{ "reviewed": "2026-10-08", "baselineCount": 170, "finalCount": 175, "minimumDocuments": 4, "baselineNewYork": 2, "finalNewYork": 7, "projects": [ { "id": "blockfusion-niagara", "title": "Blockfusion / CoreWeave Niagara Falls", "location": "United States / New York / Niagara Falls — approximate locality pin", "region": "New York", "country": "United States", "subregion": "New York", "continent": "North America", "coords": [ 43.1, -79.0 ], "precision": "Approximate Niagara Falls locality rounded to hundredths of a degree; not surveyed campus, building or entrance coordinates", "company": "Blockfusion; North East Data LLC; CoreWeave; Blue Acquisition", "companyRoles": { "CRWV": "Executed tenant lease; acceptance, delivered AI load and customer-specific revenue not verified.", "BACC": "SPAC party to proposed Blockfusion combination; merger and future BDI listing not verified completed." }, "capacity": "35 MW executed lease + conditional 50 MW expansion; 300 MW framework; existing 50 MW company-reported is not delivered AI load", "facts": [ { "issuer": "New York State DEC Environmental Notice Bulletin", "publicationDate": "2024-04-10", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://dec.ny.gov/news/environmental-notice-bulletin/2024-04-10/seqr/city-of-niagara-falls-north-east-data-llc-data-center-blockfusion", "text": "Official draft-scope availability notice identifies North East Data / Blockfusion at 5380 Frontier Avenue and Niagara Falls City Council as lead agency. The historical digital-asset mining proposal sought a High Energy Use overlay rezoning; no final approval or current AI authorization established.", "kind": "Government record", "accessible": true }, { "issuer": "North East Data / CoreWeave — SEC-filed lease", "publicationDate": null, "eventDate": "2026-09-04", "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2097508/000118518526004213/bldcex10-51.htm", "text": "Exhibit 10.51 lease dated September 4, 2026 identifies North East Data landlord, CoreWeave tenant and 5380–5384 Frontier Avenue. Executed contract evidence is stronger than June LOI; redacted commercial details and phase commencement cannot establish current customer service.", "kind": "Company disclosure", "accessible": true }, { "issuer": "Blockfusion / Blue Acquisition — SEC Form 425", "publicationDate": "2026-09-16", "eventDate": "2026-09-16", "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2059654/000118518526004076/bacc425091626.htm", "text": "Issuer announcement reports definitive anchor lease plus expansion agreement, 15-year initial term and two five-year options. Proposed Blue Acquisition (BACC) combination and future BDI listing remain conditional; no completed merger established.", "kind": "Company disclosure", "accessible": true }, { "issuer": "Blockfusion — September investor presentation in SEC Exhibit 99.1", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2059654/000118518526004322/baccex99-1.htm", "text": "Company distinguishes 35 MW executed lease from 50 MW expansion subject to additional power and conditions; 300 MW is a framework. It reports 50 MW existing energized capacity, which is not AI delivery. Revenue forecasts are unaudited and assume expansion, financing and transition.", "kind": "Company disclosure", "accessible": true }, { "issuer": "DatacenterDynamics", "publicationDate": "2026-09-18", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/blockfusion-signs-coreweave-as-a-customer-in-niagara-falls-new-york/", "text": "Specialist reporting covers conversion of former cryptomining campus and the definitive CoreWeave agreement. Coverage relies substantially on issuer disclosures; it does not independently verify commissioning or forecast revenue.", "kind": "Independent specialist reporting", "accessible": true }, { "issuer": "New York Governor — Executive Order 62", "publicationDate": "2026-07-14", "eventDate": "2026-07-14", "modified": null, "reviewed": "2026-10-08", "url": "https://www.governor.ny.gov/executive-order/no-62-establishing-temporary-moratorium-data-centers-new-york-while-state-develops", "text": "Statewide context: holds qualifying incomplete DEC discretionary applications in abeyance until the GEIS report/findings. Definition includes facilities capable of consuming 50 MW or more; local permissions excluded. This is not a project-specific exemption or a blanket construction prohibition.", "kind": "Government record", "accessible": true } ], "status": "Existing mining-era campus; definitive AI lease signed; AI conversion and customer service not verified complete", "stage": "AI conversion / development", "readiness": "Proposed / development", "model": "Mining-to-AI leased campus conversion", "milestone": "Phase financing, final environmental/land approvals, incremental power, tenant acceptance and rent commencement", "economics": "Company presentation models about $2.8 billion revenue across 85 MW over initial terms and about $5.4 billion only with renewals. These are unaudited conditional forecasts, not current earnings or secured cash. Our analysis: rent depends on conversion, power and tenant acceptance. Contract-specific prices and actual phase returns remain unverified.", "gaps": "Final AI phase permits, financing close, current conversion works, incremental power agreement, expansion activation, acceptance and rent commencement are not established.", "readinessBasis": "Issuer announcement reports definitive anchor lease plus expansion agreement, 15-year initial term and two five-year options. Proposed Blue Acquisition (BACC) combination and future BDI listing remain conditional; no completed merger established.", "readinessSource": { "issuer": "Blockfusion / Blue Acquisition — SEC Form 425", "publicationDate": "2026-09-16", "eventDate": "2026-09-16", "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2059654/000118518526004076/bacc425091626.htm", "text": "Issuer announcement reports definitive anchor lease plus expansion agreement, 15-year initial term and two five-year options. Proposed Blue Acquisition (BACC) combination and future BDI listing remain conditional; no completed merger established.", "kind": "Company disclosure", "accessible": true }, "power": { "issuer": "Blockfusion — September investor presentation in SEC Exhibit 99.1", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2059654/000118518526004322/baccex99-1.htm", "text": "Company distinguishes 35 MW executed lease from 50 MW expansion subject to additional power and conditions; 300 MW is a framework. It reports 50 MW existing energized capacity, which is not AI delivery. Revenue forecasts are unaudited and assume expansion, financing and transition.", "kind": "Company disclosure", "accessible": true }, "demand": { "issuer": "North East Data / CoreWeave — SEC-filed lease", "publicationDate": null, "eventDate": "2026-09-04", "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/2097508/000118518526004213/bldcex10-51.htm", "text": "Exhibit 10.51 lease dated September 4, 2026 identifies North East Data landlord, CoreWeave tenant and 