Sunday, October 25, 2026IF YOU DON'T KNOW, KOKO KNOWS.
Koko's Data Center Eye View
Selected AI infrastructure, explained for professional decisions: campuses, energy arrangements, evidence and delivery questions.
Curated coverage: 29 selected campuses and 17 energy assets or policies, not a census. Empty map areas do not mean no infrastructure. Snapshot 2026-10-15; individual source and review dates vary.
Filter the evidence
Campus filters affect map, register, comparisons and brief. Energy type filters energy records only; region and backer apply to both. Target dates filter cited projections, not historical operating status. Missing dated milestones are excluded when a date filter is active.
The God's-eye view
Campuses, energy arrangements and regional context
Drag to move, pinch or Ctrl + scroll to zoom, or search. Clusters split as you close in; tap a pin for its record. The register below is the same data as a table.
Interactive map, centred near 0.0°N 0.0°E, zoom 1.0×. Arrow keys pan, plus and minus zoom, zero resets. Every place on the map is also in the register below.
2,000 km
0.0°N 0.0°E, zoom 1.0×
Map legend · full build
Operating
Under construction
Planned
Announced
Stalled or cut back
Circles: campuses. Diamonds: energy/policy. Hollow: unknown or equal sizing. Cluster numbers count places. Power bases vary; energy MW is not campus supply.
Pick a circle (a campus) or a diamond (a plant, reactor or grid rule) on the map, or a row in the register below, to read its full record and sources. Read the vocabulary in How a Data Center Gets Built.
OperatingUnder constructionPlannedAnnouncedStalled or cut backEnergy asset or grid policy3Several places; zoom in to splitCampus pin size: full build (mixed bases). Hollow pins mean unknown or equal sizing. Energy pins use reported asset/deal MW, not campus supply. Basemap: Natural Earth.
2 selected energy records have undisclosed locations and appear only in the register. Regional policy markers are reference locations, not facility sites.
World · campuses
29
Operating
6
Under construction
17
Planned
4
Announced
2
Stalled or cut back
0
AI infrastructure intelligence
Your professional briefing
What changed · October 18
Koko now separates power bases, qualifies estimates and flags evidence gaps. These are editorial changes, not new campus commissioning reports.
The briefing follows your selection, comparison or energy/grid mode. Decision tools use explicit scenario assumptions; campus MW is not imported as a price.
Filtered register · 29 selected campuses
facility power
9.3 GW
Full-build figures · 6/7 records sized
Reported operating: 300 MW
Operating basis recorded here for 7/29 selected records
IT power
2 GW
Full-build figures · 1/1 records sized
Reported operating: not stated
Operating basis recorded here for 0/29 selected records
basis not stated
26.1 GW
Full-build figures · 19/21 records sized
Reported operating: 1.2 GW
Operating basis recorded here for 2/29 selected records
Snapshot 2026-10-15; metric dates vary. Full build includes projections and estimates, not demand or energy use. 3 exact full-build values unknown. Bases are not added together; no assumed PUE conversion. An operating campus can still have future phases.
Global coverage · all selected records
29 campuses · 17 energy assets and policies.
Global register · 29 selected campuses
facility power
9.3 GW
Full-build figures · 6/7 records sized
Reported operating: 300 MW
Operating basis recorded here for 7/29 selected records
IT power
2 GW
Full-build figures · 1/1 records sized
Reported operating: not stated
Operating basis recorded here for 0/29 selected records
basis not stated
26.1 GW
Full-build figures · 19/21 records sized
Reported operating: 1.2 GW
Operating basis recorded here for 2/29 selected records
Snapshot 2026-10-15; metric dates vary. Full build includes projections and estimates, not demand or energy use. 3 exact full-build values unknown. Bases are not added together; no assumed PUE conversion. An operating campus can still have future phases.
The register
Selected campuses and energy records
Snapshot 2026-10-15. Targets, reported operation and full build are different phases; sources and evidence gaps open with each record. Select a row to view its map detail.
Browse 29 campuses and 17 energy records
Sort by
Site
For
Status
Full build
Operating
Power
Timing
New Carlisle, Indiana, United States
Anthropic (on AWS)
Operating
2.2 GW
basis not stated
not stated
basis not stated
Grid (Indiana Michigan Power); outside-air cooling October to March per AWS.
Operational October 2025 with 7 of ~30 planned buildings; 2.2 GW at full build.
Lima, Peru
Amazon Web Services
Announced
40 MW
basis not stated
not stated
basis not stated
Not stated.
Announced.
Seine-et-Marne, France
Mistral AI and others
Planned
1.4 GW
basis not stated
not stated
basis not stated
France's nuclear-heavy grid is the pitch.
Planned.
Pavlodar Region, Kazakhstan
Kazakhstan Ministry of AI and Digital Development
Under construction
1 GW
basis not stated
not stated
basis not stated
Ekibastuz is Kazakhstan's coal-power hub.
Under construction.
London / Slough, United Kingdom
Multi-tenant
Planned
300 MW
basis not stated
not stated
basis not stated
Grid; UK industrial power prices are the stated constraint.
Planned.
São Paulo, Brazil
Multi-tenant
Planned
14 MW
basis not stated
not stated
basis not stated
Grid (largely hydro).
Planned.
