A chronological record of the megawatt land grab. Company formations, public listings, facility buildouts, and the hyperscaler contracts that locked in the thesis.
The companies that would become AI infrastructure operators begin as disparate ventures
Veterinary diagnostic company Bioptix Inc. announces pivot to cryptocurrency and rebrands as Riot Blockchain. Acquires Canadian Bitcoin mining firm Kairos Global Technology. Stock trades on Nasdaq under symbol RIOT.
Former Goldman Sachs partner and Fortress macro fund manager Mike Novogratz launches Galaxy Digital as a diversified crypto financial services firm. Initial focus on trading, asset management, and principal investments.
Yandex N.V. launches Yandex.Cloud, building data centers and GPU clusters for AI applications. Team develops proprietary server designs and data center architecture. Foundation for what would eventually spin off as Nebius AI cloud platform.
Galaxy Digital Holdings LP completes reverse takeover and lists on the TSX Venture Exchange in Toronto. First major crypto-native financial services company to achieve public market listing in North America.
Brothers Daniel and William Roberts, former Macquarie Group infrastructure investors, found Iris Energy with a vision of sustainable Bitcoin mining powered by renewable energy. The focus: stranded renewables, abundant green energy that proves difficult to monetize at scale.
Acquires Canal Flats facility from PodTech Innovation Inc. Site connected to BC Hydro grid with 98% clean and renewable electricity. Approximately 30 MW capacity at 0.7 EH/s hashrate. First major North American footprint.
Wes Cummins identifies Bitcoin hosting opportunity and partners with co-founder Jason Zhang. Uses dormant Nevada shell corporation from 2001. Initial focus on Bitcoin mining and hosting services. Cummins becomes CEO March 2021.
Block reward reduced from 12.5 to 6.25 BTC. Mining economics pressure inefficient operators, favoring those with lowest power costs and newest hardware. Sets stage for consolidation and professionalization of mining industry.
Uplists from TSX Venture Exchange to main Toronto Stock Exchange via TSX Sandbox program. Increases institutional accessibility and trading liquidity. First major crypto-native financial services company on TSX senior market.
Bitcoin miners race to access capital markets as crypto prices surge
Paul Prager of Beowulf Electricity and Data and Nazar Khan incorporate TeraWulf Inc. The vision: vertically integrated, zero-carbon Bitcoin mining leveraging decades of energy infrastructure experience.
$651 million acquisition of Whinstone U.S., Inc., the largest Bitcoin mining facility in North America. Located in Rockdale, Texas with 750 MW of power capacity available. Transforms Riot into infrastructure-first mining company.
Inner Mongolia, Xinjiang, Yunnan, and Sichuan provinces shut down mining operations. Global hashrate drops 50% temporarily. North American miners inherit massive competitive advantage as Chinese hashrate migrates.
Bitfury spinoff completes SPAC merger with Good Works Acquisition Corp. Common stock commences trading under symbol CIFR. Raises ~$595 million with PIPE anchored by Fidelity and Morgan Stanley. Positioned as low-cost miner with Texas power agreements.
Groundbreaking ceremony in Jamestown, North Dakota for 100 MW hosting facility. Partnership with Otter Tail Power Company for energy services. Initial 50 MW capacity targeted operational by year-end, scaling to full 100 MW in early 2022.
Prices 8.27 million shares at $28.00, raising approximately $231.5 million. Underwriters include J.P. Morgan, Citigroup, and Canaccord Genuity. Begins trading under symbol IREN on Nasdaq Global Select Market.
Reverse merger with IKONICS Corporation closes. Common stock commences trading on Nasdaq under symbol WULF. Positioned as zero-carbon mining leader using nuclear and hydro power.
The race to deploy megawatts before the next halving
Trading in Yandex N.V. securities suspended following Russia's invasion of Ukraine. EU places CEO Arkady Volozh on sanctions list. Company at $31 billion peak valuation before suspension. Engineers begin relocating out of Russia. Two-year restructuring process begins.
Signs PPA with New York Power Authority for Lake Mariner facility. Secures long-term power at competitive rates from hydroelectric sources. Foundation for zero-carbon mining thesis.
Raises approximately $40 million at $5.00 per share. Common stock begins trading on Nasdaq Global Select Market under symbol APLD. Capital enables infrastructure buildout.
Acquires land in Navarro County, Texas for second large-scale Bitcoin mining facility. Site approved for 1 GW total capacity. Announces $333 million Phase 1 investment for 400 MW. Vision to build world's largest Bitcoin mining facility.
Governor Doug Burgum attends ribbon cutting for 100 MW hosting facility in Jamestown, North Dakota. Buildings completed December 2021, with 83 MW online by formal opening. First revenue-generating hosting facility marks company's pivot toward infrastructure model.
Secures significant land position in West Texas for future data center development. Access to ERCOT grid and abundant wind and solar power. Site would later become 750 MW campus for AI infrastructure.
Approximately 50 MW mining capacity comes online at Lake Mariner facility in New York. Site positioned on shores of Lake Ontario at former coal power plant location. Zero-carbon mining begins at scale.
Ethereum transitions from proof-of-work to proof-of-stake, eliminating GPU mining. Massive GPU inventory suddenly available. Sets stage for later AI compute pivot as hardware exists but needs new use case.
Groundbreaking on 180 MW hosting facility in Ellendale, North Dakota. Second facility in state, located near significant wind power capacity with grid congestion enabling curtailable operations. Five-year Energy Service Agreement executed with local utility.
Public launch of ChatGPT ignites global AI enthusiasm. Fastest-growing consumer application in history. Data center and compute demand projections revised dramatically upward. Bitcoin miners begin exploring AI infrastructure opportunities.
Name change reflects expanded focus beyond blockchain toward broader digital infrastructure including AI and HPC. Early signal of strategic pivot.
Four Texas data centers operational with total capacity ramping to 267 MW. Odessa facility (207 MW) begins mining under long-term Luminant power contract at ~2.7¢/kWh. Low-cost power positions Cipher among most efficient miners.
Purchases 200 MW Bitcoin mining facility in Dickens County, West Texas for approximately $65 million. Site includes 800 MW of ERCOT-approved capacity. Two-year hosting agreement with Argo. Foundation for future AI infrastructure pivot.