5380–5384 Frontier Avenue. Executed contract evidence is stronger than June LOI; redacted commercial details and phase commencement cannot establish current customer service.", "kind": "Company disclosure", "accessible": true }, "funding": null, "reviewed": "October 8, 2026", "readinessReviewed": "2026-10-08", "evidence": [ "Company disclosure", "Government record", "Independent specialist reporting" ] }, { "id": "stream-stamp-double-reed", "title": "Stream STAMP / Project Double Reed", "location": "United States / New York / Town of Alabama / Genesee County — approximate locality pin", "region": "New York", "country": "United States", "subregion": "New York", "continent": "North America", "coords": [ 43.08, -78.4 ], "precision": "Approximate Town of Alabama / Genesee County locality rounded to hundredths of a degree; not surveyed campus, building or entrance coordinates", "company": "Stream Data Centers; STREAM U.S. Data Centers LLC; Apollo-managed funds; Principal Asset Management; Plug Power; GCEDC", "companyRoles": { "APO": "Asset-manager exposure through funds that acquired a majority of Stream; not a verified direct project equity amount.", "PFG": "Principal-managed fund participation in Stream platform; campus-specific contribution and earnings unknown.", "PLUG": "Gateway land/interconnection asset seller under staged transaction; no data-center equipment award verified." }, "capacity": "Proposed ~500 MW campus / 2.2 million square feet; 600 MW STAMP-wide planning capacity is not delivered campus load", "facts": [ { "issuer": "Genesee County Economic Development Center", "publicationDate": "2026-02-05", "eventDate": "2026-02-05", "modified": null, "reviewed": "2026-10-08", "url": "https://www.gcedc.com/news/article/current/2026/02/05/100159/zeliff-statement-on-stamp", "text": "Official board statement records initiation of financial-assistance review on February 5; final incentive consideration requires a public hearing and completed SEQR. It does not grant final campus permission.", "kind": "Government record", "accessible": true }, { "issuer": "Stream — September site-plan memo filed with GCEDC", "publicationDate": "2026-09-16", "eventDate": "2026-09-16", "modified": null, "reviewed": "2026-10-08", "url": "https://www.gcedc.com/file-library/100319/STREAMUSDataCentersLLC.SitePlanSubmissionMemo.9.16.26.pdf", "text": "Applicant submits refined access, utility layouts and wetlands mapping, including a 100-foot DEC buffer, for formal Planning Board consideration. Submission is not adopted site-plan approval.", "kind": "Applicant technical submission in government file", "accessible": true }, { "issuer": "Phillips Lytle LLP — energy memo in GCEDC project file", "publicationDate": "2026-06-04", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.gcedc.com/file-library/100319/StreamUSDataCentersLLC.EnergyMemo.pdf", "text": "Technical/legal memo argues STAMP-wide 600 MW NYISO planning capacity supports a proposed 500 MW project and describes a NYPA 345 kV connection. Not a utility service contract or energization certificate; projected ratepayer benefits are assumptions.", "kind": "Applicant technical submission in government file", "accessible": true }, { "issuer": "Stream Data Centers", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.streamdatacenters.com/project-stamp/", "text": "Developer describes an exploratory campus, closed-loop cooling and revised backup design without diesel generators. Redundant utility connection or possible propane backup remains a design proposal, not installed or approved infrastructure.", "kind": "Company disclosure", "accessible": true }, { "issuer": "DatacenterDynamics", "publicationDate": "2026-03-09", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/stream-ups-planned-investment-in-new-york-campus-to-1946-billion/", "text": "Reports revised $19.46 billion planned investment, three buildings / 2.2 million square feet and roughly 500 MW plan. Anonymous Fortune 50 tenant description is not a verified company identity. Earlier purchase-price/closed-sale wording is superseded by Plug’s July disclosure.", "kind": "Independent specialist reporting", "accessible": true }, { "issuer": "Investigative Post", "publicationDate": "2026-03-18", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://investigativepost.org/2026/03/18/subsidies-for-stamp-data-center-among-largest-ever/", "text": "Original reporting scrutinizes proposed $1.46 billion tax benefits, 125-job commitment, local opposition and earlier withdrawn plan. Figures concern a proposed package, not incentives proven granted or realized.", "kind": "Independent local reporting", "accessible": true }, { "issuer": "Plug Power — SEC-filed July disclosure", "publicationDate": "2026-07-13", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/1093691/000110465926082854/tm2620282d1_ex99-1.htm", "text": "New York Gateway transaction amended to $142 million staged sale; Plug retains substation/interconnection assets until second closing, with March 31, 2027 long-stop date. Stated payments depend on escrow release. Texas Graham transaction is separate; no equipment supply contract established.", "kind": "Company disclosure", "accessible": true }, { "issuer": "Apollo — acquisition completion disclosure", "publicationDate": "2025-11-03", "eventDate": "2025-11-03", "modified": null, "reviewed": "2026-10-08", "url": "https://ir.apollo.com/news-events/press-releases/detail/587/apollo-funds-complete-acquisition-of-stream-data-centers", "text": "Apollo-managed funds report completed majority acquisition of Stream. Principal-managed fund minority participation and management retained stake are described. Platform acquisition does not establish STAMP project financing close or a direct balance-sheet ownership percentage.", "kind": "Company disclosure", "accessible": true }, { "issuer": "New York Governor — Executive Order 62", "publicationDate": "2026-07-14", "eventDate": "2026-07-14", "modified": null, "reviewed": "2026-10-08", "url": "https://www.governor.ny.gov/executive-order/no-62-establishing-temporary-moratorium-data-centers-new-york-while-state-develops", "text": "Statewide context: holds qualifying incomplete DEC discretionary applications in abeyance until the GEIS report/findings. Definition includes facilities capable of consuming 50 MW or more; local permissions excluded. This is not a project-specific exemption or a blanket construction prohibition.", "kind": "Government record", "accessible": true } ], "status": "Revised proposal under site-plan/environmental and incentive review; final campus authorization and customer service not verified", "stage": "Planning and environmental review", "readiness": "Proposed / development", "model": "Proposed leased hyperscale campus", "milestone": "Final SEQR/site-plan and incentive decisions; Gateway second closing and utility energization", "economics": "The $19.46 billion figure is planned investment, not proven spend or closed financing. Proposed tax benefits and future community receipts are conditional. Plug’s