Visakhapatnam, Andhra Pradesh, India
Google
Under construction
1 GW
basis not stated
not stated
basis not stated
Adani's renewable portfolio is the stated supply; an international subsea cable landing is part of the plan.
Groundbreaking 28 April 2026; the $15 billion runs 2026–2030.
Wilbarger County, Texas, United States
Google
Under construction
not stated
basis not stated
not stated
basis not stated
AES named as the power partner.
Under construction.
Homer City, Pennsylvania, United States
Not yet named
Under construction
4.5 GW
basis not stated
not stated
basis not stated
Seven gas generating units on the site of the former coal plant, 4.4–4.5 GW, supplied by EQT.
Construction began 2025.
Riyadh and Dammam, Saudi Arabia
Humain (PIF)
Under construction
200 MW
basis not stated
not stated
basis not stated
Not stated.
Under construction.
Richland Parish, Louisiana, United States
Meta
Under construction
5 GW
basis not stated
not stated
basis not stated
Three new Entergy gas plants; Phase I power approved by the Louisiana PSC, the Phase II expansion package under review.
First phase expected online 2028; full build-out reported to run to 2030.
Lebanon, Indiana, United States
Meta
Under construction
1 GW
basis not stated
not stated
basis not stated
Not stated.
Groundbreaking February 2026.
New Albany, Ohio, United States
Meta
Under construction
1 GW
basis not stated
not stated
basis not stated
Behind-the-meter natural gas built with Williams; Meta's January 2026 Vistra and Oklo nuclear agreements are framed around this cluster.
Meta said it comes online in 2026; a "tents over buildings" design chosen for speed.
Atlanta, Georgia, United States
Microsoft (OpenAI workloads)
Operating
not stated
basis not stated
not stated
basis not stated
Grid; designed with no UPS or generator sets, ~140 kW per rack.
Online November 2025.
Mount Pleasant, Wisconsin, United States
Microsoft (OpenAI workloads)
Operating
2 GW
basis not stated
not stated
basis not stated
Grid (We Energies); closed-loop liquid cooling.
First facility reported fully operational June 2026; the adjacent second facility reported for 2028; Nadella: "scale to two gigawatts".
Hyderabad, India
Microsoft
Under construction
600 MW
basis not stated
not stated
basis not stated
Not stated.
Go-live mid-2026.
Kvandal, Narvik, Norway
Microsoft (replacing OpenAI)
Under construction
230 MW
basis not stated
not stated
basis not stated
100% renewable (hydro) above the Arctic Circle.
First 230 MW phase targeted for H2 2026 (aggregator figure); Microsoft's 30,000 NVIDIA Rubin GPUs delivered in 2027; a 520 MW longer-term plan.
Jamnagar, Gujarat, India
Meta (lessee)
Planned
168 MW
basis not stated
not stated
basis not stated
Reliance's Jamnagar renewable and gas complex.
Delivery within two years of June 2026.
Tomakomai, Hokkaido, Japan
SoftBank Corp.
Under construction
300 MW
basis not stated
not stated
basis not stated
Hokkaido renewables are the stated pitch.
Under construction.
Abilene, Texas, United States
OpenAI (Oracle-operated)
Operating
1.2 GW
facility power
300 MW
facility power
Grid plus on-site gas turbines; the campus sits beside a wind farm. Figures are total facility power.
First phase live September 2025; four of eight buildings reported operating; full 1.2 GW projected Q4 2026.
Doña Ana County, New Mexico, United States
OpenAI (Oracle-operated)
Under construction
2.2 GW
facility power
0 MW
facility power
Grid; facility-power figure.
Foundation work under way; completion projected Q4 2028.
Lordstown, Ohio, United States
OpenAI (SoftBank-owned hardware)
Announced
not stated
facility power
0 MW
facility power
Not stated.
Land cleared; no large-scale construction visible; timing unknown.
Milam County, Texas, United States
OpenAI (SoftBank-owned hardware)
Under construction
1.2 GW
facility power
0 MW
facility power
SB Energy's own generation and grid; a "fast-build" design.
Building delivery by October 2026 per filings; completion projected Q4 2028.
Port Washington, Wisconsin, United States
OpenAI (Oracle-operated)
Under construction
1.3 GW
facility power
0 MW
facility power
Grid (We Energies); facility-power figure.
Foundation work under way; completion projected Q4 2028.
Saline Township, Michigan, United States
OpenAI (Oracle-operated)
Under construction
1.4 GW
facility power
0 MW
facility power
DTE Energy supplies the grid connection.
Foundation work under way for the first building; completion projected Q4 2028.
Shackelford County, Texas, United States
OpenAI (Oracle-operated)
Under construction
2 GW
facility power
0 MW
facility power
Grid (ERCOT); facility-power figure.
Roofing under way; first building delivery late 2026; completion projected Q4 2028.
Abu Dhabi, United Arab Emirates
OpenAI · G42
Under construction
5 GW
basis not stated
not stated
basis not stated
Not stated for the campus; the UAE grid is gas and nuclear (Barakah) backed.
First 200 MW of a 1 GW cluster due in 2026; the rest of the 1 GW and the 5 GW campus have no confirmed dates.
Montréal and Québec City, Canada
Multi-tenant
Operating
178 MW
basis not stated
178 MW
basis not stated
Hydro-Québec.
