-filing.
capacity from 2026 through 2028	OpenAI · Cerebras	other	≥$20.0B	The dominant Cerebras contract, calling for up to 750MW of capacity through 2028.
January 2026	OpenAI · Cerebras	debt facility	$1.0B	OpenAI extended a working capital loan to Cerebras tied to capacity delivery.
per April 2026 S-1	Cerebras · Morgan Stanley	debt facility	$250M	Morgan Stanley revolving credit facility disclosed in the S-1.
December 2024	Vultr · LuminArx Capital Management · AMD Ventures	equity raise	$333M	Financing with LuminArx Capital Management and AMD Ventures.
October 2023	Voltage Park · Navigation Fund · Jed McCaleb	other	~$500M	The GPU purchase that seeded Voltage Park's fleet.
reported January 2026	Voltage Park · Jed McCaleb	other	$900M	Grant funding cited in the merger reporting.
January 2026	Voltage Park · Lightning AI	merger	≥$2.5B	Merger creating an entity with more than $500 million of ARR, 60MW, more than 35,000 Nvidia GPUs and six data centers across four states.
April 2025	Voltage Park · TensorDock	acquisition	n.a.	Voltage Park acquired GPU marketplace TensorDock.
February 20, 2025	Together AI · General Catalyst · Prosperity7	equity raise	$305M	Series B led by General Catalyst with Prosperity7, reporting 200MW of secured capacity and a 36,000 GB200 NVL72 deployment with Hypertec.
July 1, 2026	Together AI · Aramco Ventures · Nvidia · Vista	equity raise	$800M	Series C citing more than 500MW of capacity commitments.
July 2026	Fluidstack · Situational Awareness	equity raise	$830M	Series A led by Situational Awareness.
n.a.	Anthropic · Fluidstack	other	~$50.0B	The program starts with 168MW at Abernathy, Texas (with TeraWulf), 244MW with Cipher Mining, and 360MW at Lake Mariner.
n.a.	Google · Fluidstack	backstop	$1.4B	Google lease backstop supporting the Anthropic/Fluidstack buildout.
n.a.	Hut 8 · Fluidstack · Anthropic	lease	$7.0B	Capacity deal at Hut 8's River Bend; the source does not state the site's location.
2024	Poolside	equity raise	$500M	Poolside's 2024 raise, per DCD's Project Horizon reporting.
reported October 2025	Poolside	equity raise	~$2.0B	Reported alongside the Project Horizon partnership announcement.
October 30, 2025	Nvidia · Poolside	equity raise	$1.0B	Nvidia separately agreed to invest up to $1 billion in Poolside.
partnership October 2025; deal later ended	Poolside · CoreWeave	lease	n.a.	CoreWeave ended the 2GW Project Horizon deal, with power procurement challenges cited at the campus.
August 2024	Groq · BlackRock Private Equity Partners · Cisco · Samsung Catalyst	equity raise	$640M	Round led by BlackRock Private Equity Partners with Cisco and Samsung Catalyst.
announced February 10, 2025	Groq · Saudi Arabia	other	~$1.5B	Saudi commitment tied to a Dammam data center, with approximately $500 million of Saudi contract revenue expected per the later Reuters page.
September 17, 2025	Groq · Disruptive · BlackRock · Neuberger Berman · Samsung · Cisco · Altimeter · 1789 Capital	equity raise	$750M	Round led by Disruptive with BlackRock, Neuberger Berman, Samsung, Cisco, Altimeter and 1789 Capital participating.
June 22, 2026	Groq · Disruptive · Infinitum	equity raise	$650M	Raise to scale Groq's AI inference cloud business, with 13 data centers and a 200MW target by end-2027.
reported December 2025; December 2025 non-exclusive licensing agreement	Nvidia · Groq	acquisition	~$20.0B	Nvidia agreed to acquire Groq's assets, hiring CEO Jonathan Ross and other staff. Groq had been targeting $500 million of revenue for the year.
April 2021	SambaNova	equity raise	≥$676M	SambaNova's 2021 round, per Reuters.
February 2026	SambaNova · Vista · Intel	equity raise	$350M	Round preceding the Series F.
first tranche closed July 8, 2026	SambaNova · General Atlantic	equity raise	$1.0B	Series F led by General Atlantic.
September 25, 2025	Nscale · Aker ASA · Nvidia · Dell · Nokia · Blue Owl Managed Funds · Fidelity · G Squared · Point72 · T.Capital · Sandton Capital	equity raise	$1.1B	Series B with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital participating.
deployment starting Q3 2026	Nscale · Microsoft	other	~$14.0B	Expanded Microsoft agreement covering approximately 200,000 Nvidia GB300 GPUs, including ~104,000 at a ~240MW Texas campus, with an option on a second 700MW Texas phase from late 2027.
November 3, 2025	IREN · Microsoft	other	~$9.7B	AI cloud agreement deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at Childress, Texas.
announced with the Microsoft agreement, November 2025	IREN · Dell	other	~$5.8B	Equipment purchases backing the Microsoft deployment.
priced October 16, 2025; closing October 23, 2025	TeraWulf · Morgan Stanley · Fluidstack · Google	senior notes	$3.2B	Notes fund expansion at the Lake Mariner campus in Barker, New York.

The Nvidia web

One company sits at the center of the NeoCloud layer four ways at once: as supplier, investor, lessee, and credit enhancer.

2entities 1named sites 20transactions 9recorded facts

Nvidia

Financingbalance-sheet equity stakes, capacity backstops and lease/residual-value guarantees that convert Nvidia's balance sheet into third-party debt capacity; financing-platform sponsor with asset managers

NVDA

Nvidia is the only entity in the atlas that appears simultaneously as equipment supplier, equity investor, capacity lessee, residual-value guarantor and financing-platform sponsor, making its balance sheet the effective credit enhancement behind a large share of the NeoCloud layer. It is named among the key initial technology partners of the Stargate Project but not among its equity funders. Its direct-investment ladder spans equity stakes, IPO orders, capacity backstops and lease guarantees across CoreWeave, Nebius, Lambda, Nscale, Together AI, Crusoe, Poolside and Groq, alongside a full exit from Applied Digital. On August 10, 2026 it announced financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR intended to mobilize over $500 billion of third-party capital over time.

Period	Kind	Amount	Context
to April 13, 2032	backlog	$6.3B	$6.3B unsold-capacity order with CoreWeave; backstop runs to April 13, 2032. Multi-year commitment as stated, not annual spend.
as disclosed	guarantee	$860M	$860M of partner data center lease obligations backstopped, $470M escrowed, across CoreWeave, Nebius, Nscale, Lambda and Crusoe. A guarantee commitment, not capex.
end-October (FY context per source)	cash balance	$60.6B	Nvidia held $60.6B cash at end-October per CNBC report on the Groq deal. Cash balance, not capex.

Record

Nvidia is named among Arm, Microsoft, NVIDIA, Oracle, and OpenAI as the key initial technology partners of the Stargate Project, though not among its equity funders, which are SoftBank, OpenAI, Oracle, and MGX.
Nvidia joined the AI Infrastructure Partnership on 19 March 2025, alongside xAI, when the platform was renamed and confirmed a target of $30 billion of equity scaling to up to $100 billion including debt.
Nvidia is a partner in KKR's approximately $10 billion Helix Digital Infrastructure vehicle with Kuwait Investment Authority and Vistra, and was named a founding investor in Helix alongside KKR.
Nvidia wrote $2 billion equity cheques into CoreWeave at $87.20 per share and into Nebius, each tied to partnerships to scale more than 5GW by 2030.
Nvidia is reported to be introducing a model guaranteeing a minimum GPU utilization floor for neocloud operators to de-risk GPU-backed loans by backing residual value.
In the same window as its CoreWeave and Nebius equity commitments, Nvidia sold its entire Applied Digital position, worth roughly $182 million, with the exit disclosed in a Q4 13F.
The $6.3 billion unsold-capacity order running to April 13, 2032 and the reported minimum-GPU-utilization floor for neocloud operators are the two mechanisms that most directly convert Nvidia's balance sheet into third-party debt capacity.
No dollar-denominated per-partner NCP program commitments were confirmable in the source (n.a.).

Groq (Nvidia position)

Financingacquisition target; asset purchase / non-exclusive license funded from Nvidia's cash

Groq appears in this part as an AI chip startup that Nvidia agreed to buy for about $20 billion on December 24, 2025, described by the source as an approximately $20B asset purchase with a non-exclusive license and as Nvidia's biggest deal. The same report notes Nvidia held $60.6B cash at end-October.

Record

Nvidia is buying AI chip startup Groq for about $20 billion, structured as an asset purchase with a non-exclusive license, announced December 24, 2025.

Named sites — the nvidia web

Site	Location	Capital	MW	Status	Detail	Sources
Abilene campus (Oracle tenancy, Stargate-adjacent)	Abilene, TX	n.a.		operating	Oracle's Abilene tenancy runs on GB200 racks, with Oracle beginning delivery of the first NVIDIA GB200 racks in June 2025. Crusoe announced the flagship Abilene data center is live. Nvidia's capital role in this Stargate-adjacent capacity is indirect but material.

Financing transactions — the nvidia web

Timing	Parties	Instrument	Amount	Detail
Series B (date n.a. in this part)	Nvidia · CoreWeave	equity raise	$100M	Nvidia made a $100M Series B commitment to CoreWeave, the first rung of its CoreWeave direct-investment ladder.
CoreWeave IPO (date n.a. in this part)	Nvidia · CoreWeave	equity raise	$250M	Nvidia placed a $250M order in CoreWeave's IPO.
Signed September 2025 per source URL context; backstop runs to April 13, 2032	Nvidia · CoreWeave	backstop	$6.3B	Nvidia signed a $6.3 billion cloud computing capacity order that backstops CoreWeave's unsold capacity, running to April 13, 2032. The atlas identifies it as one of two mechanisms that most directly convert Nvidia's balance sheet into third-party debt capacity.
January 26, 2026	Nvidia · CoreWeave	equity raise	≥$2.0B	Nvidia invested $2 billion of equity in CoreWeave at $87.20 per share on January 26, 2026, tied to a partnership to scale more than 5GW by 2030.
March 11, 2026; plus Dec 2024 round participation	Nvidia · Nebius	equity raise	$2.0B	Nvidia committed $2 billion of equity to Nebius on March 11, 2026, under a partnership to scale more than 5GW by 2030, having also participated in Nebius's December 2024 round.
Date n.a. in this part	Nvidia · Lambda	equity raise	n.a.	Nvidia participated in Lambda's Series D round. The source does not state Nvidia's dollar commitment.
Reported September 2025	Nvidia · Lambda	lease	~$1.5B	A $1.5 billion lease-back from Nvidia to Lambda, reported September 2025. Terms beyond the reported figure are not disclosed in the fetched sources.
Date n.a. in this part	Nvidia · Supermicro · Lambda	lease	$600M	A $600M Supermicro 21MW Prime sublease was routed to Lambda as part of Nvidia's Lambda-related commitments.
Date n.a. in this part	Nvidia · Applied Digital	equity raise	$160M	Nvidia participated in a $160M PIPE in Applied Digital before later exiting the position entirely.
Exit disclosed in Q4 13F	Nvidia · Applied Digital	other	~$182M	Nvidia sold its entire Applied Digital position, worth roughly $182 million, with the exit disclosed in a Q4 13F. The atlas frames this as evidence Nvidia's support is selective rather than blanket.
September 25, 2025	Nvidia · Nscale	equity raise	$1.1B	Nvidia participated in Nscale's $1.1 billion Series B round announced September 25, 2025. The source does not state Nvidia's individual commitment.
July 1, 2026	Nvidia · Together AI	equity raise	$800M	Nvidia participated in Together AI's $800 million Series C round announced July 1, 2026. The source does not state Nvidia's individual commitment.
December 12, 2024	Nvidia · Crusoe	equity raise	$600M	Nvidia participated in Crusoe's $600 million Series D round closed December 12, 2024. The source does not state Nvidia's individual commitment.
Announced October 30, 2025	Nvidia · Poolside	equity raise	$1.0B	Nvidia announced an investment of up to $1 billion in AI startup Poolside on October 30, 2025.
December 24, 2025	Nvidia · Groq	acquisition	~$20.0B	Nvidia agreed to buy AI chip startup Groq for about $20 billion, structured as an asset purchase with a non-exclusive license, an approximately $20 billion asset purchase. Nvidia held $60.6B cash at end-October per the same report.
Date n.a. in this part	Nvidia · CoreWeave · Nebius · Nscale · Lambda · Crusoe	guarantee	$860M	Nvidia backstops $860M of partner data center lease obligations, with $470M escrowed, across CoreWeave, Nebius, Nscale, Lambda and Crusoe.
March 19, 2025	Nvidia · xAI · Microsoft · BlackRock · AI Infrastructure Partnership	platform	$30.0B	Nvidia joined the AI Infrastructure Partnership on 19 March 2025, alongside xAI, when the platform was renamed and confirmed a target of $30 billion of equity scaling to up to $100 billion including debt.
Date n.a. in this part	Nvidia · KKR · Kuwait Investment Authority · Vistra	platform	~$10.0B	Nvidia is a partner in KKR's approximately $10 billion Helix Digital Infrastructure vehicle with Kuwait Investment Authority and Vistra, and was later named a founding investor in Helix alongside KKR.
August 10, 2026	Nvidia · Apollo · BlackRock · Blackstone · Brookfield · Goldman Sachs · KKR	platform	≥$500B	On August 10, 2026 Nvidia announced strategic partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish AI compute infrastructure financing platforms intended to mobilize over $500 billion of third-party capital over time.
Reported; date n.a. in this part	Nvidia · neocloud operators	guarantee	n.a.	Nvidia is reported to be introducing a model guaranteeing a minimum GPU utilization floor for neocloud operators to de-risk GPU-backed loans by backing residual value. Reported, not a company disclosure of a dollar commitment.

Private equity & infrastructure

Platform equity at a scale that presumes multi-year illiquidity. These balance sheets stand behind most non-hyperscaler capacity in this atlas.

19entities 25named sites 80transactions 59recorded facts

Blackstone

Financingsponsor fund equity plus large-scale private credit and CMBS refinancing

Blackstone entered data centers via the $10 billion take-private of QTS Realty Trust and by Q1 2026 reported a $150 billion data center portfolio with a $160 billion prospective pipeline on firm AUM of $1.3 trillion. It has deployed both equity (Digital Realty JV, AirTrunk in APAC) and large-scale private credit (CoreWeave debt facilities) and refinanced QTS assets through CMBS. Its QTS platform carries the sector's largest documented cancellation exposure, the PW Digital Gateway in Prince William County, Virginia.

Period	Kind	Amount	Context
Q1 2026	aum	$150B	$150 billion data center portfolio
Q1 2026	backlog	$160B	$160 billion prospective development pipeline
Q1 2026	aum	$1.30T	total firm AUM of $1.3 trillion, up from $1.24 trillion in October 2025; dedicated infrastructure platform of $84 billion
through Q1 2026	reported	$300B	cumulative investment into data centers and AI technology of $300 billion (multi-year cumulative figure as stated)
prior disclosure	aum	$70.0B	$70 billion data center portfolio with a $100 billion prospective pipeline, up from $55 billion and $70 billion respectively in the prior quarter, alongside roughly 8x growth in leased capacity
Q2 2026	aum	$1.35T	record AUM of $1.35 trillion

Record

QTS had roughly 400 megawatts of capacity at acquisition and has since grown to a platform of roughly 3 gigawatts.
BREIT's portfolio exposure to data centers stood at 23 percent.
The $5 billion Applied Digital perpetual preferred facility was executed with Macquarie Asset Management, not Blackstone; Blackstone's role in a $5 billion Applied Digital financing is n.a. on the evidence gathered.
Blackstone is planning a publicly traded AI-data-center vehicle sized in the "tens of billions".
At the AirTrunk announcement Blackstone cited an estimated US$1 trillion of US data center capex need over five years.

BlackRock / GIP / AI Infrastructure Partnership

Financingconsortium equity (AIP / MGX / GIP) scaled with debt financing

BlackRock closed its acquisition of Global Infrastructure Partners on October 1, 2024, creating an approximately $170 billion combined infrastructure platform. The AI Infrastructure Partnership (Microsoft, BlackRock, GIP, MGX, later NVIDIA and xAI) seeks $30 billion of equity scaling to up to $100 billion with debt. AIP, MGX and GIP acquired Aligned Data Centers at a $40 billion enterprise value, funded 100 percent with equity (about a $21 billion equity cheque), the largest North American data center transaction of the period, closing July 21, 2026.

Period	Kind	Amount	Context	Sources
Oct 2024 (GIP close)	aum	$170B	combined infrastructure platform with approximately $170 billion of client AUM; added over $100 billion to BlackRock's private-markets AUM and roughly $750 million of run-rate management fees
2025-2026	raise	$30.0B	AIP seeks $30 billion of equity capital, scaling to up to $100 billion including debt financing

Record

AIP was launched in September 2024 and renamed on March 19, 2025, when NVIDIA and xAI joined Microsoft, BlackRock, GIP and MGX, with collaborations announced with GE Vernova and NextEra Energy.
AIP held its initial closing in October 2025 with Temasek as an anchor investor; Kuwait Investment Authority joined earlier, in June 2025.
The Aligned transaction was announced against the backdrop of New York's one-year moratorium on state environmental permits for new hyperscale data centers.
BlackRock is a named partner in NVIDIA's over $500 billion AI compute infrastructure financing-platform initiative.

Brookfield (BAM / Brookfield Infrastructure Partners)

Financinglisted infrastructure vehicle and managed fund equity with pension co-investment

Brookfield acquired Compass Datacenters with OTPP in 2023 (about $5.5 billion per Reuters) and Cyxtera's assets for US$1.3 billion including real estate, combining Cyxtera with Evoque as Centersquare. BIP holds more than 485MW operating and 775MW contracted with a $9.6 billion capital backlog and $64 billion enterprise value. In Europe, Brookfield's French AI infrastructure commitment was raised to €30 billion (about $34 billion), and its thesis paper sizes the AI infrastructure opportunity at over $7 trillion over the next decade.

Period	Kind	Amount	Context
May 2026 disclosure	backlog	$9.6B	BIP capital backlog $9.6 billion; enterprise value $64 billion
2026	aum	$1.00T	BAM AUM over $1 trillion (cited in NVIDIA financing-partner announcement and French commitment release)
next three years (per disclosure)	guidance	n.a.	plans to build roughly 1GW of data center capacity over three years; more than 485MW operating plus 775MW contracted, exceeding 1.25GW

Record

Cyxtera had filed for Chapter 11 in June 2023; the combined Centersquare platform holds 400MW of capacity and 1.9 million sq ft, with 200MW of potential expansion, 320MW brought to market across more than 50 locations and 100MW of near-term under-roof expansion.
Brookfield's thesis paper sizes the AI infrastructure opportunity at over $7 trillion over the next decade, split $2T AI factories, $0.5T power and transmission, $4T compute and $0.5T adjacencies.
Ascenty is a Latin American joint venture with Digital Realty; figures n.a. (page not fetched in this session).
A specific $10B French AI campus at Cadarache is n.a. on the evidence gathered.
Compass is co-named on the cancelled PW Digital Gateway, valued at $24.7 billion in blocked/delayed capital.

KKR

Financingfund equity plus warehouse credit, CMBS and dedicated-generation power partnerships

KKR has invested approximately $34 billion of equity in digital infrastructure across 24 investments and holds a 12GW data center pipeline. With GIP it took CyrusOne private at approximately $15 billion in 2022, followed by roughly $9.7 billion of new debt capital and Texas campuses anchored on dedicated Calpine and Constellation generation. It has committed capital to Global Technical Realty, Compass Datacenters, and the roughly $10 billion Helix Digital Infrastructure vehicle, alongside a $50 billion development program with Energy Capital Partners.

Period	Kind	Amount	Context	Sources
as of Jan 2026	reported	$34.0B	approximately $34 billion of equity invested in digital infrastructure across 24 investments (cumulative); over $20 billion in power and renewables; 12GW data center pipeline
six years (KKR materials)	reported	$31.3B	KKR's own materials cite $31.3 billion of equity deployed to digital infrastructure over six years (cumulative)

Record

CyrusOne is one of two private partners in the US Army's hyperscale data center program, at Dugway Proving Ground (1,201 acres, initial operating capability FY2029).
KKR is a named NVIDIA financing-platform partner.
No KKR-specific pause disclosed in fetched sources; a potential CyrusOne IPO was reported as possible as early as 2027.

Stonepeak

Financingfund equity, single-asset continuation vehicles and JV development capital

Stonepeak reports approximately $93bn of AUM as of March 2026 and has invested in 20 digital infrastructure platforms. Its North American data center positions include majority control of Cologix (recapitalized in a $3.0 billion continuation vehicle), a $2.5 billion-plus investment in CoreSite alongside American Tower including a Denver JV, and the $1.5 billion Montera Infrastructure launch. In APAC, Digital Edge raised over US$1.6 billion of new equity and debt in January 2025.

Period	Kind	Amount	Context	Sources
Mar 2026	aum	$93.0B	approximately $93bn of AUM as of March 2026, inclusive of subsequent committed capital; up from approximately $71.2 billion in July 2024 and approximately $73 billion in April 2025
since 2017	reported	$1.0B	approximately $1 billion of incremental capital provided to Cologix across a platform of 45+ data centers in 12 North American markets (cumulative)

Record

The firm has invested in 20 digital infrastructure platforms and 160,000+ fiber miles.
Montera was Stonepeak's fourth North American data center investment and eighth globally.
Pause exposure: n.a. No Stonepeak-specific freeze or delay disclosed in fetched sources.

DigitalBridge

Financingthird-party managed fund equity with portfolio-level debt and co-investment

DigitalBridge manages over $88 billion of infrastructure assets with 5.4GW of data center capacity lit or under construction, representing over $50 billion of total investment and more than $25 billion of equity. Portfolio companies include Vantage ($9.2 billion equity round co-led with Silver Lake), Switch ($11 billion take-private with IFM), DataBank, Yondr (with La Caisse), Scala and Zayo. SoftBank agreed to acquire DigitalBridge at an enterprise value of about $4.0 billion, expected to close in the second half of 2026.

Period	Kind	Amount	Context
Jan 2025	aum	$88.0B	over $88 billion of infrastructure assets managed on behalf of LPs and shareholders; approximately $100 billion cited in the La Caisse/Yondr release; the frequently cited $80 billion figure appears in the Vantage equity release
by end-2026	guidance	$43.0B	$43bn of expected portfolio capex by end-2026 (just under $30bn DigitalBridge's share), and $50-plus billion to be put to work over the next few years; roughly $10bn is required to build one gigawatt, about half of it equity
2024	raise	$13.0B	Vantage secured over $13 billion of incremental funding in 2024, including a $3 billion Wells Fargo-led green loan covering at least eight North American sites (cumulative for the year)

Record

Portfolio capacity is 5.4GW lit or under construction, up 50 percent year over year, representing over $50 billion of total investment and more than $25 billion of equity.
Reuters reported Vantage exploring an IPO at about $100 billion valuation, potentially raising $10 billion, having raised roughly $11 billion since late 2023; a Switch IPO could raise $10 billion at roughly $80 billion valuation.
Pause exposure: n.a. at platform level in fetched sources.

Silver Lake

Financingfund equity co-investment plus dedicated powered-land platform

Silver Lake co-led the $9.2 billion Vantage Data Centers equity investment, including the $2.8 billion upsize, while managing approximately $103 billion. It subsequently launched a $400 million digital infrastructure platform focused on powered land with more than 6GW planned. No fetched source supports a Silver Lake role in QTS or an NVIDIA-linked QTS transaction.

Period	Kind	Amount	Context	Sources
at Vantage investment (2024)	aum	$103B	Silver Lake managed approximately $103 billion; portfolio revenue of approximately $254 billion cited at the powered-land platform launch

Record

QTS / NVIDIA involvement: n.a. No fetched source supports a Silver Lake role in QTS or an NVIDIA-linked QTS transaction; NVIDIA's disclosed financing-platform partners are Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, and Silver Lake is not among them.
The $400 million powered-land platform, led by Adam Fisher and Peter Rumbold, plans more than 6GW.
Pause exposure: n.a.

Apollo Global Management

Financinginsurance-backed private credit plus infrastructure equity

Apollo reported approximately $1.05 trillion of AUM as of June 30, 2026 and states it has deployed over $40 billion into next-generation infrastructure since 2022. Its data center positions include a majority stake in Stream Data Centers (4+GW pipeline) completed November 2025 and the acquisition of Argo Infrastructure Partners, which brought TierPoint. Apollo was reported to be leading talks to raise approximately $35 billion of data center financing for Meta and is a named NVIDIA financing-platform partner.

Period	Kind	Amount	Context	Sources
6/30/2026	aum	$1.05T	approximately $1.05 trillion of AUM, against approximately $840 billion at June 30, 2025
since 2022	reported	$40.0B	deployed over $40 billion into next-generation infrastructure since 2022 ($38 billion at the August 2025 announcement); cumulative multi-year figure

Record

Stream Data Centers has a 4+GW pipeline including 650MW of near-term capacity in Chicago, Atlanta and Dallas across 20+ campuses.
Argo's TierPoint investments totalled $320 million (2020) plus $500 million (2022), and its stake reached $700 million when it became majority shareholder; TierPoint has approximately 100MW of capacity coming online in 2026 and operates roughly 40 facilities.
Aligned debt exposure: n.a. No fetched source confirms Apollo lending to Aligned.

Ares Management

Financingprivate credit facilities plus real-asset equity via Ada Infrastructure

Ares reported AUM over $595 billion as of September 30, 2025, with dedicated infrastructure AUM of $26.3 billion as of March 31, 2026. Its data center activity spans a US$2.4 billion debt facility for Vantage Data Centers, participation in a EUR 750 million Vantage EMEA financing, and through Ada Infrastructure the acquisition of two Leesburg, Northern Virginia data centers totalling 165MW plus a 314-acre Spotsylvania, Virginia site. Outside North America it closed an inaugural US$2.4 billion Japan data center development fund.

Period	Kind	Amount	Context	Sources
9/30/2025	aum	$595B	AUM over $595 billion; approximately $428 billion total AUM as of March 31, 2024
3/31/2026	aum	$26.3B	dedicated infrastructure AUM of $26.3 billion

Record

Ada Infrastructure was acquired with GLP Capital Partners' international business.
Pause exposure: n.a. Northern Virginia assets sit in the market most affected by the Prince William County reversals.

Oaktree Capital Management

Financingcontrol equity seeking minority co-investment; bank project debt at platform level

Oaktree's disclosed data center exposure is concentrated in Pure DC, a platform with more than 500MW live or under development, for which Oaktree sought a minority investor at $1.1 billion for a 20-40% stake, implying a valuation of $5.3-6.7 billion. Pure DC unveiled a $1.2 billion, 78MW Amsterdam project and secured €1.9 billion of financing from SMBC. No fetched source documents a North American Oaktree data center equity or credit position in 2023-2026.

Period	Kind	Amount	Context	Sources
at Pure DC stake-sale report	aum	$180B	Oaktree AUM cited at approximately $180 billion

Record

North American data center investments 2023-2026: n.a. No fetched source documents a North American Oaktree data center equity or credit position in the period.
Pure DC secured €1.9 billion of financing from SMBC.
Pause exposure: n.a.

The Carlyle Group

Financingfund equity; government land partnership; power-platform build-and-exit

Carlyle reported AUM of $477 billion with 2025 distributable earnings of approximately $1.7 billion on $4.8 billion of revenue. It is one of two sponsors under the US Army's hyperscale data center initiative, developing approximately 1,384 acres at Fort Bliss, El Paso, Texas with initial operating capability in FY2027 and a stated path to 3GW by 2029. Its Copia Power platform, created in 2021, was agreed to be sold to EQT at approximately $2.6 billion, more than five times the original investment.