Name change signals broader infrastructure focus. Suggests potential diversification beyond pure Bitcoin mining. Rockdale facility continues expansion toward 1 GW capacity.
Multimodal large language model demonstrates dramatic capability improvements over GPT-3.5. Proves scaling laws hold. Triggers enterprise AI adoption race and hyperscaler infrastructure commitments. Training runs now require tens of thousands of GPUs for months.
180 MW hosting facility in Ellendale, North Dakota energized just six months after groundbreaking. Second North Dakota facility brings total hosting capacity to 280 MW. Ribbon cutting ceremony held June 16, 2023.
Groundbreaking ceremony for purpose-built AI data center in Ellendale, North Dakota. 342,000 square feet designed for liquid-cooled NVIDIA H100 GPUs. Capacity for nearly 50,000 GPUs in single parallel compute cluster.
GPU cloud provider secures a $2.3 billion debt facility and is valued around $7 billion. Signs multi-billion dollar contracts with Microsoft and AI labs. Creates intermediary layer between hyperscalers and infrastructure operators. Model proves compute demand can be aggregated and contracted long-term.
Bitcoin miners become hyperscaler infrastructure partners
11 spot Bitcoin ETFs approved for U.S. trading. BlackRock, Fidelity, and other institutional giants enter market. Legitimizes Bitcoin miners as public companies. Mining stocks surge on institutional capital inflows and improved market access.
Next-generation GPU architecture delivers 2.5x training performance over Hopper. B200 chips draw 1,000W each. Data center power density requirements accelerate. Infrastructure operators must plan for 100+ kW per rack liquid cooling. Power becomes the binding constraint.
Block reward reduced from 6.25 to 3.125 BTC. Mining economics pressure intensifies. Operators with lowest power costs and alternative revenue streams from hosting and HPC gain strategic advantage.
400 MW substation energized at Corsicana, Texas facility. Phase 1 adds 16 EH/s to self-mining capacity. Four 100 MW buildings with immersion-cooled miners. When fully developed at 1 GW, expected to be world's largest Bitcoin mining facility.
Signs agreement with Core42, a G42 subsidiary, for 72.5 MW of HPC hosting at Lake Mariner facility. First major non-mining customer. Validates infrastructure value for AI workloads.
$160 million private placement with NVIDIA and Related Companies participation. NVIDIA acquires approximately 7.72 million shares representing roughly 3% ownership. Applied Digital becomes NVIDIA preferred cloud partner.
Acquires 300 MW West Texas site for $67.5 million with fully energized substation and ERCOT approvals. Site suited for HPC or mining. Signals pivot toward hyperscaler infrastructure. Development pipeline grows to 2.5 GW across 10 sites.
ERCOT interconnection queue explodes past 200 GW of requests. Utilities begin rejecting new large loads. Dominion Energy pauses data center connections in Virginia. "Power is the new oil" narrative emerges. Sites with secured power allocations trade at premium valuations.
Corporate rebrand reflects evolution beyond pure Bitcoin mining. IREN positions company for AI cloud and HPC market. Signals strategic pivot acceleration.
Microsoft, Google, Amazon, and Meta collectively commit $200+ billion to AI infrastructure over coming years. Microsoft alone guides $80 billion for fiscal 2025. Demand for power-ready data center capacity far exceeds supply. Third-party infrastructure operators become strategic necessity.
Yandex N.V. sells Russian operations to consortium of Russian investors for $5.4 billion, the largest corporate exit from Russia since the Ukraine invasion. Retains Finnish data center, Nebius AI cloud unit, Toloka AI, TripleTen edtech, and Avride autonomous driving. Arkady Volozh, removed from EU sanctions in March after condemning Russia's invasion, returns as CEO.
Company formally changes name from Yandex N.V. to Nebius Group N.V. and ticker from YNDX to NBIS. Headquartered in Amsterdam, positions as European AI infrastructure company. Volozh pledges $1 billion investment in AI and cloud infrastructure to gain market share.
Class A shares resume trading on October 21 under symbol NBIS after nearly three-year suspension due to Russia sanctions. Company emerges as publicly traded AI infrastructure startup with $2.2 billion cash from Russian divestment. Finnish data center operational with proprietary GPU clusters.
Oversubscribed private placement at $21 per share from NVIDIA, Accel, and Orbis. Cash position reaches approximately $3 billion. Announces plans to deploy 22,000 NVIDIA Blackwell GPUs in US and Finland in 2025. Revenue guidance raised to $750M-$1B ARR by end of 2025.
Multi-billion dollar agreements lock in the thesis
Launches formal evaluation of 600 MW remaining capacity at Corsicana for AI/HPC use. Halts Phase 2 Bitcoin mining expansion. Believes mixed-use facility could maximize shareholder value with predictable cash flows. In discussions with potential hyperscaler partners.
Outgoing Biden administration issues executive order on AI data center infrastructure. Incoming Trump administration signals support for accelerated permitting. Bipartisan recognition that AI leadership requires domestic compute capacity. Grid modernization and power generation become national security priorities.
Partnership with DataOne to develop 300 MW data center in New Jersey. First phase expected live summer 2025. Represents first major US-owned infrastructure footprint beyond colocation. Company targets 100 MW baseline capacity in 2025 with ambition to scale beyond 1 GW.
15-year lease agreement with CoreWeave for initial 133 MW of critical IT load at Helios campus in West Texas. First major AI/HPC hosting deal announced alongside Q4 2024 earnings. Expected to generate $4.5 billion over contract term. Marks strategic pivot from Bitcoin mining to AI infrastructure.
Completes domestication from Cayman Islands to Delaware and lists on Nasdaq Global Select Market under ticker GLXY. First day of trading May 16, 2025. Milestone after years of pursuing US listing. Maintains dual listing on Toronto Stock Exchange.
Selected by Israel Innovation Authority to build $140 million national AI supercomputer. 4,000 NVIDIA Blackwell GPUs delivering 16,000 petaflops, four times the tender requirement. Government provides $45M grant. Google and Amazon withdrew from competition. Supercomputer operational early 2026.