Operational.
Memphis, Tennessee / Southaven, Mississippi, United States
xAI (SpaceX)
Operating
2 GW
IT power
1 GW
basis not stated
Largely off-grid: on-site gas turbines and batteries; TVA had not committed firm grid capacity as of the sources read.
Crossed ~1 GW in 2026; 440,000 GB300 GPUs reported in use by late September 2026 with a further 660,000 expected by year-end.
Energy assets and grid rules
Asset
Kind
Serves
Capacity
Timing
Londonderry Township, Pennsylvania, United States
Nuclear restart
Microsoft — 20-year power purchase agreement
835 MW
Constellation targets 2027, "ahead of schedule"; the NRC issued its environmental finding of no significant impact in late September 2026, with exemption and licence-amendment decisions still pending.
Covert, Michigan, United States
Nuclear restart
Michigan grid (Wolverine Power / Hoosier Energy offtake); the first US restart of a closed reactor
800 MW
Holtec targets restart in 2026 after two missed dates; the NRC is reviewing a licence amendment filed after a fuel-loading incident paused some work.
Salem Township, Pennsylvania, United States
Existing nuclear (PPA)
Amazon Web Services — the adjacent campus and other Pennsylvania sites
1.9 GW
840–1,200 MW in 2029, 1,680–1,920 MW by 2032 at the latest.
Oak Harbor and Perry, Ohio; Shippingport, Pennsylvania, United States
Existing nuclear (PPA)
Meta — Prometheus and the PJM campuses
2.6 GW
Purchases begin late 2026; uprate capacity added through 2034.
Piketon area, Ohio, United States
New nuclear / SMR
Meta
1.2 GW
By 2035 across the Meta nuclear set; no unit dates stated.
Sites for Meta-funded units not disclosed, United States
New nuclear / SMR
Meta — up to eight Natrium units, rights to output
690 MW
By 2035.
Oak Ridge, Tennessee, United States
New nuclear / SMR
Google — clean-energy attributes for its Tennessee and Alabama data centers
50 MW
Operations scheduled to begin 2030.
Richland, Washington, United States
New nuclear / SMR
Amazon-funded; Pacific Northwest data centers
320 MW
Targeting construction by 2030.
Richland Parish, Louisiana, United States
Gas (on-site or new plant)
Meta Hyperion
not stated
First Hyperion phase 2028.
New Albany, Ohio, United States
Gas (on-site or new plant)
Meta Prometheus
not stated
With the 2026 cluster.
Southaven, Mississippi, United States
Gas (on-site or new plant)
xAI Colossus 2
not stated
A 150 MW grid build-out not scheduled to energise until late 2026.
Homer City, Pennsylvania, United States
Gas (on-site or new plant)
The Homer City energy campus (tenant not yet named)
4.5 GW
Construction from 2025.
Southeastern United States (2,500 acres; state not stated), United States
Gas (on-site or new plant)
Seeking an AI tenant
1.2 GW
Planned.
Narvik, Norway
Renewable
The Narvik AI gigafactory
230 MW
With the campus.
Dublin, Ireland
Grid connection policy
Every new Dublin-area data center
not stated
In force from 2026 applications.
Amsterdam, Netherlands
Grid connection policy
Hyperscale projects in the Amsterdam region
not stated
In force.
Singapore, Singapore
Grid connection policy
New data centers in Singapore
not stated
Rolling.
Evidence review queue and change history
Public editorial quality queue for this curated register. Review flags identify missing evidence, not proof a project is late or incorrect. Source revisions are reviewed in GitHub before publication.
Stargate Abilene: Historical evidence requires current status check
Stargate Shackelford County: Historical evidence requires current status check
Stargate Doña Ana (Project Jupiter): Historical evidence requires current status check
Stargate Milam County: Historical evidence requires current status check
Stargate Port Washington (Lighthouse): Historical evidence requires current status check
Stargate Saline Township (The Barn): Historical evidence requires current status check
Stargate Lordstown: Historical evidence requires current status check; Epoch reports less than 300 MW, not an exact 300 MW. The exact capacity is withheld pending clarification; the source describes manufacturing activity and limited campus construction.
Meta Hyperion: Metric-level verification not recorded; Full-build power basis not stated
Meta Prometheus: Metric-level verification not recorded; Full-build power basis not stated
Meta Lebanon: Metric-level verification not recorded; Full-build power basis not stated
xAI Colossus 2: Metric-level verification not recorded; Operating power basis not confirmed
Amazon Project Rainier: Metric-level verification not recorded; Full-build power basis not stated
Microsoft Fairwater Wisconsin: Metric-level verification not recorded; Full-build power basis not stated
Microsoft Fairwater Atlanta: Metric-level verification not recorded; Full-build power basis not stated
Google Wilbarger County: Metric-level verification not recorded; Full-build power basis not stated
Homer City Energy Campus: Metric-level verification not recorded; Full-build power basis not stated
Stargate UAE (UAE–US AI Campus): Metric-level verification not recorded; Full-build power basis not stated
Humain AI Data Centers: Metric-level verification not recorded; Full-build power basis not stated
Narvik AI gigafactory (ex-Stargate Norway): Metric-level verification not recorded; Full-build power basis not stated
Campus AI (MGX · Mistral) Île-de-France: Metric-level verification not recorded; Full-build power basis not stated
Digital Realty UK AI mega-campus: Metric-level verification not recorded; Full-build power basis not stated
Google AI Hub Visakhapatnam: Metric-level verification not recorded; Full-build power basis not stated
Reliance–Meta Jamnagar: Metric-level verification not recorded; Full-build power basis not stated
Microsoft India South Central region: Metric-level verification not recorded; Full-build power basis not stated; The legacy mid-2026 go-live target has elapsed while the record remains under construction. Obtain a dated commissioning update; do not infer completion.