Period	Kind	Amount	Context	Sources
2025-2026 disclosure	aum	$477B	AUM of $477 billion; 2025 distributable earnings of approximately $1.7 billion on $4.8 billion of revenue
cumulative into Copia	reported	$2.0B	roughly $2 billion invested in Copia's 20,000-acre site west of Phoenix with 1.5GW of solar, in a market Carlyle sizes at $800-900 billion

Record

Copia Power holds more than 20 gigawatts of thermal and renewable generation opportunities, 9 gigawatts of data center opportunities across its campus portfolio, and has brought 2.6 gigawatts into operation or construction; its broader pipeline includes over 25 GW of solar and storage and about 7 GW of natural gas.
Carlyle participated in a $1 billion fund raise for Bharti Airtel's Nxtra data center business in India.
Fort Bliss water and electricity use has drawn local scrutiny; no formal pause disclosed.

Macquarie Asset Management

Financingperpetual preferred and structured debt plus managed infrastructure fund equity

Macquarie Asset Management disclosed more than $17 billion of total capital across Applied Digital and Aligned Data Centers. It executed a $5 billion perpetual preferred equity facility for Applied Digital in October 2025 covering the Ellendale, North Dakota Polaris Forge campuses, and provided Aligned with more than $12 billion of new capital before leading the $40 billion enterprise-value sale of Aligned that closed July 21, 2026. With Anthropic and GIC it announced the Theseus Infrastructure US data center platform.

Period	Kind	Amount	Context	Sources
aggregate (Applied Digital + Aligned)	reported	$17.0B	more than $17 billion of total capital across Applied Digital ($5B) and Aligned (>$12B); cumulative commitment figure. MAM AUM approximately $633.7 billion in the same release
3/31/2026	aum	$498B	MAM AUM $497.6 billion as of March 31, 2026; approximately $588.1 billion at the Aligned sale announcement

Record

MAM entered Aligned via MIP IV in April 2018 (then 85MW across two facilities), with MIP V investing in July 2020; the platform grew to 50 data centers across the US, Mexico, Brazil, Chile and Colombia with more than 5GW.
Anthropic, MAM and GIC announced Theseus Infrastructure, a US-focused dedicated data center platform.
Aligned's sale documentation noted the New York one-year moratorium as a sector consideration.

Global Infrastructure Partners (as a distinct platform)

Financingflagship infrastructure fund equity in consortium take-privates

GIP's data center franchise predates the BlackRock acquisition: with KKR it completed the roughly $15 billion CyrusOne take-private in March 2022 when it managed over $81 billion. Post-acquisition GIP AUM exceeds $200 billion, and GIP led the $40 billion Aligned acquisition (about $21 billion of equity) alongside AIP and MGX. It remains CyrusOne's co-owner, including in the $1.05 billion CMBS financing on a Dallas-area asset.

Period	Kind	Amount	Context	Sources
post-BlackRock	aum	$200B	GIP AUM exceeds $200 billion; over $81 billion at the CyrusOne close

Record

Aligned's North American footprint under GIP ownership spans Northern Virginia, Chicago, Dallas, Ohio, Phoenix and Salt Lake City.
GIP is identified as CyrusOne's co-owner in the $1.05 billion CMBS financing.

IPI Partners / Blue Owl

Financingnet-lease JV equity with residual value guarantees plus green project financing

Blue Owl Capital, not ICONIQ, acquired IPI Partners' business for approximately $1.0 billion (80% equity, 20% cash), completing January 6, 2025; the frequently cited $11 billion figure refers to IPI's AUM, not a purchase price. Blue Owl's digital infrastructure strategy totals $39 billion, including the $7 billion Digital Infrastructure Fund III and the Meta Hyperion joint venture in Louisiana with approximately $27 billion of total development costs. STACK Infrastructure is the core portfolio platform.

Period	Kind	Amount	Context	Sources
9/30/2024	aum	$11.0B	IPI AUM over $11 billion as of September 30, 2024; approximately $10.5 billion as of June 30, 2024, with 82 data centers and more than 2.2GW leased
current	aum	$39.0B	Blue Owl's digital infrastructure strategy totals $39 billion, with a QIA-backed vehicle over $3 billion

Record

ICONIQ as acquirer: not supported. The correct acquirer is Blue Owl, which simultaneously entered a partnership with ICONIQ; ICONIQ managed over $80 billion and Iron Point $10.4 billion.
Reuters confirmed the approximately $1 billion price with Blue Owl AUM over $192 billion.
Pause exposure: n.a.

I Squared Capital

Financingfund equity platform build-up (edge colocation)

I Squared Capital manages $60 billion. On May 26, 2026 it agreed to acquire 10 data centers from Cogent Fiber for $225 million in cash, with up to $1 billion committed to the platform overall; the 53MW seed portfolio spans nine US cities. The platform was launched as Saragon on August 19, 2026.

Period	Kind	Amount	Context	Sources
2026	aum	$60.0B	I Squared manages $60 billion

Record

The seed portfolio comprises 53MW across 259,000 sq ft in Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville and Stockton, with closing expected in Q3 2026.
The platform was launched as Saragon on August 19, 2026.
Pause exposure: n.a.

EQT

Financingflagship infrastructure fund equity with pension co-investment

EQT (total AUM EUR 270 billion) owns EdgeConneX, which has grown to 80 data centers across 50+ markets with CPP Investments committing US$1.75 billion to the EQT/EdgeConneX AI build-out. EQT Infrastructure VI closed at its EUR 21.5 billion hard cap in March 2025, and in April 2026 EQT introduced a dedicated AI Infrastructure strategy citing more than $100 billion of digital and energy assets and an EdgeConneX plan exceeding 10GW. It agreed to acquire Carlyle's Copia Power at approximately $2.6 billion and took Crown Castle's Small Cells business (Arium Networks) in the combined $8.5 billion Crown Castle transaction.

Period	Kind	Amount	Context	Sources
Apr 2026	aum	n.a.	total AUM EUR 270 billion (EUR figure, no USD conversion given); global infrastructure AUM EUR 75 billion and total AUM EUR 269 billion at the March 2025 fund close
Apr 2026	reported	$100B	more than $100 billion of digital and energy assets, more than 90 data centers, EdgeConneX plan exceeding 10GW (an approximately 20x scaling)

Record

EQT Infrastructure IV agreed to acquire EdgeConneX with closing expected in Q4 2020, when EdgeConneX operated 40+ facilities across 33 markets; Sixth Street took a minority stake in 2024.
EQT's involvement with Constellation is n.a. on the evidence gathered; Constellation appears in this dataset as CyrusOne's power counterparty following its $16.4 billion Calpine acquisition.
Pause exposure: n.a.

Antin Infrastructure Partners

Financingflagship fund equity (Europe-focused platforms)

Antin (AUM over €33 billion, Flagship Fund V €10.2 billion) agreed on December 11, 2025 to acquire NorthC, a European enterprise colocation platform with more than 140MW of secured grid capacity, from DWS, with closing expected in H1 2026. Press reporting indicated the sale could fetch approximately €2 billion / $2.31 billion. Its disclosed data center platforms (NorthC, Pulsant) are European; North American data center investments 2023-2026 are n.a.

Period	Kind	Amount	Context	Sources
current	aum	n.a.	firm AUM exceeds €33 billion; Flagship Fund V closed at €10.2 billion (EUR figures, no USD conversion given)

Record

North American data center investments 2023-2026: n.a. Antin's disclosed data center platforms (NorthC, Pulsant) are European, though its Flagship strategy targets Europe and North America.
The NorthC sale was contested between Antin and EQT and could fetch approximately €2 billion / $2.31 billion per press reporting.
Pause exposure: n.a.

Copenhagen Infrastructure Partners

Financingpension-backed fund equity (Europe)

CIP has raised approximately EUR 43 billion across 15 funds. With Thylander it began construction of the DDC1 energy-integrated 11.5MW data center in Denmark, backed by PensionDanmark, with construction starting August 2026 and commissioning in October 2027. North American data center investments are n.a.; its North American activity in the fetched evidence is generation-side.

Period	Kind	Amount	Context	Sources
cumulative	raise	n.a.	raised approximately EUR 43 billion across 15 funds (EUR figure, no USD conversion given)

Record

North American data center investments: n.a. CIP's North American activity in the fetched evidence is generation-side rather than data center equity, for example a reported 400MW delivery to AEP from the Panther Grove project (source not fetched in this session; treat as unverified).
Pause exposure: n.a.

Pensions & Sovereign Wealth Funds (CalPERS, CPPIB, CDPQ/La Caisse, OTPP, PSP, ADIA, GIC, Mubadala, MGX)

Financingdirect minority equity and co-investment alongside sponsor funds

Pension funds and sovereign wealth funds appear throughout the sponsor landscape as direct and co-investors. Documented positions include ADIA and GIC's $1.6 billion into Vantage, CPPIB's C$225 million in Ontario, La Caisse's CAD 240 million to advance Cologix's AI-ready MTL8 data center, MGX's participation in the $500 billion Stargate program, and holdings across Vantage, Cologix, eStruxture, Compass, Aligned and Equinix xScale. CPP Fund stood at C$777.5 billion (9/30/25) and La Caisse at CAD 517 billion (12/31/25).

Period	Kind	Amount	Context	Sources
9/30/2025	aum	n.a.	CPP Fund C$777.5 billion (CAD figure, no USD conversion given); La Caisse CAD 517 billion (12/31/25)

Record

Key portfolio companies across the group include Vantage, Cologix, eStruxture, Compass, Aligned and Equinix xScale.
OTPP co-acquired Compass Datacenters with Brookfield in 2023, with OTPP net assets at C$247.2 billion at announcement.
Mubadala invested $500 million into Cologix alongside Stonepeak.

Named sites — private equity & infrastructure

Site	Location	Capital	MW	Status	Detail
QTS Van Wert mega-campus	Van Wert, OH	$10.0B	500	announced	QTS announced a $10 billion campus on a 902-acre site in Van Wert, Ohio, with about $200 million of projected local tax revenue over two decades. Groundbreaking is set for Q4 2026, first facility operational in Q1 2029 and full completion around 2032.
Blackstone / Digital Realty hyperscale JV campuses	VA	~$7.0B	500	construction	Hyperscale development JV with campuses in Frankfurt, Paris and Northern Virginia; roughly 20% of capacity delivered through 2025 and the balance in 2026 and beyond. Digital Realty subsequently agreed to buy a larger stake in three Northern Virginia data centers from Blackstone for $3.5 billion.
PW Digital Gateway	Prince William County, VA	$24.7B		cancelled	QTS withdrew its appeals before the Virginia Supreme Court on July 2, closing out the 2,139-acre PW Digital Gateway corridor. Datacenterwatch attributes $24.7 billion of blocked/delayed value to the project led by QTS and Compass; this is an aggregator estimate, not a company disclosure.
QTS DeForest campus (dropped)	Village of DeForest, WI	n.a.		withdrawn	QTS dropped a campus in the Village of DeForest, Wisconsin near Madison after the village moved to deny an annexation request, deeming the project "not feasible in DeForest".
QTS McKinley Park riverfront project	Chicago, IL	n.a.		blocked	A QTS McKinley Park riverfront project hit a permit roadblock. The source does not state the city or state.
Compass Datacenters Meridian hyperscale campus	Meridian, MS	$10.0B	500	announced	Compass's largest disclosed North American project is a $10 billion single-tenant hyperscale campus in Meridian / Lauderdale County, Mississippi, comprising eight data centers over an eight-year construction period.
CyrusOne DFW10 campus (Thad Hill Energy Center)	Bosque County, TX	$1.2B	190	construction	CyrusOne's Texas development is anchored on dedicated generation: a $1.2 billion infrastructure investment and 190MW agreement with Calpine for the DFW10 campus adjacent to the Thad Hill Energy Center, announced July 30, 2025 and expected operational by Q4 2026.
ECP-KKR Bosque County campus	Bosque County, TX	~$4.0B	190	construction	A separate approximately $4 billion, 190MW (144MW initial IT load) Bosque County campus sits under the $50 billion Energy Capital Partners-KKR partnership, targeted operational in Q4 2026.
US Army hyperscale program at Dugway Proving Ground (CyrusOne)	Dugway, UT	n.a.		announced	CyrusOne is one of two private partners in the US Army's hyperscale data center program, developing at Dugway Proving Ground on 1,201 acres with initial operating capability in FY2029. The source does not state the US state.
US Army hyperscale program at Fort Bliss (Carlyle)	El Paso, TX	n.a.	3000	announced	Carlyle is developing on approximately 1,384 acres at Fort Bliss, El Paso, Texas, with initial operating capability in FY2027 and a stated path to 3GW by 2029. Water and electricity use has drawn local scrutiny; no formal pause disclosed.
Copia Power site west of Phoenix	AZ	~$2.0B		construction	Carlyle has described roughly $2 billion invested in Copia's 20,000-acre site west of Phoenix with 1.5GW of solar. Platform-wide, Copia has brought 2.6 gigawatts into operation or construction; site-specific status is not separately stated.
CoreSite DE3 (Stonepeak / American Tower JV)	Denver, CO	≥$250M	18	construction	Stonepeak formed a JV with American Tower to build DE3 in downtown Denver, an 18MW facility in three 6MW phases, within a CoreSite platform of 28 facilities across 11 US markets.
Cologix TOR4-S	Toronto, Ontario	n.a.	15	announced	The $3.0 billion Cologix recapitalization included the 50,000 sq ft / 15MW TOR4-S facility in Toronto. Operational status of the facility is not stated in the source.
Vantage Frontier mega-campus	Shackelford County, TX	≥$25.0B	1400	announced	Vantage announced Frontier on August 19, 2025: over $25 billion, 1,200 acres in Shackelford County, Texas, 10 data centers, 3.7 million square feet, 1.4GW and 250kW+ rack density, with the first building delivered in 2H 2026.
Vantage Lighthouse campus	Port Washington, WI	n.a.		announced	Vantage's Lighthouse campus in Port Washington, Wisconsin plans close to a gigawatt across four data centers, completing in 2028.
Vantage Ohio campus	OH	n.a.	192	announced	Named among Vantage's 2024 growth: a 192MW Ohio campus, alongside a third Northern Virginia campus at 288MW and 11 new data centers.
Vantage third Northern Virginia campus	VA	n.a.	288	announced	Vantage's 2024 growth disclosure names a third Northern Virginia campus at 288MW.
Switch Nevada AI campus	NV	$3.0B		announced	Switch announced a $3bn AI campus in Nevada and has expanded credit facilities to $10bn since the take-private.
Applied Digital Polaris Forge 1	Ellendale, ND	$900M	400	construction	Polaris Forge 1 in Ellendale, North Dakota is a 400MW campus expandable to 1GW, leased to CoreWeave. The first tranche of MAM funding followed a $375 million February 2025 Ellendale financing; construction status is inferred from staged build financing rather than stated directly.
Ada Infrastructure Leesburg data centers	Leesburg, VA	n.a.	165	operating	Through Ada Infrastructure, Ares acquired two Leesburg, Northern Virginia data centers totalling 165MW and 745,000 sq ft on 15-year triple-net leases.
Ada Infrastructure Spotsylvania site	Spotsylvania, VA	n.a.		announced	Ares, through Ada Infrastructure, also acquired a 314-acre site in Spotsylvania, Virginia.
Pure DC Amsterdam project	Amsterdam, Netherlands	$1.2B	78	announced	Pure DC unveiled a $1.2 billion, 78MW Amsterdam project with construction starting January 2026.
Meta Hyperion campus (Blue Owl JV)	Richland Parish, LA	~$27.0B		announced	Blue Owl funds and Meta entered a joint venture on October 21, 2025 for the Hyperion campus in Richland Parish, Louisiana.
DDC1 energy-integrated data center	Denmark	n.a.	11.5	construction	CIP and Thylander began construction of the DDC1 energy-integrated data center in Denmark, an 11.5MW facility, with construction starting August 2026 and commissioning in October 2027.
Cologix MTL8	Montreal, Quebec	n.a.		announced	La Caisse invested CAD 240 million to advance Cologix's AI-ready MTL8 data center in Montreal. Amount recorded as null in USD because the source states it in CAD only.

Financing transactions — private equity & infrastructure

Timing	Parties	Instrument	Amount	Detail
announced; transaction closed with Blackstone reporting $684 billion of firm AUM at the time	Blackstone · QTS Realty Trust	acquisition	$10.0B	Blackstone's take-private of QTS Realty Trust covered a portfolio of more than 7 million square feet of owned data center space across North America and Europe.
2024 (per summary table)	Blackstone · AirTrunk	acquisition	≥$16.0B	The largest-ever Blackstone investment in Asia-Pacific, with more than 800MW of committed capacity and land for over 1GW more; noted for completeness.
roughly 20% of capacity delivered through 2025, balance in 2026 and beyond	Blackstone · Digital Realty	jv equity	~$7.0B	Hyperscale development JV across four campuses (Frankfurt, Paris, Northern Virginia) with ten planned data centers supporting approximately 500MW of IT load.
subsequent to the JV	Digital Realty · Blackstone	acquisition	$3.5B	Digital Realty agreed to buy a larger stake in three Northern Virginia data centers from Blackstone.
August 2023	CoreWeave · Blackstone · Magnetar	debt facility	$2.3B	Predecessor facility to the $7.5 billion CoreWeave financing led by Blackstone and Magnetar.
brought CoreWeave's raises to over $12 billion in twelve months	CoreWeave · Blackstone · Magnetar	debt facility	$7.5B	Blackstone and Magnetar led a $7.5 billion debt financing facility for CoreWeave.
maturing March 2032; took total raises to roughly $28 billion in twelve months	CoreWeave	debt facility	$8.5B	CoreWeave later secured an $8.5 billion delayed-draw term loan to expand AI infrastructure.
n.a.	Blackstone · QTS	other	$3.5B	Blackstone has refinanced QTS assets through CMBS.
n.a.	Blackstone · QTS	other	$1.5B	A further QTS CMBS refinancing alongside the $3.5 billion issue.
planned	Blackstone	platform	n.a.	Blackstone is planning a publicly traded AI-data-center vehicle.
announced August 10, 2026	NVIDIA · Apollo · BlackRock · Blackstone · Brookfield · Goldman Sachs · KKR	platform	≥$500B	NVIDIA named these sponsors in a set of AI compute infrastructure financing platforms.
completed October 1, 2024	BlackRock · Global Infrastructure Partners	acquisition	n.a.	Created a combined infrastructure platform with approximately $170 billion of client AUM, around 600 employees and more than 300 investments.
launched September 2024; renamed March 19, 2025; initial closing October 2025	Microsoft · BlackRock · GIP · MGX · NVIDIA · xAI · Temasek · Kuwait Investment Authority	platform	$30.0B	The AI Infrastructure Partnership, with collaborations announced with GE Vernova and NextEra Energy; Temasek made an anchor investment at the October 2025 initial closing.
announced October 16, 2025; closed July 21, 2026	AIP · MGX · BlackRock GIP · Macquarie Asset Management (seller)	acquisition	≥$40.0B	The largest North American data center transaction of the period, covering a platform of 6.4GW across 51 locations. Macquarie Asset Management led the sale as exiting sponsor.
2026	CyrusOne · KKR · GIP	other	$1.1B	CMBS financing on a data center property near Dallas for KKR- and GIP-owned CyrusOne.
agreed June 20, 2023	Brookfield Infrastructure · Ontario Teachers' Pension Plan · RedBird Capital Partners (seller) · Azrieli Group (seller)	acquisition	~$5.5B	Brookfield Infrastructure and OTPP agreed to acquire Compass Datacenters from RedBird Capital Partners and Azrieli Group.
asset purchase agreement dated November 1, 2023; completed January 16, 2024	Brookfield Infrastructure · Cyxtera · Evoque	acquisition	$1.3B	Brookfield acquired substantially all of Cyxtera's assets through portfolio company Evoque after Cyxtera's June 2023 Chapter 11; the combined platform was rebranded Centersquare.
2023	Brookfield · Data4	acquisition	n.a.	Brookfield acquired France's Data4, covering 31 data centers in six countries.
initial €20 billion commitment subsequently raised by €10 billion	Brookfield · Data4	platform	~$34.0B	Brookfield's French commitment sits within a global AI infrastructure initiative of $100 billion and a dedicated AI infrastructure fund of $10 billion; the €10 billion increase is corroborated by Baxtel.
completed March 25, 2022	KKR · GIP · CyrusOne	acquisition	~$15.0B	KKR and GIP completed the acquisition of CyrusOne when GIP AUM was over $81 billion.
revolving credit facility completed in May	CyrusOne	debt facility	~$9.7B	Post-acquisition debt financing across a platform of over 55 data centers in the US and Europe.
announced July 30, 2025; expected operational by Q4 2026	CyrusOne · Calpine	ppa	$1.2B	Dedicated-generation agreement anchoring the DFW10 campus adjacent to the Thad Hill Energy Center in Bosque County, Texas.
reported February 9, 2026	Constellation · CyrusOne	ppa	n.a.	Constellation signed a 380-megawatt agreement with CyrusOne near the Freestone Energy Center in Texas.
2025	Energy Capital Partners · KKR	platform	$50.0B	The Energy Capital Partners-KKR partnership under which the roughly $4 billion Bosque County campus is being developed.
at GTR launch	KKR · Global Technical Realty	platform	$1.0B	KKR originally committed $1 billion to launch Global Technical Realty, a hyperscale builder.
January 7, 2026	KKR · Oak Hill Capital · Global Technical Realty	equity raise	~$1.9B	Additional commitments to the European data center platform Global Technical Realty.
agreed December 5, 2025	KKR · Compass Datacenters	equity raise	n.a.	KKR agreed to invest in Compass Datacenters, the Brookfield- and OTPP-backed platform.
cited as deal context in the KKR-Compass reporting	Compass Datacenters	other	$326M	An asset-backed securitization by Compass Datacenters noted alongside its 2023 $5.5 billion value and the $10 billion Meridian campus.
launch	KKR · Kuwait Investment Authority · NVIDIA · Vistra	platform	~$10.0B	KKR launched Helix Digital Infrastructure to deliver hyperscale data centers with secured power.
2023	KKR · Singtel	acquisition	$800M	KKR's earlier APAC data center stake, cited in the Helix launch coverage.
n.a.	Stonepeak · Cologix	other	$3.0B	Stonepeak recapitalized Cologix, including the 50,000 sq ft / 15MW TOR4-S facility in Toronto.
n.a.	Mubadala · Cologix · Stonepeak	equity raise	$500M	Mubadala invested $500 million into Cologix alongside Stonepeak for data center expansion.
2022	Stonepeak · CoreSite · American Tower	equity raise	$2.5B	Stonepeak's initial investment into the American Tower-owned CoreSite platform.
completed October 20, 2022	Stonepeak · CoreSite · American Tower	equity raise	$570M	Upsize of Stonepeak's CoreSite investment.
formed July 31, 2024	Stonepeak · American Tower	jv equity	≥$250M	JV to build the DE3 data center in downtown Denver, Colorado.
launched April 23, 2025	Stonepeak · Montera Infrastructure	platform	≥$1.5B	Montera was Stonepeak's fourth North American data center investment and eighth globally.
6 January 2025	Stonepeak · Digital Edge	equity raise	≥$1.6B	Digital Edge raised new equity and debt capital across 21 data centers with over 500 MW of critical IT load in service, construction and development and another 300 MW held for future development.
completed June 13, 2024	DigitalBridge · Silver Lake · Vantage Data Centers	equity raise	≥$9.2B	DigitalBridge and Silver Lake co-led the completed equity investment in Vantage Data Centers.
2024	Vantage Data Centers · Wells Fargo	debt facility	≥$3.0B	Green loan within Vantage's record 2024 incremental funding.
completed December 6, 2022	DigitalBridge · IFM Investors · Switch	acquisition	~$11.0B	DigitalBridge and IFM Investors completed the take-private of Switch.
since take-private	Switch	debt facility	$10.0B	Switch has expanded credit facilities to $10bn and announced a $3bn AI campus in Nevada.
announced October 2024	DataBank · DigitalBridge · TJC	equity raise	$2.0B	DataBank equity round across a platform of more than 65+ data centers, 20 interconnection hubs and 27+ markets; DigitalBridge received $59 million of gross cash proceeds with its remaining stake implied at $486 million.
alongside the October 2024 round	DataBank	other	~$600M	Secondary sale accompanying the DataBank $2 billion equity round.
completed	DigitalBridge · La Caisse · Yondr Group	acquisition	n.a.	DigitalBridge and La Caisse completed the acquisition of Yondr Group.
agreed, then completed	Zayo · Crown Castle · EQT Active Core Infrastructure	acquisition	$8.5B	Zayo, a DigitalBridge portfolio company that has invested more than $35 billion in its network, acquired Crown Castle's Fiber Solutions business.
n.a.	DigitalBridge · ArcLight · Takanock	equity raise	$500M	DigitalBridge and ArcLight invested $500 million into Takanock.
announced December 29, 2025; approved by stockholders April 23, 2026; expected to close in the second half of 2026	SoftBank · DigitalBridge	acquisition	~$4.0B	SoftBank agreed to acquire DigitalBridge.
reported August 13, 2026	Vantage Data Centers	other	n.a.	Reuters reported Vantage exploring an IPO or sale, having raised roughly $11 billion since late 2023.
launched after the Vantage investment	Silver Lake · Adam Fisher · Peter Rumbold	platform	≥$400M	Silver Lake launched the platform citing AUM of approximately $103 billion.
agreed August 6, 2025; completed November 3, 2025	Apollo · Stream Data Centers	acquisition	n.a.	Apollo funds acquired a majority stake in Stream Data Centers, which has a 4+GW pipeline including 650MW of near-term capacity in Chicago, Atlanta and Dallas across 20+ campuses.
deal set to close in Q2 2025; Apollo acquired Argo "at the turn of the year"	Apollo · Argo Infrastructure Partners	acquisition	n.a.	The acquisition brought TierPoint, in which Argo's investments totalled $320 million (2020) plus $500 million (2022), reaching $700 million as majority shareholder.
reported February 27, 2025	Apollo · Meta	debt facility	~$35.0B	Apollo was reported to be leading talks to raise data center financing for Meta.
n.a.	Ares · Vantage Data Centers	debt facility	$2.4B	Ares provided the facility to Vantage, whose platform spans 17 campuses and 4GW+ of IT load.
n.a.	Ares · CDPQ · Schroders Capital · Vantage EMEA	debt facility	n.a.	Ares participated with CDPQ and Schroders Capital in a financing for Vantage EMEA.
n.a.	Ares · Ada Infrastructure	acquisition	n.a.	Ada Infrastructure acquired two Leesburg, Northern Virginia data centers totalling 165MW and 745,000 sq ft on 15-year triple-net leases, plus a 314-acre site in Spotsylvania, Virginia.
n.a.	Ares · CPP Investments	equity raise	$2.4B	Ares closed the fund outside North America.
sought (reported)	Oaktree · Pure DC	equity raise	≥$1.1B	Oaktree sought a minority investor for Pure DC, a platform with more than 500MW live or under development.
n.a.	Pure DC · SMBC	debt facility	n.a.	Pure DC secured financing from SMBC.
completion expected by the end of 2026	Carlyle (seller) · EQT	acquisition	≥$2.6B	Carlyle agreed to sell its power and AI infrastructure platform Copia Power to EQT.
announced March 30, 2026	Bharti Airtel · Carlyle	equity raise	$1.0B	Carlyle participated in the fund raise for Bharti Airtel's Nxtra data center business.
executed October 7, 2025	Macquarie Asset Management · Applied Digital	preferred	$5.0B	Executed with Macquarie Asset Management, not Blackstone (premise correction preserved from the source).
February 2025	Applied Digital · Macquarie Asset Management	debt facility	$375M	Earlier Ellendale financing referenced in the first-tranche coverage.
closed December 18, 2025	Applied Digital · Macquarie Asset Management	debt facility	$100M	Development loan facility completed for Applied Digital's Polaris Forge 2.
cumulative over MAM's ownership (MIP IV from April 2018, MIP V from July 2020)	Macquarie Asset Management · Aligned Data Centers	equity raise	≥$12.0B	MAM's total capital provided to Aligned before the $40 billion EV exit.
closed March 26, 2026	Aligned Data Centers	debt facility	$2.6B	Closed to fund continued US expansion.
announced (Business Wire release dated 2026-08-09 in URL)	Anthropic · Macquarie Asset Management · GIC	platform	n.a.	Theseus Infrastructure, a US-focused dedicated data center platform.
agreed October 7, 2024; completed January 6, 2025	Blue Owl Capital · IPI Partners · ICONIQ (partnership)	acquisition	~$1.0B	Blue Owl acquired IPI Partners' business and simultaneously entered a partnership with ICONIQ; the acquirer was Blue Owl, not ICONIQ.
n.a.	Blue Owl	equity raise	~$7.0B	Fund close within Blue Owl's $39 billion digital infrastructure strategy.
entered October 21, 2025	Blue Owl · Meta	jv equity	~$27.0B	JV for the Hyperion campus with a four-year initial lease term and a residual value guarantee covering the first 16 years of operations.
n.a.	Blue Owl · STACK Infrastructure	debt facility	$6.0B	Green financing within Blue Owl's digital infrastructure strategy.
n.a.	Blue Owl · QIA	platform	≥$3.0B	Vehicle within Blue Owl's $39 billion digital infrastructure strategy.
agreed May 26, 2026; closing expected Q3 2026; platform launched as Saragon August 19, 2026	I Squared Capital · Cogent Fiber	acquisition	$225M	Seed portfolio of 53MW across 259,000 sq ft in Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville and Stockton; US AI inference edge colocation platform.
closing expected Q4 2020	EQT Infrastructure IV · EdgeConneX	acquisition	n.a.	EQT's entry into data centers via EdgeConneX, which has since grown to 80 data centers across 50+ markets.
n.a.	CPP Investments · EQT · EdgeConneX	equity raise	$1.8B	CPP Investments commitment into the EdgeConneX build-out; Sixth Street took a minority stake in 2024.
final close March 28, 2025	EQT	equity raise	n.a.	EQT Infrastructure VI held its final close at its hard cap, when EQT's global infrastructure AUM was EUR 75 billion.
agreed December 11, 2025; closing expected H1 2026	Antin · DWS (seller) · NorthC	acquisition	~$2.3B	Antin agreed to acquire NorthC, a European enterprise colocation platform with more than 140MW of secured grid capacity, from DWS.
n.a.	ADIA · GIC · Vantage Data Centers	equity raise	≥$1.6B	Sovereign wealth fund investment into Vantage recorded in the private capital summary table.
n.a.	CPPIB	equity raise	n.a.	CPPIB commitment in Ontario recorded in the private capital summary table.
n.a.	La Caisse · Cologix	equity raise	n.a.	La Caisse invested CAD 240 million to advance Cologix's AI-ready MTL8 data center.
n.a.	MGX	platform	$500B	MGX's participation in the Stargate program is recorded in the private capital summary table.