Long-term agreement with Ark Data Centres for Longcross Park campus in Surrey. Initial deployment of 4,000 NVIDIA Blackwell Ultra B300 GPUs, first such installation outside US. Scalable to 9,000 GPUs. Serves UK startups, NHS, and research institutions. Part of Ark's £7.5B UK expansion.
15-year lease agreements with CoreWeave for full 400 MW at Ellendale campus. Three buildings: 100 MW ready late 2025, 150 MW mid-2026, 150 MW early 2027. Approximately $750 million annual revenue at full capacity. Initial 250 MW ($7B) announced June, expanded to full campus ($11B) in August.
Three 10-year HPC colocation agreements with Fluidstack at Lake Mariner, including CB-5 expansion. Google backstops $3.2 billion of lease obligations and receives roughly 14% equity stake via warrants. $6.7 billion contracted revenue with potential $16 billion through extensions.
CoreWeave exercises final option, committing 526 MW at Helios. Galaxy closes $1.4 billion project financing at 80% loan-to-cost with $350 million equity contribution. 15-year agreements expected to generate $1 billion+ annual revenue. Phase I (133 MW) delivery early 2026, Phase II (260 MW) and III (133 MW) through 2027.
10-year HPC colocation agreement with Fluidstack at Barber Lake site in Colorado City, Texas. $3 billion contracted revenue with two 5-year extension options. Site has 500 MW expansion potential.
Multi-year GPU cloud services agreement with Microsoft through 2031 for AI training and inference capacity. $19.4B in extension options per SEC 6-K filing. Stock surges 60%. Market cap exceeds $20 billion, surpassing Yandex valuation. Plans $3B debt raise to fund infrastructure buildout.
Macquarie Asset Management commits up to $5 billion in perpetual preferred equity for Applied Digital's HPC data center buildout. Addresses capital requirements for the hyperscaler buildout without dilution.
15-year lease agreement with U.S.-based investment-grade hyperscaler for 200 MW at Harwood campus. Customer holds first right of refusal on additional 800 MW representing full 1 GW expansion potential. First building ready for service late 2025.
25-year joint venture at Abernathy, Texas campus for 168 MW. Google backstops $1.3 billion of lease obligations. TeraWulf holds 51% stake. Combined with Lake Mariner and Core42, contracted HPC platform reaches approximately 600 MW total.
5-year GPU cloud services agreement with Microsoft. Access to NVIDIA GB300 GPUs at Childress, Texas campus. 200 MW critical IT load deployed in phases through 2026. Microsoft prepays 20% of contract value. Dell supplies $5.8B in hardware.
15-year direct lease agreement with Amazon Web Services for 300 MW turnkey capacity. Air and liquid cooling infrastructure. First direct hyperscaler lease for Cipher. Also acquires 95% of 1 GW Colchis development in West Texas with 2028 target energization.
Fluidstack exercises expansion option for full 300 MW gross capacity at Barber Lake site. Google increases backstop to $1.73 billion. Total CIFR contracted HPC capacity reaches 600 MW across Fluidstack and AWS agreements.
Multi-year GPU cloud services agreement with Meta for AI compute capacity. Combined with the Microsoft deal, Nebius's contracted backlog reaches roughly $20.4 billion. Q3 2025 results show $146 million revenue, up 355% year over year.
APLD ComputeCo LLC prices $2.35 billion of 9.25% senior secured notes due 2030, the largest AI infrastructure debt financing of its kind. Proceeds fund construction of Buildings 2 and 3 at Polaris Forge 1. Closed November 20, 2025.
Building 1 reaches full 100 MW operational capacity on schedule. Complete deployment for CoreWeave at first building. Named Best Data Center in the Americas 2025 by Datacloud.
Delivering megawatts and proving the model
First hyperscale data center lease at Rockdale, Texas with AMD. 10-year agreement for 25 MW with $311 million initial value, up to $1 billion with three 5-year extensions. AMD holds expansion rights to 200 MW total. Riot acquires 200 acres of Rockdale land for $96 million, funded by selling 1,080 BTC. Establishes 1.7 GW Texas data center portfolio.
Groundbreaking on 430 MW AI Factory campus in strategic southern U.S. market. Two 150-MW facilities spanning 500+ acres, designed to support 300 MW critical IT load. Leverages proprietary AI Factory blueprint refined at Polaris Forge. In discussions with prospective third investment-grade hyperscaler customer. Initial operations expected mid-2027.
Completes Large Load Interconnection Study for additional 830 MW at Helios campus in West Texas. Total ERCOT-approved capacity reaches 1.6 GW. Construction underway for Phase 1 delivery to CoreWeave in H1 2026. Campus expansion potential grows to 3.5 GW with additional land acquisitions.
Strategic acquisitions add 1.5 GW to portfolio. Kentucky site in Hawesville offers 480 MW with immediate power access, on-site substation, and 250+ buildable acres. Maryland acquisition of Morgantown Generating Station includes 210 MW operational generation with expansion potential to 1 GW and 250 buildable acres near Washington D.C. Total portfolio reaches 2.8 GW across five sites with 643 MW contracted and 2.2 GW owned pipeline.
Q4 2025 earnings confirm first Helios data hall delivery to CoreWeave by end of Q1 2026. Full 133 MW Phase I on track for H1 2026. Phase II construction already underway with earthwork, concrete, steelwork, and long-lead equipment orders placed. Additional 1.8 GW in ERCOT applications beyond approved 1.6 GW. Management describes Helios as "first step" in multi-gigawatt, multi-tenant, multi-campus platform vision.
$2 billion senior secured notes due 2031 priced at 6.125%, one full point below the Barber Lake offering. 6.5x oversubscribed with $13 billion in orders across 200+ accounts. Fully funds Black Pearl construction. Includes $232.5M reimbursement of prior equity contributions. Three bond offerings now total $3.73 billion.
Formal rebrand reflects completed pivot from Bitcoin mining to HPC infrastructure. Sold 49% interests in Alborz, Bear, and Chief mining JVs to Canaan in all-stock transaction. Bitcoin holdings reduced to 1,166 BTC with full exit planned by year-end. Only remaining mining operation is Odessa (207 MW, $0.028/kWh PPA through July 2027).