SoftBank Tomakomai AI data center: Metric-level verification not recorded; Full-build power basis not stated
Data Center Valley, Ekibastuz: Metric-level verification not recorded; Full-build power basis not stated
Vantage Québec expansion: Metric-level verification not recorded; Full-build power basis not stated; Operating power basis not confirmed
Equinix SP7 São Paulo: Metric-level verification not recorded; Full-build power basis not stated
AWS Peru region: Metric-level verification not recorded; Full-build power basis not stated
Reviewed editorial changes
2026-10-18 · capacity evidence
Before: Generic source date and reported capacity
After: Explicit third-party estimate, publication/effective/review dates and metric bindings
Epoch explains its facility-power estimates and April revision.
Most of it is data centers and the chips inside them.
Data Center Knowledge — hyperscalers in 2026Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-01-15
US data center construction, August 2026 (Census, annual rate, preliminary)
$84.95 billion, +73% year on year
Shells and power only — servers, racks, plants and transmission are counted elsewhere.
AIP, BlackRock's GIP and MGX bought a developer, not a tenant — the shell is now the asset class.
Aligned Data Centers — acquisition closesPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-03-01
Stargate US sites by 2029 (Epoch AI)
>9 GW across seven sites
A reported development pipeline, including future phases, rather than delivered operating capacity.
Epoch AI — where the US Stargate sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23
US data center industry contribution to government revenue (PwC)
$66.2bn (2017) → $162.7bn (2023)
The fiscal case the industry makes; set it beside the incentives below.
Georgia Tech — who benefits? (citing PwC)Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-07-09
Follow the money · hypotheses
Who is investing in which campuses and power deals, and why
Who is in comes from the registers above: each campus's named backers and each energy deal's parties. Why they are in, and what a CFO should watch, is Koko's hypothesis, not a finding. It adds no number of its own.
48 named backers across 29 campuses and 14 energy deals in this register. Policy records have no backers. A backer named in a source is not proof of the size of its stake.
What CFOs should care about · Koko's hypothesis
Power has moved from a facilities line to a strategic cost of AI. Ask every capacity provider where its electricity comes from, on what contract, and until when. See Hyperscalers, Power owners.
Much of this capacity sits in joint ventures, leases and minimum commitments. Read guarantees and commitments notes before trusting reported leverage, yours or a counterparty's. See Private capital, AI labs, Developers.
A few labs and hyperscalers anchor most of the demand. Counterparty concentration runs through developers, compute providers, lenders and power owners alike. See AI labs, Compute providers, Developers, Power owners.
Meta, Microsoft, Google and Amazon fund their own campuses and sign for the power plants behind them.
Who is in
3 campuses · 5 energy deals · funds or owns, buys the output, funds developmentCompany hub
2 campuses · 2 energy deals · funds or owns, buys the output, funds developmentCompany hub
3 campuses · 1 energy deal · funds or owns, buys the outputCompany hub
2 campuses · 1 energy deal · funds or owns, buys the outputCompany hub
Hypothesis: why they are in
They are paying for capacity that arrives on schedule. Cloud and model revenue waits on powered halls, and the grid cannot promise a date, so they fund the campus and contract the plant behind it, up to sponsoring new reactors. The adjacency spend is insurance on the core spend.
What a CFO should watch
Server and GPU depreciation lives drive their reported margins. Compare each one's assumed useful life with the chip refresh cycle before reading their profitability.
Long-dated power contracts are purchase obligations. Read the commitments note, not the press release.
If you buy AI or cloud capacity from them, expect pricing that passes power and capacity costs through. Ask which campus serves you and what its delivery evidence says.
What would change our mind: Capex guidance cut while campuses switch to leased capacity, or reactor sponsorships restructured into plain offtake.
AI labs: anchor the demand, rent the balance sheet
OpenAI commits as tenant and takes stakes abroad; xAI is the exception that owns and powers its own campus.
Who is in
1 campus · 1 energy deal · funds or owns, owns or operates
1 campus · funds or owns
Hypothesis: why they are in
Labs need more capacity than they can fund, so partners build and own while the lab signs the long-term commitment. Their tenancy is what makes a developer's or lender's deal bankable. xAI trades permitting risk for speed by building its own gas generation.
What a CFO should watch
Counterparty concentration: a developer, provider or lender whose revenue rests on one lab carries that lab's funding risk.
Minimum-commitment and take-or-pay terms behave like debt to the payer even when they are not reported as debt.
Plans move. Abilene's dropped expansion shows a phase can disappear when financing and demand terms stall; ask who bears the cost.
What would change our mind: Labs financing and owning campuses on their own balance sheets, or a lab renegotiating commitments without loss to its partners.