Pensions & sovereigns

Pension funds, sovereign wealth funds, and state investors supplying the permanent capital behind the platform layer.

12entities 4named sites 27transactions 35recorded facts

CalPERS

FinancingLP fund commitments; climate/infrastructure allocation without named data center assets

CalPERS' only confirmed dedicated data center vehicle in the fetched evidence is the $500 million TechCore fund with GI Partners, dating from when CalPERS managed approximately $235 billion. Its June 2026 investment committee materials disclose a private-infrastructure NAV of $24.4 billion, a pledge to invest $100 billion in climate solutions by 2030, and a $2.6 billion NAV increase in 2025 from climate-solutions deployment, citing demand for AI, data centers and associated power infrastructure, but name no data center assets. Named North American data center investments 2023 to 2026: n.a.

Period	Kind	Amount	Context
at TechCore commitment	aum	$235B	CalPERS managed approximately $235 billion when it invested in the $500 million TechCore fund with GI Partners
quarter ending March 31, 2026	aum	$24.4B	private-infrastructure NAV of $24.4 billion disclosed in June 2026 investment committee materials
by 2030	guidance	$100B	pledge to invest $100 billion in climate solutions by 2030; not a data-center-specific commitment
2025	reported	$2.6B	$2.6 billion NAV increase in 2025 from climate-solutions deployment, citing 'unprecedented demand for AI, data centers, and associated power infrastructure'

Record

CalPERS' only confirmed dedicated data center vehicle in the fetched evidence is the $500 million TechCore fund with GI Partners.
Named North American data center investments 2023 to 2026 are n.a. in the source; the June 2026 committee materials name no data center assets.

CPP Investments (CPPIB)

Financingdirect construction lending, fund commitments and JV equity

CPPIB acts as a direct construction lender and JV principal in data centers. It committed C$225 million of construction financing for a 54MW hyperscale data center in Cambridge, Ontario, US$1.75 billion to the EQT/EdgeConneX AI build-out, $1.3 billion to Ares' US$2.4 billion Japan data center fund, and formed a greater than $15 billion Equinix xScale JV with GIC on October 1, 2024. On December 23, 2025 it launched an A$14 billion (€8 billion) European data centre partnership with Goodman with an initial A$3.9 billion (€2.2 billion) commitment.

Period	Kind	Amount	Context	Sources
as of March 31, 2025	aum	n.a.	CPP Fund totalled C$714.4 billion (Canadian dollars, no USD figure given)
as of September 30, 2025	aum	n.a.	CPP Fund totalled C$777.5 billion (Canadian dollars, no USD figure given)

Record

CPPIB committed C$225 million of construction financing for a 54MW hyperscale data center in Cambridge, Ontario developed with Related Digital, TowerBrook and Ascent.
CPPIB committed US$1.75 billion to the EQT/EdgeConneX AI data center build-out.
CPPIB committed $1.3 billion to Ares' US$2.4 billion inaugural Japan data center development fund.
CPPIB formed a greater than $15 billion Equinix xScale JV with GIC on October 1, 2024.
On December 23, 2025 CPPIB and Goodman launched an A$14 billion (€8 billion) European data centre partnership with an initial A$3.9 billion (€2.2 billion) commitment, 435 MW of primary power and 282 MW of IT load.

CDPQ / La Caisse

Financingsenior project debt plus platform equity co-investments

CDPQ (La Caisse) is active as a direct data center lender and equity co-investor. It committed USD 75 million (CAD 103 million) of a USD 130 million facility for Vantage's QC2 campus in Québec City, participated in the CoreWeave $7.5 billion facility, committed new capital to eStruxture with Fengate, and provided CAD 240 million of senior financing for Cologix's MTL8 in Montréal. It also co-acquired Yondr Group with DigitalBridge (420MW committed, more than 1GW potential) and joined the EUR 750 million Vantage EMEA financing with Ares and Schroders.

Period	Kind	Amount	Context	Sources
as of December 31, 2025	aum	n.a.	net assets of CAD 517 billion (Canadian dollars, no USD figure given)
at Yondr acquisition release	aum	n.a.	net assets CAD 473 billion at that release (Canadian dollars, no USD figure given)

Record

CDPQ committed USD 75 million (CAD 103 million) of a USD 130 million facility for Vantage's QC2 campus in Québec City, adding 16MW for a total of 86MW across 925,000 sq ft.
CDPQ participated in the CoreWeave $7.5 billion facility.
CDPQ and Fengate committed new capital to eStruxture, which operates data centers in Montréal, Vancouver and Calgary.
La Caisse provided CAD 240 million of senior financing for Cologix's MTL8 (21MW, Technoparc Montréal).
La Caisse co-acquired Yondr Group with DigitalBridge, with 420MW committed and more than 1GW potential.
La Caisse joined the EUR 750 million Vantage EMEA financing with Ares and Schroders.

Ontario Teachers' Pension Plan (OTPP)

FinancingJV equity co-acquisition of a development platform

OTPP co-acquired Compass Datacenters with Brookfield Infrastructure in June 2023, when its net assets were C$247.2 billion. Reuters put the deal at approximately $5.5 billion. Through Compass, OTPP's exposure includes the $10 billion Meridian, Mississippi campus and the cancelled PW Digital Gateway.

Period	Kind	Amount	Context	Sources
June 2023	aum	n.a.	net assets of C$247.2 billion at the Compass acquisition (Canadian dollars, no USD figure given)

Record

OTPP co-acquired Compass Datacenters with Brookfield Infrastructure in June 2023, from RedBird Capital Partners and Azrieli Group.
Reuters put the Compass Datacenters deal at approximately $5.5 billion.
OTPP's exposure through Compass includes the cancelled PW Digital Gateway project.

PSP Investments

Financingdirect platform equity, majority stake exited in 2024

PSP completed the sale of the majority of its Vantage Data Centers investment on June 13, 2024, generating cumulative proceeds of approximately US$2.3 billion. During PSP's ownership Vantage grew from three campuses to 34. PSP reported net AUM of $243.7 billion as of March 31, 2023.

Period	Kind	Amount	Context	Sources
as of March 31, 2023	aum	$244B	PSP reported net AUM of $243.7 billion

Record

PSP completed the sale of the majority of its Vantage Data Centers investment on June 13, 2024, generating cumulative proceeds of approximately US$2.3 billion.
During PSP's ownership Vantage grew from three campuses to 34.

ADIA (Abu Dhabi Investment Authority)

Financingdirect minority equity investment alongside co-investors

ADIA, together with GIC, agreed to invest $1.6 billion into Vantage Data Centers in September 2025, with closing expected in Q4 2025.

Record

ADIA and GIC agreed to invest $1.6 billion into Vantage Data Centers in September 2025, with closing expected in Q4 2025.

GIC

FinancingJV equity and platform partnerships

GIC, together with ADIA, agreed to invest $1.6 billion into Vantage Data Centers in September 2025. GIC also formed the greater than $15 billion Equinix xScale JV with CPP Investments and joined Anthropic and Macquarie Asset Management in the Theseus Infrastructure US platform.

Record

ADIA and GIC agreed to invest $1.6 billion into Vantage Data Centers in September 2025, with closing expected in Q4 2025.
GIC formed the greater than $15 billion Equinix xScale JV with CPP Investments.
GIC joined Anthropic and Macquarie Asset Management in the Theseus Infrastructure US platform.

Mubadala

Financingdirect equity investments alongside sponsors

Mubadala invested in Aligned Data Centers on August 2, 2023, amount not disclosed, when Aligned planned more than 2.5GW across 40 plus data centers at full build-out. Its related digital investments include $350 million into Princeton Digital Group in 2022 and £800 million into CityFibre. Mubadala also invested $500 million into Cologix alongside Stonepeak.

Record

Mubadala invested in Aligned Data Centers on August 2, 2023, amount not disclosed, when Aligned planned more than 2.5GW across 40 plus data centers at full build-out.
Mubadala's related digital investments include $350 million into Princeton Digital Group (2022) and £800 million into CityFibre.
Mubadala invested $500 million into Cologix alongside Stonepeak.

MGX

Financingfounding equity in mega-programs, consortium partnership and platform acquisition

MGX sits at the intersection of the three largest structures in the atlas. It is one of the initial equity funders of Stargate alongside SoftBank, OpenAI and Oracle, a program targeting $500 billion of US AI infrastructure investment over four years with $100 billion deployed immediately, beginning in Texas. It is a founding partner of the AI Infrastructure Partnership ($30 billion equity, up to $100 billion with debt) and a co-acquirer of Aligned Data Centers at a $40 billion enterprise value, closed July 21, 2026, covering 51 campuses and 6.4GW. It also participated in xAI's $6 billion Series C.

Record

MGX is one of the initial equity funders of Stargate, alongside SoftBank, OpenAI and Oracle, a program targeting $500 billion of investment in US AI infrastructure over four years with $100 billion deployed immediately, beginning in Texas.
MGX is a founding partner of AIP, seeking $30 billion of equity scaling to up to $100 billion including debt financing.
MGX is a co-acquirer of Aligned Data Centers at $40 billion enterprise value, closed July 21, 2026, covering 51 campuses and 6.4GW.
MGX participated in xAI's $6 billion Series C.
SoftBank's Stargate disclosures cite more than $400 billion of investment over three years across five new US sites totalling nearly 7 gigawatts, plus an additional $22.5 billion SoftBank investment in OpenAI completed Dec. 26.
No other single investor appears in the equity stack of the largest lab programme, the largest sponsor consortium and the largest platform acquisition simultaneously.

Kuwait Investment Authority

FinancingLP participation in sponsor consortia and platforms

Kuwait Investment Authority joined the AI Infrastructure Partnership (AIP) in June 2025 and is a partner in KKR's approximately $10 billion Helix Digital Infrastructure.

Record

Kuwait Investment Authority joined AIP in June 2025.
Kuwait Investment Authority is a partner in KKR's approximately $10 billion Helix Digital Infrastructure.

Temasek

Financinganchor LP investment in sponsor consortium

Temasek made an anchor investment in the AI Infrastructure Partnership (AIP) at its October 2025 initial closing.

Record

Temasek made an anchor investment in AIP at its October 2025 initial closing.

Qatar Investment Authority

Financinganchor LP backing of a sponsor capital vehicle

Qatar Investment Authority backs a Blue Owl vehicle of over $3 billion.

Record

Qatar Investment Authority backs a Blue Owl vehicle of over $3 billion.

Named sites — pensions & sovereigns

Site	Location	Capital	MW	Status	Detail
Cambridge, Ontario hyperscale data center	Cambridge, Ontario	n.a.	54	construction	CPPIB committed C$225 million of construction financing for a 54MW hyperscale data center in Cambridge, Ontario, developed with Related Digital, TowerBrook and Ascent. The commitment was disclosed when the CPP Fund totalled C$714.4 billion as of March 31, 2025.
Vantage QC2 campus	Québec City, Quebec	$75M	86	expansion	CDPQ committed USD 75 million (CAD 103 million) of a USD 130 million facility for Vantage's QC2 campus in Québec City. The financing adds 16MW for a total of 86MW across 925,000 sq ft.
Cologix MTL8	Montréal, Quebec	n.a.	21	announced	La Caisse provided CAD 240 million of senior financing to advance Cologix's AI-ready MTL8 data centre, a 21MW facility at Technoparc Montréal. Disclosed when La Caisse net assets were CAD 517 billion as of December 31, 2025.
Compass Datacenters Meridian campus	Meridian, MS	$10.0B		announced	OTPP's exposure through its Compass Datacenters co-acquisition with Brookfield Infrastructure includes the $10 billion Meridian, Mississippi campus in Lauderdale County.

Financing transactions — pensions & sovereigns

Timing	Parties	Instrument	Amount	Detail
n.a. in source; described as when CalPERS managed approximately $235 billion	CalPERS · GI Partners	platform	$500M	CalPERS' only confirmed dedicated data center vehicle in the fetched evidence is the $500 million TechCore fund with GI Partners.
disclosed with CPP Fund at C$714.4 billion as of March 31, 2025	CPP Investments · Related Digital · TowerBrook · Ascent	debt facility	n.a.	CPPIB committed C$225 million of construction financing for a 54MW hyperscale data center in Cambridge, Ontario developed with Related Digital, TowerBrook and Ascent.
n.a. in source	CPP Investments · EQT · EdgeConneX	jv equity	$1.8B	CPPIB committed US$1.75 billion to the EQT/EdgeConneX AI data center build-out.
n.a. in source	CPP Investments · Ares Management	platform	$1.3B	CPPIB committed $1.3 billion to Ares' US$2.4 billion Japan data center fund.
October 1, 2024	Equinix · CPP Investments · GIC	jv equity	≥$15.0B	CPPIB and GIC formed a greater than $15 billion Equinix xScale JV on October 1, 2024 to expand hyperscale capacity.
launched December 23, 2025	CPP Investments · Goodman	jv equity	n.a.	CPPIB and Goodman launched an A$14 billion (€8 billion) European data centre partnership with an initial A$3.9 billion (€2.2 billion) commitment, covering 435 MW of primary power and 282 MW of IT load. Disclosed when the CPP Fund totalled C$777.5 billion as of September 30, 2025.
n.a. in source	CDPQ · Vantage Data Centers	debt facility	$75M	CDPQ committed USD 75 million (CAD 103 million) of a USD 130 million facility for Vantage's QC2 campus in Québec City, adding 16MW for a total of 86MW.
n.a. in source	CDPQ · CoreWeave	debt facility	n.a.	CDPQ participated in the CoreWeave $7.5 billion facility.
n.a. in source	CDPQ · Fengate · eStruxture	jv equity	n.a.	CDPQ and Fengate committed new capital to eStruxture, which operates data centers in Montréal, Vancouver and Calgary.
disclosed with net assets of CAD 517 billion as of December 31, 2025	La Caisse · Cologix	debt facility	n.a.	La Caisse provided CAD 240 million of senior financing for Cologix's MTL8, a 21MW data centre at Technoparc Montréal.
completed; disclosed with net assets CAD 473 billion at that release	La Caisse · DigitalBridge · Yondr Group	acquisition	n.a.	La Caisse co-acquired Yondr Group with DigitalBridge. Yondr has 420MW committed and more than 1GW potential.
n.a. in source	Ares Management · CDPQ · Schroders Capital · Vantage Data Centers	debt facility	n.a.	La Caisse joined the EUR 750 million Vantage EMEA financing with Ares and Schroders.
June 2023	Brookfield Infrastructure · Ontario Teachers' Pension Plan · RedBird Capital Partners · Azrieli Group	acquisition	~$5.5B	OTPP co-acquired Compass Datacenters with Brookfield Infrastructure from RedBird Capital Partners and Azrieli Group in June 2023. Reuters put the deal at approximately $5.5 billion.
completed June 13, 2024	PSP Investments · Vantage Data Centers	acquisition	~$2.3B	PSP completed the sale of the majority of its Vantage Data Centers investment on June 13, 2024, generating cumulative proceeds of approximately US$2.3 billion. During PSP's ownership Vantage grew from three campuses to 34.
agreed September 2025; closing expected Q4 2025	ADIA · GIC · Vantage Data Centers	jv equity	$1.6B	ADIA and GIC agreed to invest $1.6 billion into Vantage Data Centers in September 2025, with closing expected in Q4 2025.
n.a. in source	Anthropic · Macquarie Asset Management · GIC	platform	n.a.	GIC joined Anthropic and Macquarie Asset Management in the Theseus Infrastructure US platform, a strategic partnership to develop dedicated data center infrastructure at scale.
August 2, 2023	Mubadala · Aligned Data Centers	jv equity	n.a.	Mubadala invested in Aligned Data Centers on August 2, 2023, amount not disclosed, when Aligned planned more than 2.5GW across 40 plus data centers at full build-out.
2022	Mubadala · Princeton Digital Group	jv equity	$350M	Mubadala's related digital investments include $350 million into Princeton Digital Group in 2022.
n.a. in source	Mubadala · CityFibre	jv equity	n.a.	Mubadala's related digital investments include £800 million into CityFibre.
n.a. in source	Mubadala · Stonepeak · Cologix	jv equity	$500M	Mubadala invested $500 million into Cologix alongside Stonepeak for data center expansion.
n.a. in source; program over four years, beginning in Texas	MGX · SoftBank · OpenAI · Oracle	platform	≥$500B	MGX is one of the initial equity funders of Stargate, alongside SoftBank, OpenAI and Oracle, a program targeting $500 billion of US AI infrastructure investment over four years with $100 billion deployed immediately, beginning in Texas.
n.a. in source; KIA joined June 2025, Temasek anchored October 2025 initial closing	MGX · BlackRock · Kuwait Investment Authority · Temasek	platform	$30.0B	MGX is a founding partner of the AI Infrastructure Partnership (AIP), seeking $30 billion of equity scaling to up to $100 billion including debt financing. Kuwait Investment Authority joined in June 2025 and Temasek made an anchor investment at the October 2025 initial closing.
closed July 21, 2026	AIP · MGX · BlackRock GIP · Macquarie Asset Management · Aligned Data Centers	acquisition	$40.0B	MGX co-acquired Aligned Data Centers with AIP and BlackRock's GIP at a $40 billion enterprise value, closed July 21, 2026, covering 51 campuses and 6.4GW.
completed Dec. 26	SoftBank · OpenAI	equity raise	$22.5B	SoftBank's Stargate disclosures cite more than $400 billion of investment over three years across five new US sites totalling nearly 7 gigawatts, plus an additional $22.5 billion SoftBank investment in OpenAI completed Dec. 26.
n.a. in source	xAI · MGX	equity raise	$6.0B	MGX participated in xAI's $6 billion Series C.
n.a. in source	KKR · Kuwait Investment Authority	platform	~$10.0B	Kuwait Investment Authority is a partner in KKR's approximately $10 billion Helix Digital Infrastructure, launched to deliver hyperscale data centers with secured power.
n.a. in source	Qatar Investment Authority · Blue Owl	platform	≥$3.0B	Qatar Investment Authority backs a Blue Owl capital vehicle of over $3 billion for the hyperscale AI era.

REITs & developers

The landlords. Data center REITs and private developers whose pipelines are functionally sold before they are built, at vacancy rates the brokerages call the tightest ever recorded.

19entities 43named sites 31transactions 38recorded facts

Digital Realty Trust

Financingbalance-sheet capex plus ATM equity programs, LP-equity hyperscale fund, and development JVs

DLR

Digital Realty reported $3.0B of net development capex in 2025 against guidance of $3.0-3.5B, delivered 289 MW, and carried 769 MW under construction at an 11.9% yield, with a gross development pipeline exceeding $10B. It runs a $3B LP-equity US Hyperscale Fund supporting roughly $10B of development capacity, unwound its $7B Blackstone JV by buying Blackstone's 64% blended interest in three Northern Virginia data centers for $3.5B in June 2026, and formed a $200M build-to-suit JV with Realty Income in Northern Virginia. Two completed Santa Clara buildings stand unenergized waiting on utility power.

Period	Kind	Amount	Context
FY2025	reported	$3.0B	$3.0B of net development capex in 2025; delivered 289 MW; 769 MW under construction at a 11.9% yield
FY2025	guidance	$3.2B	guidance of $3.0-3.5B; midpoint recorded, verbatim range $3.0-3.5B
Q3 2025	backlog	$10.0B	gross development pipeline exceeded $10B; recorded at the stated floor
Q2 2025	backlog	$9.0B	$9B development pipeline, a 5 GW total runway, and a 3.7 GW land bank
2025	raise	$3.0B	US Hyperscale Fund raised $3B of LP equity supporting roughly $10B of development capacity

Record

The brief's premise of a $3B Realty Income JV is not supported by the fetched record; the actual structure is $200M for an 80% interest in 16-48 MW.
A $3.0B ATM agreement established in December 2024 saw $1.1B issued during 2025, and a new $7.5B ATM was established in May 2026; the brief's ~$7B forward equity is best matched to the $7.5B ATM, and a discrete $7B forward-sale tranche was n.a. in fetched filings.
Digital Realty says it serves over 315 companies in the Bay Area and will bring Santa Clara capacity online as soon as utility infrastructure allows.
Silicon Valley Power's enabling $450M system upgrade, explicitly serving Digital Realty and Stack, is scheduled for completion in 2028.

Equinix

Financingbalance-sheet capex plus xScale hyperscale JV with sovereign and pension capital

EQIX

Equinix guided to $4-5B of capex per year through 2029, up from $3.3B in 2025, exceeding the $3-4B per year framing in the brief. It agreed to form a greater-than-$15B xScale joint venture with GIC and CPP Investments on a 37.5%/37.5%/25% split targeting more than 1.5 GW in the United States, with $15B planned, roughly $6B invested and 750+ MW committed as of its 2025 Analyst Day. It remains one of two developers still pursuing three proposed mega data centers in Seattle City Light territory that were captured by Seattle's one-year moratorium.

Period	Kind	Amount	Context
2026-2029	guidance	$4.5B	guided to $4-5B per year through 2029; midpoint recorded, verbatim range $4-5B per year; exceeds the $3-4B/yr framing in the brief
FY2025	reported	$3.3B	$3.3B in 2025
2025 Analyst Day	aum	$15.0B	xScale: $15B planned, ~$6B invested, and 750+ MW committed

Record

Equinix and Prologis are the two remaining developers still pursuing three of five originally proposed mega data centers in Seattle City Light territory after two developers withdrew.
The Seattle projects sat inside the 369 MW that four companies asked Seattle City Light about in April 2026, and were captured by Seattle's one-year moratorium on data centers above 20 MVA, adopted 9-0 on June 9, 2026 with an option to extend six months.
Site-level Virginia, Texas and Chicago delay disclosures were n.a. in the fetched record.

Iron Mountain

Financingbalance-sheet / operating cash flow REIT capex

IRM

Iron Mountain's data center capex was $1,767.5M in full-year 2025, up from $1,441.8M in 2024, with first-half 2025 alone at $961.2M. At Q2 2025 it reported 450 MW operating at 96% leased, 202 MW under construction at 60% pre-leased, 628 MW held for development, and roughly 1.3 GW total developable across 30 data centers. The brief's $10B pipeline claim is not confirmed; the company's own materials state ~1.3 GW developable capacity rather than a $10B figure.

Period	Kind	Amount	Context
FY2025	reported	$1.8B	$1,767.5M in full-year 2025 ($1,747.0M growth + $20.6M recurring)
FY2024	reported	$1.4B	up from $1,441.8M in 2024
1H2025	reported	$961M	first-half 2025 alone was $961.2M vs. $576.8M in 1H 2024
1H2024	reported	$577M	$576.8M in 1H 2024
n.a.	backlog	n.a.	n.a. The $10B pipeline claim is not confirmed; Iron Mountain's own materials state ~1.3 GW developable capacity rather than a $10B pipeline figure

Record

At Q2 2025 Iron Mountain reported 450 MW operating and 96% leased, 202 MW under construction and 60% pre-leased, 628 MW held for development, and ~1.3 GW total developable across 30 data centers, framed by management as nearly tripling capacity.
By mid-2026 roughly 85 MW of new capacity had come online against ~450 MW operating.
Iron Mountain added 100+ acres supporting 350+ MW across Richmond and Manassas, toward 1.2 GW globally.
Phoenix and Frankfurt site-level figures were n.a. in the fetched record.

Vantage Data Centers

Financingprivate equity platform funding led by DigitalBridge and Silver Lake plus large incremental debt and equity raises

Vantage completed a $9.2B equity investment led by DigitalBridge and Silver Lake, part of a record $13B in incremental 2024 funding enabling roughly $30B of development. Its North American footprint by campus is Ashburn 590 MW, Santa Clara 216 MW, Phoenix 176 MW, and Quincy, WA 89 MW. Its Ashburn position sits inside Loudoun County, which eliminated by-right data center development in March 2025, and it is a named participant in the $15B Vantage/OpenAI/Oracle campus in Madison, Wisconsin, subject to a one-year moratorium adopted January 13, 2026.

Period	Kind	Amount	Context	Sources
2024	raise	$9.2B	$9.2B equity investment led by DigitalBridge and Silver Lake
2024	raise	$13.0B	record $13B in incremental 2024 funding enabling roughly $30B of development; the $9.2B equity investment is part of this total, do not sum

Record

Loudoun County eliminated by-right data center development on March 18, 2025 by a 7-2 vote under CPAM-2024-0001 / ZOAM-2024-0001, newly requiring a special exception, with grandfathering cut off at February 12, 2025.
Loudoun County's data center electricity consumption reached 5.33 GW in 2025, up 166% from 2.0 GW in 2021.