Q4 earnings confirm both Barber Lake and Black Pearl on schedule and on budget. Management discloses $669M average annualized NOI from Oct 2026 through Sep 2036, rising to $754M by 2035. No additional equity anticipated for contracted developments. Unrestricted liquidity $754M. Pipeline expands to 3.4 GW with Stingray (100 MW) in advanced lease negotiations, Ulysses (200 MW, Ohio) with hyperscalers in diligence.
Q2 FY26 results show revenue miss ($185M vs $281M consensus) as Bitcoin mining declines faster than AI Cloud ramps. AI Cloud Services at $17M, up from $7M. Secured $3.6B GPU financing for Microsoft contract at sub-6% interest. Announced new 1.6 GW Oklahoma data center campus with power from 2028. Total secured power exceeds 4.5 GW. Prince George has $400M ARR contracted with $500M+ in negotiation.
Q4 2025 earnings reveal expansion from 7 to 16 global sites with 9 new locations across Missouri, Alabama, Oklahoma, Minnesota, France, Israel, and the UK. Total contracted utility power exceeds 2 GW, ahead of the >2.5 GW year-end target set in November. Target raised to >3 GW by year-end 2026. Majority of new capacity from owned data centers. B300 GPU deployment underway at new sites. ARR hits $1.25B, beating $900M-$1.1B guidance by 25%.
Subsidiary APLD ComputeCo 2 LLC prices $2.15 billion of 6.750% senior secured notes due 2031 at 98% issue price. Proceeds fund 200 MW critical IT load at Polaris Forge 2 in Harwood, North Dakota. Notes secured by first-priority liens on substantially all subsidiary assets. Applied Digital provides completion guarantees. Offering closed March 10. Combined with $2.35B Polaris Forge 1 notes (9.25%), total project-level debt reaches $4.5B. Coupon compression from 9.25% to 6.75% in four months reflects execution confidence.
Five-year AI infrastructure agreement with Meta valued at up to $27 billion. $12 billion dedicated capacity across multiple locations, plus up to $15 billion additional available compute. One of first large-scale NVIDIA Vera Rubin deployments. Delivery begins early 2027. Expands November 2025 $3B agreement that was constrained by supply. Combined with Microsoft $17.4B, total contracted revenue exceeds $44B. Single contract exceeds pre-announcement market cap of ~$25B.
364-day, $500 million delayed-draw senior secured bridge credit facility led by Morgan Stanley. Finances construction and development of Hawesville, Kentucky data center acquired February 2, 2026. First dedicated financing for the KY site. $100 million minimum liquidity covenant. Capital formation continues to pace site acquisition.
Proposed $3.75B offering on March 17, one day after Meta contract. Demand drove upsizing. Closed March 20 at $4.34B total: $2.59B of 1.25% notes due 2031, $1.75B of 2.625% notes due 2033. Nebius goes from zero debt to $4.34B. Combined with NVIDIA $2B equity and Meta prepayments, management states $16 to $20 billion 2026 capex is fully funded.
Independence, Missouri City Council approves Chapter 100 incentive for largest US AI factory campus: up to 1.2 GW on approximately 400 acres, over $650M in PILOT payments across 20 years. Separately, Nebius announces $10 billion data center in Lappeenranta, Finland with 310 MW capacity and first delivery in 2027. Largest site outside the US.
Executes 15-year lease with undisclosed investment-grade hyperscale tenant for third data center campus at an existing site. Contract value undisclosed. Third hyperscaler-grade counterparty in under a year. Separately closes $200M syndicated revolving credit facility with $50M accordion, led by Morgan Stanley, priced at SOFR +1.25% to 1.75% with leverage-tied step-downs.
First data hall at Helios delivered to CoreWeave April 2026; revenue recognition begins. Phase I on budget and on schedule for 133 MW of delivery in Q2 2026 against 526 MW critical IT load commitment, anticipated annual revenue exceeding $1B, and lease-level EBITDA margins of approximately 90% across the 15-year base term. Phase II 260 MW greenfield development underway with deliveries expected H1 2027. Q1 2026 GAAP net loss of $216M ($0.49/share) driven primarily by digital-asset MTM as crypto market cap fell ~20%. Adjusted EBITDA -$188M, narrowed by approximately one-third sequentially. Total assets $9.99B; equity $2.78B; cash and stablecoins $2.6B. Repurchased 3.2M Class A shares for $65M; completed delisting from TSX, consolidating on Nasdaq. Post-quarter, BlackRock selected Galaxy as approved validator for iShares Staked Ethereum Trust ETF.
15-year lease at Delta Forge 1 with U.S.-based high investment-grade hyperscaler covering 300 MW of critical IT load and approximately $7.5 billion in contracted revenue. The campus spans more than 500 acres at 430 MW total approved capacity in a strategic southern U.S. market. Initial operations anticipated mid-2027. Tenant becomes Applied Digital's second U.S. investment-grade hyperscaler and third hyperscaler counterparty across three AI Factory campuses. Total contracted lease revenue rises from approximately $16B to over $23B; more than 50% of contracted revenue now backed by investment-grade counterparties. Concurrent with the lease, Applied Digital expects to enter into an up to $300M senior secured bridge facility for the 150 MW Polaris Forge 1 Building 3 plus an up to $300M senior secured revolving credit facility.
Quarter ended February 28, 2026. Revenue $126.6M, up 139% year over year, beating consensus ($75.5M) by 68%. HPC Hosting generated $71M: $44.1M base rent, $18.9M tenant fit-out, $8.1M power pass-through. HPC segment operating profit $17.6M. Data Center Hosting (crypto) $37.5M with $13.9M segment operating profit. Adjusted EBITDA $44.1M. Adjusted net income $33.2M, $0.09 per share, versus consensus loss of $0.14. Cash $2.1B, debt $2.7B at quarter end; pro-forma debt $4.85B including $2.15B PF2 notes closed March 10. Total assets $6.25B, equity $1.58B. CoreWeave SPV upgraded BB to A3 with parent guarantee and $50M LOC. Applied Digital also took 10% equity in Base Electron for up to 1.2 GW of Dakotas natural gas generation.
1,400 MW bulk power station (345kV/138kV) energized at Sweetwater Hub in West Texas. One of largest digital infrastructure developments in the United States. Foundation for multi-gigawatt AI campus. Data hall delivery cadence of approximately 50 MW per month begins post-energization.