Compute providers: own the GPUs inside someone else's building
Oracle owns the hardware at the Oracle-operated Stargate sites; Nscale co-owns Narvik, where Microsoft took the capacity.
Who is in
6 campuses · owns the hardware, funds or ownsCompany hub
1 campus · 1 energy deal · funds or owns, owns or operates
Hypothesis: why they are in
Owning hardware in a developer's shell is the fastest way to sell capacity to a lab. It turns a software or telecom balance sheet into a capital-intensive one, and the bet is that contracted demand pays the hardware off before it ages.
What a CFO should watch
Capital intensity and free cash flow move sharply for providers that used to be asset-light. Read cash flow, not bookings.
GPU residual value and obsolescence risk sit with whoever owns the hardware.
Contracted revenue disclosures show the backlog; check how much of it rests on one customer.
What would change our mind: Hardware ownership shifting back to tenants or into financing vehicles, or backlog converting to revenue slower than hardware ages.
Records behind this read (5)
Developers: sell speed
Crusoe, Vantage, STACK, Related Digital and the listed colocation majors assemble land, power and permits before the tenant arrives.
A developer's edge is a site that can be energised sooner than a tenant could manage alone. The return depends on signing long leases with creditworthy anchors and on delivering when promised, which is where slips and local opposition bite.
What a CFO should watch
Lease or service contract? The classification decides whether the capacity lands on your balance sheet.
When completions slip, delivery-date remedies matter more than headline price.
Community and permitting risk sits with the developer until it does not. Ask about litigation and settlement history at the site.
What would change our mind: Tenants returning to self-build at scale, or developers taking sites forward without a signed anchor.
Blue Owl, Primary Digital Infrastructure and Knighthead fund campuses directly; infrastructure funds buy the developers.
Who is in
2 campuses · funds or owns, joint-venture capitalCompany hub
1 campus · reported backer
1 campus · funds or owns
Hypothesis: why they are in
Infrastructure and private-credit funds want long, contracted cash flows with a hyperscaler or lab on the other side. A joint venture lets the tenant keep the capacity while sharing the capital, and the fund earns more than the tenant's own debt would pay.
What a CFO should watch
Joint ventures and special purpose vehicles: consolidation is a judgment, not a given. Read the guarantees and any residual value support.
These structures cost more than corporate debt. Compare the all-in cost of capacity with owning it.
Refinancing risk rises if credit tightens before a campus is leased up and energised.
What would change our mind: Fund-raising for digital infrastructure slowing, or new joint-venture terms shifting completion risk back to tenants.
Sovereigns and public lenders: treat compute as strategic infrastructure
G42, MGX, Saudi Arabia's PIF, Bpifrance and Kazakhstan fund domestic capacity; the US Department of Energy and TVA backstop power.
Who is in
2 campuses · funds or owns
2 energy deals · lends
1 campus · funds or owns
1 campus · funds or owns
1 campus · funds or owns
1 campus · funds or owns
1 energy deal · buys the output
Hypothesis: why they are in
States want domestic AI capacity and a seat in global deals, so sovereign funds co-invest where a private return alone would not clear. Public lenders and utilities carry power risk, such as reactor restarts, that private capital will not take on its own.
What a CFO should watch
Data residency and export-control terms can decide where a multinational is allowed to run AI workloads.
Public money carries conditions such as local content, jobs and reporting, and they flow down to suppliers and tenants.
A campus funded by one state is exposed to that state's policy and its relations with chip-exporting countries.
What would change our mind: Export-control changes that strand overseas capacity, or sovereign funds pulling back from co-investment.
Records behind this read (7)
Conglomerates and telcos: turn land, power and networks into a position
SoftBank, Foxconn, Reliance, Adani, Bharti Airtel and Aker bring sites, power, fibre or manufacturing.
Who is in
3 campuses · funds or owns
1 campus · 1 energy deal · funds or owns, owns or operates
1 campus · funds or owns
1 campus · funds or owns
1 campus · funds or owns
1 campus · funds or owns
1 campus · funds or owns
Hypothesis: why they are in
Groups that already hold the scarce inputs use them to buy into AI infrastructure rather than remain only customers of it. Hosting a hyperscaler or a lab also anchors their own power, telecom or industrial assets for years.
What a CFO should watch
A partner with captive power or land can shorten delivery; confirm that the advantage is written into the contract.
Related-party flows inside a group can hide the economics of a single campus from outside readers.
What would change our mind: Group partners exiting campus stakes once a hyperscaler can contract the same inputs directly.
Records behind this read (6)
Chip and network vendors: invest in their own demand
NVIDIA and Cisco hold equity alongside sovereign and lab partners.
A stake in a customer's campus helps secure demand for the vendor's hardware and a say in where it lands. That can be sound strategy and still create circular revenue that is harder to read from the outside.
What a CFO should watch
When a supplier also invests in your capacity, check pricing, allocation and exclusivity terms for linkage.
For investors and auditors: revenue from customers the vendor also funds deserves a separate look in quality-of-earnings work.
What would change our mind: Vendors stepping back from equity as customers fund campuses on their own.
Records behind this read (2)
Power owners: firm, connected capacity becomes contracted infrastructure
Constellation, Talen and Vistra sell existing nuclear output; Oklo, TerraPower, Kairos and X-energy build reactors; Entergy, Williams and EQT bring gas.