July disclosure revises the Gateway purchase price to $142 million with staged closings; no completed transfer of all electrical assets is assumed. Our analysis: asset control, permitted power and tenant delivery govern execution.", "gaps": "Named tenant, final incentive award, DEC wetlands determination, land/substation closing completion, funded phase budget, campus service agreement and delivered load remain unverified.", "readinessBasis": "Applicant submits refined access, utility layouts and wetlands mapping, including a 100-foot DEC buffer, for formal Planning Board consideration. Submission is not adopted site-plan approval.", "readinessSource": { "issuer": "Stream — September site-plan memo filed with GCEDC", "publicationDate": "2026-09-16", "eventDate": "2026-09-16", "modified": null, "reviewed": "2026-10-08", "url": "https://www.gcedc.com/file-library/100319/STREAMUSDataCentersLLC.SitePlanSubmissionMemo.9.16.26.pdf", "text": "Applicant submits refined access, utility layouts and wetlands mapping, including a 100-foot DEC buffer, for formal Planning Board consideration. Submission is not adopted site-plan approval.", "kind": "Applicant technical submission in government file", "accessible": true }, "power": { "issuer": "Phillips Lytle LLP — energy memo in GCEDC project file", "publicationDate": "2026-06-04", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.gcedc.com/file-library/100319/StreamUSDataCentersLLC.EnergyMemo.pdf", "text": "Technical/legal memo argues STAMP-wide 600 MW NYISO planning capacity supports a proposed 500 MW project and describes a NYPA 345 kV connection. Not a utility service contract or energization certificate; projected ratepayer benefits are assumptions.", "kind": "Applicant technical submission in government file", "accessible": true }, "demand": null, "funding": { "issuer": "Apollo — acquisition completion disclosure", "publicationDate": "2025-11-03", "eventDate": "2025-11-03", "modified": null, "reviewed": "2026-10-08", "url": "https://ir.apollo.com/news-events/press-releases/detail/587/apollo-funds-complete-acquisition-of-stream-data-centers", "text": "Apollo-managed funds report completed majority acquisition of Stream. Principal-managed fund minority participation and management retained stake are described. Platform acquisition does not establish STAMP project financing close or a direct balance-sheet ownership percentage.", "kind": "Company disclosure", "accessible": true }, "reviewed": "October 8, 2026", "readinessReviewed": "2026-10-08", "evidence": [ "Applicant technical submission in government file", "Company disclosure", "Government record", "Independent local reporting", "Independent specialist reporting" ] }, { "id": "nccs-nydig-massena", "title": "NCCS / NYDIG Massena AI conversion", "location": "United States / New York / Massena / former Reynolds site — approximate locality pin", "region": "New York", "country": "United States", "subregion": "New York", "continent": "North America", "coords": [ 44.93, -74.89 ], "precision": "Approximate Massena / former Reynolds site locality rounded to hundredths of a degree; not surveyed campus, building or entrance coordinates", "company": "North Country Colocation Services; NYDIG; NY Digital Investment Group LLC; Town of Massena; Massena Electric Department", "companyRoles": {}, "capacity": "Proposed 635 MW envelope; applicant says 435 MW studied/approved + 200 MW queued; revised two buildings ~870,000 square feet", "facts": [ { "issuer": "Town of Massena Planning Board — August minutes", "publicationDate": null, "eventDate": "2026-08-20", "modified": null, "reviewed": "2026-10-08", "url": "https://massena.us/AgendaCenter/ViewFile/Minutes/_08202026-1248", "text": "August 20 record identifies NY Digital Investment Group proposal at 182/194 County Route 45, tax map 6.003-1-1.111. Applicant presents 635 MW, two buildings / ~870,000 square feet, 435 MW claimed studied/approved and another 200 MW queued. These are recorded applicant statements, not independently read NYISO decisions.", "kind": "Government record", "accessible": true }, { "issuer": "NCCS / NYDIG", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.nccs.one/massena", "text": "Developer describes two adjacent halls replacing bitcoin mining, fully sealed cooling, roughly $75 million developer-funded grid upgrades and planned late-2026–2028 development subject to approvals. Community-payment totals are expressly illustrative, non-binding and depend on full buildout and definitive agreements.", "kind": "Company disclosure", "accessible": true }, { "issuer": "North Country Public Radio", "publicationDate": "2026-09-17", "eventDate": "2026-09-16", "modified": null, "reviewed": "2026-10-08", "url": "https://www.northcountrypublicradio.org/news/story/53966/20260917/massena-town-board-clears-way-for-controversial-data-center", "text": "Original meeting reporting records September 16 vote 3–2 against a six-month local moratorium and divided public comments. Rejection of a moratorium is not project approval. Its 1.5-million-square-foot description reflects earlier scope.", "kind": "Independent local reporting", "accessible": true }, { "issuer": "North Country Public Radio", "publicationDate": "2026-10-07", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.northcountrypublicradio.org/news/story/54053/20261007/ny-hit-pause-on-large-data-centers-a-massive-project-in-massena-may-be-exempt", "text": "Fresh reporting says state moratorium exemption is possible but not confirmed by state officials; review hurdles remain. Uses older building-area description, superseded here by revised design recorded in August town minutes.", "kind": "Independent local reporting", "accessible": true }, { "issuer": "New York Governor — Executive Order 62", "publicationDate": "2026-07-14", "eventDate": "2026-07-14", "modified": null, "reviewed": "2026-10-08", "url": "https://www.governor.ny.gov/executive-order/no-62-establishing-temporary-moratorium-data-centers-new-york-while-state-develops", "text": "Statewide context: holds qualifying incomplete DEC discretionary applications in abeyance until the GEIS report/findings. Definition includes facilities capable of consuming 50 MW or more; local permissions excluded. This is not a project-specific exemption or a blanket construction prohibition.", "kind": "Government record", "accessible": true } ], "status": "Existing mining operations; proposed adjacent AI replacement campus under review; state-pause exemption not confirmed", "stage": "AI proposal / site-plan review", "readiness": "Proposed / development", "model": "Proposed mining-to-AI replacement campus", "milestone": "Final SEQR/site-plan decisions, documented power conditions, definitive host agreement and state-pause determination", "economics": "No project budget or financing close is verified. NCCS describes paying roughly $75 million for grid upgrades and forecasts community receipts, explicitly conditional on scope, approvals and executed agreements. Those forecasts are neither spent capital nor guaranteed