Trade-grade analysis of the AI data center buildout: hyperscaler capex, power constraints, supply-chain bottlenecks, and earnings recaps. Updated weekly.
Anthropic showed IPO investors a $16.8 billion quarter and slowing growth on Wednesday, which keeps the Anthropic IPO on track for November and puts the $2 trillion price under pressure.
SpaceX wants $40 billion of mostly investment-grade debt for Nvidia chips, so pension funds will be lending against Starlink's cash to fill Colossus 2 while Nvidia gets paid on delivery.
TSMC is now courting the Terafab plant Elon said it couldn't supply, Intel 14A keeps its seat, and the fab tool makers book the orders whichever foundry signs.
Google flew its first space data center on Thursday on a SpaceX rocket, and every plan for space data centers, Google's and Starcloud's included, comes down to launch prices and radiators that SpaceX is best placed to solve.
Starship Flight 14 reached orbit, but SpaceX's own ratio puts space data centers at about 100 full launches per GW, and the pads it's cleared to use allow 69 a year.
Meta Muse hands every user their own virtual machine, so the fastest-growing consumer AI app is buying CPU, RAM and leased capacity while Meta's own gigawatt campuses are still years out.
The House bill only asks states to consider making 100 MW data centers pay for their grid upgrades, and Ohio already shows what happens to the queue when one does.
Why data centers are so big comes down to one bill: on a $38 billion gigawatt campus the land and grid hookup cost under 1%, and they're the part that takes years.
Dario Amodei called for an AI slowdown and CoreWeave and Nebius fell 9% by 9:30, the same morning Anthropic was reported locking in GPUs with Rumble for six years.
No public prospectus has landed yet, so the $517 billion figure is a reporter's tally of eleven months of announcements, and the biggest slice of it routes lease payments to Apollo and Blackstone rather than to Alphabet.
OpenAI's cash burn for 2026 is already covered four times over by a single financing, so the unmarked risk sits with Oracle's bondholders and the private credit funds that paid for buildings the tenant is already outgrowing.
Google and Anthropic will hand SpaceX $26 billion a year to rent Memphis compute, and either tenant can give back the keys on a quarter's notice.
Four foundries control the castings that gate every new gas turbine, and SpaceX decided becoming the fifth beats waiting in GE Vernova's 116 GW line.
Texas stopped 250 to 300 data centers at the grid door until December 10, and the power gear behind them was already on a two-year delivery clock.
Four compute leases in 2026, four landlords that barely existed two years ago, and rent that passes through them to Nvidia and Vertiv before a single GPU comes online.
Anthropic rented an entire company in one contract. The customer concentration discount on CoreWeave, Nebius and IREN looks different once you ask who signed.
Peter Thiel's 13F went from zero holdings to a $419M book that is 71% electricity: four Midwest utilities under the Stargate corridor, Vistra, LatAm shale, and an Amazon-plus-X-Energy nuclear pair.
Cleveland-Cliffs is the only American producer of the grain-oriented steel inside data center transformer cores, and Washington spent three years deciding whether to regulate it out of the market. Substation lead times are past 160 weeks.
Nvidia bought into three powered land developers in eight days. The 600-kilowatt Rubin rack that justifies it just slipped to 2028, and the substation orders land at Hubbell either way.
Every tracked data center project matched to the public companies with a disclosed role building it: 44 projects, 34 tickers, 171 sourced supplier links, and 16 listed suppliers on Microsoft's biggest campus alone.
SpaceX's prospectus wants 100 gigawatts of data centers in orbit every year. Musk's own math says that takes about 10,000 Starship launches, and Starship has flown thirteen times. What the plan actually needs, in radiators and rockets, and who gets paid before any of it works.
The Anthropic IPO will be the first look at what frontier AI costs to make. The company with the best margins rents its compute from a direct competitor for $15 billion a year, and Google just signed a lease with the same landlord.
CoreWeave's Q2 earnings show revenue up 112% and a net loss now smaller than the quarter's interest bill, which is the entire neocloud debate compressed into one line of the income statement.
AI's binding constraint has shifted from chips to power, and SpaceX's $1.75 trillion IPO funds the most complete response: on-site generation, an internalized xAI, a $55B chip fab, and solar-powered data centers in orbit. Until it ships, the revenue still lands on Nvidia, GE Vernova, and Vertiv.
The public companies cashing the hyperscaler capex checks, ranked by sector criticality and conviction.
A ranked snapshot of who's writing the largest checks for the AI infrastructure buildout this fiscal year, and what each commitment actually buys.
Meta, Amazon, Microsoft, and Google reset capex guidance this week. The supply-chain stocks that benefit most are not the ones investors name first.
The publicly traded infrastructure names that book Terafab orders before a single 2nm wafer ships.
The agentic-workload thesis says CPUs are the second axis of AI spend. Intel just printed the number that makes the case.
A chocolate coconut cream pie, a $60 billion option on Cursor, and a paid experiment dressed up as M&A. $10B is what SpaceX pays to find out. $60B is what the answer is worth if it comes back yes.
The Data Center Index is a directory of 618 data center campuses holding 250 GW of capacity. Every capacity figure names who stated it and when, and the error rate gets measured and published.
Oracle quietly bought 55 days of lead time on a 2.8 GW fuel-cell order while the rest of the industry is still waiting on the utility. On-site generation just crossed the bankability threshold, and the market is pricing speed-to-power as the scarce commodity.
CoreWeave ($CRWV) spent years as Microsoft's GPU farm. [Microsoft represented 62%](https://www.cnbc.com/2025/05/01/coreweave-stock-surges-after-microsoft-sticks-to-spending-plans.html) of CoreWeave…
A Dutch ex-Yandex spinout just signed $46B in 30 days. Meet the neocloud category through its cleanest expression: NBIS.
Amazon guided to $200B of capex for 2026 and Meta signed a surprise $21B contract with CoreWeave. Power equipment and chip fab names led the tape in the week ending April 9, 2026.
Amazon leads with $200B+ in forward guidance, but the real story is the mid-cap surge. Here is what the numbers say about where infrastructure dollars are flowing.
Interconnection queues are growing faster than capacity. The data shows a critical gap between planned data center capacity and available power infrastructure.