Long contracts with hyperscalers turn merchant power into something closer to regulated infrastructure, and the scarce asset is firm capacity that is already connected. Restarts and existing reactors sell first because they are the fastest firm supply; new reactors and gas fill the gap later.
What a CFO should watch
Electricity is becoming a larger and less predictable line in the cost of AI. Model it explicitly rather than inside a cloud price.
Utility rate cases are reallocating grid costs. Large-load tariffs can reach your own facilities even if you build no data center.
Firm power contracted now sets competitors' cost of AI for decades; ask your providers where their power comes from and for how long.
What would change our mind: Grid connection timelines shortening, or efficiency gains flattening data center electricity demand.
Davis-Besse, Perry and Beaver Valley (Vistra); Oklo power campus, southern Ohio; TerraPower Natrium units (Meta-funded); Entergy gas plants for Hyperion; Behind-the-meter gas for Prometheus
North America
Oracle
Compute providers
Stargate Abilene; Stargate Shackelford County; Stargate Doña Ana (Project Jupiter); Stargate Port Washington (Lighthouse); Stargate Saline Township (The Barn); Stargate UAE (UAE–US AI Campus)
None
North America, Middle East & Africa
Amazon (AWS)
Hyperscalers
Amazon Project Rainier; AWS Peru region
Susquehanna Steam Electric Station; Cascade advanced reactor project (X-energy Xe-100)
North America, Latin America
Microsoft
Hyperscalers
Microsoft Fairwater Wisconsin; Microsoft Fairwater Atlanta; Microsoft India South Central region
Crane Clean Energy Center (Three Mile Island Unit 1)
North America, Asia-Pacific
Google (Alphabet)
Hyperscalers
Google Wilbarger County; Google AI Hub Visakhapatnam
Kairos Power Hermes 2
North America, Asia-Pacific
SoftBank Group
Conglomerates and telcos
Stargate Milam County; Stargate Lordstown; Stargate UAE (UAE–US AI Campus)
None
North America, Middle East & Africa
Vantage Data Centers
Developers
Stargate Shackelford County; Stargate Port Washington (Lighthouse); Vantage Québec expansion
None
North America
Aker ASA
Conglomerates and telcos
Narvik AI gigafactory (ex-Stargate Norway)
Narvik hydro supply
Europe
Blue Owl Capital
Private capital
Stargate Abilene; Meta Hyperion
None
North America
MGX
Sovereigns and public lenders
Stargate UAE (UAE–US AI Campus); Campus AI (MGX · Mistral) Île-de-France
None
Middle East & Africa, Europe
Nscale
Compute providers
Narvik AI gigafactory (ex-Stargate Norway)
Narvik hydro supply
Europe
NVIDIA
Chip and network vendors
Stargate UAE (UAE–US AI Campus); Campus AI (MGX · Mistral) Île-de-France
None
Middle East & Africa, Europe
US Department of Energy
Sovereigns and public lenders
None
Crane Clean Energy Center (Three Mile Island Unit 1); Palisades restart
North America
xAI (SpaceX)
AI labs
xAI Colossus 2
Colossus 2 gas turbines
North America
Adani Enterprises
Conglomerates and telcos
Google AI Hub Visakhapatnam
None
Asia-Pacific
Bharti Airtel
Conglomerates and telcos
Google AI Hub Visakhapatnam
None
Asia-Pacific
Bpifrance
Sovereigns and public lenders
Campus AI (MGX · Mistral) Île-de-France
None
Europe
Cisco
Chip and network vendors
Stargate UAE (UAE–US AI Campus)
None
Middle East & Africa
Constellation Energy
Power owners
None
Crane Clean Energy Center (Three Mile Island Unit 1)
Newest first. A count is a count by the outlet named, not Koko's.
DirectiveTexas
Governor Abbott's directive to bar data centers from taking water or grid power communities need; he says it halted up to 1,800 projects (his own figure). (The Daily Signal — data center backlash brings thousands of projects to a haltPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-08-23)
MoratoriumNew York
Executive order creating the first statewide moratorium on new hyperscale data centers; Pennsylvania, Michigan and South Carolina considering pauses. (Resilience — the data center backlash that's uniting AmericaPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-07-23)
MeasuredUnited States
More than 300 cities, towns and counties with bans or moratoriums on hyperscale data centers (a count by The Information). (TIME — Community backlash to AI data centers is growing across the U.S.Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-07-22)
MeasuredUnited States
75 major projects worth more than $130 billion delayed or cancelled in the first three months of 2026, in part due to organised local opposition. (TIME — Community backlash to AI data centers is growing across the U.S.Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-07-22)
MoratoriumSeattle · Denver
Seattle became the largest US city with a data center moratorium; Denver's council unanimously approved a one-year pause while it drafts rules. (Stateline — more cities are pressing pause on data centersPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-05-28)
RejectionSangamon County, Illinois
A proposed six-month moratorium failed 5–3 in committee — moratoria do not always pass. (Stateline — more cities are pressing pausePublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-05-28)
LawsuitMemphis / Southaven
NAACP, with SELC and Earthjustice, sued xAI alleging Colossus 2 gas turbines operate without Clean Air Act permits. (NAACP v. xAIPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-15)
Connection policyIreland
CRU's Large Energy User Connection Policy ended the de facto Dublin moratorium: on-site dispatchable generation or storage matching import capacity, 80% additional Irish renewables over six years. (Environment+Energy Leader — Ireland's grid now asks which data centers are crediblePublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-01-20)
RejectionSaline Township, Michigan
The township rejected the Stargate site; the developers sued and acquired the land in a settlement. (Wikipedia — AI data center (Saline Township)Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-10-15)
MoratoriumAmsterdam region
Hyperscale facilities over 10 hectares and 70 MW prohibited since January 2024 without a pre-2022 permit application. (DCD — the ongoing impact of Amsterdam's moratoriumPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-06-01)
Who enables it
The chain, end to end
Anchors, chips, builders, power, equipment and capital. A row with a figure links its source; a row without one carries its role only. Listed companies open on the company hub.