fiscal benefits. Our analysis: binding power and tenant commitments must support conversion funding; the reviewed materials do not disclose site earnings.", "gaps": "Original NYISO decisions, approved service terms, state exemption, executed host terms, financing close, named tenant, final permits and delivered AI load remain unknown.", "readinessBasis": "August 20 record identifies NY Digital Investment Group proposal at 182/194 County Route 45, tax map 6.003-1-1.111. Applicant presents 635 MW, two buildings / ~870,000 square feet, 435 MW claimed studied/approved and another 200 MW queued. These are recorded applicant statements, not independently read NYISO decisions.", "readinessSource": { "issuer": "Town of Massena Planning Board — August minutes", "publicationDate": null, "eventDate": "2026-08-20", "modified": null, "reviewed": "2026-10-08", "url": "https://massena.us/AgendaCenter/ViewFile/Minutes/_08202026-1248", "text": "August 20 record identifies NY Digital Investment Group proposal at 182/194 County Route 45, tax map 6.003-1-1.111. Applicant presents 635 MW, two buildings / ~870,000 square feet, 435 MW claimed studied/approved and another 200 MW queued. These are recorded applicant statements, not independently read NYISO decisions.", "kind": "Government record", "accessible": true }, "power": { "issuer": "Town of Massena Planning Board — August minutes", "publicationDate": null, "eventDate": "2026-08-20", "modified": null, "reviewed": "2026-10-08", "url": "https://massena.us/AgendaCenter/ViewFile/Minutes/_08202026-1248", "text": "August 20 record identifies NY Digital Investment Group proposal at 182/194 County Route 45, tax map 6.003-1-1.111. Applicant presents 635 MW, two buildings / ~870,000 square feet, 435 MW claimed studied/approved and another 200 MW queued. These are recorded applicant statements, not independently read NYISO decisions.", "kind": "Government record", "accessible": true }, "demand": null, "funding": null, "reviewed": "October 8, 2026", "readinessReviewed": "2026-10-08", "evidence": [ "Company disclosure", "Government record", "Independent local reporting" ] }, { "id": "h5-lockport-yahoo", "title": "H5 Buffalo I & II / former Yahoo Lockport", "location": "United States / New York / Lockport — approximate locality pin", "region": "New York", "country": "United States", "subregion": "New York", "continent": "North America", "coords": [ 43.17, -78.7 ], "precision": "Approximate Lockport locality rounded to hundredths of a degree; not surveyed campus, building or entrance coordinates", "company": "H5 Data Centers; Hyscale Data Centers Lockport LLC; Yahoo; New York Power Authority", "companyRoles": {}, "capacity": "Operator reports 409,200 square feet / 43 acres; two substations up to 44 MVA, not 44 MW IT capacity", "facts": [ { "issuer": "New York State Senate — Senator Maziarz disclosure", "publicationDate": "2010-09-20", "eventDate": "2010-09-20", "modified": null, "reviewed": "2026-10-08", "url": "https://www.nysenate.gov/newsroom/press-releases/2010/george-maziarz/yahoo-data-center-opens-lockport", "text": "Historical government announcement records Phase I opening September 2010, 10 MW NYPA hydropower incentive and conditional additional 5 MW after Phase II. Not a current permit, H5 power agreement or operating IT-load measurement.", "kind": "Government record", "accessible": true }, { "issuer": "H5 Data Centers — Buffalo I & II brochure", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://h5datacenters.com/slick_BuffaloI&II.pdf", "text": "Primary operator brochure identifies combined 409,200-square-foot / 43-acre campus at 5319 Enterprise Drive, two substations totaling up to 44 MVA and hydropower context. MVA is apparent-power equipment rating, not MW or IT load; no named AI customer.", "kind": "Company disclosure", "accessible": true }, { "issuer": "Buffalo Toronto Public Media", "publicationDate": "2025-01-22", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.btpm.org/local/2025-01-22/yahoo-lockport-data-center-sold-for-49-million", "text": "Original local business reporting with town economic-development official describes $49 million sale-leaseback closed after Christmas 2024, Yahoo continuing operations/lease and H5 foregoing earlier incentives. Exact deed closing date and full lease terms unverified.", "kind": "Independent local reporting", "accessible": true }, { "issuer": "DatacenterDynamics", "publicationDate": "2025-01-23", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/h5-acquires-new-york-data-centers-from-yahoo-in-sale-leaseback-deal/", "text": "Specialist synthesis identifies Hyscale Data Centers Lockport LLC affiliate and H5 marketing both facilities. Its 44 MW wording conflicts with operator brochure’s 44 MVA; use primary unit. Suggested Novacap vehicle linkage is speculative and not assigned here.", "kind": "Independent specialist reporting", "accessible": true }, { "issuer": "H5 Data Centers — current campus page", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://h5datacenters.com/buffalo-I-data-center.html", "text": "Current operator page markets Buffalo I/II together at the Lockport address, with staffed colocation options. Generic template references to other cities cannot establish Lockport’s customers, power mix or completed AI upgrades.", "kind": "Company disclosure", "accessible": true } ], "status": "Existing operating data-center campus acquired in sale-leaseback; dedicated AI tenant or completed AI conversion not verified", "stage": "Operating infrastructure / sale-leaseback", "readiness": "Operating / delivered", "model": "Operating enterprise campus / colocation and sale-leaseback", "milestone": "Verify current lease terms, electrical/IT load, incremental colocation leasing and any documented AI-specific conversion", "economics": "Local reporting puts the real-estate transaction at $49 million; that is a reported acquisition price, not new construction spending or enterprise valuation. Lease rent, debt terms, occupancy, remaining lease duration and site returns are undisclosed. Our analysis: an operating sale-leaseback has different exposure from a greenfield AI forecast, including tenant concentration and renewal risk.", "gaps": "Current NYPA allocation terms, actual IT load, rent, financing details, current lease maturity and named AI workloads are not established.", "readinessBasis": "Original local business reporting with town economic-development official describes $49 million sale-leaseback closed after Christmas 2024, Yahoo continuing operations/lease and H5 foregoing earlier incentives. Exact deed closing date and full lease terms unverified.", "readinessSource": { "issuer": "Buffalo Toronto Public Media", "publicationDate": "2025-01-22", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.btpm.org/local/2025-01-22/yahoo-lockport-data-center-sold-for-49-million", "text": "Original local business reporting with town economic-development official describes $49 million sale-leaseback closed after Christmas 2024, Yahoo continuing operations/lease and H5 