QTS Realty Trust (Blackstone)

FinancingBlackstone private ownership with CMBS refinancings and BREIT capital

Blackstone acquired QTS for $10B in 2021 and reported 8x lease growth since; its data center platform reported a $70B portfolio plus a roughly $100B prospective pipeline in late 2024, and BREIT separately valued QTS's development potential at $92B. QTS financing included $3.5B and $1.5B CMBS refinancings. QTS was co-developer of the $24.7B, 2 GW Prince William Digital Gateway, the largest single documented cancellation, terminating on July 2, 2026 after the rezonings were voided, and its Hillsboro, Oregon host city later adopted the first Oregon data center moratorium.

Period	Kind	Amount	Context
late 2024	aum	$70.0B	Blackstone's data center platform reported a $70B portfolio
late 2024	backlog	$100B	~$100B prospective pipeline on top of the $70B portfolio
n.a.	aum	$92.0B	BREIT separately valued QTS's development potential at $92B ($22B planned plus $70B potential); overlaps the platform figures, do not sum

Record

Prince William Digital Gateway timeline: comprehensive plan amendment November 2022; rezonings approved December 2023 (4-3); rezonings voided August 2025; voiding affirmed March 31, 2026; county dropped its appeal April 2026; Compass withdrew April 29, 2026; QTS terminated July 2, 2026, foregoing an estimated $400M/yr in county tax revenue.
Prince William Digital Gateway is catalogued as the largest single cancellation at $24.7B, with 1.5 million gallons/day projected water use and 15,000+ petition signatures.
Hillsboro became the first Oregon city to adopt a data center moratorium, 120 days adopted July 27, 2026, expiring November 24, 2026, extendable six months, covering data center and BESS land-use applications with primary use defined at >20% or 20 MW; the city also approved a 180-day pause on Strategic Investment Program agreements on July 21, 2026.
Fayetteville GA, Ashburn, Manassas, Phoenix and Groveport OH site-level delay data were n.a. in the fetched record.

Aligned Data Centers

Financingprivate platform: Macquarie-led equity plus large debt raise

Aligned completed a $12B+ capital raise, approximately $5B of equity led by Macquarie Asset Management plus roughly $7B of debt, supporting 5+ GW across the Americas, with Patrizia and CenterSquare as additional investors. The brief's $12B build plan is more precisely a $12B capital raise. Its Ashburn asset is a 2019-built, 60 MW facility served by Dominion Energy.

Period	Kind	Amount	Context	Sources
2025	raise	$12.0B	$12B+ raise: approximately $5B of equity led by Macquarie Asset Management plus ~$7B of debt, supporting 5+ GW across the Americas; the brief's $12B build plan is more precisely a $12B capital raise

Record

Patrizia and CenterSquare are additional investors in Aligned Data Centers.
Salt Lake City, Phoenix, Dallas and Utah site-specific delay disclosures were n.a. in the fetched record.

CyrusOne

FinancingKKR and Global Infrastructure Partners private ownership with ABS securitization financing

CyrusOne was acquired by KKR and Global Infrastructure Partners for $15B in 2021. Its 2025-1 ABS raised $575M against 13 data centers with $4.4B of appraised value, 61.7% concentrated in Northern Virginia. Its $500M+, 600 MW Sangamon County, Illinois campus was deferred by the county board in late 2025 before a conditional permitted use was approved in April 2026, its Aurora, Illinois facility drew resident noise complaints in the record supporting Aurora's moratorium, and it announced a roughly $2B, 1,200-acre US Army data center site in Utah in spring 2026.

Period	Kind	Amount	Context	Sources
2025	raise	$575M	2025-1 ABS raised $575M against 13 data centers with $4.4B of appraised value, 61.7% concentrated in Northern Virginia

Record

Activists meeting at Springfield's Lincoln Library on October 28 called for a six-month moratorium on zoning votes for the Sangamon County proposal, whose stated capacity is 600 MW.
CyrusOne's Aurora, Illinois facility at Eola and Diehl roads drew resident noise complaints, including extended backup-generator operation during April repairs, in the record supporting Aurora's moratorium.

DataBank

Financingprivate platform funding allocated across named campuses

DataBank raised $2B of funding to support 850 MW, allocated as Dallas 480 MW, Culpeper, VA 192 MW, and Atlanta 120 MW, and broke ground in Culpeper on a 1.3M sq ft hyperscale-ready development. Culpeper County is one of 23 Virginia jurisdictions with tracked siting actions, with a September 2025 action recorded.

Period	Kind	Amount	Context	Sources
n.a.	raise	$2.0B	$2B of funding to support 850 MW, allocated Dallas 480 MW, Culpeper, VA 192 MW, and Atlanta 120 MW

Record

Culpeper County is one of the 23 Virginia jurisdictions with tracked siting actions, with a September 2025 action recorded.

Compass Datacenters

Financingprivate developer with asset-level refinancing (Wilmington Trust and KeyBank)

Compass closed a $326M refinancing on five Red Oak, Texas facilities totaling 180 MW, with full build-out at 10 buildings and 360 MW served by Oncor. It was co-developer of the $24.7B Prince William Digital Gateway and formally withdrew on April 29, 2026. Its Hoffman Estates, Illinois brownfield project is catalogued as one that avoided cancellation, and it is a named target of organized opposition in Statesville, North Carolina.

Period	Kind	Amount	Context	Sources
n.a.	raise	$326M	$326M refinancing on five Red Oak, Texas facilities with Wilmington Trust and KeyBank, maturing 2050

Record

Compass formally withdrew from the $24.7B Prince William Digital Gateway on April 29, 2026.
Compass is a named target of organized opposition in Statesville, North Carolina.

EdgeConneX

FinancingEQT private ownership with Sixth Street minority strategic stake

EdgeConneX was acquired by EQT in 2020 for approximately $2.5-3B, and Sixth Street took a minority strategic stake in September 2024. North American delay-specific disclosures were n.a. in the fetched record.

Period	Kind	Amount	Context	Sources
n.a.	reported	n.a.	n.a. North American delay-specific disclosures: n.a.

Record

Sixth Street took a minority strategic stake in EdgeConneX in September 2024.

STACK Infrastructure

Financingprivate platform with project-level debt facilities and green financing

STACK reports 2.5 GW built plus a 4 GW pipeline, with a footprint of 7 Northern Virginia sites at 2,400 MW, 2 Phoenix sites at 500 MW, and 2 Dallas-Fort Worth sites at 580 MW, and raised over $6B of green financing in 2025. Its NVA05 campus in Manassas at 200 MW is financed by a $900M facility and it holds a 500-acre, 1 GW Stafford County site. A Santa Clara facility completed in late 2025 cannot operate for lack of power, with full operation expected around 2027.

Period	Kind	Amount	Context	Sources
2025	raise	$6.0B	over $6B of green financing raised in 2025; recorded at the stated floor. Aggregator analysis, not company filing

Record

Company-reported totals are 2.5 GW built plus a 4 GW pipeline.
Footprint: Northern Virginia 7 sites / 2,400 MW; Phoenix 2 sites / 500 MW; Dallas-Fort Worth 2 sites / 580 MW.
STACK is one of two named beneficiaries of Silicon Valley Power's $450M upgrade scheduled for 2028 completion.
STACK's Manassas and Stafford positions sit in Prince William County, where a zoning text amendment (DPA2026-00006) to curtail by-right data center development was initiated March 3, 2026.

Prime Data Centers

Financingprivate developer; platform-level financing disclosure incomplete

Prime reports 13 campuses and a 4+ GW pipeline. Named projects are PHX01 in Avondale, Arizona at $3B and 240 MW announced May 2026, SMF01 in Sacramento at 26 MW served by SMUD, and SMF02 at 18 MW and 150,000 sq ft, on which Prime broke ground in May 2026. Platform-level financing disclosure is limited; the part notes private developer disclosure is voluntary and incomplete at Prime in particular.

Period	Kind	Amount	Context	Sources
n.a.	reported	n.a.	n.a. Private developer disclosure is voluntary and incomplete, producing n.a. entries at Prime in particular

Record

Prime reports 13 campuses and a 4+ GW pipeline.

Tract

Financingland-banking developer model

Tract's land-banking model is documented at Morris Technology Park, Illinois (343 acres, 1 GW), Caldwell County, Texas (1,515 acres, 2 GW), and Pole Canyon, Utah (844 acres, 1,700 MW). Two of the largest documented losses in the dataset are Tract's: a $14B project in Goodyear/Buckeye, Arizona withdrawn in May 2024, and the $30.0B, 1.5 GW Mooresville, North Carolina project cancelled during due diligence after Mooresville Public Utilities denied capacity allocation, the single largest dollar figure in the cancellation dataset.

Record

Tract's Buckeye position remained active as the company shifted focus toward Arizona, despite the withdrawn Goodyear/Buckeye project.
Morris Technology Park carries a ComEd transmission service agreement.

Novva Data Centers

Financingbank-led project financing (JPMorgan, Starwood) on CIM Group equity backing

Novva secured $2B of financing led by JPMorgan with Starwood participation for a 175 MW West Jordan, Utah campus, following an earlier $355M CIM Group equity round.

Period	Kind	Amount	Context	Sources
n.a.	raise	$2.0B	$2B of financing led by JPMorgan with Starwood participation, for a 175 MW West Jordan, Utah campus
earlier	raise	$355M	earlier $355M CIM Group equity round

Sabey Data Centers

Financingprivate developer; financing disclosure incomplete

Sabey operates more than 4 million sq ft across six US sites, including Quincy, Seattle and East Wenatchee, Washington, Ashburn, Virginia, and New York. Its Quincy campus completed a two-building, 85 MW expansion in 2023, and in Ashburn it broke ground on the final building of the 38-acre Intergate.Ashburn campus at 54 MW total. As of July 2026 it had roughly 8 MW available now across three sites and more than 70 MW coming online through 2027. The part notes Sabey is among the private developers with voluntary and incomplete disclosure.

Period	Kind	Amount	Context	Sources
n.a.	reported	n.a.	n.a. Private developer disclosure is voluntary and incomplete, producing n.a. entries at Sabey in particular

Record

Sabey operates more than 4 million sq ft across six US sites, including Quincy, Seattle and East Wenatchee, Washington; Ashburn, Virginia; and New York.
As of July 2026, Sabey had ~8 MW available now across three sites and more than 70 MW coming online through 2027, with 14 MW at SDC Ashburn available for pre-leasing by Q3 2026.

H5 Data Centers

Financingprivate acquirer; sale-leaseback structures; platform financing undisclosed

Denver-based H5 acquired Yahoo's Lockport, New York facility in a sale-leaseback estimated at $49M, closing December 30, with Yahoo signing a five-year lease. It had earlier acquired the 225,000 sq ft, 18-floor 505 Marquette Hotel in Albuquerque, New Mexico on June 23, 2022. 2025 platform-level financing was n.a. in the fetched record.

Period	Kind	Amount	Context	Sources
2025	raise	n.a.	n.a. 2025 platform-level financing: n.a.

Record

H5 acquired the 225,000 sq ft, 18-floor 505 Marquette Hotel in Albuquerque, New Mexico on June 23, 2022.

Cologix

FinancingStonepeak continuation-vehicle equity plus multi-asset development debt facility

Cologix was recapitalized by Stonepeak at a $3.0B equity value, the largest single-asset continuation vehicle raised in digital infrastructure to that date, after Stonepeak's initial 2017 investment of $500M in a platform then at 24 data centers in nine markets including Montreal, Toronto and Vancouver. In July 2026 Cologix raised $1.5B, a $1B multi-asset development debt facility plus $500M of equity from new and existing investors, across a 40+ data center platform.

Period	Kind	Amount	Context	Sources
July 2026	raise	$1.5B	$1.5B: a $1B multi-asset development debt facility plus $500M of equity from new and existing investors, across a 40+ data center platform

Record

Stonepeak's initial 2017 investment was $500M across a platform then at 24 data centers in nine markets including Montreal, Toronto and Vancouver.

Flexential

FinancingGI Partners continuation-vehicle equity with Morgan Stanley Infrastructure Partners co-control and Hamilton Lane anchor funds

Flexential raised approximately $1B of primary equity on August 20-21, 2025, via a GI Partners single-asset continuation vehicle plus a strategic investment from GI Data Infrastructure, anchored by funds managed by Hamilton Lane. Morgan Stanley Infrastructure Partners had joined GI Partners as co-control investor in October 2024, when Flexential held more than 40 data centers and 325 MW built and under development.

Period	Kind	Amount	Context	Sources
August 2025	raise	$1.0B	approximately $1B of primary equity, August 20-21, 2025, via a GI Partners single-asset continuation vehicle plus a strategic investment from GI Data Infrastructure, anchored by funds managed by Hamilton Lane

Record

As of October 2024 Flexential held more than 40 data centers and 325 MW built and under development.

Rowan Digital Infrastructure

Financingprivate developer; green-labelled project debt raised under a Green Finance Framework

Rowan Digital Infrastructure is a private hyperscale data center developer. Its flagship documented North American project is the 300 MW Project Temple campus on roughly 700 acres in Temple, Bell County, Texas, which broke ground in January 2026 for a single unnamed global technology tenant, is served by Oncor, and is expected to be operational in 2027 on a minimum $700 million investment. Rowan closed nearly $3 billion of debt financing for the campus on 27 May 2026, the largest in the company's history, bringing the total raised under its Green Finance Framework to $4.4 billion across three projects in the preceding year.

Period	Kind	Amount	Context	Sources
2026	raise	$3.0B	Nearly $3 billion of debt financing for the 300 MW Temple, Texas campus, closed 27 May 2026 under Rowan's Green Finance Framework

Record

Rowan's Green Finance Framework total reached $4.4 billion across three projects in the year to May 2026; the framework is rated Strong by Morningstar Sustainalytics.

Named sites — reits & developers

Site	Location	Capital	MW	Status	Detail
Digital Realty SJC37, 641 Walsh Ave.	Santa Clara, CA	n.a.		built, not energized	A four-story facility whose construction began six years before reporting stands with a finished exterior and no equipment installed, waiting on power, and could be years from operation.
Digital Realty Santa Clara four-story building (completed 2024)	Santa Clara, CA	n.a.		built, not energized	A separate DLR four-story Santa Clara building completed in 2024 is not operating for lack of power and is expected to be fully operational only around 2027.
Digital Realty / Realty Income Northern Virginia build-to-suit data centers	VA	$600M	16	announced	Two Northern Virginia build-to-suit data centers, initially 16 MW expandable to 48 MW. The brief's premise of a $3B Realty Income JV is not supported by the fetched record; the corrected figure is $200M for 80% and 16-48 MW.
Equinix proposed SoDo mega data centers (two)	Seattle, WA	n.a.		paused	Two of three remaining mega data center proposals Equinix still pursues in Seattle City Light territory, captured by Seattle's one-year moratorium on data centers above 20 MVA, adopted 9-0 on June 9, 2026 with an option to extend six months.
Equinix proposed Tukwila mega data center	Tukwila, WA	n.a.		paused	One of three remaining mega data center proposals in Seattle City Light territory still pursued by Equinix, captured by Seattle's one-year moratorium on data centers above 20 MVA adopted June 9, 2026.
Iron Mountain Manassas holdings	Manassas, VA	n.a.	400	announced	Iron Mountain holds 142 acres in Manassas supporting 400+ MW, and added 100+ acres supporting 350+ MW across Richmond and Manassas, toward 1.2 GW globally.
Iron Mountain VA-9	VA	n.a.	28	announced	VA-9 is a 28 MW Northern Virginia facility targeted for Q4 2026.
Vantage Ashburn campus	Ashburn, VA	n.a.	590	operating	Vantage's 590 MW Ashburn position sits inside Loudoun County, which on March 18, 2025 eliminated by-right data center development by a 7-2 vote, newly requiring a special exception, with grandfathering cut off at February 12, 2025.
Vantage Santa Clara campus	Santa Clara, CA	n.a.	216	operating	Santa Clara campus listed at 216 MW on Vantage's North America locations page.
Vantage Phoenix campus	Phoenix, AZ	n.a.	176	operating	Phoenix campus listed at 176 MW on Vantage's North America locations page.
Vantage Quincy campus	Quincy, WA	n.a.	89	operating	Quincy, WA campus listed at 89 MW on Vantage's North America locations page.
Vantage/OpenAI/Oracle Madison campus	Madison, WI	$15.0B		paused	Vantage is a named participant in the $15B Vantage/OpenAI/Oracle campus in Madison, Wisconsin, subject to a one-year moratorium adopted January 13, 2026.
Prince William Digital Gateway	Prince William, VA	$24.7B	2000	cancelled	The $24.7B, 27M sq ft, 2 GW Prince William Digital Gateway is catalogued as the largest single cancellation. Rezonings approved December 2023 were voided August 2025 and the voiding was affirmed March 31, 2026; Compass withdrew April 29, 2026 and QTS terminated July 2, 2026, foregoing an estimated $400M/yr in county tax revenue.
QTS Hillsboro campus	Hillsboro, OR	n.a.	4.5	operating	Announced in 2018 with Phase 1 opening fully leased. Hillsboro subsequently became the first Oregon city to adopt a data center moratorium, 120 days adopted July 27, 2026, expiring November 24, 2026, extendable six months.
QTS East Windsor campus, 159 Princeton-Hightstown Road	East Windsor, NJ	n.a.	70	delayed	QTS proposed a second building on its 52-acre East Windsor campus; the East Windsor Township Planning Board postponed its decision on April 27, 2026 because public testimony was incomplete.
QTS Piscataway	Piscataway, NJ	n.a.		operating	QTS operates in Piscataway, NJ.
Aligned Ashburn facility	Ashburn, VA	n.a.	60	operating	A 2019-built, 26-acre, 370,000 gross sq ft, 60 MW facility served by Dominion Energy at 1.15 PUE.
CyrusOne Sangamon County campus (Talkington Township)	Sangamon, IL	≥$500M	600	announced	The 280-acre, ~1.5M sq ft, six-building, $500M+ campus southwest of Springfield was deferred by the Sangamon County Board in late 2025 amid activist calls for a six-month moratorium; the county approved a conditional permitted use in April 2026.
CyrusOne Aurora facility (Eola and Diehl roads)	Aurora, IL	n.a.		operating	The existing facility drew resident noise complaints, including extended backup-generator operation during April repairs, in the record supporting Aurora's moratorium.
CyrusOne US Army data center site, Utah	UT	~$2.0B		announced	CyrusOne announced a ~$2B, 1,200-acre US Army data center site in Utah in spring 2026.
DataBank Dallas allocation	Dallas, TX	n.a.	480	announced	Dallas received a 480 MW allocation of DataBank's $2B funding supporting 850 MW.
DataBank Culpeper development	Culpeper, VA	n.a.	192	construction	DataBank broke ground in Culpeper on a 1.3M sq ft hyperscale-ready development. Culpeper County is one of 23 Virginia jurisdictions with tracked siting actions, with a September 2025 action recorded.
DataBank Atlanta allocation	Atlanta, GA	n.a.	120	announced	Atlanta received a 120 MW allocation of DataBank's $2B funding supporting 850 MW.
Compass Red Oak facilities	Red Oak, TX	$326M	180	operating	Compass closed a $326M refinancing on five Red Oak, Texas facilities across 5 data centers and 180 MW, with full build-out at 10 buildings and 360 MW served by Oncor.
Compass Hoffman Estates brownfield project	Hoffman Estates, IL	n.a.		announced	Compass's Hoffman Estates, Illinois brownfield project is catalogued as one that avoided cancellation; project status is otherwise not stated in the source.
Compass Statesville project	Statesville, NC	n.a.		announced	Compass is a named target of organized opposition in Statesville, North Carolina; project details are otherwise not stated in the source.
STACK NVA05, Manassas	Manassas, VA	$900M	200	announced	NVA05 in Manassas at 200 MW is financed by a $900M facility. It sits in Prince William County, where zoning text amendment DPA2026-00006 to curtail by-right data center development was initiated March 3, 2026. Development status not stated in source.
STACK Stafford County site	Stafford, VA	n.a.	1000	announced	A 500-acre, 1 GW Stafford County site reported among STACK's company totals.
STACK Santa Clara facility	Santa Clara, CA	n.a.		built, not energized	A Santa Clara facility completed in late 2025 cannot operate for lack of power, with full operation expected around 2027.
Prime PHX01, Avondale	Avondale, AZ	$3.0B	240	announced	PHX01 in Avondale, Arizona, a $3B, 240 MW project announced May 2026.
Prime SMF01, Sacramento	Sacramento, CA	n.a.	26		SMF01 in Sacramento at 26 MW served by SMUD; operational status is not explicitly stated in the source, which describes SMF02 as expanding the regional campus footprint.
Prime SMF02, Sacramento	Sacramento, CA	n.a.	18	construction	SMF02 at 18 MW and 150,000 sq ft, on which Prime broke ground in May 2026.
Tract Morris Technology Park	Morris, IL	n.a.	1000	announced	A 343-acre, 1 GW, 2.9M sq ft campus in greater Chicago with a ComEd transmission service agreement, part of Tract's land-banking model.
Tract Caldwell County technology park	Caldwell, TX	n.a.	2000	announced	Tract closed the acquisition of 1,515 acres in Caldwell County, Texas for a multi-gigawatt data center technology park at 2 GW.
Tract Pole Canyon technology tract	UT	n.a.	1700	announced	Pole Canyon, Utah: 844 acres supporting 1,700 MW, part of Tract's documented land-banking model.
Tract Goodyear/Buckeye project	AZ	$14.0B		withdrawn	Tract withdrew a $14B project in Goodyear/Buckeye, Arizona in May 2024, though Tract's Buckeye position remained active as the company shifted focus toward Arizona.
Tract Mooresville project	Mooresville, NC	$30.0B	1500	cancelled	A $30.0B, 1.5 GW project in Iredell County cancelled during due diligence after Mooresville Public Utilities denied capacity allocation, the single largest dollar figure in the cancellation dataset.
Novva West Jordan campus	West Jordan, UT	$2.0B	175	construction	Novva secured $2B of financing led by JPMorgan with Starwood participation for the 175 MW West Jordan, Utah campus, following an earlier $355M CIM Group equity round.
Sabey Quincy campus, 2200 M St NE	Quincy, WA	n.a.	85	operating	The Quincy campus at 2200 M St NE, Grant County, launched in 2011 and completed a two-building, 85 MW expansion in 2023.
Sabey Intergate.Ashburn Building A	Ashburn, VA	n.a.	54	construction	Sabey broke ground on Building A, the third and final facility on the 38-acre, 490,000 sq ft Intergate.Ashburn campus. 14 MW at SDC Ashburn was available for pre-leasing by Q3 2026.
H5 Lockport facility (former Yahoo)	Lockport, NY	~$49M		operating	H5 acquired Yahoo's Lockport, New York facility, built 2009, in a sale-leaseback estimated at $49M, closing December 30, with Yahoo signing a five-year lease.
H5 505 Marquette, Albuquerque	Albuquerque, NM	n.a.		operating	H5 acquired the 225,000 sq ft, 18-floor 505 Marquette Hotel in Albuquerque, New Mexico on June 23, 2022; operational status not stated in the source.
Project Temple data center campus	Temple, TX	$3.0B	300	construction	Rowan broke ground on Project Temple in January 2026 on approximately 700 acres in Temple, Bell County, Texas, for a single unnamed global technology tenant, with operations expected in 2027, roughly 600 construction jobs and more than 40 permanent positions. The company closed nearly $3 billion of debt financing for the campus on 27 May 2026 under its Green Finance Framework.

Financing transactions — reits & developers

Timing	Parties	Instrument	Amount	Detail
not dated in source	Realty Income · Digital Realty	jv equity	$200M	Realty Income and Digital Realty formed a Northern Virginia build-to-suit JV covering two data centers, initially 16 MW expandable to 48 MW.
announced December 2023	Digital Realty · Blackstone	jv equity	~$7.0B	A $7B, 500 MW hyperscale development joint venture across Frankfurt, Paris and Northern Virginia, with Blackstone taking 80% for approximately $700M.
June 29, 2026	Digital Realty · Blackstone	acquisition	$3.5B	Digital Realty purchased Blackstone's 64% blended interest in three Northern Virginia data centers totaling 288 MW for $3.5B, unwinding the 2023 JV.
established December 2024	Digital Realty	equity raise	$3.0B	A $3.0B at-the-market equity agreement established in December 2024, with $1.1B issued during 2025.
established May 2026	Digital Realty	equity raise	~$7.5B	A new $7.5B at-the-market equity program established in May 2026.
as of Q2 2025 reporting	Digital Realty · LP investors	equity raise	~$3.0B	Digital Realty's US Hyperscale Fund raised $3B of LP equity supporting roughly $10B of development capacity.
agreement announced; as of 2025 Analyst Day $15B planned, ~$6B invested	Equinix · GIC · CPP Investments	jv equity	$15.0B	Equinix agreed to form a greater-than-$15B xScale joint venture with GIC and CPP Investments targeting more than 1.5 GW in the United States, with 750+ MW committed as of the 2025 Analyst Day.
2024	Vantage Data Centers · DigitalBridge · Silver Lake	equity raise	~$9.2B	Vantage completed a $9.2B equity investment led by DigitalBridge and Silver Lake.
2021	Blackstone · QTS Realty Trust	acquisition	$10.0B	Blackstone acquired QTS for $10B in 2021.
not dated in source	QTS Realty Trust	debt facility	$3.5B	QTS financing included a $3.5B CMBS refinancing.
not dated in source	QTS Realty Trust	debt facility	$1.5B	QTS financing included a $1.5B CMBS refinancing.
completed; Reuters dated January 15, 2025	Aligned Data Centers · Macquarie Asset Management · Patrizia · CenterSquare	other	≥$12.0B	Aligned completed a $12B+ capital raise supporting 5+ GW across the Americas; Patrizia and CenterSquare are additional investors.
2021	KKR · Global Infrastructure Partners · CyrusOne	acquisition	$15.0B	CyrusOne was acquired by KKR and Global Infrastructure Partners for $15B in 2021.
2025	CyrusOne	project bond	$575M	The 2025-1 ABS raised $575M against 13 data centers with $4.4B of appraised value.
not dated in source	DataBank	other	$2.0B	DataBank raised $2B of funding to support 850 MW, allocated Dallas 480 MW, Culpeper, VA 192 MW, and Atlanta 120 MW.
maturing 2050	Compass Datacenters · Wilmington Trust · KeyBank	debt facility	$326M	Compass closed a $326M refinancing on five Red Oak, Texas facilities with Wilmington Trust and KeyBank, across 5 data centers and 180 MW.
2020	EQT · EdgeConneX	acquisition	~$2.8B	EdgeConneX was acquired by EQT in 2020 for approximately $2.5-3B.
September 2024	Sixth Street · EQT · EdgeConneX	equity raise	n.a.	Sixth Street took a minority strategic stake in EdgeConneX in September 2024.
not dated in source	STACK Infrastructure	debt facility	$900M	STACK's NVA05 campus in Manassas at 200 MW is financed by a $900M facility.
2025	STACK Infrastructure	debt facility	≥$6.0B	STACK raised over $6B of green financing in 2025 per company-reported totals summarized in an aggregator analysis.
not dated in source	Novva Data Centers · JPMorgan · Starwood	debt facility	$2.0B	Novva secured $2B of financing led by JPMorgan with Starwood participation for a 175 MW West Jordan, Utah campus.
earlier than the $2B financing	Novva Data Centers · CIM Group	equity raise	$355M	An earlier $355M CIM Group equity round backed Novva's national expansion.
closing December 30	H5 Data Centers · Yahoo	acquisition	~$49M	H5 acquired Yahoo's Lockport, New York facility in a sale-leaseback estimated at $49M, with Yahoo signing a five-year lease.
June 23, 2022	H5 Data Centers	acquisition	n.a.	H5 acquired the 225,000 sq ft, 18-floor 505 Marquette Hotel in Albuquerque, New Mexico.
WSJ coverage dated 2022	Cologix · Stonepeak	equity raise	$3.0B	Cologix was recapitalized by Stonepeak at a $3.0B equity value via a single-asset continuation vehicle.
2017	Stonepeak · Cologix	equity raise	$500M	Stonepeak's initial 2017 investment in Cologix was $500M, when the platform had 24 data centers in nine markets including Montreal, Toronto and Vancouver.
July 2026	Cologix · new and existing investors	other	$1.5B	Cologix raised $1.5B in July 2026, a $1B multi-asset development debt facility plus $500M of equity, across a 40+ data center platform.
August 20-21, 2025	Flexential · GI Partners · GI Data Infrastructure · Hamilton Lane	equity raise	~$1.0B	Flexential raised approximately $1B of primary equity via a GI Partners continuation vehicle and a GI Data Infrastructure strategic investment.
October 2024	Morgan Stanley Infrastructure Partners · GI Partners · Flexential	equity raise	n.a.	Morgan Stanley Infrastructure Partners joined GI Partners as co-control investor in Flexential in October 2024, when Flexential held more than 40 data centers and 325 MW built and under development.
Closed 27 May 2026	Rowan Digital Infrastructure	debt facility	$3.0B	Rowan Digital Infrastructure closed nearly $3 billion of debt financing to support construction of its 300 MW turnkey hyperscale campus in Temple, Texas, under a Green Finance Framework rated Strong by Morningstar Sustainalytics. Lenders and arrangers were not named in the release.
Announced 30 June 2026	Realty Income · Cloud Capital · unnamed global institutional investor	jv equity	≥$1.4B	Realty Income formed a programmatic joint venture with Cloud Capital and an unnamed global institutional investor to invest in hyperscale data centers. Realty Income is acquiring a 45% equity stake in a three-asset Northern Virginia portfolio let to investment-grade hyperscale tenants on 15 to 20 year triple-net leases with annual rent escalators. Tenants were not disclosed.