Anchor tenants and labs
OpenAI
Stargate's tenant across seven US sites and the UAE; the demand signal behind Oracle, Crusoe, Vantage and SoftBank's builds.
Epoch AI projects the seven US Stargate sites at more than 9 GW by 2029. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
Builds its own campuses (Hyperion, Prometheus, Lebanon) and signs the largest corporate nuclear deals.
Up to 6.6 GW of nuclear agreements with Vistra, TerraPower and Oklo (January 2026). (Axios — Meta nuclear dealsPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-01-09)
Fairwater in Wisconsin and Atlanta; took over the Narvik capacity OpenAI dropped.
A 20-year PPA for the Crane (Three Mile Island) restart. (NRC — Crane restart environmental findingPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-09-30)
Project Rainier for Anthropic; the largest nuclear PPA with Talen; funds X-energy's Cascade reactors.
1,920 MW from Susquehanna through 2042. (Talen Energy — expanded Amazon agreementPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-06-11)
Visakhapatnam, Texas and Minnesota campuses; the first Gen IV reactor PPA via TVA.
$15 billion over 2026–2030 for the 1 GW Visakhapatnam hub. (Google India blog — AI HubPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-28)
xAI (SpaceX)
Colossus in Memphis, built largely off-grid on gas turbines.
~1 GW live, 2 GW targeted. (Techzine — xAI expands Colossus to 2 GWPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-06-01)
Anthropic
Rainier's tenant on AWS; Fluidstack sites in New York and Texas announced November 2025.
$50 billion of Fluidstack sites announced. (Wikipedia — AI data centerPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-10-15)
G42 · MGX
Abu Dhabi's AI champion and its investment arm: Stargate UAE, Campus AI France, the Aligned consortium.
Co-acquirer of Aligned Data Centers at a $40 billion enterprise value. (Aligned Data Centers — AIP, MGX and BlackRock's GIP close $40B acquisitionPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-03-01)
GB200/GB300 and Rubin GPUs in nearly every campus here; an equity partner in Stargate UAE and the Aligned consortium.
Abilene is built for more than 450,000 GB200 GPUs; Narvik takes 30,000 Rubin GPUs in 2027. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
Amazon's own training chip; Rainier runs ~500,000 Trainium2.
Rainier is Trainium-only, not NVIDIA. (Wikipedia — AI data center (Rainier)Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-10-15)
Custom accelerators and networking for the hyperscalers; an OpenAI custom-chip partner.
Role only — no figure read for this row.
Groq
Inference silicon for Aramco Digital's announced 500 MW Saudi facility.
Role only — no figure read for this row.
Developers, builders and operators
Crusoe
Developer of Stargate Abilene.
357 full-time jobs committed at Abilene once construction ends. (Programs.com — data center employment statisticsPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-08-01)
Vantage Data Centers
Developer of the Shackelford County and Port Washington Stargate sites; Québec campus.
Two Stargate sites totalling 3.3 GW projected. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
STACK Infrastructure
Developer of Project Jupiter, Doña Ana County.
2.2 GW projected, Q4 2028. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
Related Digital
Developer of The Barn, Saline Township.
1.4 GW projected after litigation and a settlement with the township. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
SB Energy (SoftBank)
Developer and power provider for the Milam County Stargate site.
A "fast-build" site with SoftBank-owned hardware. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
Khazna Data Centers
Builder of the Stargate UAE cluster for G42.
First 200 MW due in 2026. (Gulf News — Stargate UAE first phasePublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-03-10)
Nscale · Aker
Joint-venture developer of the Narvik gigafactory.
Microsoft contracted 30,000 Rubin GPUs there for 2027. (DCD — Microsoft contracts 30,000 Rubin GPUs from NscalePublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-15)
Aligned Data Centers
Hyperscale developer bought by AIP, GIP and MGX.
$40 billion enterprise value plus $5 billion of committed growth capital. (Aligned Data Centers — AIP, MGX and BlackRock's GIP close $40B acquisitionPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-03-01)
Operates five of the seven US Stargate sites and owns their hardware; OpenAI's largest compute supplier.
Owns the hardware at Abilene, Shackelford, Doña Ana, Port Washington and Saline. (Epoch AI — OpenAI Stargate: where the US sites standPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-04-23)
Largest US nuclear operator; restarting Crane for Microsoft.