Microsoft Azure +40% in Q3 FY26, beating the 37 to 38% constant-currency guide ceiling. Google Cloud accelerated to +63% with backlog nearly doubling quarter over quarter to over $460 billion. AWS hit +28%, its fastest in 15 quarters, and disclosed a new ~2 GW Trainium commitment from OpenAI ramping in 2027 on top of Anthropic's reaffirmed up-to-5 GW Trainium commitment. Meta raised 2026 capex guide from $115 to $135 billion to $125 to $145 billion. Each hyperscaler confirmed capacity is the limiter on cloud growth, not demand. Aggregate 2026 hyperscaler capex now sits near $600 billion.
First 5 MW delivered to AMD on schedule in January 2026. AMD exercised the 25 MW expansion option, bringing Rockdale to 50 MW total contracted critical IT capacity. Combined contract value approximately $636 million with $510 million NOI on the deployed footprint; potential to over $1.6 billion with extension options. Annualized lease revenue run-rate target $37.8M exiting 2026, $55.6M exiting 2027 at 80%+ NOI margins. Corsicana redesigned to 168 MW per building, a 50% capacity increase for the same capital spend through enhanced density and layout consolidation. CFO Jason Chung framing on the call: for the first time, the top line includes contracted lease revenue from an investment-grade tenant. Q1 revenue $167M, GAAP net loss $500M including $326.7M non-cash BTC mark-to-market. Stock +12.2% post-print.
Nebius agrees to acquire Eigen AI for $643 million, integrating Eigen's inference and model-optimization technology into the Nebius Token Factory managed-inference platform. Eigen specializes in inference and model optimization. The acquisition advances Nebius from IaaS to a higher-margin PaaS layer, adding a differentiation vector pure GPU cloud operators cannot easily replicate.
Cloud business contributed to EKSO Bionics, which renamed to ChronoScale Corporation; CHRN trades on Nasdaq Capital Market beginning May 5. Applied Digital retains approximately 97% ownership: 138 million shares for the contribution plus $15.75 million for an additional 1.4 million shares. APLD now operates as a pure-play data center and HPC hosting platform. The day prior, on May 4, APLD closed a $300 million Goldman-led senior secured bridge facility (SOFR + 275 bps, 364-day, project-asset secured) to fund Polaris Forge 1 Building 3.
Contracted revenue rose to $11.4 billion across three IG hyperscale leases. Average annualized NOI of $787 million expected from October 2026 through September 2036, with $892 million targeted by 2035. Operating and contracted capacity reached 907 MW. Development pipeline 3.3 GW prioritized for HPC, with priority sites Reveille and Ulysses holding interconnection approvals targeting 2027 energization. Q1 unrestricted cash and equivalents $715 million; $200 million revolver remains undrawn. Q1 revenue $34.8M reflecting planned mining wind-down at Black Pearl. Stock +23.5% post-print.
Revenue $10.25B (+38% YoY), beating $9.89B consensus. Data center revenue $5.8B, +57% YoY (acceleration from +39% in Q4 2025). Q2 guide $11.2B versus $10.52B consensus. Lisa Su: "Data Center now the primary driver of our revenue and earnings growth."
Three-year, $45 billion compute agreement using SpaceX/xAI Colossus 1 capacity in Memphis (220,000+ NVIDIA GPUs), adding 300 MW of capacity within a month. Largest single AI compute contract on record. Breaks the two-supplier framing for Anthropic, which sits on top of the previously disclosed up-to-5 GW AWS Trainium commitment and reported $200B Google commitment.
Non-binding memorandum of understanding to develop up to 4 GW of nuclear-powered data center capacity using Terrestrial Energy's Integral Molten Salt Reactor (IMSR) plants at 390 MW each. Candidate sites in Texas (Rockdale, Corsicana) and Kentucky. IMSR deployment targeted early 2030s; natural gas bridge generation as accelerated alternative. No dollar terms disclosed.
Five-year, $3.4 billion managed GPU cloud services agreement with NVIDIA at Childress (60 MW air-cooled Blackwell). Strategic partnership designates Sweetwater (Texas) as flagship NVIDIA DSX deployment across up to 5 GW of IREN's global pipeline. NVIDIA receives five-year warrant to purchase 30 million IREN shares at $70 strike, implying up to $2.1 billion in additional equity investment subject to regulatory approval. IREN also announced acquisitions of Nostrum (490 MW grid-connected Spain platform with gigawatt-plus pipeline) and Mirantis (orchestration software). Q3 FY26 revenue $144.8M; net loss $247.8M including $140.4M hardware decommissioning impairment as legacy mining retires. Sweetwater 1 substation energized on schedule. ARR target for end-CY26 raised from $3.4B to $3.7B.
Revenue $2.078B (+112% YoY). Revenue backlog reached $99.4 billion (up from $55B at IPO), with more than $40 billion in new commitments signed in Q1 and ten customers now individually committed at $1 billion or more. Active power surpassed 1 GW; contracted power exceeded 3.5 GW (+400 MW added in quarter). 2026 capex raised to $31-35 billion (from $30-35B). Reaffirmed $12-13B 2026 revenue guide. Net loss widened to $740M on continued infrastructure ramp.
Revenue $34.0M ($21.0M HPC lease, $13.0M digital asset). First quarter in which HPC lease revenue exceeded digital asset revenue. Net loss $427.6M. Adjusted EBITDA negative $4.1M. Cash and restricted cash approximately $3.1B. Lake Mariner energized 60 MW of critical IT load for Core42 with lease revenue commencing. CB-3 near completion; CB-4 and CB-5 on track for 2026 deliveries. Hawesville, Kentucky (480 MW grid-connected) confirmed via Justified Data subsidiary with 250+ buildable acres.
Revenue $399 million (+684% YoY); AI cloud segment $390M (+841%). Adjusted EBITDA $130M at 32% margin; AI segment 45% margin. ARR run rate $1.9 billion. 2026 guidance raised across the board: revenue $3.0-3.4B, year-end ARR $7-9B, full-year adjusted EBITDA margin approximately 40%. 2026 capex guide jumped from $7B to $20-25B driven by 2027 demand pre-commitments. Meta structure clarified: $12B firm dedicated + $15B option exercisable at Nebius discretion. New Pennsylvania 1.2 GW owned site (first 250-300 MW end-2027, full capacity by 2030). Contracted power exceeds 3.5 GW with >75% owned.