foregoing earlier incentives. Exact deed closing date and full lease terms unverified.", "kind": "Independent local reporting", "accessible": true }, "power": { "issuer": "H5 Data Centers — Buffalo I & II brochure", "publicationDate": null, "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://h5datacenters.com/slick_BuffaloI&II.pdf", "text": "Primary operator brochure identifies combined 409,200-square-foot / 43-acre campus at 5319 Enterprise Drive, two substations totaling up to 44 MVA and hydropower context. MVA is apparent-power equipment rating, not MW or IT load; no named AI customer.", "kind": "Company disclosure", "accessible": true }, "demand": { "issuer": "Buffalo Toronto Public Media", "publicationDate": "2025-01-22", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://www.btpm.org/local/2025-01-22/yahoo-lockport-data-center-sold-for-49-million", "text": "Original local business reporting with town economic-development official describes $49 million sale-leaseback closed after Christmas 2024, Yahoo continuing operations/lease and H5 foregoing earlier incentives. Exact deed closing date and full lease terms unverified.", "kind": "Independent local reporting", "accessible": true }, "funding": null, "reviewed": "October 8, 2026", "readinessReviewed": "2026-10-08", "evidence": [ "Company disclosure", "Government record", "Independent local reporting", "Independent specialist reporting" ] }, { "id": "jpmorgan-orangeburg", "title": "JPMorgan Chase Orangeburg / Datacenter II", "location": "United States / New York / Orangeburg / Orangetown — approximate locality pin", "region": "New York", "country": "United States", "subregion": "New York", "continent": "North America", "coords": [ 41.05, -73.95 ], "precision": "Approximate Orangeburg / Orangetown locality rounded to hundredths of a degree; not surveyed campus, building or entrance coordinates", "company": "JPMorgan Chase Bank National Association; JPMorgan Chase; Rockland County Industrial Development Agency", "companyRoles": { "JPM": "Owner-user bank infrastructure; site-specific AI revenue and earnings not disclosed." }, "capacity": "Campus electrical/IT MW unverified; incentive scope up to $916 million qualified expenditures, not capacity or spend", "facts": [ { "issuer": "Rockland County IDA — board minutes", "publicationDate": null, "eventDate": "2024-02-22", "modified": null, "reviewed": "2026-10-08", "url": "https://rocklandida.com/wp-content/uploads/2024/03/IDA-FEBRUARY-22-2024-MINUTES.pdf", "text": "Official February 22, 2024 minutes record unanimous 3–0 approval of JPMC Datacenter II authorizing resolution and describe adjacent expansion. This is incentive action, not occupancy or electricity authorization.", "kind": "Government record", "accessible": true }, { "issuer": "Rockland County IDA — authorizing resolution", "publicationDate": null, "eventDate": "2024-02-22", "modified": null, "reviewed": "2026-10-08", "url": "https://rocklandida.com/wp-content/uploads/2024/02/Authorizing-Resolution-JPMC-II-1.pdf", "text": "Resolution concerns 140 Old Orangeburg Road; sales-tax exemption cap $76.715 million on up to $916 million qualified purchases and one planned additional job. Caps and applicant representations do not establish actual spending, tax savings or construction completion.", "kind": "Government record", "accessible": true }, { "issuer": "Rockland County IDA / JPMorgan Chase Bank — executed project agreement", "publicationDate": null, "eventDate": "2024-12-17", "modified": null, "reviewed": "2026-10-08", "url": "https://rocklandida.com/wp-content/uploads/2025/01/Project-Agreement-JPMC.pdf", "text": "Signed agreement effective December 17, 2024 links JPMorgan Chase Bank National Association, tax parcel 73.08-1-1 and expansion of existing campus. References April 23 amended authorization; benefit recapture and reporting conditions remain material. Financing authority does not prove a loan close.", "kind": "Government record", "accessible": true }, { "issuer": "New York Focus", "publicationDate": "2026-04-20", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://nysfocus.com/2026/04/20/data-center-tax-break-jpmorgan-chase", "text": "Original reporting with IDA director documents expansion construction underway and bank’s reported 2028 target; examines subsidy economics and opposing views. General financial-computing/AI context does not identify delivered AI workloads, MW, GPU orders or a dedicated AI hall.", "kind": "Independent local reporting", "accessible": true } ], "status": "Existing bank campus with expansion construction reported April 2026; expanded facility occupancy and AI service not verified", "stage": "Expansion under construction", "readiness": "Under construction", "model": "Owner-user financial computing campus expansion", "milestone": "Phase building/occupancy records, power-service terms, incentive compliance and dated bank acceptance", "economics": "Official records cap sales-tax assistance at $76.715 million against up to $916 million eligible purchases. These are authorized ceilings, not realized savings or actual capital spending. Our analysis: an internal bank campus may support operational capability rather than third-party rent; no campus AI revenue or shareholder earnings contribution can be isolated from the reviewed evidence.", "gaps": "Power counterparty/service agreement, electrical and IT MW, current phase permits, incentive utilization, occupancy, GPU deployment and project-level returns remain unknown.", "readinessBasis": "Original reporting with IDA director documents expansion construction underway and bank’s reported 2028 target; examines subsidy economics and opposing views. General financial-computing/AI context does not identify delivered AI workloads, MW, GPU orders or a dedicated AI hall.", "readinessSource": { "issuer": "New York Focus", "publicationDate": "2026-04-20", "eventDate": null, "modified": null, "reviewed": "2026-10-08", "url": "https://nysfocus.com/2026/04/20/data-center-tax-break-jpmorgan-chase", "text": "Original reporting with IDA director documents expansion construction underway and bank’s reported 2028 target; examines subsidy economics and opposing views. General financial-computing/AI context does not identify delivered AI workloads, MW, GPU orders or a dedicated AI hall.", "kind": "Independent local reporting", "accessible": true }, "power": null, "demand": null, "funding": null, "reviewed": "October 8, 2026", "readinessReviewed": "2026-10-08", "evidence": [ "Government record", "Independent local reporting" ] } ], "governmentRecords": [ { "project": "blockfusion-niagara", "agency": "New York State DEC / Niagara Falls City Council", "identifier": "ENB notice 2024-04-10; separate permit/application number not established", "recordType": "Notice of availability of draft SEQR scope", "filingDate": null, "decisionDate": null, "status": "Draft scope available in 2024; final disposition unverified", "url": "https://dec.ny.gov/news/environmental-notice-bulletin/2024-04-10/seqr/city-of-niagara-falls-north-east-data-llc-data-center-blockfusion", "reviewed": "2026-10-08", "applicant": "North