Data centers & energy
Southern Company
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Southern Company’s utilities supply electricity and supporting infrastructure. Georgia Power’s OpenAI agreement and Mississippi Power’s Compass agreement create customer-service exposure; they do not make Southern the owner of the customers’ computing businesses.
Earnings and disclosures
Latest verified results: Q2 2026 · Released 2026-07-30
Next results: 2026-11-05 · Q3 2026 earnings call.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For Q2 2026, Southern reported $6.98 billion of revenue and $1.174 billion of net income. Utility investment and usage supported earnings, partly offset by interest costs. No AI-only revenue measure was reported.
Delivery and commitments
Georgia Power obtained regulatory approval for a 3.2 GW OpenAI contract with phased delivery planned for 2028–2032. Mississippi Power’s separate Compass agreement covers nearly 500 MW. Contracted power is different from energized and billed customer consumption.
www.mississippipower.com ↗ · openai.com ↗ · www.georgiapower.com ↗
Costs, funding and dependencies
The 2026–2030 base capital plan was $81 billion, predominantly state-regulated. Equity funding, regulatory recovery and customer cost protection matter. The cited $950 million annual savings estimate concerns a broader large-load portfolio, not shareholder profit from the OpenAI contract.
What to watch next
Watch phase-specific approvals, financing, infrastructure construction and actual customer load. Each utility agreement requires its own delivery and tariff evidence before assigning realized earnings.
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Compass Meridian, Mississippi
Utility parent exposure through Mississippi Power's long-term agreement with Compass Datacenters for Meridian.
The approximately 500 MW agreement is not current computing load or disclosed Southern Company earnings.
QTS Fayetteville / Project Excalibur
Parent of Georgia Power, named electric provider for ATL2 East; service terms and project earnings not disclosed
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.