Market intelligence

The firms that measure the market. Their vacancy, absorption, and deal-volume series are the market statistics this atlas cites, and they do not all measure the same universe.

9entities 2named sites 3transactions 26recorded facts

JLL

Financingbrokerage research and advisory, no principal capital position stated

JLL's brokerage research tracks North American colocation supply and vacancy across 2025 and 2026. Its Midyear 2025 report put inventory at 15.5 GW with record-low 2.3% vacancy, its Year-End 2025 report tracked 39 GW of active capacity at 1% vacancy with a 35 GW construction pipeline, and its Midyear 2026 update held vacancy at 1% for a third consecutive year with more than 66 GW under construction. JLL frames the market as one where new demand cannot be served for roughly three years, with most tenants contracting for 2028 deliveries.

Record

JLL's Midyear 2025 report put North American colocation inventory at 15.5 GW, vacancy at a record-low 2.3% (down from 3.0%), with 2.2 GW of H1 absorption, 1.6 GW of completions, 7.8 GW under construction at 73% preleased, and a 31.6 GW planned pipeline.
At Year-End 2025 JLL tracked 39 GW of active North American capacity, roughly half leased and half hyperscaler-owned, vacancy at 1% for a second consecutive year, and a 35 GW construction pipeline of which 64% sits outside traditional mature markets.
At Midyear 2026 JLL reported vacancy held at 1% for a third consecutive year, likely to remain near zero through 2028, with more than 66 GW under construction and available capacity limited to small, fragmented blocks, with most tenants contracting for 2028 deliveries.
The atlas describes JLL's Midyear 2026 framing as the closest thing in the brokerage record to explicit frozen pipeline language, a market where new demand cannot be served for roughly three years.
The four firms differ on vacancy because they define inventory differently: CBRE's 1.6% (H1 2025) and JLL's 2.3% cover colocation in primary or tracked markets, while Cushman's 4.2% covers a broader 43.4 GW Americas base including secondary markets. All four converge on the same conclusion: pre-commitment rates of 73% to 89% mean the pipeline is functionally sold before it is built, so any delay converts directly into unserved contracted demand.

CBRE

Financingbrokerage research and advisory, no principal capital position stated

CBRE's H1 2025 research reported record primary-market supply of 8,155 MW alongside a record-low 1.6% vacancy, with 74.3% of new capacity preleased. Its full-year 2025 Northern Virginia data showed 1,102 MW of net absorption, 0.5% vacancy, and just 21.5 MW of available supply in a 4,039.6 MW market, which the atlas characterizes as a functional freeze. CBRE also reported global vacancy falling to a record-low 6.6% in Q1 2025.

Record

In H1 2025, CBRE reported primary-market supply reached a record 8,155 MW, up 17.6% from H2 2024 and 43.4% year over year, while vacancy fell to a record-low 1.6%.
74.3% of new capacity was preleased in H1 2025; Northern Virginia posted 538.6 MW of net absorption with an 80% surge in under-construction capacity, Atlanta added nearly 1 GW, and Dallas-Fort Worth was on pace to double in size by 2026.
For full-year 2025 Northern Virginia, CBRE reported 1,102 MW of net absorption, up 144% year over year; vacancy of 0.5%, the lowest of any primary US market; inventory of 4,039.6 MW, up 37%; more than 1 GW delivered in 2025; and available supply at year-end of just 21.5 MW.
CBRE reported global vacancy fell 2.1 percentage points year over year to a record-low 6.6% in Q1 2025.

Cushman & Wakefield

Financingbrokerage research and advisory, no principal capital position stated

Cushman & Wakefield's H2 2025 Americas update reported operational capacity of 43.4 GW, 93.6% of it in the United States, with 25.3 GW under construction at nearly 89% pre-committed and vacancy of 4.2%. Its December 2025 power report notes global operational capacity surpassed 49 GW by H1 2025 and that AI facilities consume 200-400 MW per site versus 10-25 MW for conventional facilities. An explicit C&W powered land moratorium formulation was n.a. in the fetched documents.

Record

C&W's H2 2025 Americas update reported operational Americas capacity of 43.4 GW, 93.6% of it in the United States; 25.3 GW under construction at nearly 89% pre-committed; 4.0 GW of new colocation supply delivered in 2025; and vacancy of 4.2%.
C&W's Data Centres & The Power Challenge (No. 3, December 2025) notes global operational capacity surpassed 49 GW by H1 2025, that conventional facilities need 10-25 MW while AI facilities consume 200-400 MW per site, that GPU white-space power density can exceed 50x standard industrial, and that data centres consumed 415 TWh in 2024, or 1.5% of global electricity.
An explicit C&W powered land moratorium formulation was n.a. in the fetched documents.

Newmark

Financingadvisory and debt structuring for third-party JVs and construction loans, no principal capital position stated

Newmark is the most transaction-active broker in this part, closing almost $17B in data center deals in 2024 and over $25B in trailing-twelve-month data center transaction volumes by Q3 2025. It advised on a $2.3B loan financing a Texas data center tied to OpenAI's Stargate and structured the $7.1B construction loan for the 1.2 GW Abilene, Texas AI campus inside a $15B JV with Crusoe, Blue Owl Capital and Primary Digital Infrastructure. Its 2025 market outlook reported $31.5B in annualized new data center construction spending, an all-time high, and expects data center power demand to exceed utility supply by 50%.

Period	Kind	Amount	Context
2025 outlook (published February 13, 2025)	reported	$31.5B	$31.5B in annualized new data center construction spending, an all-time high. Market-wide construction spending measured by Newmark, not Newmark's own capex.
Q4 2024	reported	$9.2B	Q4 2024 industrial volumes across Leasing and Capital Markets were $9.2B, an all-time quarterly best, led by data centers. Transaction volume, not capex.
FY2024	reported	$17.0B	Newmark closed almost $17B in data center deals in 2024. Advisory transaction volume, not capex.
trailing twelve months as of Q3 2025	reported	$25.0B	Over $25B in trailing-twelve-month data center transaction volumes; Capital Markets revenue up 59.7%, total debt volumes up 129%, investment sales up 67%. Transaction volume, not capex.

Record

Newmark's 2025 U.S. Data Center Market Outlook reported a development pipeline of nearly 50 million sq ft at year-end 2024, hyperscalers accounting for over 10% of all commercial development site purchases in 2024, and an estimated 24% of all industrial-zoned development site acquisitions over 24 months going to data centers.
Newmark's headline constraint is that data center power demand is expected to exceed utility supply by 50%.
Newmark structured the $7.1B construction loan for the 1.2 GW Abilene, Texas AI campus inside a $15B JV with Crusoe, Blue Owl Capital and Primary Digital Infrastructure, eight buildings targeting 1.4 GW by 2026.

Colliers

Financingbrokerage research and advisory, no principal capital position stated

Colliers reported US data center deal volume of $57B in 2024 versus $26B in 2023, with $29B pending. It subsequently reported global data center investment exceeding $580B in 2025, up 27%, beating oil and gas investment for the first time, and forecasts US 2026 investment of $500B.

Period	Kind	Amount	Context
FY2024	reported	$57.0B	US data center deal volume reached $57B in 2024 versus $26B in 2023, with $29B pending. Market-wide deal volume tracked by Colliers, not Colliers' own capital.
FY2025	reported	$580B	Global data center investment exceeding $580B in 2025, up 27%, beating oil and gas investment for the first time. Global market-wide investment tracked by Colliers.
FY2026 forecast	guidance	$500B	US 2026 forecast of $500B in data center investment. Market forecast, not company guidance for Colliers itself.

Record

US data center deal volume reached $57B in 2024 versus $26B in 2023, with $29B pending.
Colliers reported global data center investment exceeded $580B in 2025, up 27%, beating oil and gas investment for the first time, with a US 2026 forecast of $500B.

Avison Young

Financingbrokerage research using datacenterHawk data, no principal capital position stated

Avison Young, using datacenterHawk data, reported US colocation inventory of 18.5 GW existing and 0.9 GW under construction in Q1 2025, rising to 20.04 GW existing and 1.25 GW under construction in Q2 2025. It described Northern Virginia as power-constrained with severe power constraints limiting growth, and attributed slowed Q2 deliveries to absorption of recent supply, tariff disruptions, and preparation for higher capital costs, explicitly not demand-driven.

Record

Avison Young, using datacenterHawk data, reported US colocation inventory of 18.5 GW existing and 0.9 GW under construction in Q1 2025, rising to 20.04 GW existing and 1.25 GW under construction in Q2 2025.
Avison Young described Northern Virginia as power-constrained with severe power constraints limiting growth; Q2 deliveries slowed on absorption of recent supply, tariff disruptions, and preparation for higher capital costs, explicitly not demand-driven.

Transwestern

Financingn.a.

The source records no data center capital markets disclosures for Transwestern. Data center capital markets disclosures: n.a.

Period	Kind	Amount	Context	Sources
2024-2026	reported	n.a.	n.a. Source states: 'Transwestern. Data center capital markets disclosures: n.a.' No source link given for this line in the document.

Record

Data center capital markets disclosures for Transwestern are n.a. in the source; the nearest links in the same section are the Colliers and Avison Young citations.

Green Street

Financingindependent research and data provider, subscription-gated, no principal capital position stated

Green Street published its second annual Global Data Center Report on February 6, 2025, alongside 2025 U.S. Sector Outlooks covering 10 property sectors, and launched expanded US Data Centers & Lodging Intelligence on June 26, 2025. It identifies the industry's largest challenges as access to power, transmission of electricity, and obsolescence. Specific Green Street vacancy or absorption series are n.a. in the source, as they are subscription-gated.

Record

Green Street published its second annual Global Data Center Report on February 6, 2025, alongside 2025 U.S. Sector Outlooks covering 10 property sectors, and launched expanded US Data Centers & Lodging Intelligence on June 26, 2025.
Green Street identifies the industry's largest challenges as access to power, transmission of electricity, and obsolescence.
Head of Global Data Center and Tower Research David Guarino contrasts hyperscaler leases of 15 years or longer with one-year apartment and five-year office leases, describing tenants as AAA-caliber.
Specific Green Street vacancy or absorption series: n.a. (subscription-gated).

datacenterHawk

Financingdata provider, no principal capital position stated

datacenterHawk is a data provider whose 1Q 2025 recap reported Northern Virginia planned development of 9.6 GW with utility limitations creating a bottleneck, North American market growth of 40% year over year, and vacancy below 1% in many North American markets with limited tenant optionality. Its 2Q 2025 recap reported non-major markets absorbing about 1,600 MW in 1H 2025 versus 1,425 MW in major markets, with Phoenix at 2.8 GW and Atlanta at 2.3 GW of planned capacity. Its data also underpins Avison Young's US colocation inventory figures.

Record

datacenterHawk reported Northern Virginia planned development of 9.6 GW with utility limitations creating a bottleneck in delivering space and power, North American market growth of 40% year over year, and vacancy below 1% in many North American markets with limited tenant optionality.
In 1H 2025, non-major markets absorbed about 1,600 MW versus 1,425 MW in major markets, with Phoenix at 2.8 GW and Atlanta at 2.3 GW of planned capacity.

Named sites — market intelligence

Site	Location	Capital	MW	Status	Detail	Sources
Abilene, Texas AI campus	Abilene, TX	$7.1B	1200	construction	Newmark structured the $7.1B construction loan for the 1.2 GW Abilene, Texas AI campus inside a $15B JV with Crusoe, Blue Owl Capital and Primary Digital Infrastructure. The project comprises eight buildings targeting 1.4 GW by 2026.
Texas data center tied to OpenAI's Stargate	TX	$2.3B			Newmark advised on a $2.3B loan financing a Texas data center tied to OpenAI's Stargate. The source does not name the specific city or capacity; status not stated in the source.

Financing transactions — market intelligence

Timing	Parties	Instrument	Amount	Detail
reported with Newmark's 2024 results	Newmark (advisor) · OpenAI Stargate-tied Texas data center	debt facility	$2.3B	Newmark advised on a $2.3B loan financing a Texas data center tied to OpenAI's Stargate.
reported in Newmark 2025 outlook coverage	Newmark (structuring) · Crusoe · Blue Owl Capital · Primary Digital Infrastructure	debt facility	$7.1B	Newmark structured the $7.1B construction loan for the 1.2 GW Abilene, Texas AI campus, eight buildings targeting 1.4 GW by 2026.
reported in Newmark 2025 outlook coverage	Crusoe · Blue Owl Capital · Primary Digital Infrastructure	jv equity	$15.0B	The Abilene, Texas AI campus construction loan sits inside a $15B JV with Crusoe, Blue Owl Capital and Primary Digital Infrastructure.

Section 04 · The wall

Capital at risk: the documented wall

128 project-level records of capital blocked, delayed, cancelled, or held by courts across 37 states. The $446B sum of the rows that disclose a dollar figure is a floor, not a census: most blocked projects never disclose capex, and roughly two-thirds of entries carry either a dollar figure or a megawatt figure but not both.

How to read this: every brick is one stopped project. The wider the brick, the more announced money was on the table; the thinnest bricks never disclosed a figure. Click any brick for the project and its sources.

Blocked or cancelled

38 projects · $131B disclosed

Denied, rejected, withdrawn, or terminated outright. 15 of these disclose no dollar figure.

Delayed or paused

67 projects · $245B disclosed

Tabled, paused, or held; capital immobilized, not yet destroyed. 44 of these disclose no dollar figure.

Courts & litigation

9 projects · $31.7B disclosed

Halted by a judge or contested in active litigation. 1 of these disclose no dollar figure.

Restarted

1 project · $500M disclosed

Blocked first, then revived; trackers rarely net these out.

Other actions

13 projects · $38.8B disclosed

Moratorium exposure and actions outside the main classes. 10 of these disclose no dollar figure.

128 projects across 37 states. The $446B total of the rows that disclose a figure is a floor, not a census: most blocked projects never publish what they would have cost.

Second-order losses from the 2025 cancellation cohort total 187,000 construction job-years, 14,600 permanent jobs, 22,000 supplier jobs, and $4.2B of lost tax revenue over ten years. Causal attribution splits $42.2B to community opposition (49% of value), $26.0B to regulatory or zoning failure (27%), and $21.5B to failed incentives (24%).