East Data LLC / Blockfusion", "entityLink": "Official notice names both; lease identifies same landlord/address", "scope": "Historical digital-asset mining / HEU rezoning proposal", "claim": "Official draft-scope availability notice identifies North East Data / Blockfusion at 5380 Frontier Avenue and Niagara Falls City Council as lead agency. The historical digital-asset mining proposal sought a High Energy Use overlay rezoning; no final approval or current AI authorization established.", "conditions": "Scoping notice is not adopted rezoning, final SEQR determination or AI phase authorization." }, { "project": "stream-stamp-double-reed", "agency": "Genesee County Economic Development Center", "identifier": "STREAM U.S. Data Centers financial-assistance review; number not established", "recordType": "Board statement of initial review action", "filingDate": null, "decisionDate": "2026-02-05", "status": "Review initiated; final incentive award unverified", "url": "https://www.gcedc.com/news/article/current/2026/02/05/100159/zeliff-statement-on-stamp", "reviewed": "2026-10-08", "applicant": "STREAM U.S. Data Centers LLC", "entityLink": "Agency explicitly identifies applicant and operator project website", "scope": "Revised STAMP / Double Reed application", "claim": "Official board statement records initiation of financial-assistance review on February 5; final incentive consideration requires a public hearing and completed SEQR. It does not grant final campus permission.", "conditions": "Final consideration follows hearing and completed SEQR; prior withdrawn plan not reused as current approval." }, { "project": "stream-stamp-double-reed", "agency": "Genesee County Economic Development Center — applicant filing", "identifier": "Site Plan Submission Memo 9.16.26", "recordType": "Applicant plan resubmission memo", "filingDate": "2026-09-16", "decisionDate": null, "status": "Submitted for Planning Board consideration", "url": "https://www.gcedc.com/file-library/100319/STREAMUSDataCentersLLC.SitePlanSubmissionMemo.9.16.26.pdf", "reviewed": "2026-10-08", "applicant": "Stream Data Centers", "entityLink": "Memo authored by Stream; indexed in agency project record", "scope": "Current revised STAMP drawings", "claim": "Applicant submits refined access, utility layouts and wetlands mapping, including a 100-foot DEC buffer, for formal Planning Board consideration. Submission is not adopted site-plan approval.", "conditions": "Updated wetlands mapping / 100-foot buffer; filing not approval." }, { "project": "nccs-nydig-massena", "agency": "Town of Massena Planning Board", "identifier": "August 20 minutes / AgendaCenter 1248; tax map 6.003-1-1.111", "recordType": "Meeting minutes", "filingDate": null, "decisionDate": null, "status": "Site-plan review; no final campus approval established", "url": "https://massena.us/AgendaCenter/ViewFile/Minutes/_08202026-1248", "reviewed": "2026-10-08", "applicant": "NY Digital Investment Group LLC; NCCS / NYDIG representatives", "entityLink": "Minutes identify NCCS CFO and NYDIG presenters for named site proposal", "scope": "182 / 194 County Route 45; revised two-building AI campus", "claim": "August 20 record identifies NY Digital Investment Group proposal at 182/194 County Route 45, tax map 6.003-1-1.111. Applicant presents 635 MW, two buildings / ~870,000 square feet, 435 MW claimed studied/approved and another 200 MW queued. These are recorded applicant statements, not independently read NYISO decisions.", "conditions": "Applicant power and performance claims recorded, not original NYISO findings; meeting date August 20, 2026 is not project-approval date." }, { "project": "jpmorgan-orangeburg", "agency": "Rockland County Industrial Development Agency", "identifier": "February 22, 2024 JPMC Datacenter II vote", "recordType": "Adopted board minutes", "filingDate": null, "decisionDate": "2024-02-22", "status": "Incentive action / agreement documented; expansion occupancy unverified", "url": "https://rocklandida.com/wp-content/uploads/2024/03/IDA-FEBRUARY-22-2024-MINUTES.pdf", "reviewed": "2026-10-08", "applicant": "JPMorgan Chase Bank National Association", "entityLink": "Executed agreement names bank and same campus", "scope": "140 Old Orangeburg Road campus expansion", "claim": "Official February 22, 2024 minutes record unanimous 3–0 approval of JPMC Datacenter II authorizing resolution and describe adjacent expansion. This is incentive action, not occupancy or electricity authorization.", "conditions": "Benefit cap, eligible purchases, reporting and recapture; no power or building approval inferred. Agreement effective date is not permit issuance." }, { "project": "jpmorgan-orangeburg", "agency": "Rockland County Industrial Development Agency", "identifier": "JPMC II authorizing resolution", "recordType": "Authorizing incentive resolution", "filingDate": null, "decisionDate": "2024-02-22", "status": "Incentive action / agreement documented; expansion occupancy unverified", "url": "https://rocklandida.com/wp-content/uploads/2024/02/Authorizing-Resolution-JPMC-II-1.pdf", "reviewed": "2026-10-08", "applicant": "JPMorgan Chase Bank National Association", "entityLink": "Executed agreement names bank and same campus", "scope": "140 Old Orangeburg Road campus expansion", "claim": "Resolution concerns 140 Old Orangeburg Road; sales-tax exemption cap $76.715 million on up to $916 million qualified purchases and one planned additional job. Caps and applicant representations do not establish actual spending, tax savings or construction completion.", "conditions": "Benefit cap, eligible purchases, reporting and recapture; no power or building approval inferred. Agreement effective date is not permit issuance." }, { "project": "jpmorgan-orangeburg", "agency": "Rockland County Industrial Development Agency", "identifier": "JPMC Datacenter II agreement; parcel 73.08-1-1", "recordType": "Executed project agreement", "filingDate": "2024-01-11", "decisionDate": null, "status": "Incentive action / agreement documented; expansion occupancy unverified", "url": "https://rocklandida.com/wp-content/uploads/2025/01/Project-Agreement-JPMC.pdf", "reviewed": "2026-10-08", "applicant": "JPMorgan Chase Bank National Association", "entityLink": "Executed agreement names bank and same campus", "scope": "140 Old Orangeburg Road campus expansion", "claim": "Signed agreement effective December 17, 2024 links JPMorgan Chase Bank National Association, tax parcel 73.08-1-1 and expansion of existing campus. References April 23 amended authorization; benefit recapture and reporting conditions remain material. Financing authority does not prove a loan close.", "conditions": "Benefit cap, eligible purchases, reporting and recapture; no power or building approval inferred. Agreement effective date is not permit issuance.", "effectiveDate": "2024-12-17" }, { "project": "h5-lockport-yahoo", "agency": "New York State Senate — Senator George Maziarz", "identifier": "Senate newsroom disclosure