GalaxyOne Prime NY granted BitLicense plus Money Transmission License from the New York State Department of Financial Services. Authorizes trading, custody, advisory, asset management, staking, and tokenization services to a regulated U.S. counterparty footprint. Galaxy now holds 50+ licenses globally with approximately $9 billion in client AUM. Corporate development, not infrastructure-thesis core.
First publicly syndicated HPC-backed delayed-draw term loan: $3.1 billion at SOFR + 4.50% (priced 50 bps tighter than initial talk), Ba2 (Moody's) / BB+ (Fitch), matures November 15, 2031. Filing explicitly states proceeds support deployment for "two large, non-investment-grade customers." YTD capital raised crossed $20 billion. Material disclosure for counterparty-risk analysis on operators with CoreWeave as primary counterparty (APLD, GLXY).
Energy Secretary issued emergency order authorizing PJM to direct backup generation at data centers and large industrial loads to operate as last resort before EEA 3 / firm load shed. Triggered by Mid-Atlantic heat plus more than 40 GW of planned plant outages, with reserves projected below 5,800 MW. Effective three days, May 18-20. First federal action that operationalizes data centers as a grid resource. Bear case (grid stress is real) and rebuttal (campuses with backup generation become peaking-capacity assets) both supported.
Master fuel-cell capacity agreement with Bloom Energy covering approximately 250 MW guaranteed (328 MW installed) and up to $2.6 billion in aggregate service fees. Behind-the-meter generation accelerates deployment timelines beyond what grid interconnection alone would permit. Among the adjacent operators, Nebius is first to formalize a multi-hundred-megawatt fuel-cell program at this scale.
15-year take-or-pay lease at fourth campus, Polaris Forge 3, signed with the same investment-grade hyperscaler that signed Delta Forge 1 in April. 300 MW critical IT against approximately 430 MW grid-connected capacity, more than 600 acres in a northern state. $7.5 billion base-term contracted revenue, up to $18.2 billion with renewal options. The portfolio now reaches four campuses and 1,200 MW of contracted critical IT, the first AI infrastructure operator in the thesis to cross 1 GW contracted. Total contracted lease revenue $31 billion across portfolio. The repeat-customer signal is unambiguous: same hyperscaler returned for a second 300 MW commitment four weeks later.
Record revenue $81.6B (+85% YoY, +20% QoQ). Data Center $75.2B (+92% YoY). GAAP gross margin 74.9%. Q2 guide $91.0B +/- 2%, implying continued sequential acceleration. NVIDIA explicitly assumed zero Data Center revenue from China in outlook. $80B share repurchase authorization added; quarterly dividend raised from $0.01 to $0.25. Huang on call: every major hyperscaler partnering to deploy Vera Rubin. Positive demand signal across the NVIDIA-customer stack (CRWV, NBIS, IREN).
Acquired Muskie at the EastPark Industrial Park in Eastern Kentucky: 285 acres owned or controlled within a 1,000-acre park targeting 500 MW Phase 1 by H2 2028 and a second 500 MW Phase 2 by H2 2030. Kentucky Power (AEP subsidiary) building 345 kV substation on the 765 kV transmission network. Industrial General Service tariff. Permitting underway; zoned. Purchase price not disclosed. Energy service agreements signed concurrently. Total portfolio now spans six sites across four grid regions.
15-year take-or-pay lease at a fifth campus, Delta Forge 2, in a new southern state. 210 MW critical IT, approximately $5.2 billion base-term contracted revenue, up to $12.7 billion with renewals across a 30-year term. The counterparty is the same U.S. high-investment-grade hyperscaler that signed Delta Forge 1 and Polaris Forge 3, making it the customer's third Applied Digital campus and 810 MW from a single counterparty. The portfolio now spans five campuses and 1,400 MW contracted against roughly 2.15 GW grid-connected, approximately $36 billion base-term contracted revenue (about $86 billion with renewals), roughly 70% backed by investment-grade hyperscalers. Initial operations early 2028. Financed alongside an upsized $550 million revolving credit facility and $1.59 billion of senior secured notes for a fourth building at Polaris Forge 1.
Stingray Compute LLC, a wholly-owned subsidiary, priced $810 million of 6.000% senior secured notes due 2031 at 99.750% to fund the remaining build cost of the 100 MW Stingray facility in Texas and reimburse roughly $61.5 million of prior equity contributions. The Stingray site, in advanced lease negotiations with a preferred tenant, now carries dedicated project debt. Capital markets continue to finance the sites ahead of equity-analyst recognition.
Approximately £1.7 billion across three new UK deployments of NVIDIA full-stack AI factory infrastructure, reaching 65 MW when fully ramped in 2027. Deepens the domestic footprint beyond the initial Longcross Park site and aligns with the UK AI Opportunities Action Plan. A regional footprint expansion rather than a change to the $44 billion Microsoft and Meta contracted base.
$1.25 billion at 9.625% plus €2 billion at 8.500%, both maturing July 2032, roughly $3.5 billion combined. Continued capital-market access for the primary counterparty behind APLD and GLXY. Capital access is not the near-term question for CoreWeave; counterparty mix is.
Completed the Nostrum acquisition (490 MW, Spain) on June 15 and announced a first Australian campus (800 MW at Bundey, South Australia, energization from 2028), taking the secured portfolio across three continents. Separately closed approximately $3.65 billion of investment-grade-rated debt ($1.5B delayed-draw term loan plus $2.1B senior notes) against the Microsoft contract, funding roughly 96% of the GPU equipment cost before the first Horizon hall came online.
A multibillion-dollar campus of roughly 2 GW in Pecos (ERCOT) over five to seven years. Demand-side confirmation that hyperscaler capacity build continued through the summer rather than slowing.
Emergency orders 202-26-32 and 202-26-33 (later extended) direct dispatch and backup generation ahead of another Mid-Atlantic heat event, citing roughly 35 GW of unused backup generation nationwide. A second, larger order within six weeks of the May action turns a data point into a regime: campuses with behind-the-meter generation are treated as grid resources, not purely as demand.