#	Project	Developer	Jurisdiction	St	Scale	Action	Date
1	Prince William Digital Gateway	QTS + Compass	Prince William County	VA	$24.7B / 2 GW / 27M sq ft	terminatedRezoning voided Aug 2025, affirmed Mar 31 2026; Compass withdrew Apr 29 2026; QTS terminated Jul 2 2026	2022-2026
2	Culpeper Brandy Station	n.a.	Culpeper County	VA	$12B	deniedDenied 6/12/2024	Jun 2024
3	King George campus	Amazon	King George County	VA	$6B	delayed	2024-25
4	Midlothian/Powhatan	Province Group	Powhatan County	VA	$3B / 300 MW	delayed	2024-25
5	Richmond campus	DC Blox	Richmond	VA	$500M / 50 MW	blocked	2024-25
6	Catlett Station	Headwaters	Fauquier County	VA	$400M	blocked	2024-25
7	Plaza 500	Starwood	Alexandria	VA	$165M	delayed	2024-25
8	Warrenton site	Amazon	Warrenton / Fauquier	VA	$39M / 42 acres / 220,000 sq ft	court haltCourt-ordered 1-year stall; Warrenton then adopted a permanent ban July 2025	2024-Jul 2025
9	Ashton	Amazon	Manassas	VA	n.a.	delayed	2024-25; dollar value n.a.
10	Pittsylvania MegaCampus	n.a.	Pittsylvania County	VA	3,500 MW gas plant	denied	Apr 2025
11	Chesapeake rezoning	n.a.	Chesapeake	VA	350,000 sq ft / 200 MW	deniedRecommended denied 6-1	May 2025
12	1500 Gateway	n.a.	Fredericksburg	VA	2.1M sq ft	rejectedRejected 7-0	Dec 11 2025
13	Three-campus program (New Albany, Heath, Hebron)	Microsoft	Licking County	OH	$1B / 200+ acres	pausedCancelled Apr 8 2025; restarted 2026 (~869 MW). Construction paused again June 2026 while Microsoft reassesses cloud and AI infrastructure needs.	Apr 2025; paused again Jun 2026
14	West Jefferson campus	Sentinel	West Jefferson	OH	$1B	cancelledCancelled over power limits	Oct 2025
15	Ohio generation buildout	multiple	statewide	OH	6 GW	cancelledGeneration cancelled	2025
16	Harper Road	Diode Ventures	Missouri (adjacent cohort)	MO	$1.5B	blocked	2024-25; listed in the source's Ohio table as Missouri (adjacent cohort)
17	Project Rainier / New Carlisle	AWS	St. Joseph County	IN	$11B -> $26B / 1,200 acres / 2.2 GW / 32 buildings	otherApproved and building; ~half built by May 2026	2024-26; capital grew from $11B to $26B per source
18	Chesterton campus	Provident	Chesterton / Porter County	IN	$1.3B	withdrawnApplication withdrawn	Jun 2024
19	Project Flo, Franklin Township	Google	Marion County	IN	$1.0B / 300 MW	deniedRezoning denied 7-0; investment shifted to New Carlisle	Jun-Sep 2025
20	Hancock County MegaSite	undisclosed hyperscaler	Hancock County	IN	$1.0B / 250 MW	cancelledCancelled after legislature declined a $180M incentive	Jul 2025
21	Shelbyville site	Prologis	Shelby County	IN	429 acres	delayed	Jan-Feb 2026
22	Burns Harbor	Provident	Porter County	IN	n.a.	blocked	2024-25; dollar value n.a.
23	Marshall County proposal	Amazon	Marshall County	IN	2,250 MW	moratoriumCounty moratorium (Feb 2025, expired); Marshall County ban active Apr 2026	2025-26
24	Fulton County campus	n.a.	Fulton County	IN	500 MW / 300 acres	moratoriumMoratorium active	Mar 2026
25	Lebanon LEAP campus	Meta	Boone County	IN	$10B	otherExempt from county moratorium (annexed)	Jun 2026
26	River Ridge	Meta	Jeffersonville	IN	n.a.	otherExempt from one-year citywide moratorium	Aug 3 2026; dollar value n.a.
27	Caledonia campus	Microsoft	Racine County	WI	$4.0B (est) / 500 MW / 1,200 acres / 7M gal/day water	withdrawnZoning denied Apr 2025; Microsoft withdrew Sep 2025	2025; $4.0B marked as estimate in source
28	Brookfield project	n.a.	Brookfield	WI	$600M	cancelled	2025
29	Waukesha project	n.a.	Waukesha	WI	$500M	cancelledWater utility denial; cancelled	2025
30	West Allis project	n.a.	West Allis	WI	$500M	cancelledZoning board rejection; cancelled	2025
31	Madison campus	Vantage / OpenAI / Oracle	Madison	WI	$15B	moratoriumOne-year moratorium to study impacts	Jan 13 2026
32	Tract Mooresville	Tract	Iredell County	NC	$30.0B / 1.5 GW	cancelledCancelled after Mooresville Public Utilities denied capacity allocation	Q4 2024 (impact 2025)
33	Apex project	Natelli	Apex / Wake County	NC	250 MW	withdrawnWithdrawn after opposition; one-year moratorium enacted	Apr 28 2026
34	232 Car Farm Road	n.a.	Lincolnton	NC	$600M	moratoriumProposed one-year moratorium delayed; hearing rescheduled	Aug 10 2026
35	Project Delta	n.a.	Stokes County	NC	n.a.	court haltJan rezoning voided by court; six-month moratorium proposal rejected	2026; dollar value n.a.
36	Goodyear/Buckeye campus	Tract	Maricopa County	AZ	$14B	withdrawn	May 2024
37	Project Blue	Beale Infrastructure (AWS-linked)	Tucson / Pima County	AZ	$3.6B / 290 acres / up to 10 buildings / $97M projected 10-yr city revenue	rejectedCity Council voted unanimously to end annexation negotiations Aug 5-6 2025	Aug 2025; project continued outside city limits per source narrative
38	Rock Creek	n.a.	Fort Worth	TX	$750M	delayed	2024-25
39	RCM Hill project	RCM Hill LLC	Hill County	TX	n.a.	otherCounty adopted then rescinded a one-year rural ban after the developer sued in federal court	Suit May 27 2026; rescinded Jun 4 2026; dollar value n.a.
40	~1,800 projects in ERCOT interconnection	multiple	statewide	TX	statewide pause	pausedGov. Abbott ordered PUCT and ERCOT to audit all data centers in the interconnection process before further approvals; non-compliant projects to be denied connection	Aug 3 2026
41	Project Sail	n.a.	Coweta County	GA	$17B	moratorium180-day moratorium; 1,750-signature petition	Jun 16 2026
42	Ellenwood facility	n.a.	DeKalb County	GA	1M sq ft	moratoriumMoratorium extended Jul 7 2026 through early 2027	Dec 2025-2027
43	Calhoun facility	n.a.	Calhoun / Gordon County	GA	250 MW / 11 acres	moratoriumMoratorium extended from 90 days to Jan 1 2027; proposal pending	Apr 27 2026
44	Haye's Station	n.a.	Augusta / Richmond County	GA	n.a.	otherExempt from ~4-month moratorium	Jun 2 2026; dollar value n.a.
45	Sangamon County campus	CyrusOne	Talkington Twp / Sangamon County	IL	$500M+ / 280 acres / 1.5M sq ft / 600 MW	approved after delayBoard deferred vote Nov 2025; moratorium demanded; approved Apr 2026	2025-26; capital stated as $500M+ (floor)
46	Naperville facility	Karis Critical	Naperville	IL	n.a.	rejectedScaled back, then rejected 6-1	Jan 2026; dollar value n.a.
47	WGN site	n.a.	Elk Grove Village	IL	102 acres	delayedConstruction deadline extended to Sept 30, 2027 due to power delivery difficulties	Aug 2026
48	Aurora pipeline (4 existing DCs, 5+ in works)	incl. CyrusOne	Aurora	IL	n.a.	moratorium180-day data center + warehouse moratorium adopted Sep 25 2025 (+30-day option)	Sep 2025-Mar 2026; dollar value n.a.
49	Cascade Locks	Roundhouse	Cascade Locks	OR	$100M / 10 MW	blocked	2024-25
50	Hillsboro pipeline (incl. QTS 250 MW campus)	multiple	Hillsboro	OR	DC + BESS applications	moratoriumFirst Oregon city moratorium: 120 days adopted Jul 27 2026, expires Nov 24 2026, extendable 6 months; plus 180-day SIP pause approved Jul 21 2026	Jul 2026
51	Verrus data center	Verrus	Salem	OR	n.a.	moratoriumNew applications halted 120 days after opposition	Aug 3 2026; dollar value n.a.
52	2805 Bowers	GI Partners	Santa Clara	CA	$79M	delayed5-month delay	2024-25
53	SJC37 (641 Walsh Ave.)	Digital Realty	Santa Clara	CA	4-story, shell complete, no equipment	delayedAwaiting power; "could be years"	2025-26
54	Santa Clara pipeline	DLR, STACK, others	Santa Clara / Silicon Valley Power	CA	500 MW of additional requested load vs. 720 MW existing peak	moratoriumSVP capped new data center approvals; moratorium on new power connections; approvals stopped after June 2025	2025-26
55	Saturn Park hyperscale facility	n.a.	Monterey Park	CA	n.a.	moratoriumMoratorium extended from 45 days to one year; permanent-ban ballot measure pending; city enacted a ban Jun 2026	2026; dollar value n.a.
56	Coachella Valley Technology Campus (400+ acres, six data centers)	n.a.	Coachella	CA	n.a.	moratoriumCampus shelved; moratorium extended to ~one year; permanent-ban draft approved by Planning Commission	Jun-Jul 2026; dollar value n.a.
57	All new hyperscale DCs ≥50 MW	n.a.	New York (statewide)	NY	statewide, no fixed expiration	moratoriumExecutive Order 62 - DEC to hold in abeyance all discretionary permits for construction or expansion of data centers until DPS files a final GEIS; first statewide moratorium in the nation; ~12 GW of DC load in the NYISO queue as of May 2026, >8 GW added in 2025	Jul 14 2026
58	Riverview Innovation & Technology Campus	Riverview	Town of Tonawanda, Erie County	NY	$2B / 500,000 sq ft / 300 MW	pausedApplication "on hold" due to NYISO backlog	Jun 3 2026
59	Millville Energy & Data Center Campus	n.a.	Millville	NJ	2.6M sq ft / 1.4 GW	blockedPermanent ban; application blocked	May 19 2026
60	East Windsor second building	QTS	East Windsor Twp	NJ	52 acres, 70+ MW existing	delayedPlanning Board postponed decision	Apr 27 2026
61	Kenilworth project	CoreWeave	Union Township	NJ	n.a.	otherPermanent-ban proposal; first reading passed	May 12 2026; dollar value n.a.
62	100 Jersey Avenue AI data center	n.a.	New Brunswick	NJ	27,000 sq ft	rejectedCity Council unanimously rejected	Feb 18 2026
63	AWS Susquehanna co-location	AWS / Talen Energy (Susquehanna Nuclear LLC)	Luzerne County	PA	480 MW requested vs. 300 MW already approved behind-the-meter, at a 2,494-2,520 MW plant	rejectedFERC rejected the amended ISA 2-1 on Nov 1, 2024; Talen sought rehearing Nov 21, 2024	2024
64	Project Hazelnut (1,300 acres, 15 buildings)	n.a.	Hazle Township	PA	n.a.	moratorium180-day curative-amendment moratorium	Jul 6 2026; dollar value n.a.
65	Pacifico Energy DC + power plant	Pacifico Energy	Muhlenberg Township	PA	n.a.	moratorium12-month moratorium	Feb 3 2026; dollar value n.a.
66	Saline Township campus	Related Digital / Oracle (Green Chile Ventures LLC) / OpenAI	Washtenaw County	MI	$7B-$16B / 1,383-1,400 MW / 575 acres	otherMPSC conditionally approved DTE special contracts (Case U-21990) Dec 18 2025; residents voted against; construction began weeks later	Oct 2025-2026
67	Howell Township campus	Meta	Livingston County	MI	$1B	moratoriumSix-month moratorium (expired)	Nov 21 2025
68	U. Michigan / Los Alamos DC	UM / LANL	Ypsilanti	MI	$1.2B / 100 MW planned	moratorium60-day emergency moratorium; renewed 2026. Ypsilanti City Council passed a resolution opposing the $1.2 billion project, and the Ypsilanti Community Utilities Authority passed a yearlong halt on water and sewer connections for data centers in April 2026.	Mar 2025-2026; the $100M figure is a state grant, not total project capital
69	Springfield Township campus (84 acres, 2-3 buildings)	n.a.	Oakland County	MI	n.a.	moratorium180-day moratorium	Jan 7 2026; dollar value n.a.
70	Five proposed "mega" data centers (Equinix, Prologis + 2 withdrawn)	Equinix, Prologis, 2 unnamed	Seattle (SoDo, Tukwila)	WA	369 MW requested; 2 of 4 developers withdrew	moratoriumOne-year moratorium on DCs >20 MVA approved 9-0, extendable 6 months	Apr-Jun 9 2026
71	Bullfrog Flats DC	Blue Fern Development	Cle Elum	WA	20 MW / 100,000 sq ft / ~$200M / 1,100-acre master plan	moratoriumSix-month emergency moratorium after proposal surfaced	Jul 31 2026; capital stated as ~$200M
72	Avista-related project	Avista	Spokane	WA	125-500 MW	moratoriumOne-year citywide moratorium on new computer data center permits	Jun 22 2026
73	Unincorporated Skagit County	n.a.	Skagit County	WA	DCs >2,000 sq ft	moratoriumSix-month moratorium approved Jun 1, extendable	Jun 2026
74	Landover project	n.a.	Prince George's County, MD	MD	$5B	moratorium180-day moratorium led to regulations; two-year countywide hyperscale moratorium approved Jul 7, 2026	Sep 2025-Jul 2026
75	Great Falls campus	Ardent Tech	Great Falls, MT	MT	600 MW	withdrawn	Nov 2025
76	Project Cumulus / CRG proposal	CRG	St. Charles, MO	MO	$1B	blockedOne-year moratorium made permanent; DCs prohibited in all districts	May 19 2026
77	Water Street DC	n.a.	Holyoke, MA	MA	$200M	blockedPermanent zoning ban adopted	Jun 17 2026
78	Markley facility	Markley	Lowell, MA	MA	n.a.	moratoriumOne-year moratorium, +180-day option	Mar 10 2026; dollar value n.a.
79	Google-led port project	Google	Little Rock, AR	AR	$1B	moratoriumMoratorium proposed to Jan 1 2027; measure deferred Jul 7 2026	Jul 2026
80	EU-3 large-scale DC rezoning (~3,500 acres)	n.a.	Linn County, IA	IA	18-month moratorium	moratoriumBoard of Supervisors voted 2-1	Jul 2026
81	Adair County proposal	Applied Digital	Adair County, IA	IA	200 MW	moratoriumIndefinite moratorium	Mar 25 2026
82	Mercer County campus (530+ acres)	NextEra / Boulevard Associates	Mercer County, ND	ND	n.a.	moratoriumOne-year moratorium	Mar 4 2026; dollar value n.a.
83	ACE Basin proposal	n.a.	Colleton County, SC	SC	1 GW	moratoriumSix-month moratorium proposed; zoning reconsidered	May 5 2026
84	Hixson Data Center (Nvidia GB200)	Hixson	McMinnville, TN	TN	25 MW / 96,000 sq ft	moratorium18-month moratorium requiring impact studies	Jun 3 2026
85	EastPark project	TeraWulf	Greenup & Boyd Counties, KY	KY	1 GW	otherExempt from six-month county moratoriums	Jul 2026
86	Project Jupiter (10,000-acre Green Data Center)	n.a.	Socorro County, NM	NM	$165B IRB package / 10,000 acres	moratoriumOne-year moratorium after 2+ months of opposition. A resident suit alleges $165 billion in industrial revenue bonds were issued for the Oracle/OpenAI development before the Planning and Zoning Commission voted; a judge has allowed an amended complaint to proceed.	Jun 10 2026; dollar value n.a.
87	Sedgwick County campus (1,000+ acres)	n.a.	Sedgwick County, KS	KS	n.a.	moratoriumMoratorium active, extended twice	Jan 15 2026; dollar value n.a.
88	Paradox Data crypto expansion	Paradox Data / Z Squared	Union County, AR	AR	8 MW	moratoriumExpansion on hold; one-year moratorium	Jun 30 2026
89	Wrightsville project	AVAIO Digital	Pulaski County, AR	AR	n.a.	otherMoratorium rejected, project unregulated	Jul 28 2026; dollar value n.a.
90	Project Tango	n.a.	Palm Beach County, FL	FL	retains approvals for >2M sq ft	deniedDenied 5-1 without prejudice	Jul 15 2026
91	Deltona 800-acre AI campus	The Deltona Corporation	Citrus County, FL	FL	800 acres	pausedCommissioners voted 5-0 to freeze all AI data centers; on hold ≥1 year	May 26 2026
92	Roan Street-area project	n.a.	DeSoto County, FL	FL	1,000-2,000+ acres	otherExempt from one-year county moratorium	Jul 29 2026
93	Unnamed Maine project	n.a.	Maine	ME	n.a.	withdrawnDeveloper backed out after LD 307 was vetoed Apr 24 2026	2026; dollar value n.a.
94	40,000-acre / 9 GW campus	n.a.	Utah	UT	9 GW	otherApproved; referendum underway needing 5,422 signatures in 45 days	2026
95	Colossus 1	xAI	Memphis, TN	TN	33 unpermitted gas turbines (+6 added after notice)	otherNAACP lawsuit; entrance blockade	May 2026
96	Portfolio-wide lease pullback	Microsoft	US and Europe	US	~2 GW (incl. ~200 MW of outright lease cancellations reported Feb 2025)	cancelledCancellations and deferrals; Google and Meta absorbed some freed capacity	Feb-Mar 2025; multi-jurisdiction row, not a single US state
97	Lighthouse campus (Port Washington)	Oracle / Vantage Data Centers	Port Washington, Ozaukee County	WI	$15.0B / 1000 MW	litigationNearly 1GW Stargate-partnership campus. Wisconsin PSC's April 2026 order required hyperscale operators (incl.	Jul 10 2026
98	New Carlisle $13B campus	Amazon (reported)	New Carlisle, St. Joseph County	IN	$13.0B	deniedSt. Joseph County Council voted 7-2 after a 10-hour, marathon meeting to deny rezoning ~1,000 acres of farmland off Chicago Trail.	Jul 16 2026
99	QTS DeForest / Vienna campus	QTS Data Centers	DeForest / Town of Vienna, Dane County	WI	$12.0B	cancelledQTS's $12B proposal required annexing 1,600 acres from the Town of Vienna into DeForest. On Jan 27, 2026 village staff determined the project 'not feasible in DeForest' after ~7 months of undisclosed talks and recommended the village president reject the annexation petition; scheduled Feb 3 board vote and Feb 9 public hearing were rendered moot.	Jan 27 2026
100	Imperial Valley Computer Manufacturing campus	Imperial Valley Computer Manufacturing, LLC (developer Sebastian Rucci)	Imperial County (near city of Imperial)	CA	$10.0B	moratoriumWould be largest data center in California at ~1M sq ft; promoted as producing 2,500 construction jobs and $28.7M/yr tax revenue; county supervisors first approved parcel merger April 2026 then reversed with moratorium after public outcry; developer Rucci previously ran an Ohio strip club and rehab center. The developer has separately sued the City of Imperial in federal court over the project.	Apr 2026
101	301 Digital Crossroads (Hammond)	CoreWeave / Decennial Group	Hammond	IN	$7.0B	terminatedCity of Hammond announced the expiration of the $7B Development Agreement at 301 Digital Crossroads after required milestones were not met by the June 30, 2026 deadline; two prior extensions had already been granted. Parties: City of Hammond, Hammond Redevelopment Commission, Decennial Group, CoreWeave.	Jul 1 2026
102	STAMP campus (Stream)	Stream U.S. Data Centers (via Genesee County Economic Development Center)	Town of Alabama, Genesee County (STAMP industrial park)	NY	$6.3B / 250 MW	litigation2.2M sq ft facility; $1.46B in requested state/local sales tax breaks ($716M state + $716M local); Hochul had previously called it a 'local decision' she wouldn't override (March 2026) before reversing via executive order.	Jul 1 2025
103	Farmington Technology Park (Tract)	Tract	Farmington, Dakota County	MN	$5.0B / 708 MW	litigationDenver-based Tract's 340-acre, up-to-12-building, 2.5M-sq-ft campus (~$5B at full buildout) on former golf-course/school land. Residents sued on technical and later environmental grounds; MCEA joined as party.	Nov 29 2025
104	Penzance Bedington campus	Penzance Management	Bedington, Berkeley County	WV	$4.0B	delayedGov. Patrick Morrisey announced the $4B, 500+ acre Penzance data center near the Potomac River on Feb 26, 2026; more than 300 residents packed a March 20 county commission town hall raising transparency, water, drought, noise and light-pollution concerns amid new state law (HB 2014) stripping local zoning control.	Mar 20 2026
105	Sabey Decatur Township campus	Sabey Data Centers	Decatur Township, Indianapolis (Marion County)	IN	$4.0B	moratoriumMetropolitan Development Commission approved the $4B Sabey project in March 2026; one of the three flashpoint projects behind Indianapolis's moratorium debate.	Mar 1 2026
106	Westfield data center	Undisclosed developer	Westfield	MA	$4.0B	delayedCase highlights retroactive political risk even for previously-approved projects as statewide sentiment on data centers shifts.	Jul 2026
107	NorthMark / Valara computing center	NorthMark Strategies (Valara Holdings)	Spartanburg County	SC	$2.8B / 450 MW	other$2.8B conversion of a former Kohler kitchen/bath plant (also a longtime bitcoin-mining site) into a computing center. State regulators initially approved ~50MW; company sought to expand to 450MW (five 17MW plus six 54MW natural gas turbines, atop 24 existing 2MW generators).	Mar 1 2026
108	Lex Pocatello data center	Lex Developments	Pocatello (Bannock County)	ID	$2.6B	litigationProposed at a former polysilicon plant site; Idaho Conservation League highlighted unprecedented cumulative energy use concerns, comparing water use to an 18-hole golf course or large alfalfa field.	May 14 2026
109	Amazon Sunbury campus	Amazon	Sunbury, Delaware County	OH	$2.0B	moratoriumSunbury has a data-center development moratorium in place until Jan 31 (2027); residents fear council could approve the $2B Amazon facility once it expires and are collecting signatures for a fall ballot charter amendment to cap data centers at 25MW peak load.	Jun 26 2026
110	Google Botetourt County campus	Google	Botetourt County	VA	$1.0B	litigationWestern Virginia Water Authority stated it will not supply the 10-million-gallons/day Google sought; a FOIA lawsuit forced disclosure of secret water-use contracts (judge ordered release Nov 5, 2025), and the Water Authority is appealing to the Virginia Court of Appeals while a related water pipeline permit split the Planning Commission in August 2026.	Nov 5 2025
111	Gotion Green Township plant	Gotion	Green Township, near Big Rapids	MI	$715M	cancelledGotion abandoned its planned Green Township facility after legal challenges, environmental issues, and backlash over the company's China ties; Michigan had committed a $715M incentive package ($175M grants plus a 30-year tax exemption valued at $540M), which the state is now working to recover.	Jan 1 2026
112	T5 @ Chicago IV (Grayslake)	T5 Data Centers	Grayslake, Lake County	IL	$750M / 1550 MW	litigationUp to 472 acres within the $750M, 641-acre Cornerstone mixed-use development; ~1.55GW electrical demand from ComEd. Village Board approved between Sept 2024-May 2025.	Jul 31 2026
113	Meta Rosemount (UMore Park)	Jimnist LLC (Meta subsidiary)	Rosemount, Dakota County	MN	$700M	pausedPlanning Commission approved the site plan, but the City Council paused final action until after Dec 20 pending completion of a required 5-year Alternative Urban Areawide Review (AUAR) update. Board of Regents approved a $39.7M land sale to Jimnist LLC; Xcel Energy filing put Meta's minimum investment at $700M.	Oct 31 2025
114	Tract Northern Nevada portfolio	Tract	Storey County / Washoe County	NV	$1.0B	litigationTract has purchased more than 12,000 acres across northern Nevada; company says it never sought subsidized costs and committed nearly $1B toward NV Energy infrastructure. Related to Tract's earlier land dispute victory against Switch in Reno.	2026
115	Microsoft / Franklin Partners Covenant Park	Microsoft / Franklin Partners	Township adjacent to Lowell (Kent County)	MI	$1.0B	pausedEstimated $500M-$1B investment over 3-5 years. Site needs rezoning from industrial PUD to light industrial.	Dec 1 2025
116	Jefferson County data center moratorium	n.a.	Louisville Metro / Jefferson County	KY	no project-level dollar figure disclosed	moratoriumMetro Council voted 24-1 on 13 August 2026 to adopt a six-month moratorium barring city planners from approving new data center proposals, running until the council adopts comprehensive zoning rules. An amendment extended the pause to the rezoning of an existing building for data center use. A one-year version failed. Local proposals cited in the debate were a Dermody Properties data center in a 350,000 sq ft warehouse on Kramers Lane and a hyperscale facility already under construction on Camp Ground Road.	Aug 13 2026
117	Marion County data center moratorium (Proposal 238)	n.a.	Indianapolis / Marion County	IN	no jurisdiction-wide dollar figure disclosed	moratoriumCity-County Council voted 23-1 on 10 August 2026 to pause new data center approvals in Marion County until at least 31 December 2027. Three previously approved projects are exempt: DC Blox in Warren Township approved July 2026, Metrobloks in Martindale-Brightwood approved May 2026, and Sabey's $4 billion Decatur Township campus approved March 2026. The measure advanced to the Metropolitan Development Commission for final approval on 19 August 2026.	Aug 10 2026
118	Greensboro data center moratorium	n.a.	Greensboro	NC	no jurisdiction-wide dollar figure disclosed	moratoriumCity council enacted a six-month data center moratorium in August 2026 following a 17 August public hearing. The ordinance taken to hearing covered data centers with electrical demand above 10 MW. WFDD reported the moratorium adds uncertainty for the long-delayed ImpactData Dream Center at Gateway Research Park, whose site plan had already expired and which had received more than half a million dollars in city incentives.	Aug 2026
119	Alamance County data center moratorium	n.a.	Alamance County	NC	no jurisdiction-wide dollar figure disclosed	moratoriumCounty commissioners voted 5-0 on 17 August 2026 to adopt a one-year moratorium on consideration of data center proposals, extending the six-month version taken to public hearing. The county attorney described the pause as time to research local effects. The proposal covered developments requiring 10 MW or more.	Aug 17 2026
120	Independence County data center moratorium	n.a.	Independence County	AR	no data center project known to be planned in the county	moratoriumThe quorum court approved a five-year moratorium on commercial data centers on 10 August 2026, running through 31 August 2031, the longest pause recorded in Arkansas. No data center project was known to be planned in the county. Reporting on the vote date varies: KAIT8 and the Data Center Moratoriums tracker record 10 August, UALR Public Radio recorded 11 August.	Aug 10 2026
121	Madison County data center moratorium	n.a.	Madison County	AR	no data center project known to be planned in the county	moratoriumThe quorum court approved a three-year moratorium on data centers on 17 August 2026, the second-longest pause in Arkansas after Independence County. No data center project was known to be planned in the county.	Aug 17 2026
122	Carroll County data center moratorium	n.a.	Carroll County	AR	no jurisdiction-wide dollar figure disclosed	moratoriumThe county adopted a one-year data center moratorium in June 2026, one of a cluster of Arkansas counties outside Little Rock that paused approvals while Little Rock and Pulaski County adopted regulations instead.	Jun 2026
123	Russellville data center moratorium	n.a.	City of Russellville	AR	no jurisdiction-wide dollar figure disclosed	moratoriumThe city adopted a six-month data center moratorium in July 2026.	Jul 2026
124	Bayonne citywide data center ban	n.a.	City of Bayonne	NJ	no jurisdiction-wide dollar figure disclosed	moratoriumThe city council voted 5-0 to prohibit data centers citywide. A savings clause preserves three data center permissions granted before the ordinance. Hudson County View dated the vote 13 August 2026.	Aug 13 2026
125	Charlestown data center and battery storage ban	n.a.	Town of Charlestown	RI	no data center proposed in the town	moratoriumThe town council voted unanimously on 11 August 2026 to prohibit data centers and battery energy storage systems, the second municipal data center ban in Rhode Island and the first ban on battery energy storage projects. No data center had been proposed in the town; officials described the ordinance as preventative.	Aug 11 2026
126	Westerly data center moratorium	n.a.	Town of Westerly	RI	no jurisdiction-wide dollar figure disclosed	moratoriumThe town council adopted a one-year moratorium blocking all data centers on 27 July 2026 by voice vote, while the planning board drafts zoning rules. The town manager said data centers were not covered by the existing ordinance.	Jul 27 2026
127	Revity Energy business park and data center, Hanton City	Revity Energy LLC	Town of Smithfield	RI	dollar value n.a.	blockedRevity Energy proposed a business park including a data center at Hanton City in March 2026. After public opposition, Smithfield's planning board and town council voted to ban such development in early May 2026, the first municipal data center ban in Rhode Island. Single-sourced from a secondary account in the Charlestown reporting; the Smithfield record has not been confirmed from a Smithfield source.	May 2026
128	Pahrump Valley data center ban (Nye County Bill No. 2026-11)	n.a.	Nye County	NV	no jurisdiction-wide dollar figure disclosed	moratoriumCounty commissioners voted 5-0 on 18 August 2026 to adopt Bill No. 2026-11, amending Nye County Code Title 17 to prohibit data center development in the Pahrump Valley and Hydrographic Basin 162, an over-appropriated basin. A separate motion setting a 14 September 2026 public hearing on land use standards for data centers elsewhere in the county passed 4-1. A proposal to put the ban to a special election died without a motion.	Aug 18 2026

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Scroll the table sideways for the full record. Action text is trimmed to two lines; open Sources on any row for the full entry and its citations.

Reading note. The 'Paused MW' and '$ at risk' columns are floors, not estimates of total exposure. They aggregate only figures that a fetched source attached to a specific named project or jurisdiction. Most blocked projects never disclose capex. Of the 96 project-level entries in section C.1, roughly two-thirds carry either a dollar figure or an MW figure but not both, because local rezoning dockets disclose acreage and square footage while investment figures come from economic-development announcements that a withdrawn project never makes. Moratoriums have no denominator. A 180-day pause in a county with an active pipeline forecloses applications that were never filed. The 116 municipal moratoriums and 483 tracked state-level actions have no per-action MW attached in any source fetched for this report. Queue positions are not projects. Dominion's ~45 GW under study with no connection date and ERCOT's ~474 GW contain heavy duplication from developers filing at multiple points of interconnection. They cannot be summed into the '$ at risk' column, which is why they are reported separately in section C.2 rather than folded into jurisdiction totals. The national aggregates in C.0 ($64B → $98B → $156B → ~$130B) are not additive across periods. They are successive, overlapping snapshots from the same tracker family, each with a different window and a different blocked/delayed/cancelled definition. The one internally consistent, non-overlapping figure in this report is the cancellation-only cohort: $89.7B across 17 facilities in 10 states, average $5.3B per facility (Bommarito). An independent tracker counts 225 moratoriums and restrictions across 30 states as of August 4, 2026, explicitly a floor rather than a census (ElectricChoice). The AEP Ohio tariff outcome, anticipated demand cut from 30,000 MW to ~5,700 MW, is described by the source as the single most instructive datapoint in the dataset on the difference between queue volume and real demand. Claims that roughly half of 2026 US capacity is delayed or cancelled circulated widely and were explicitly contested by SemiAnalysis ('Stop Saying Half of 2026 US Datacenter Capacity Is Canceled'), a genuine analytical dispute that the source says should be flagged rather than resolved.

Section 05 · Queues & federal

Queues, tariffs, and the federal layer

Where announced capacity actually waits. Interconnection queues are options, not assets: roughly three-quarters of all capacity that entered queues between 2000 and 2020 had withdrawn by the end of 2025.

Capacity entering queues, 2000–2020100%

Withdrawn by end of 2025~75%

Still in queue, built, or building~25%

61 mo median wait from request to commercial operation for 2025 in-service projects, up from 22 months in 2008

>750 GW withdrew in 2025; >700 GW withdrew in 2024; ~75% of capacity entering queues 2000-2020 had withdrawn by YE2025.

Berkeley Lab national series: active queue 2,598 GW (YE2023 peak) → 2,290 GW (YE2024, -12%) → 2,061 GW (YE2025, -10% y/y, -21% from peak) across ~10,300 projects.
Median request-to-COD for 2025 in-service projects: 61 months (~5.1 years), n=294, vs. 22 months in 2008.
>750 GW withdrew in 2025; >700 GW withdrew in 2024; ~75% of capacity entering queues 2000-2020 had withdrawn by YE2025.
Cross-ISO tracker: 44,020 interconnection queue requests tracked 1995-2026; county map contains 8,586 requests totaling 1.92 TW.
Berkeley Lab notes FERC Order 2023 reforms took effect in 2024 in most regions, yet median request-to-COD still lengthened to 61 months for the 2025 in-service cohort.

PJM

PJM projects summer peak growth of 70 GW to 220 GW over 15 years, with roughly 30 GW of the 32 GW of 2024-2030 growth attributable to data centers. A 6.8 GW capacity shortfall triggered a one-time backstop auction, and PJM's own FERC testimony states it has no load interconnection process of its own.

Capacity auction fell 5.6% short of required reserve margin; 6.8 GW shortfall triggered a one-time backstop auction starting September for the delivery year beginning mid-2028.
New large loads without their own supply will be curtailed near emergency conditions and excluded from demand forecasts.
Data centers accounted for $6.3B, or 38%, of the $16.4B most recent capacity-auction cost.
140,000 MW processed under 2022 queue reform with 46,000 MW at signed IAs.
PJM's VP of Planning testified that PJM does not presently have a load interconnection process; load interconnection is administered through retail tariffs by EDCs and LSEs even where data centers connect at transmission level.

ERCOT474 GW requested

ERCOT's large-load queue grew from 63 GW in December 2024 to about 474 GW by mid-2026, roughly 90 percent data centers and more than five times ERCOT peak demand. Following the governor's August 3, 2026 audit order, ERCOT suspended Batch Zero large-load classification notifications.

225 new large-load requests in 2025 vs. 152 across 2022-24.
The ~474 GW mid-2026 figure is more than five times ERCOT peak demand and more than doubled in under six months.
ERCOT issued Market Notice M-A080326-01, suspending delivery of Batch Zero Large Load classification notifications to Transmission/Distribution Service Providers that had been scheduled for August 7, 2026.

CAISO

CAISO reported that interconnection requests skyrocketed in Clusters 14 and 15, with the queue exceeding three times needed capacity and high volumes in areas not identified for new capacity in state resource plans.

With Cluster 15 the ISO queue exceeded three times the capacity needed.

NYISO12 GW requested

NYISO carried roughly 12 GW of data center load requests as of May 2026, with more than 8 GW added in 2025. A named $2B, 300 MW Erie County project is on hold citing the NYISO backlog.

More than 8 GW of data center load requests added during 2025.
A named $2B / 300 MW project (Riverview Innovation & Technology Campus, Town of Tonawanda) sits "on hold" citing NYISO backlog.
Potential New York data centers are seeking more than 9,000 MW of new electricity, described as about one-third of the state's annual energy use, against 148 existing and six planned facilities statewide.

ISO-NE

The source records no queue-specific data center MW figure for ISO-NE. Its inclusion in the record is as a named recipient of FERC's June 18, 2026 show cause order.

One of six ISOs/RTOs receiving FERC Federal Power Act Section 206 show cause orders on June 18, 2026 over inadequate large-load tariff rules.

MISO / SPP / CAISO / PJM (queue rationing)

An ACORE/Grid Strategies report reviewed queue-acceleration reforms at MISO, SPP, CAISO and PJM and concluded they may speed capacity additions at the cost of fairness, transparency, and open-access principles.

Queue-acceleration reforms at MISO, SPP, CAISO and PJM may speed additions but sacrifice fairness, transparency, and open-access principles, per an ACORE/Grid Strategies report.

Dominion (utility-level, PJM zone, Virginia)70 GW requested

Dominion's contracted data center pipeline grew from 21 GW in July 2024 to more than 48 GW by December 2025, while its large-load delivery-point queue reached 70 GW by February 2026 with roughly 45 GW under study and no connection date. A shareholder resolution cautions that nearly 30 GW rests on preliminary engineering paperwork without firm take-or-pay obligations.

Of the 47 GW contracted pipeline, only ~9 GW had executed construction letters of authorization and 28 GW sat at substation-engineering LOA stage.
A 2026 shareholder resolution notes 47 GW is roughly twice Dominion's current peak system capacity and that nearly 30 GW rests on preliminary engineering paperwork with no firm take-or-pay obligations, allowing customers to delay, downsize, or cancel with minimal consequence.
Dominion raised its five-year capital plan 30% to $65B, with >90% of the increase inside Dominion Energy Virginia, and was awarded more than $5B of PJM projects with in-service dates through 2032.

AEP Ohio (utility-level)

After PUCO approved AEP Ohio's take-or-pay tariff, anticipated data center demand fell from 30,000 MW to about 5,700 MW. The source calls this the single most instructive datapoint in the dataset on the difference between queue volume and real demand.

AEP Ohio halted new data center service requests in March 2023 with 50+ data centers awaiting service.
PUCO approved the data center tariff in Case 24-508-EL-ATA on July 9, 2025: 85% take-or-pay over 12 years for loads ≥25 MW, effective July 23, 2025, with the next study tranche opening March 2, 2026.

APS / Arizona Corporation Commission (utility-level)

Arizona's data center queue of 19 GW to 30,000 MW compares against an APS peak load of roughly 8,200 to 8,700 MW, with average requests of 400 to 500 MW. APS told the ACC's April 2026 large-load workshop that interest exceeds its capacity to serve.

The ACC opened docket E-00000A-25-0069 in 2025 and held a large-load workshop on April 16, 2026, where APS said interest exceeds its capacity to serve.

PSEG (utility-level, New Jersey)9 GW requested

PSEG's large-load pipeline, overwhelmingly data centers, reached 9.4 GW. New Jersey residential electric bills rose about 20 percent in 2025 with AI data centers accounting for about 70 percent of new state power demand.

PSEG Nuclear owns 3,758 MW at a 95.8% capacity factor, ~40% of NJ electricity; New Jersey lifted its nuclear-build moratorium in early April 2026.
Residential electric bills rose ~20% in 2025 with AI data centers accounting for ~70% of new state power demand; more than 80 data centers operate or are under construction in New Jersey.