September 20, 2010; permit number not established", "recordType": "Government opening / historical incentive announcement", "filingDate": null, "decisionDate": null, "status": "Historical first-phase opening announced; current allocation conditions unverified", "url": "https://www.nysenate.gov/newsroom/press-releases/2010/george-maziarz/yahoo-data-center-opens-lockport", "reviewed": "2026-10-08", "applicant": "Yahoo", "entityLink": "Historical government announcement; current H5 identity established by operator and sale reporting", "scope": "Lockport Phase I / historical Phase II incentive", "claim": "Historical government announcement records Phase I opening September 2010, 10 MW NYPA hydropower incentive and conditional additional 5 MW after Phase II. Not a current permit, H5 power agreement or operating IT-load measurement.", "conditions": "10 MW historical award plus conditional 5 MW; no current transfer or delivered IT load established." } ], "statewideContext": { "issuer": "New York Governor — Executive Order 62", "publicationDate": "2026-07-14", "eventDate": "2026-07-14", "modified": null, "reviewed": "2026-10-08", "url": "https://www.governor.ny.gov/executive-order/no-62-establishing-temporary-moratorium-data-centers-new-york-while-state-develops", "text": "Statewide context: holds qualifying incomplete DEC discretionary applications in abeyance until the GEIS report/findings. Definition includes facilities capable of consuming 50 MW or more; local permissions excluded. This is not a project-specific exemption or a blanket construction prohibition.", "kind": "Government record", "accessible": true }, "coverageRationale": "Three Western New York campuses (Niagara Falls, Lockport, Genesee County), North Country Massena and downstate Orangeburg; operator and readiness diversity. Counts are coverage, not market share.", "duplicatePolicy": "Existing Empire AI and DataBank LGA3 preserved. CoreWeave Orangeburg is LGA3 tenancy and excluded. Stream revised proposal counted once; Buffalo I/II grouped; JPM original and Datacenter II grouped; NCCS legacy/AI conversion grouped.", "limits": [ "H5 dedicated AI use unverified; JPM AI-specific delivered systems unverified. Both explicitly classified as related computing infrastructure.", "Massena revised government-record applicant scope supersedes older reported area; power statements await original NYISO records.", "H5 brochure says 44 MVA, not 44 MW or IT load.", "Current AI occupancy, funding and utility acceptance are not inferred from contracts, applications or elapsed targets.", "Executive Order 62 is context, not one of the four minimum project-specific documents or an individual exemption.", "Historical Lockport Senate disclosure is not a fresh permit; JPM power arrangement unknown.", "Inaccessible NYPA allocation PDF and September S-4 fetch could not establish claims and were excluded.", "Reuters/WSJ/Bloomberg project searches did not provide additional accessible project-specific evidence; prestige does not replace the evidence floor." ], "preservedSpotlights": { "reviewed": "2026-10-08", "editorial": true, "automaticUpdates": false, "items": [ { "id": "nebius-modiin-research", "category": "New project research", "location": "Israel / Modi’in", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "Published October 8, 2026 · Revised October 8, 2026 · Covers developments from May 2025 through January 2026", "title": "Nebius’s Israeli AI Supercomputer Opens Subsidized Access to Industry and Researchers", "change": "Israel’s Innovation Authority confirms the computing infrastructure is operating; the access program’s allocations do not establish actual usage or site earnings.", "why": "Documented roles span cloud computing, physical hosting, accelerator technology and subsidized research access. Site-level usage and earnings remain undisclosed.", "next": "Published allocation and usage results, site financial disclosures, power-service records and separate expansion-delivery evidence.", "companies": "Nebius; Mega Or / Mega DC; NVIDIA; Israel Innovation Authority", "source": "https://innovationisrael.org.il/en/press_release/supercomputer-access-2026/", "sourceName": "Israel Innovation Authority", "sources": [ { "publisher": "Israel Innovation Authority", "date": "2026-01-18", "eventDate": "2026-01-18", "reviewed": "2026-10-08", "url": "https://innovationisrael.org.il/en/press_release/supercomputer-access-2026/", "role": "Government record", "support": "Project-specific government authority confirms Nebius national-supercomputer infrastructure is live and operational, opening subsidized-access allocation. Describes 1,000 B200 accelerators and 70% industry / 30% research allocation. This confirms computing service, not a comprehensive site permit or measured utilization." }, { "publisher": "Israel Innovation Authority", "date": "2025-05-14", "eventDate": "2025-05-14", "reviewed": "2026-10-08", "url": "https://innovationisrael.org.il/en/press_release/nebius-to-establish-supercomputer/", "role": "Government record", "support": "Government tender-award disclosure selects Nebius for national computing infrastructure, with projected investment exceeding NIS500 million including NIS160 million government support. Award and support amounts are not proof of cash disbursement or incurred expenditure. English/Hebrew versions are one underlying document." }, { "publisher": "Israel Innovation Authority", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://innovationisrael.org.il/en/calls_for_proposal/usage-vouchers-rnd-labs/", "role": "Government record", "support": "Current official voucher call identifies Nebius as operator and a 1,000-B200 monthly allocation framework; 30% industry and 80% academic price discounts subject to eligibility and committee approval. Open date January 1 is not publication date. Detailed future application windows are not actual utilization or recipient awards." }, { "publisher": "Nebius", "date": "2025-10-20", "eventDate": "2025-10-20", "reviewed": "2026-10-08", "url": "https://nebius.com/newsroom/nebius-brings-nvidia-blackwell-to-israel-with-one-of-the-country-s-first-ai-infrastructure-deployments", "role": "Company disclosure", "support": "Operator announces AI Cloud deployment at a Modiin colocation facility using NVIDIA Blackwell infrastructure. Its 4,000 HGX B200 wording describes the wider deployment and is not the government’s 1,000-accelerator allocation or audited present hardware utilization. Location and deployment claims attributed to company." }, { "publisher": "Globes / Assaf Gilead", "date": "2026-01-06", "eventDate": null, "reviewed": "2026-10-08", "url": "https://en.globes.co.il/en/article-mega-or-to-provide-data-center-services-to-nebius-1001531296", "role": "Independent local business reporting", "support": "Original business reporting, including Nebius confirmation and attempted Mega Or inquiry, identifies existing 8 MW Modi’in site hosting the national supercomputer. Describes wider expansion separately. Capacity is reported commercial scope, not measured