Building 2 reached Ready for Service on schedule, adding 75 MW and lifting live capacity at Polaris Forge 1 to 175 MW against the 400 MW the campus is contracted to deliver at full build. Applied Digital remains the only operator in the thesis running AI infrastructure at this scale.
A structure pairing NVIDIA product revenue with a share of cloud revenue and credit support to help finance third-party AI factories, with Sharon AI and Firmus among the initial partners. The chip maker is extending its own balance sheet to the neoclouds that lease from operators in this thesis.
A 20-year lease with Anthropic at the Hawesville, Kentucky campus, held through the Justified Data subsidiary: approximately 401 MW of critical IT and roughly $19 billion in contracted revenue over the initial term, with initial capacity in the second half of 2027 and the full 401 MW by early 2028. Anthropic is the first frontier AI lab to anchor a campus in this thesis directly. The same day, TeraWulf agreed to sell its entire 50.1% interest in the Abernathy joint venture to a Fluidstack-led group for roughly $530 million, monetizing an approximately $450 million investment at a premium and exiting Texas. The trade is a 25-year joint-venture lease it did not control for a wholly owned Kentucky campus with a frontier lab on it. Contracted revenue attributable to TeraWulf now stands near $27 billion.
Full 133 MW of critical IT load (approximately 200 MW gross) delivered to CoreWeave on schedule, with rent commencement under the Phase I lease in Q2 2026. The 526 MW CoreWeave commitment spans 15-year leases with two five-year extensions and is expected to generate more than $1 billion in average annual revenue. Phase II (260 MW) deliveries begin in the first half of 2027; the campus now stands at 1.63 GW approved, up to 3.6 GW potential, across 2,200+ acres.
Partners finance, own, and operate data centers built to Nebius specifications; Nebius supplies the systems architecture, software, and customer access in exchange for revenue share, licensing fees, commissions, and committed capacity. Initial arrangements are signed and unnamed. A GPU cloud monetizing scarcity it does not own.
Maturing October 2030 at SOFR plus 250 basis points, secured on deployed GPU infrastructure and the contracted cash flows from an investment-grade customer. Combined with those cash flows, the facility covers more than 100% of the capital expenditure required to deploy the underlying GPUs. Nebius holds more than $40 billion of contracted revenue from investment-grade counterparties and expects to repeat the structure against the rest.
New multi-year cloud contracts worth $2.8 billion in total value, adding Perplexity, Figure AI, Together AI, Fireworks AI, Fal AI, and Hume AI alongside Microsoft, NVIDIA, and Fluidstack. Year-end ARR guidance moves from $3.7 billion to more than $4 billion, roughly 85% under contract, against 480 MW of gross AI cloud capacity delivering this year. The contracts carry customer prepayments equal to about 45% of the associated GPU capital expenditure. Cash stood at $7.6 billion at June 30.
A Helios subsidiary launched $3.507 billion of senior secured notes due 2031 to fund two buildings and eight data halls in Dickens County, Texas: 400 gross MW, 260 MW of critical IT, rent targeted to commence in Q2 2027. The largest single project financing in the thesis to date. The offering materials put $10.4 billion of minimum contracted lease payments against Phase II alone, at a 13.7% starting gross yield on cost, near triple-net, with NOI margins above 90% and an inflation escalator floored at 3%. Galaxy's public figure for the full 526 MW commitment has been more than $1 billion in average annual revenue.
Fourth-quarter revenue of $258.7 million, up 407%, against $611.3 million for the fiscal year and $107.2 million of adjusted EBITDA. The contracted portfolio stands at approximately 1,410 MW of critical IT across five campuses, roughly $36 billion over the initial 15-year base terms and roughly $86 billion if every renewal option is exercised. Beyond the contracted book and the 1.4 GW under construction, Applied Digital is marketing an additional 1.7 GW across multiple states. A memorandum of understanding with CoreWeave would assign the Polaris Forge 1 Building 4 lease to a CoreWeave subsidiary once that subsidiary carries an investment-grade rating, extending the credit-quality work begun with the springing guarantee and the A3 SPV.
Priced July 23 and closed July 28 at 99.500 of par, maturing August 2031, funding the two buildings and eight data halls in Dickens County against $10.4 billion of disclosed minimum lease payments. The coupon is the widest project financing in the thesis by roughly three percentage points. Applied Digital funded investment-grade hyperscaler leases at 6.750% and 7.000%, Cipher funded Stingray at 6.000%, and Cipher's Black Pearl paper backed by an Amazon guarantee priced at 6.125%. Same asset class, same year, same market. The spread is the tenant.
Alphabet spent $44.9 billion on property and equipment in the June quarter against $22.4 billion a year earlier, a clean doubling, with Google Cloud revenue up 82% to $24.8 billion. Microsoft closed its fiscal year having added $115.9 billion of property and equipment against $64.6 billion the year before, and Azure passed $100 billion of annual revenue for the first time. These are the two quarters the capex-slowdown case pointed at.
Approximately 12.6 million ordinary shares fixed at signing, plus roughly $40 million of cash, restricted stock units and other consideration at closing. Mirantis is an inaugural partner in NVIDIA's AI Cloud Ready initiative and has integrated its open-source k0rdent AI platform with NVIDIA DSX OS components. IREN says the capability has already supported several announced and prospective AI cloud contracts. The software layer sits on top of owned land, power, data centers and compute, which is the vertical stack IREN has been assembling in order.
An amendment to the Black Pearl lease, executed at the investment-grade tenant's request, pulled initial delivery forward by two months. Capacity was delivered at the beginning of August and rent has commenced, the first HPC revenue in the company's history and the end of its pre-delivery status. A tenant that asks for capacity sooner is a tenant whose own demand arrived sooner. Cipher also secured an option on Apollo, roughly 288 acres within 25 miles of San Antonio carrying up to 900 MW, submitted as studied load through ERCOT's Batch Zero process. Average contracted annualized NOI rises to approximately $793 million, and the grid pipeline now runs to roughly 4.4 GW across eleven sites.