DTE (utility-level, Michigan)8 GW requested

DTE's identified data center opportunity is 8.4 GW, composed of the 1.4 GW Oracle contract, 3 GW in advanced discussions, and 3 to 4 GW in the pipeline. The total is essentially unchanged from 2024, meaning a year of activity converted pipeline into contract without expanding the total.

A year of activity converted pipeline into contract without expanding the total, per the source's reading of DTE disclosures.

Silicon Valley Power (municipal utility, Santa Clara, CA)0 GW requested

Silicon Valley Power faced 500 MW of additional requested load against a 720 MW existing peak and capped new data center approvals after June 2025. Around 60 data centers already represent 55 percent of SVP power use.

SVP's director told a January 28, 2026 California Assembly joint hearing that ~60 data centers operate in SVP territory at typically 50-100 MW each, representing 55% of SVP power use, against a current peak of ~740 MW rising to ~1,300 MW in five to ten years.
Santa Clara had 57 active or under-construction data centers as of a May city council presentation, and Silicon Valley Power's $450M upgrade is scheduled for 2028; an earlier account put major SVP upgrades at 2029.

Federal actions

Action	Timing	What it does
FERC Order 2023 (generator interconnection reform)	Issued July 2023; reforms took effect in 2024 in most regions.	Order 2023 replaced first-come-first-served serial study with first-ready, first-served cluster studies, imposed financial penalties for missed study deadlines, and established co-location standards letting storage share a single interconnection request with generation. Despite the reforms, median request-to-COD lengthened to 61 months for the 2025 in-service cohort. Order 2023 does not cover load.
DOE directive to FERC and FERC ANOPR on large-load interconnection	DOE directive October 2025; FERC responded with the ANOPR in roughly eight months after receiving more than 3,500 pages of comments.	DOE directed FERC in October 2025 to establish rules for data center interconnection. The resulting ANOPR, "Ensuring the Timely and Orderly Interconnection of Large Loads," proposed aligning large-load and hybrid-facility procedures with the pro forma generator interconnection procedures and studying load and hybrid facilities together with generating facilities to enable "efficient siting" and minimize "costly network upgrades".
FERC show cause orders to six ISOs/RTOs	June 18, 2026; 60 days to defend or revise (to August 17, 2026) plus a separate 30-day generation-sufficiency reporting deadline.	FERC issued six Federal Power Act Section 206 show cause orders, one each to PJM, MISO, SPP, CAISO, NYISO and ISO-NE, preliminarily finding their tariffs inadequate for lack of clear and consistent large-load rules. Each had 60 days to defend or revise and 30 days to report how it will ensure sufficient generation to serve large loads.
PJM Behind-The-Meter Generation compliance filing	Filed February 23, 2026, requesting a July 31, 2026 effective date, in response to a December 2025 FERC order on co-located load.	PJM filed a compliance filing revising Behind-The-Meter Generation tariff provisions in response to FERC's December 2025 order on co-located load, ahead of the June 2026 show cause orders.
DOE Resource Adequacy Report	July 7, 2025, issued under Executive Order 14262 (April 8, 2025).	The report concluded the grid cannot sustain the combined impact of plant closures, overreliance on intermittent resources, and data center load growth, that growth is concentrated in PJM, ERCOT and the West, and that it cannot be met with existing approaches to load addition and grid management.
DOE 2024 National Transmission Planning Study and the transmission build gap	Study from 2024; construction data for 2023 and 2024.	DOE's study indicated roughly 5,000 miles per year of high-capacity regional transmission is needed and did not incorporate current load growth, against actual construction of 888 miles of 345 kV+ in 2024 and 322 miles in 2023. The build rate is roughly 18 percent of the identified requirement, before accounting for data center load.
FERC rejection of the Talen-Amazon Susquehanna amended ISA	Rejected 2-1 on November 1, 2024; Talen sought rehearing November 21, 2024; AEP and Exelon protested under docket ER24-2172 on June 24, 2024.	FERC rejected the amended interconnection service agreement for AWS co-location at Talen's Susquehanna nuclear plant, where 480 MW was requested versus 300 MW already approved behind-the-meter at a 2,494-2,520 MW plant. The rejection turned on PJM failing to show that non-pro forma ISA provisions were needed for "specific reliability concerns," "novel legal issues," or "other unique factors". Commissioners Christie and See were in the majority and Chairman Phillips dissented.

Thresholds and instruments by jurisdiction

Jurisdiction	Level	Threshold or instrument	Detail
New York (Executive Order 62)NY	state	Applies to hyperscale data centers of 50 MW and above; no fixed expiration; DEC to hold in abeyance all discretionary permits for construction or expansion until DPS files a final GEIS. Exempts projects already under construction, modifications of previously issued approvals, and renewals.	Signed July 14, 2026, EO 62 is the first statewide data center moratorium in the nation, against a NYISO queue of roughly 12 GW of data center load requests. New York data centers contributed $49 billion of GDP and $5.1 billion of taxes in 2024. The order holds DEC permits in abeyance until DPS completes a final Generic Environmental Impact Statement; the atlas source characterizes the duration both as having no fixed expiration and as pending that review.
New York (legislative measures beyond EO 62)NY	state	S10642: 12-month moratorium with labor standards, awaiting the Governor. A separate legislature-passed bill would bar projects of 20 MW or more and impose near-total renewable-energy requirements by 2050 on projects larger than 1 MW. A February 2026 bill would freeze state and local approvals for any new data center above 20 MW for three years.	The Legislature passed a more expansive 12-month moratorium than EO 62, and additional bills target 20 MW and even 1 MW thresholds. IBEW Third District VP Frank Muia warned a blanket moratorium "risks sending billions of dollars in private investment… to neighboring states".
New York local actionsNY	city	n.a.	Local New York actions include Newfield (Jul 2026), East Fishkill (Jun 2026), Perth one-year moratorium (Jun 4, 2025), Oneonta (May 2026), Lysander six-month pause (May 7, 2026), and a Dryden ban (Feb 2026). The C.4 summary records 12 to 13 tracked New York actions.
SeattleWA	city	One-year moratorium on data centers >20 MVA, approved 9-0, extendable 6 months (Apr-Jun 9, 2026).	Five proposed mega data centers in SoDo and Tukwila (Equinix, Prologis, and two unnamed developers) had requested 369 MW; two of four developers withdrew before the moratorium passed.
Skagit CountyWA	county	Six-month moratorium covering data centers >2,000 sq ft in unincorporated Skagit County, approved June 1, 2026, extendable.	County commissioners approved a six-month pause on data centers larger than 2,000 square feet in unincorporated areas.
Washington (statewide summary)WA	state	C.4 floors: 369 MW (Seattle) + 500 MW (Spokane, high end) + 20 MW (Cle Elum) paused or at risk; ~$200M identified; 4 named projects; 7 tracked actions.	Washington actions include the Seattle >20 MVA moratorium, a Spokane one-year citywide moratorium (Jun 22, 2026, Avista-related 125-500 MW), a Cle Elum six-month emergency moratorium (Jul 31, 2026), and the Skagit County pause. A source headline states a Washington statewide data center bill was killed before Seattle acted.
TucsonAZ	city	New rules gate any project >25,000 sq ft or >20 MW, while the city explores ban options; restrictive zoning proposed April 2026.	Tucson adopted new data center rules with square-footage and megawatt gates after unanimously ending Project Blue annexation negotiations in August 2025.
PhoenixAZ	city	n.a.	Eleven landowners are suing the city of Phoenix for $753 million, claiming property value losses from data center restrictions passed the prior summer.
ChandlerAZ	city	Ordinance 5033, effective January 5, 2023, restricts data centers to PAD zoning.	Chandler's ordinance predates the 2024-2026 wave and confines data centers to Planned Area Development zoning.
Arizona (statewide)AZ	state	Statewide FY2027 budget tax-break pause and HB 2756 (Jun 2026); proposed 45% data center rate increase before the ACC; C.4 floors: queue 19-30 GW vs. APS peak ~8.2-8.7 GW; $17.6B at risk ($14B Tract + $3.6B Project Blue); 5 tracked actions.	Arizona enacted a statewide FY2027 budget tax-break pause and HB 2756 in June 2026, while the ACC considers data-center-specific rates. The governor supported removing industry tax incentives.
Loudoun CountyVA	county	Eliminated by-right data center development 7-2 on March 18, 2025, requiring special exceptions.	Loudoun County, the largest data center market, ended by-right development and now requires special exceptions for data center projects.
Prince William CountyVA	county	Initiated ZTA DPA2026-00006 on March 3, 2026 to curtail by-right development.	Prince William County began a zoning text amendment to curtail by-right data center development following the Prince William Digital Gateway collapse.
WarrentonVA	city	Permanent data center ban adopted July 2025, following a court-ordered one-year stall of an Amazon site.	After a court-ordered one-year stall on Amazon's 42-acre, 220,000 sq ft, $39M site, Warrenton adopted a permanent ban in July 2025.
Virginia (statewide)VA	state	Statewide moratorium bill HB 1515 failed; Governor Spanberger declined a statewide moratorium in August 2026, citing the $67B Dominion/NextEra merger. C.4 floors: 2 GW (PWDG) + 300 MW (Powhatan) + 200 MW (Chesapeake) + 50 MW (DC Blox) + 3,500 MW (Pittsylvania gas) paused/at risk; 45 GW in Dominion queue with no connection date; $47.8B+ identified; 12 projects; 23 tracked siting actions.	Dimetrics tracks 23 Virginia siting actions spanning 2023-2026, including the Warrenton ban and county-level restrictions from Fauquier to Fairfax. A statewide moratorium failed and the governor declined to impose one by order.
Texas (statewide audit-gated pause)TX	state	Gov. Abbott ordered PUCT and ERCOT on August 3, 2026 to audit all data centers in the interconnection process before further approvals; non-compliant projects to be denied connection; ~1,800 projects affected. SB6, signed June 20, 2025, sets a 75 MW threshold and co-location rules for pre-September 1, 2025 generation.	Texas paused grid approvals statewide pending audits of roughly 1,800 projects in the ERCOT interconnection process. Local actions include Harlingen (May 2026), San Marcos restrictive zoning (Feb 2026), a proposed Denton pause (Jun 2026), and Fort Worth and Taylor proposals; Hood County rejected a construction pause while Hill County paused rural construction for a year before rescinding under a federal suit.
Ohio (statewide)OH	state	AEP Ohio data center tariff (PUCO Case 24-508-EL-ATA, approved July 9, 2025): 85% take-or-pay over 12 years for loads ≥25 MW, effective July 23, 2025. Statewide TCA tax-credit pause (May 2026). C.4 floors: ~24,300 MW of anticipated demand removed (30,000 → 5,700 MW post-tariff); 6 GW generation cancelled; $2B+ cancelled; 38 tracked actions.	Ohio's take-or-pay tariff at a 25 MW threshold collapsed anticipated data center demand from 30,000 MW to about 5,700 MW. Dimetrics tracks 38 Ohio actions including Cleveland, Cincinnati, Butler County, and a statewide tax-credit pause.
North Carolina (statewide)NC	state	Duke Energy Carolinas and Duke Energy Progress operate under an NCUC proceeding on large-load integration at a 100 MW threshold; Duke's response filed July 24, 2025 to the commission's June 6, 2025 request; first semiannual major-load-addition report filed May 15, 2025. C.4 floors: 1.5 GW (Tract Mooresville) + 250 MW (Apex); $30.6B; 4 projects; 31-32 tracked actions.	North Carolina's regulatory threshold for large-load integration review is 100 MW under an NCUC proceeding. Dimetrics tracks 31 to 32 state actions including Charlotte, Durham, Asheville, a Weaverville ban, and multiple county measures.
Montgomery CountyMD	county	18-month moratorium on permits for large-scale data centers, unanimously approved, defining large as "an aggregate monthly electricity demand of at least 25 megawatts".	The Montgomery County Commission unanimously approved an 18-month permit moratorium for large-scale data centers at a 25 MW aggregate monthly demand threshold.
Prince George's CountyMD	county	Two-year countywide moratorium on hyperscale data center development, approved July 7, 2026, following a 180-day moratorium that led to regulations.	The Prince George's County Council passed a two-year moratorium on hyperscale data center development, extending an earlier 180-day pause tied to the $5B Landover project.
Maryland (statewide summary)MD	state	C.4 floors: paused/at-risk MW n.a.; $5B (Landover); 1 named project plus 2-year countywide moratorium; 12 tracked actions.	Maryland's documented capital at risk centers on the $5B Landover project and the Prince George's County hyperscale moratorium, with 12 tracked actions statewide.
Georgia (statewide)GA	state	Statewide HB 1192 was vetoed and SB 476 failed; HB 1059 would forbid local permitting until December 2028. C.4 floors: 250 MW (Calhoun); $17B (Project Sail); 4 named; 29-31 tracked actions.	Dimetrics tracks 29 to 31 Georgia actions including a Fayetteville outright ban in March 2026, directly relevant to QTS's Fayetteville position, plus restrictive zoning in Bartow, Forsyth, Jones, Lumpkin and Atlanta. The PSC meanwhile approved the 2025 IRP contemplating ~8,500 MW of load growth and, on December 19, 2025, 9,885 MW of new energy resources by a 5-0 vote.
Illinois (statewide)IL	state	Statewide DCEO incentive suspension (Jul 2026); statewide HB 4172 failed. C.4 floors: 600 MW (CyrusOne Sangamon); $500M+; 4 named; 11 tracked actions.	Illinois tracks 11 actions including the DCEO incentive suspension, Bloomington and Normal (May 2026), Champaign County (Apr 2026), Carbondale (Jun 2026), Logan County (lifted May 2026), and a proposed Naperville measure (Jan 2026).
California (statewide)CA	state	Statewide AB 93 (water restriction) was vetoed. C.4 floors: 500 MW requested vs. 720 MW peak (Santa Clara); $79M identified; 5 named; 10 tracked actions.	California tracks 10 actions including Coachella, Imperial, Indio, and Monterey Park (Jun 2026), with Calipatria and Imperial County proposals. The statewide water-restriction bill AB 93 was vetoed.
Santa ClaraCA	city	Silicon Valley Power capped new data center approvals with a moratorium on new power connections; approvals stopped after June 2025.	Santa Clara's municipal utility stopped approving new data center power connections after June 2025, with 500 MW of additional requested load against a 720 MW existing peak and 57 active or under-construction data centers.
New Jersey (statewide)NJ	state	Statewide rate measure enacted (A-5462 / S-4307, Jul 2026); nuclear-build moratorium lifted early April 2026; bans in Sparta (Jun 2026), Andover and Millville (May 2026), Phillipsburg (Apr 2026), Pemberton (Feb 2026). C.4 floors: 1.4 GW (Millville) + 70 MW (QTS East Windsor); PSEG pipeline 9.4 GW; project-level dollars n.a.; 4 named; 10 tracked actions.	New Jersey enacted a statewide rate measure and multiple municipal bans while lifting its nuclear-build moratorium. More than 80 data centers operate or are under construction in the state.
Pennsylvania (statewide)PA	state	Moratoriums in Brookville Borough and Center Township (Jun 2026); a statewide measure proposed. C.4 floors: 480 MW (AWS/Susquehanna, FERC-rejected); dollars n.a.; 3 named; 5 tracked actions.	Pennsylvania's exposure centers on the FERC-rejected Talen-Amazon Susquehanna ISA plus township moratoriums in Hazle (180-day curative amendment, Jul 6, 2026) and Muhlenberg (12-month, Feb 3, 2026).
Michigan (statewide)MI	state	Most heavily restricted state in the country with 73 tracked actions. C.4 floors: 1,383 MW (Saline, conditionally approved); $8.1B-$17.1B ($7-16B Saline + $1B Howell + $0.1B Ypsilanti); 4 named projects.	Michigan carries 73 tracked actions, the most of any state, spanning Detroit (proposed), Flint, and dozens of townships. The Saline Township campus was conditionally approved by the MPSC (Case U-21990) on December 18, 2025 despite residents voting against it.
Indiana (statewide)IN	state	County-level moratoriums span Putnam (Nov 2025), White (Oct 2025, expired), Starke (Dec 2025), Marshall (ban, Apr 2026), Fulton (Mar 2026), Dearborn and Pulaski (Feb 2026), Merrillville (Jun 2026), Boone (proposed May 2026), Indianapolis (pause proposed May 2026); 13 tracked actions. C.4 floors: 2,250 MW (Marshall) + 500 MW (Fulton) + 300 MW (Franklin Twp) + 250 MW (Hancock); $3.3B blocked/cancelled; $10B exempted (Meta Lebanon); $26B proceeding (AWS).	Indiana's 13 tracked actions include an Indianapolis development committee vote of 10-3 to advance a moratorium pausing approvals through the end of 2027.
Wisconsin (statewide summary)WI	state	C.4 floors: 500 MW (Caledonia); $5.6B cancelled plus $15B under moratorium; 5 projects.	Wisconsin's 2025 cancellation wave totals $5.6B across four projects, and Madison placed the $15B Vantage/OpenAI/Oracle campus under a one-year moratorium on January 13, 2026.
Oregon (statewide summary)OR	state	C.4 floors: 10 MW (Cascade Locks) + Hillsboro DC/BESS pipeline; $100M identified; 3 named; 2-4 tracked actions. Hillsboro adopted the first Oregon city moratorium: 120 days from July 27, 2026, expiring November 24, 2026, extendable 6 months, plus a 180-day SIP pause approved July 21, 2026.	Hillsboro's moratorium covers a pipeline that includes a QTS 250 MW campus, Salem halted new applications for 120 days on August 3, 2026, and Wasco County carries restrictive zoning from June 2025.
Maine (statewide)ME	state	LD 307, a statewide moratorium, was vetoed April 24, 2026.	Maine's governor vetoed the statewide moratorium bill LD 307, after which a developer backed out of an unnamed Maine project.
Other states with documented capital at risk (MT, MO, MA, AR, IA, ND, SC, TN, NM, KS, FL, ME, UT, KY)	state	C.4 floors: 600 MW (MT) + 1 GW (SC) + 200 MW (IA) + 25 MW (TN) + 8 MW (AR) + 9 GW (UT referendum) + 1 GW (KY, exempt); $2.2B+ ($1B MO + $1B AR + $0.2B MA); 20 named projects.	The C.4 summary aggregates 20 named projects across 14 additional states, including the St. Charles, MO permanent prohibition, the Holyoke, MA zoning ban, the Utah 9 GW referendum, and the TeraWulf EastPark exemption in Kentucky.
National totals (C.4 summary row)	federal	≥3.5 GW in Q1 2026 cancellations alone; ~4.7 GW across ≥25 cancellations in 2025; $64B (to Mar 2025) → $98B (Q2 2025) → $156B (FY2025) → ~$130B (Q1 2026); 483 actions / 47 states (Dimetrics); 225 actions / 30 states (ElectricChoice); 116 municipal moratoriums; 833 opposition groups / 49 states.	The national totals row aggregates successive tracker snapshots of blocked, delayed, and cancelled capital plus action and opposition-group counts. The source states these snapshots are not additive across periods.
United States (statewide legislative landscape)	federal	Lawmakers in 14 states are considering banning data center development, including Georgia HB 1059, which would forbid local permitting until December 2028. Moratorium proposals have surfaced in Maine, Maryland, Georgia, Oklahoma, Virginia, Vermont, Michigan, California and Wisconsin, and Senator Bernie Sanders has called for a national pause.	State legislatures in 14 states are weighing bans, and a US senator has floated a nationwide moratorium, against $650 billion of planned hyperscaler capex over the coming year and $6 billion of forfeited state revenue from sales-tax exemptions over five years.
United States (moratorium and restriction counts)	federal	A Bipartisan Policy Center report released July 29 identified 54 local data center moratoriums nationwide and said at least 15 states have considered statewide moratorium legislation. One tracker counts 10 active state bans/moratoriums, 8 with legislation advancing, 16 under discussion, and 18 of 50 states restricting or considering restrictions, against 8 with incentives.	Independent trackers disagree on counts by definition and window. The DataCenterBans tally and the BPC report use different units, so counts should not be merged.
New OrleansLA	city	n.a.	New Orleans passed a one-year moratorium, part of a broader wave of political exposure that also includes Madison, Wisconsin and a complete moratorium passed by the Seminole Nation in March.
Seminole Nation	state	n.a.	The Seminole Nation passed a complete moratorium in March 2026. In the same period Maine's governor vetoed a statewide moratorium and Senator Bernie Sanders floated a nationwide one.

Section 06 · Findings

What the combined record shows

Twelve findings that emerge only when the corporate, lab, NeoCloud, private-capital, REIT, and capital-at-risk records are read against one another. Each is stated with the evidence that supports it, including the places where the evidence disagrees with itself.

JLL reports North American data center vacancy at 1% for a third consecutive year, with more than 66 GW under construction.

The same market

~$130B

~75 projects blocked or delayed in the first quarter of 2026 alone.

Demand was never the constraint. Every one of the 128 projects in the wall was stopped by a vote, a utility denial, a queue position, a tariff, a court order, or a state executive order, not by an absence of tenants.

X.14 data points

Reported capex has stopped being a clean measure of physical buildout

Headline capex figures no longer map cleanly to physical construction.

Microsoft's calendar-2026 capex figure fell from $190B to $175B purely because it extended lease amortisation from 15 to 25 years, with management explicitly saying its calendar year 2026 CapEx investment expectations remain unchanged.
Meta and Oracle are moving real capacity off the balance sheet into JVs and partner debt, with $27B (Blue Owl), $14B (BlackRock), and $72B (Oracle partner debt), so headline capex increasingly understates deployed capital.
A $15 billion reduction in Microsoft's calendar-2026 reported figure and the $27 billion, $14 billion, and $72 billion migration of Meta and Oracle capacity into joint ventures and partner debt are movements in accounting presentation, not in concrete poured.
Applied Digital carries approximately $36.2 billion of take-or-pay, non-cancellable revenue across 1,410MW of contracted critical IT load that appears on no hyperscaler capex line at all.

X.210 data points

Financing structures have bifurcated into four distinct regimes

Financing has split into four regimes.

Amazon, Google and Microsoft remain overwhelmingly self-funded from operating cash flow, though Alphabet raised $49.6B of equity and mandatory convertibles in June 2026.
Oracle uses senior notes plus site-level project bonds, with US banks stepping back and PIMCO taking roughly $10B of a roughly $14B tranche at a 7.5% coupon.
xAI funds its buildout with venture equity plus secured debt.
CoreWeave's debt moved from $2.3B (2023) to $7.5B (2024) to a $35.1B total debt balance at June 30, 2026.
Nebius funded roughly $13B of convertible notes in twelve months.
Applied Digital and Core Scientific each priced multi-billion secured note tranches.
Aligned was acquired at a $40 billion enterprise value funded 100% with equity.
Vantage completed a $9.2 billion equity investment inside $13 billion of 2024 incremental funding.
Macquarie provided a $5 billion perpetual preferred facility for Applied Digital.
Blue Owl made a $7 billion cash contribution at Hyperion, an instrument that cannot be unwound on a quarterly guidance cycle.

X.36 data points

Site-level scope inflation is the dominant pattern, not contraction

Announced projects systematically grow rather than shrink.

Meta's Richland Parish went $10B to $27B to more than $50B and 2 GW to 5 GW in nineteen months.
Amazon's New Carlisle went from $11B to $26B.
Microsoft's Wisconsin project went from $3.3B to more than $7B.
Meta's El Paso went from $1.5B to more than $10B.
Applied Digital's contracted position moved from roughly $7B and 250MW in June 2025 to roughly $11B and 400MW by August 2025 to approximately $31 billion of contracted baseline revenue by May 2026.
Crusoe's Abilene position moved from a 206MW first phase to 1.2GW to 2.1GW with the addition of a 900MW Microsoft campus.

X.42 data points

The demand-driven pull-backs are concentrated in Microsoft and Oracle/OpenAI

The pull-backs that exist are concentrated in two entities.

Microsoft is the only entity with a large, independently quantified retrenchment, roughly 2 GW of leases and LOIs and 1.5 GW of self-build, and Oracle/OpenAI is the only one with a specific cancelled expansion, the Abilene 1.2 GW to 2 GW expansion dropped.
Of the 96 project-level entries in Part IX, entry 96, Microsoft's roughly 2 GW portfolio-wide lease pullback, is the only one attributable to a builder's own capacity decision at scale, and even that attribution is contested; every other entry was stopped by a land-use vote, a utility capacity denial, a queue position, a tariff, a court order or a state executive order.

X.514 data points

The three failure modes, ranked by capital destroyed

The Bommarito cancellation analysis attributes the 2025 cohort's $89.7B as $42.2B to community opposition (49% of value), $26.0B to regulatory and zoning failure (27%), and $21.5B to failed incentives (24%).

The Bommarito cancellation analysis attributes the 2025 cohort's $89.7B as $42.2B to community opposition (49% of value), $26.0B to regulatory and zoning failure (27%), and $21.5B to failed incentives (24%).
Prince William Digital Gateway, $24.7B, 2 GW, 27M sq ft, had its rezoning voided in August 2025 and affirmed on appeal March 31 2026, with Compass withdrawing April 29 2026 and QTS terminating July 2 2026, extinguishing four years of entitlement work and the largest single data center rezoning in US history through litigation over procedural defects, not market conditions.
Consent risk also produced Project Blue in Tucson, $3.6B on 290 acres rejected unanimously August 6 2025, Google in Franklin Township, Indiana, $1.0B / 300 MW denied 7-0, and Fredericksburg's 1500 Gateway, 2.1M sq ft rejected 7-0 in December 2025.
Loudoun County removed by-right data center development on a 7-2 vote March 18 2025, converting what had been a ministerial permit in the largest data center county on earth into a political contest.
Opposition capacity grew from 142 groups in 24 states to 833 groups in 49 states in about fourteen months.
Berkeley Lab data shows median request-to-COD of 61 months for 2025 in-service projects versus 22 months in 2008, with more than 750 GW withdrawing during 2025 and roughly 75% of all capacity that entered queues between 2000 and 2020 having withdrawn by year-end 2025.
PJM's VP of Planning testified that PJM does not presently have a load interconnection process at all, with transmission-connected data centers administered through retail EDC and LSE tariffs.
Dominion has a 70 GW delivery-point queue with roughly 45 GW under study carrying no connection date.
ERCOT's queue grew from 63 GW to roughly 226 GW to roughly 474 GW, roughly 90% data centers and more than five times peak demand.
DOE's own planning study implied roughly 5,000 miles/year of high-capacity regional transmission without incorporating current load growth, against 888 miles of 345 kV+ built in 2024 and 322 miles in 2023, about 18% of the identified requirement.
PUCO approved AEP Ohio case 24-508-EL-ATA on July 9 2025, imposing 85% take-or-pay minimum demand charges over 12-year terms on large data center loads.
After the AEP Ohio tariff, anticipated data center demand in AEP Ohio's territory fell from roughly 30,000 MW to approximately 5,700 MW, meaning roughly 81% of the stated pipeline evaporated when speculative interconnection requests were forced to carry a financial commitment.
Texas legislated the same take-or-pay logic in SB 6, signed June 20 2025, with a 75 MW threshold, and Duke Energy set a 100 MW large-load threshold in North Carolina.
Data centers accounted for $6.3B, or 38%, of the $16.4B most recent PJM capacity auction cost, against New Jersey residential bill increases of about 20% in 2025.

X.611 data points

Power, not capital, is now the binding constraint

Every large 2025 to 2026 announcement pairs capacity with firm-power procurement, including Amazon's 1,920 MW Susquehanna PPA to 2042, Google's 500 MW Kairos SMR program and 6,200 MW of Texas PPAs, Meta's Entergy gas build in Louisiana, Michigan's 1.4 GW DTE contract for Stargate, and xAI's self-built 1.2 GW plant with 41 turbines.