835 MW restart targeted 2027 with a $1 billion DOE loan. (Constellation — Crane one year laterPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-09-19)
Ohio and Pennsylvania nuclear output and uprates sold to Meta.
2,176 MW plus 433 MW of uprates under a 20-year PPA. (ANS — the Meta–Vistra dealPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-01-12)
About $18 billion of revenue expected over the contract. (Talen Energy — expanded Amazon agreementPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-06-11)
Holtec
Restarting Palisades; SMR developer; filed for an IPO in 2026.
Restart targeted 2026, ahead of a March 2027 counterparty date. (Holtec — Form S-1Published: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-08-15)
Advanced-reactor developer; a 1.2 GW campus for Meta in Ohio.
Role only — no figure read for this row.
TerraPower
Natrium sodium fast reactors; up to eight units funded by Meta.
Role only — no figure read for this row.
Kairos Power
Hermes 2 molten-salt reactor for TVA and Google.
50 MW from 2030. (Kairos Power — Google, Kairos, TVAPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-08-18)
X-energy · Energy Northwest
Four Xe-100 reactors in Washington, Amazon-funded.
Heavy-duty gas turbines — the pacing item for behind-the-meter power.
Backlog 116 GW at end-Q2 2026; new orders deliver in 2031; lead times "directionally about three years"; data centers ~20% of the book. (Utility Dive — GE Vernova gas turbine backlog climbs to 116 GWPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-07-23)
Siemens Energy
Gas turbines and grid equipment; the other Western turbine supplier.
Role only — no figure read for this row.
Hitachi Energy
Large power transformers — the other long-lead item.
Financed Hyperion through a joint-venture SPV; a Stargate Abilene investor.
Hyperion JV reported at ~$27 billion of development. (Wikipedia — Hyperion Data CenterPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-10-15)
AI Infrastructure Partnership (AIP)
BlackRock, Microsoft, MGX, NVIDIA and xAI's infrastructure fund.
Aligned was its first investment; a $30 billion equity target supporting up to $100 billion with debt. (Aligned Data Centers — AIP, MGX and BlackRock's GIP close $40B acquisitionPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-03-01)
The private-capital owners of QTS and the European and Asian colocation platforms.
Private equity was 72% of the $63.35 billion invested in US data centers in 2025. (S&P Global — private equity sends US data center deals to a 5-year highPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2026-05-15)
Bpifrance
French state investor in the Campus AI project.
Role only — no figure read for this row.
US Department of Energy loan office
Restart lender.
$1 billion to Constellation for Crane. (Constellation — Crane one year laterPublished: not distinguished · Effective: not specified · Source checked: not recorded · Next review: not scheduled · Legacy source/access date: 2025-09-19)
Koko's PoV
Six reads of the map
Koko's view. Each rests on the figures above and adds no number of its own.
1.Power delivery belongs in the AI capacity decision.
The Crane restart record describes a disputed connection timetable; the equipment figures describe long lead times. These examples suggest delivery risk, but do not establish that every on-time campus has its own generation.
For: CFOs and technology leaders: verify a provider's delivery milestones and contingency capacity before committing spend.
2.Community acceptance depends on who bears the costs and receives the benefits.
The community register includes reported rate effects, water concerns, job commitments and tax incentives. Their relative importance varies by jurisdiction; a local study is not a universal forecast.
For: Developers and advisers: test cost allocation and community commitments against the local evidence.
3.Financing terms can matter as much as announced campus size.
The Hyperion joint venture and Aligned acquisition show different ways to finance infrastructure. A JV alone does not establish off-balance-sheet accounting or transfer all risk from a tenant.
For: Treasurers and investors: review lease obligations, guarantees, consolidation judgments and completion conditions.
4.Separate construction employment from lasting local benefits.
Abilene and Hyperion report different construction and permanent commitments. Local tax receipts also depend on incentives and ownership terms, so one county's outcome should not be generalized.
For: Local governments and advisers: reconcile jobs, incentive costs and fiscal benefits over the project lifecycle.
5.Power arrangements have different delivery and emissions profiles.
Colossus has reported gas generation; Hyperion is under construction with gas-backed supply planned. Nuclear restarts, existing-plant PPAs and new reactors have different milestones. A contract does not prove physical supply or an achieved carbon outcome.
For: Energy and sustainability leads: check asset status, connection evidence, hourly supply and accounting boundaries.
6.Infrastructure creates several distinct advisory needs.
The register points to procurement, project finance, permitting, community agreements, reporting and supply-chain questions. These are potential engagements, not evidence of a quantified market or a mandate.
For: Partner / MD: connect a specific client exposure to a sourced development and a concrete diligence question.
Opportunities · directional
Where the work is
Koko's reading of where the demand lands, for companies and for professional-services firms. Directional, not a sized market.
For companies
AI capacity sourcing: own, colocate or rent
Signal: Hyperscaler capex at $602 billion and 30–50% of 2026 completions slipping.
A capacity plan that prices cloud, colocation and dedicated builds against the model portfolio, with power as the binding constraint.
Stories about data centers, power deals and the grid from the sources Koko reads every day.
Loading related news...
Learn
New to this?
How a Data Center Gets Built walks the six stages from site to operation, who is involved at each, how long they take and what stops them, with the vocabulary in plain words. Ask the map a question in Ask Koko.