CB-3 completed in early July, lifting revenue-generating critical IT at Lake Mariner from 81 MW to 102 MW and satisfying the conditions for $600 million of Google's credit support for Fluidstack's lease obligations to become effective. Delivery is what converts a backstop from a promise into a claim. HPC leasing produced $31.9 million of the quarter's $44.8 million of revenue, roughly 71%. With the whole Abernathy interest under agreement to be sold, the contracted platform stands at 839 MW of critical IT across Lake Mariner and Justified, approximately $27 billion of contracted revenue and roughly $1.5 billion of average annual NOI. Cayuga now carries the Lake Hawkeye name and a 2029 delivery date, and Chesapeake cleared FERC authorization.
The Data Centers segment recorded its first revenue quarter: $20 million of adjusted gross profit and $11 million of adjusted EBITDA, with all 133 MW of Phase I in service by quarter end. From the third quarter Galaxy expects Phase I alone to produce approximately $80 million of quarterly leasing revenue at project-level adjusted EBITDA margins above 90%, roughly $2.4 million per megawatt per year. The campus-wide figure moved with it, from more than $1 billion of average annual revenue across the 526 MW commitment to more than $1.2 billion. Post-quarter Galaxy acquired Merlin at McGregor (74 MW initial, up to 500 MW), Caspian (~700 MW) and Selene (~900 MW), taking the total power pipeline past 5.7 GW, with Helios III and Helios IV moving through ERCOT as separate gigawatt load requests.
One of the world's leading frontier AI labs took 191 MW of critical IT at Rockdale under a build-to-suit Tier 3 lease running through June 2048: approximately $9.1 billion over the initial term and $16.1 billion if both five-year extensions are exercised. Estimated cumulative NOI is $7.3 to $8.2 billion, an average of $365 to $411 million a year. The initial 96 MW is expected in December 2027 and the full 191 MW by June 2028, on interconnection already approved and energized. Morgan Stanley provided a $573 million interim facility to fund early development while an investment-grade credit backstop is finalized. Together with AMD's 50 MW, Riot holds 241 MW and roughly $9.8 billion of contracted revenue across two counterparties, having gone from the smallest contracted base in the thesis to the fifth largest in seven months.
Revenue of $582.3 million, up 454%, with AI cloud at $574.9 million and a 50% adjusted EBITDA margin in that segment. Four contracts averaging more than $1 billion of total value each went to Reflection, Cohere, another U.S. AI neolab, and a large U.S. quantitative trading firm. The pricing is the disclosure that matters: annual contract value repriced from a $12 million per megawatt 2026 base to $20 to $25 million, roughly 70% of deals carried prepayments covering 50% to 60% of the associated capital expenditure, and the expected payback period compressed to one year and ten months from a two-to-three-year range. Short-term capacity is clearing at $40 to $50 million per megawatt in the third quarter. Year-end contracted power guidance rose again, to 5 GW, against deployment planned above 1 GW a year from 2027.
Barber Lake (300 MW, Fluidstack backed by Google) targets initial delivery in September with rent commencing October 2026, following Black Pearl's August start. All long-lead equipment is secured and the tenant has taken partial occupancy. The contracted portfolio's $793 million average annualized NOI is measured from October 2026 through September 2036.
200 MW critical IT load deployed across Horizons 1-4 at Childress, Texas for $9.7B Microsoft contract. 76,000 NVIDIA GB300 GPUs in liquid-cooled Tier-3 data centers. Target $1.94 billion annualized revenue.
The first CB-4 data hall has entered commissioning, with phased delivery and rent commencement expected across the second half of 2026 and CB-5 following in the first quarter of 2027. The two buildings carry 336 MW of critical IT between them at a build cost of $8 to $10 million per megawatt. The Abernathy exit proceeds arrive alongside, in three payments running to April 2027, the first $250 million of which landed in early July.
First 22 MW at Masmiyya facility delivered. Beit Shemesh 58 MW facility begins phased delivery through early 2027. Combined 80 MW Israeli footprint from $880 million Mega Or build. Adds to Modi'in 8 MW operational since September 2025. Microsoft and Meta contracts generating revenue.
400 MW Ellendale campus fully operational with third 150 MW building complete. Full $11 billion CoreWeave contract online. 200 MW Harwood campus reaches full capacity. Polaris Forge contracted backlog of $16 billion provides 15-year revenue visibility ahead of Delta Forge 1 commencing mid-2027.
Delta Forge 1 begins initial operations on the 300 MW lease with the second U.S. investment-grade hyperscaler signed April 2026. Campus spans more than 500 acres at 430 MW total approved capacity in a strategic southern U.S. market, with 130 MW of remaining campus capacity available beyond the initial lease and the ability to scale considerably in 2028 and beyond. Combined APLD contracted backlog reaches $23.5 billion across three campuses and three counterparties.
Additional 600 MW substation energized at Sweetwater Hub. Total site capacity reaches 2 GW. Prince George expansion in British Columbia adds GPU racks. Fleet scales toward 35,000 to 40,000 GPUs.
200 MW Ulysses HPC facility in Ohio (PJM market) expected online. All interconnection approvals secured. Geographic diversification beyond Texas ERCOT operations. Multiple hyperscalers in advanced diligence as of early 2026.
The thesis reaches full expression
Gigawatt-scale West Texas development energized pending ERCOT approval. Fully executed 1 GW Direct Connect Agreement with American Electric Power. Dual interconnection capability across 620 acres. Premier location for hyperscale AI deployments. Deposits are funded, land is secured, and the studies and executed FEA went to ERCOT on time for Batch Zero inclusion. Mikeska and McLennan add 500 MW each on the same 2028 track, with Milsing and the 900 MW Apollo option behind them.
Additional power allocations enable Ellendale campus expansion beyond initial 400 MW. Management targets 1+ GW total capacity. Advanced discussions for new sites underway with potential to triple development pipeline.
Block reward reduced from 3.125 to 1.5625 BTC. Mining economics pressure continues. Operators with diversified HPC revenue streams significantly advantaged versus pure-play miners. Industry estimates suggest AI-related infrastructure spending could reach $490 billion, with data centers projected to consume approaching 1,050 terawatt-hours of electricity globally. Power availability becomes the primary constraint, not capital.