Amazon signed a 1,920 MW Susquehanna PPA running to 2042.
Google has a 500 MW Kairos SMR programme and 6,200 MW of Texas PPAs.
Meta paired its Louisiana buildout with an Entergy gas build.
Michigan regulators approved a 1.4 GW DTE contract for Stargate.
xAI self-built a 1.2 GW plant with 41 turbines.
Where power is unavailable projects move, as at Abilene, where power will also not be ready at the site for a year.
Newmark states that data center power demand is expected to exceed utility supply by 50%.
CyrusOne's answer was dedicated generation, a $1.2 billion investment and 190-megawatt Calpine agreement, followed by a 380-megawatt Constellation agreement with a second phase of another 380 MW.
Silver Lake launched a $400 million powered-land platform with more than 6GW planned.
KKR's Helix vehicle is explicitly built to deliver hyperscale data centers with secured power.
The Poolside/CoreWeave 2GW Texas campus collapsed with power procurement challenges cited.

X.712 data points

Compute is fungible across labs, clouds and landlords in a way it was not in 2024

Labs are becoming landlords' counterparties and each other's suppliers.

Anthropic simultaneously buys from AWS (more than $100B / 5 GW), Google (multi-GW TPUs, roughly $200B), SpaceX/xAI (more than 300 MW) and builds its own with Fluidstack ($50B).
Google rents roughly 110,000 GPUs from SpaceX for $920M/month.
Meta is reportedly negotiating to absorb Crusoe capacity abandoned by OpenAI.
CoreWeave has a roughly $104B backlog on $2.575B quarterly revenue.
Applied Digital holds roughly $36.2B of take-or-pay on 1,410MW.
Cerebras has $24.6B RPO with only 15% expected in 2026 to 2027.
Microsoft was 62% of CoreWeave's 2024 revenue.
G42 was 87% of Cerebras' H1 2024 revenue, with MBZUAI at 62% in 2025.
Core Scientific's HPC business is effectively a single-counterparty roughly $10.2B CoreWeave contract.
Nvidia is simultaneously supplier, investor, lessee and credit enhancer, with $2B equity checks into CoreWeave and Nebius, a $6.3B capacity backstop, $860M of partner lease guarantees, a roughly $20B Groq transaction, and a $500B third-party financing platform.
Nvidia's complete exit from its Applied Digital position shows the support is selective, not blanket.
The $9.0B CoreWeave and Core Scientific merger failed at the shareholder vote, while the Voltage Park and Lightning AI merger closed at more than $2.5B.

X.89 data points

The vacancy paradox

Part B and Part C describe the same market and appear to contradict each other, but they do not.

JLL reports 1% vacancy at year-end 2025, a record low and the second consecutive year at that level, against 39 GW of active North American capacity and 35 GW under construction, with 1% vacancy persisting into midyear 2026 for a third year and more than 66 GW under construction.
CBRE independently measured 1.6% record-low vacancy across 8,155 MW of primary-market supply in H1 2025, with 74.3% of under-construction capacity preleased.
Cushman & Wakefield put 25.3 GW under construction in the Americas at roughly 89% pre-committed.
Northern Virginia ran 0.5% vacancy with 21.5 MW available out of 4,039.6 MW of inventory after 1,102 MW of absorption in 2025, up 144% year over year.
Part C shows roughly $130B of projects blocked or delayed in Q1 2026 alone and cancellations rising from 2 in 2023 to 6 in 2024 to 25 in 2025.
Newmark states quantitatively that power demand exceeds available utility supply by approximately 50%.
datacenterHawk's Northern Virginia read holds that against 9.6 GW of planned capacity, utility limitations are the bottleneck.
Green Street's sector work identifies power, transmission, and obsolescence as the biggest challenges rather than absorption.
Digital Realty's SJC37 at 641 Walsh Avenue in Santa Clara is physically constructed and cannot be energized, because Silicon Valley Power serves roughly 60 data centers representing 55% of municipal load, faces peak growth from 740 MW toward roughly 1,300 MW within five to ten years, and is mid-way through a $450M upgrade program running to 2028.

X.96 data points

The veto migrated from county to state to federal during 2026

The chronology in Part C shows a clear vertical migration of veto authority during 2026, which changes the diversification math for any multi-site portfolio.

Through 2025 essentially all documented actions were municipal or county, including Loudoun's by-right repeal, Warrenton's permanent ban in July 2025, Aurora's 180-day pause on September 25 2025, and Tucson's rejection; that risk was diversifiable across counties.
New York Executive Order 62, July 14 2026, established the first statewide moratorium in the United States, covering data centers of 50 MW or greater, holding DEC permits in abeyance until DPS completes a final Generic Environmental Impact Statement, with no fixed expiration date.
Texas Governor Abbott halted new data center grid approvals on August 3 2026 pending a PUCT and ERCOT audit, and ERCOT issued Market Notice M-A080326-01 suspending Batch Zero Large Load notifications; the two state actions removed the country's largest deregulated market and one of its largest regulated markets from the buildable set within a single month and are not diversifiable by site selection within those states.
FERC issued six Section 206 show cause orders on June 18 2026 to PJM, MISO, SPP, CAISO, NYISO and ISO-NE simultaneously, preliminarily finding every one of those tariffs inadequate for lack of clear and consistent large-load rules, with responses due within 60 days (August 17 2026).
FERC rejected the Talen-Amazon Susquehanna interconnection service agreement 2-1 on November 1 2024, where 300 MW had been approved and 480 MW was sought at a 2,520 MW plant, establishing the precedent for what an adverse ruling costs.
Fourteen states are now considering outright bans, including Georgia HB 1059, which would forbid local permitting until December 2028.

X.1023 data points

What the capital stack did in response

Part A shows the response to the failure modes was not retreat but a decisive shift toward powered land, scale, and permanent capital, the three attributes that survive the failure modes.

Digital Realty paid $3.5B for Blackstone's 64% interest in three Northern Virginia data centers totaling 288 MW, a $7.8B gross transaction, in June 2026, roughly $27M per gross MW for operating capacity in a 0.5%-vacancy market, a price only rational if greenfield entitlement in the same county is understood to be unreliable.
Iron Mountain disclosed 450 MW operating at 96% leased, 202 MW under construction, and 628 MW held for future development, roughly 1.3 GW total, with the held bank larger than the operating fleet and its value set by whether it can be powered.
Vantage completed a $9.2B equity investment led by DigitalBridge and Silver Lake atop $13B of 2024 funding.
Aligned completed a $12B capital raise.
Equinix agreed to form a greater-than-$15B xScale joint venture with GIC and CPP Investments, alongside capex rising to $4-5B annually through 2029 from $3.3B in 2025.
Cologix raised $1.5B comprising a $1B debt facility and $500M of equity.
DataBank launched a $2B program targeting 850 MW.
Novva secured $2B from JPMorgan and Starwood with CIM Group.
Flexential secured a roughly $1B convertible from GI Partners with Hamilton Lane on August 20 2025.
Digital Realty's $7.5B ATM program in May 2026 provides the listed-market equivalent of the same optionality.
Blackstone holds a $70B data center portfolio with a $100B prospective pipeline.
Tract holds entitled, powered land rather than buildings343 acres for a 1 GW campus at Morris Technology Park in greater Chicago, 2 GW in Caldwell County, Texas, and 1,700 MW at Pole Canyon, Utah.
STACK holds seven Northern Virginia sites totaling 2,400 MW.
Vantage's North American footprint runs Ashburn 590 MW, Santa Clara 216 MW, Phoenix 176 MW, Quincy 89 MW.
Iron Mountain assembled 142 acres for 400+ MW in Manassas.
Tract's Mooresville, North Carolina project, $30B and 1.5 GW, was cancelled after the utility denied capacity, and its Goodyear/Buckeye, Arizona project, $14B, was withdrawn, but the losses are option premiums rather than sunk construction.
CyrusOne's $2B, 1,200-acre project on a US Army site in Utah in spring 2026 and Iron Mountain's underground and government-adjacent portfolio point at the insight that the reliable way to eliminate a discretionary county vote is to site where no county vote exists.
Newmark reported capital markets revenue up 59.7% with more than $25B of trailing-twelve-month data center volume, against roughly $17B of data center deals in 2024, and arranged the $7.1B construction loan for a 1.2 GW Abilene campus.
Colliers measured US data center deal volume at $57B in 2024 versus $26B in 2023, and global data center investment above $580B in 2025, exceeding oil and gas investment for the first time.
Newmark's $31.5B annualized construction spend across a roughly 50M sq ft pipeline is the flow that the Part C frictions are metering.
Blackstone's QTS platform grew from roughly 400 megawatts at acquisition to roughly 3 gigawatts, while the firm simultaneously refinanced $3.5 billion and $1.5 billion of CMBS and planned a publicly traded AI-data-center vehicle sized in the tens of billions.
Carlyle and CyrusOne took the federal-land route directly, at roughly 1,384 acres at Fort Bliss with initial operating capability in FY2027 and at Dugway Proving Ground (1,201 acres, IOC FY2029) respectively.
DigitalBridge quantified the equity intensity of the whole exerciseRoughly $10bn is required to build one gigawatt, about half of it equity.

X.117 data points

The five underwriting tests this evidence implies

Read against the 96 project failures in C.1, five distinctions separate the projects that proceeded from those that did not.

Consent risk destroyed $42.2B, 49% of the 2025 cancellation value, making by-right or as-of-right status the highest-value entitlement attribute.
Loudoun's 7-2 repeal of by-right development shows by-right status can be removed retroactively from a jurisdiction, not merely denied to a project.
With roughly 75% of 2000-2020 queue entrants withdrawn by YE2025 and median request-to-COD at 61 months, a queue position should be underwritten as an option, not an asset.
Dominion's 9 GW of construction letters of authorization against a 70 GW delivery-point queue gives the approximate conversion ratio.
The AEP Ohio tariff eliminated roughly 81% of anticipated demand, 30,000 MW to roughly 5,700 MW, through 85% take-or-pay over 12 years, so any project whose economics require avoiding a minimum-demand commitment should be treated as speculative.
Cushman reports roughly 89% of 25.3 GW under construction pre-committed and CBRE 74.3% preleased; speculative construction is now the exception, and at 1% vacancy the reason is supply-side, not demand-side, discipline.
New York's EO 62 with no fixed expiration and Texas's August 3 2026 halt with ERCOT Market Notice M-A080326-01 demonstrate that statewide and ISO-wide pauses can arrive with weeks of notice and cannot be mitigated by in-state site diversification.

X.128 data points

Contradictions and unresolved questions in the evidence

Intellectual honesty requires flagging where the fetched sources disagree or fall short.

Aggregate capital-at-risk figures are not reconcilableThe progression $64B to $98B to $156B to roughly $130B mixes windows and definitions across trackers, no fetched source publishes a reconciliation, and none should be inferred.
Moratorium counts differ by a factor of twoDimetrics reports 483 actions across 47 states while ElectricChoice reports 225 across 30 states and explicitly calls it a floor; the gap is definitional, proposed versus adopted and restriction versus moratorium, and neither publishes a crosswalk.
JLL and CBRE measure different universesJLL's 39 GW active North American capacity is not comparable to CBRE's 8,155 MW of primary-market supply or Cushman's 43.4 GW Americas operational, 93.6% US, because the sets include or exclude self-build hyperscale differently, and Data Center Frontier's side-by-side treatment confirms the two lenses are not interchangeable.
Reversals are real and under-trackedMicrosoft's $1B Licking County, Ohio project was cancelled April 8 2025 and restarted in 2026, and CyrusOne's $500M / 600 MW / 280-acre Sangamon County, Illinois project was delayed in November 2025 and approved in April 2026; trackers count the block, few net out the restart, so cumulative totals likely overstate permanent loss.
Whether Microsoft's lease pullback was demand or supply remains unresolvedReports of roughly 2 GW of cancelled leases across the US and Europe are consistent both with softening AI demand and with a shift toward self-build, no fetched source settles it, and record-low vacancy argues against the demand reading.
Private developer disclosure is structurally thinSection A carries n.a. for capex and delayed-site specifics at several private operators, notably H5, Sabey, Prime, and Compass, because they file no periodic reports; their exposure is real but unquantifiable from public evidence.
The claim that roughly half of 2026 US capacity is delayed or cancelled circulated widely and was explicitly contested by SemiAnalysis; the more defensible tracked figure is that of 777 AI factories and large data centers above 50 megawatts representing approximately 190 gigawatts announced since 2024, roughly 16 GW was scheduled to begin operations during 2026 while only about 5 GW was under construction, with 30% to 50% of 2026 capacity expected to slip.
The two independent readings of Microsoft's retrenchment remain unreconciledTD Cowen's 2GW of cancellations and deferrals against SemiAnalysis's position that the figure covers non-binding LOIs, not firm contracts, while Microsoft has roughly 5GW of pre-leased capacity under binding contracts.

Section 07 · The durability test

The durability test

A project scores as durable in the SAVRN framework when it holds at least three of the four control positions: contracted firm power, secured equipment, permanent capital, and non-discretionary entitlement.

Boundary case	power	equipment	capital	entitlement	Outcome
Abilene	✓	✓	✓	✓	built
Prince William Digital Gateway	✕	✓	✓	✕	$24.7 billion extinguished
Santa Clara	✕	✓	✓	✓	complete and dark

Hold at least three of the four and the record says the project gets built. Abilene held all four. Prince William Digital Gateway held two, and $24.7 billion was extinguished. Santa Clara holds three, lacks power, and sits complete and dark.

power

xAI. Built its own generation: a permanent ~1.2 GW simple-cycle plant of 41 turbines permitted in Mississippi in March 2026, alongside temporary turbines and Tesla Megapacks.
Amazon. Contracted 1,920 megawatts of carbon-free nuclear power through 2042 from Talen's Susquehanna plant. The co-location structure was rejected 2-1 by FERC on November 1, 2024, which the atlas calls the clearest demonstration that private-grid control is a regulated privilege rather than a purchased one.
Google. Contracted up to 500 MW of Kairos SMR capacity by 2035 and more than 6,200 megawatts of Texas generation.
CyrusOne. Co-located against Calpine and Constellation generation.
Carlyle (Copia Power). Copia platform held more than 20 gigawatts of generation opportunity before its ~$2.6 billion sale to EQT.

equipment

Nvidia. Position described in Part IV: $6.3 billion of unsold-capacity backstop to 2032, $860M of guaranteed partner lease obligations, $2 billion equity stakes in CoreWeave and Nebius, and a ~$20 billion Groq asset purchase.
Anthropic. Counter-position: multiple gigawatts of next-generation TPU capacity with Google and Broadcom.
Amazon. Counter-position: nearly 1GW total of Trainium2 and Trainium3 capacity coming online by the end of 2026.
IREN. Counter-position: ~$5.8 billion of GPU and equipment purchases from Dell.

capital

Blackstone. $150 billion portfolio and $160 billion pipeline.
BlackRock / GIP and AIP. BlackRock/GIP holds more than $200 billion AUM, and AIP carries a $30 billion mandate scalable up to $100 billion.
Brookfield. More than $1 trillion AUM and a $9.6 billion capital backlog.
KKR. Approximately $34 billion of digital-infrastructure equity across 24 investments and a 12GW pipeline.
Blue Owl. $39 billion digital-infrastructure strategy. Together with the other four managers, the atlas says these balance sheets stand behind most non-hyperscaler capacity it records.
Nvidia (financing platform). Third-party financing platform of over $500 billion that names six of the major capital holders.

delivery

Crusoe. Abilene: 2.1GW across two campuses, phase 1 energized September 2025. Delivery control is defined as entitled land, a signed interconnection agreement and a general contractor.
Vantage. Frontier: over $25 billion, 1,200 acres, 1.4GW in Shackelford County, Texas.
Applied Digital. Five campuses with 1,410MW contracted critical IT load.
STACK. Seven Northern Virginia sites totaling 2,400 MW.
Tract. Pure land-bank optionality: 1 GW Illinois, 2 GW Texas, 1,700 MW Utah. Tract also demonstrates the limit of that model: $30.0B / 1.5 GW cancelled at Mooresville and $14B withdrawn at Goodyear/Buckeye are option premiums paid, not buildings lost.

Abilene

built

Held all four positions and was built.

powerequipmentcapitalentitlement

Prince William Digital Gateway

$24.7 billion extinguished

Held capital and equipment demand but neither power certainty nor durable entitlement.

capitalequipment powerentitlement

Santa Clara

complete and dark

Holds entitlement, capital and equipment but lacks power, and sits complete and dark.

entitlementcapitalequipment power

Section 08 · Method

Method, limits, and what we could not confirm

18402050

Dollar and megawatt figures · 18 Dollar figure only · 40 Megawatt figure only · 20 Neither disclosed · 50

Of 128 capital-at-risk records, only 18 disclose both a dollar and a megawatt figure. Local rezoning dockets disclose acreage and square footage; investment figures come from economic-development announcements a withdrawn project never makes. That is why every dollar total on this page is a floor, and why the atlas records n.a. instead of estimating. 1,994 citations across 88 entities back what is disclosed.

The grounding rule. Every numeric value, date, vote count, megawatt figure, and dollar figure in the report was taken from a web page fetched during the research session that produced it, and carries a markdown link to the specific URL that states it. Where a requested value could not be confirmed from a fetched page, the cell reads n.a. rather than an estimate. No figures were supplied from model memory, including for well-known public companies.

Source hierarchy. Company filings and investor materials were preferred for consolidated and segment financials (Part A financials); issuer press releases and IR pages were preferred for site-level and transaction-level figures. Regulatory dockets, executive orders and ISO/RTO filings were preferred for interconnection and moratorium actions (Part C), and brokerage research reports were preferred for market statistics (Part B). Trade press and tracker aggregations were used where primary documents were unavailable or where the tracker itself is the only entity publishing the aggregate.

What capex means here. Company-reported capex is global, not North America specific, and none of the nine entities discloses a clean North American data center capex line. The report therefore separates (a) audited or reported consolidated capex, (b) forward capex guidance, and (c) the sum of announced site-level North American commitments, which are typically multi-year and overlapping, and flags this distinction explicitly in the summary table. Announced multi-year site commitments across Parts I through VII overlap with one another and with consolidated capex and must never be summed into a single deployment figure; Apple's $500B to $600B total US commitment in particular is not a data center capex figure and should never be added to hyperscaler data center capex.

Evidence base. Research proceeded in two search waves totaling 121 queries and four extraction waves against the resulting URL set, with dedicated aggregator passes for national trackers (Data Center Watch, Dimetrics, ElectricChoice, DataCenterBans, Bommarito, Interconnected Capital), regulatory primary sources (FERC, PUCO, MPSC, ACC, ERCOT, CAISO, PJM, DOE, NY Governor's office), issuer primary sources (SEC filings, investor presentations, supplemental reporting packages, press releases, earnings call transcripts), and brokerage research (JLL, CBRE, Cushman & Wakefield, Newmark, Colliers, Avison Young/datacenterHawk, Green Street). For the NeoCloud section, evidence was gathered in five fetch batches over 98 URLs prioritizing issuer press releases and IR pages, SEC-derived filings summaries, and wire and trade reporting; intermediate extracts (fetch_coreweave.json, fetch_batch2.json through fetch_batch5.json, search1.json through search4.json) are preserved in the workspace alongside the report. This page carries 1,994 source citations; all of them are listed on one page.

Known limitations

Part C (Part IX) dollar and megawatt totals are floors, for the three reasons set out in section C.4 and the reading note to the jurisdiction summary table: most blocked projects never disclose capex, moratoriums have no denominator, and queue positions are not projects.
Aggregate capital-at-risk figures from different trackers ($64B, $98B, $156B, approximately $130B) are successive overlapping snapshots with different windows and definitions; they are not additive and no published reconciliation exists.
Interconnection queue volumes contain substantial duplicate requests and cannot be converted into project counts or capital figures.
Private developer and private-fund financial disclosure is voluntary and incomplete, producing the n.a. entries catalogued in the confirmed-gaps sections (Part A and elsewhere).
Reversals of blocked projects are under-tracked relative to blocks, biasing cumulative loss figures upward.
The report reflects evidence available as of its research date; several matters were unresolved at that time and will change the picture materially: the FERC show cause proceedings due August 17, 2026, the Texas PUCT/ERCOT audit, the New York DPS Generic Environmental Impact Statement, the SoftBank acquisition of DigitalBridge expected in H2 2026, and the reported Vantage and Switch IPO processes.
Announced multi-year site commitments across Parts I through VII overlap with one another and with consolidated capex, and must never be summed into a single deployment figure.
Apple's $500B to $600B total US commitment is not a data center capex figure and should never be added to hyperscaler data center capex.
In Part IX section C.1, roughly two-thirds of the 96 project-level entries carry either a dollar figure or an MW figure but not both, because local rezoning dockets disclose acreage and square footage while investment figures come from economic-development announcements that a withdrawn project never makes.

Confirmed gaps

Fields that could not be confirmed from any fetched page are recorded as n.a. rather than estimated. These are the open gaps, by section:

Hyperscalers

Microsoft: Iowa (West Des Moines) 2024-2026 dollar commitment; Atlanta Fairwater capex; a current (2024-2026) Virginia dollar commitment distinct from the historic Boydton/Mecklenburg $499M.
Amazon: MW capacity for New Carlisle from a primary source; MW-quantified delayed or paused capacity.
Google: a discrete 2024-2026 Virginia dollar commitment; MW-quantified delayed capacity.
Meta: Georgia (Social Circle / Newton County) dollar and MW figures; any 2024-2026 North American cancellation.
Oracle: site-level MW for campuses other than Abilene and Saline Township.
Apple: any Apple-owned North American data center dollar or MW figure; Houston square footage from Apple's own newsroom.
OpenAI: per-site dollar figures for the five September 2025 Stargate sites.
Anthropic: named city/county sites and MW for the Fluidstack Texas and New York builds.
xAI: an audited or company-confirmed cumulative Memphis capex figure (the $35.8B is Epoch AI's modelled estimate, not a company disclosure).

Neoclouds

Sesterce: the $2 billion commitment in the brief is unconfirmed; NA site capacity/dollars unconfirmed (source: Sesterce EWR20, https://www.sesterce.com/project/ewr20).
CoreWeave: Virginia site MW (only lease-from-Flexential and 2023 build year confirmed) (source: Baxtel, https://baxtel.com/data-center/coreweave-douglasville-ga).
Core Scientific: Marble NC and Calvert City KY site-level MW and dollar figures.
Groq and SambaNova: North American site-level MW and named anchor contract values.
Vultr and Together AI: anchor customer contract values.
Crusoe: Iceland/international expansion figures; the value of the Oracle/OpenAI Abilene tenancy.
Nvidia NCP program: per-partner commitment dollar amounts.
Kaleidescape: no matching GPU-cloud entity found.

Private Capital

Blackstone role in the Applied Digital $5 billion financing not confirmed (the counterparty is Macquarie Asset Management).
Any Silver Lake position in QTS or an NVIDIA-QTS transaction: n.a.
Apollo lending to Aligned: n.a.
Oaktree North American data center holdings: n.a.
Antin North American data center holdings: n.a.
Copenhagen Infrastructure Partners North American data center equity: n.a.
EQT-Constellation: n.a.
Brookfield's Ascenty financial metrics and a $10B Cadarache campus: n.a.
ODATA transaction values: n.a. (ODATA is referenced in this dataset only as part of the Aligned Latin American platform).
CalPERS-named North American data center assets beyond the GI Partners TechCore fund: n.a.
IPI Partners premise corrected: the 2024 acquirer was Blue Owl Capital at approximately $1.0 billion, with ICONIQ as a partner, and $11 billion refers to IPI's AUM.

Reits Cre

Digital Realty: a discrete $7B forward-sale equity tranche distinct from the $7.5B ATM was n.a. in fetched filings.
Equinix: site-level Virginia, Texas and Chicago delay disclosures: n.a.
Iron Mountain: the $10B pipeline claim is unconfirmed; Phoenix and Frankfurt site-level figures: n.a.
QTS: Fayetteville GA, Ashburn, Manassas, Phoenix and Groveport OH site-level delay data: n.a.
Aligned: Salt Lake City, Phoenix, Dallas and Utah site-specific delay disclosures: n.a.
EdgeConneX: North American delay-specific disclosures: n.a.
H5 Data Centers: 2025 platform-level financing: n.a.
Cushman & Wakefield: an explicit 'powered land moratorium' formulation was n.a. in the fetched documents.
Green Street: specific vacancy or absorption series: n.a. (subscription-gated).
Transwestern: data center capital markets disclosures: n.a.
ISO-NE: queue-specific data center MW: n.a.
Part IX section C.1: roughly two-thirds of the 96 project-level entries carry either a dollar figure or an MW figure but not both, because local rezoning dockets disclose acreage and square footage while investment figures come from economic-development announcements that a withdrawn project never makes.

Section 09 · Questions

Questions this atlas answers

How much capital is committed to North American data centers?

Announced multi-year commitments across hyperscalers, frontier AI labs, NeoClouds, private capital sponsors, and REITs exceed $1.5 trillion on an announced basis. That figure is a scale marker, not a sum: site commitments overlap one another and overlap reported capital expenditure, so the atlas presents them side by side and never adds them into a single deployment number.

How much data center investment has been blocked or delayed?

Independent trackers measured $64 billion blocked or delayed from May 2024 through March 2025, $98 billion in the second quarter of 2025 alone, $156 billion for full-year 2025, and roughly $130 billion across about 75 projects in the first quarter of 2026. The windows and definitions differ between trackers, so the atlas shows the snapshots side by side rather than summing them.

Who finances data centers?

Four financing regimes now coexist. Amazon, Google, and Microsoft fund construction mainly from operating cash flow. Meta uses private-credit joint ventures with residual value guarantees, with Blue Owl and BlackRock. Oracle uses senior notes and site-level project bonds. NeoClouds and xAI use venture equity plus secured debt. Behind all four sits platform equity from sponsors such as Blackstone, BlackRock's GIP, Brookfield, KKR, and Blue Owl.

What is the largest cancelled data center project?

The largest cancelled dollar figure documented is Tract's Mooresville, North Carolina campus, at $30.0 billion and 1.5 gigawatts, cancelled after the municipal utility denied capacity allocation. The largest single loss overall is the Prince William Digital Gateway in Virginia, at $24.7 billion and 2 gigawatts, whose rezonings were voided in 2025 and whose developers withdrew and terminated in 2026.

How often is the Capital Atlas updated?

The atlas is refreshed every Tuesday, Thursday, and Saturday, and each refresh publishes a dated update note recording what changed. Every figure links to the public page that states it; where a value could not be confirmed, the entry reads n.a. rather than an estimate.

How is this different from the Delay Watchlist and the Moratorium Tracker?

The three references cover one system from three sides. The Capital Atlas records who committed capital, in what structure, at which site. The Nationwide Data Center Delay Watchlist tracks project-level slippage, queues, and filings. The Moratorium Tracker maps state and local policy measures. Each links into the others.

The SAVRN tracker system

Part XI defines how the atlas feeds the SAVRN tracker system. Parts I through VIII supply the capital-commitment side and Part IX supplies the stoppage record, and the two receiving systems consume both halves: the Delay Watchlist takes project delays, ISO/RTO queue positions, utility actions and SEC disclosures, while the Moratorium Tracker takes the local and state restriction layer. The section closes with the private-grid control map across power, equipment, capital and delivery, and a durability test requiring at least three of four control positions.

Nationwide Data Center Delay Watchlist

Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the national interconnection queue.

Open the watchlist →

U.S. Data Center Moratorium Tracker

The policy layer: state measures and local moratoria mapped and cited, jurisdiction by jurisdiction.

Open the tracker →