IT load; future additional 16 MW is not current delivered load." }, { "publisher": "Calcalist CTech / Meir Orbach", "date": "2025-05-14", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.calcalistech.com/ctechnews/article/s13j6km11eg", "role": "Independent local business reporting", "support": "Original interview with authority CEO supports competitive award, Blackwell plan and projected funding. Historical early2026 operating forecast is superseded by January 2026 authority confirmation. Interview is independent journalism, but award figures originate with authority, not an independent spending audit." }, { "publisher": "Calcalist CTech", "date": "2026-01-06", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.calcalistech.com/ctechnews/article/p4ds17rzm", "role": "Independent local business reporting", "support": "Business reporting describes Mega DC’s earlier 8 MW Modi’in agreement and reported September operation. Expected NIS35 million annual facility NOI is a company forecast; separate Masmiyya/Beit Shemesh 80 MW deal, $880 million construction estimate and NIS300 million NOI do not belong to this campus." } ], "sourceAudit": "Seven source documents rechecked October 8, 2026: three project-specific government records, an operator disclosure and three independent business articles. Same-authority documents are not independent corroboration; reported forecasts are not audited expenditure, usage or earnings. No original interviews or site visits were conducted by Fjord Journal.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/nebius-modiin-research/", "reportingLabel": "Source-based reporting", "relatedProjects": [ "nebius-modiin" ], "relatedProjectBasis": "National allocation and commercial deployment linked to one Modi’in campus", "archiveStatus": "current", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage.", "modified": "2026-10-08", "articleSections": [ { "heading": null, "paragraphs": [ "Israel’s national AI supercomputer is operating, and a government-backed access program offers discounted computing to companies and researchers. The Israel Innovation Authority confirmed the infrastructure was live on January 18, 2026, moving the program beyond its earlier award and construction commitments. Public documents reviewed for this article do not establish how much of the service is being used or the earnings generated at the site.", "The computing is provided by Nebius, whose October 2025 disclosure places its Israeli AI Cloud deployment at a colocation facility in Modi’in. Globes reported in January that the existing 8-megawatt site hosts the national supercomputer. The arrangement connects a publicly traded cloud operator, a physical data-center provider and government-supported research demand." ] }, { "heading": "From tender award to computing access", "paragraphs": [ "The authority selected Nebius in May 2025 following a competitive process. Its award announcement described investment exceeding NIS 500 million, including NIS 160 million in government support. CTech’s contemporaneous reporting, which included an interview with the authority’s chief executive, covered the selection and intended deployment. These published amounts describe the announced program; the reviewed documents do not establish total expenditure or support already paid.", "Nebius announced its Israeli deployment on October 20, 2025, identifying NVIDIA Blackwell computing, InfiniBand networking and associated software. That company disclosure establishes the operator’s account of the deployment. The authority’s January announcement subsequently confirmed that the national computing infrastructure was operational. Neither document provides measured utilization or campus financial results." ] }, { "heading": "How the discounts work", "paragraphs": [ "The authority’s current voucher call describes a monthly allocation framework of 1,000 NVIDIA B200 accelerators, split 70% for industry and 30% for academic research. Eligible industrial applicants can obtain a 30% discount from published market prices; eligible academic institutions can receive an 80% discount. Approval and research eligibility requirements apply.", "Industrial applications must seek at least 16 accelerators, with approved usage periods lasting one to six months. Those terms describe access to computing resources, not evidence that the entire allocation has been awarded or consumed. Scheduled application and decision windows similarly do not establish actual customer usage.", "The government allocation is also distinct from the broader Blackwell deployment described by Nebius. The two figures should not be combined into an additional hardware count, and neither provides a current audit of installed equipment or billable usage." ] }, { "heading": "Separate roles and separate financial figures", "paragraphs": [ "Nebius provides the cloud computing service. Mega Or’s data-center subsidiary, Mega DC, supplies physical hosting, according to January reporting by Globes and CTech. NVIDIA is the disclosed computing and networking technology participant. The Innovation Authority administers the national program and discounted-access framework.", "CTech reported that Mega DC’s earlier Modi’in agreement provided 8 megawatts of capacity and was expected to generate annual net operating income of NIS 35 million. Net operating income is a facility-level financial measure; the reported amount is a forecast, not verified realized earnings and not Nebius’s cloud revenue.", "The same reporting covers a separate 80-megawatt arrangement at Masmiyya and Beit Shemesh, with a reported construction estimate of $880 million. Those sites and figures do not belong to the Modi’in campus. Globes also described a planned Modi’in expansion; reviewed sources do not verify that additional capacity has been delivered." ] }, { "heading": "What remains undocumented", "paragraphs": [ "The sources establish an operating computing service and a defined subsidy mechanism. They leave actual resource consumption, recipient allocations, site-level revenue and margins unresolved. A project-specific utility agreement, tariff and measured IT load were not established in this review.", "Published allocation results, usage figures and financial disclosures would provide the next evidence of how the program is being used. Any expansion requires its own delivery evidence. The existing operating confirmation should not be treated as proof of full campus utilization or completion of later phases." ] } ] }, { "id": "beale-project-blue-research", "category": "New project research", "location": "United States / Arizona / Tucson area / unincorporated Pima County", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Project Blue has closed land and site works; resource questions remain", "change": "Site activity and site-construction permits documented; occupancy and customer service unverified.", "why": "County’s April memorandum confirms $20.85 million land-sale proceeds, a completed land transaction. Its up-to-$3.6 billion campus investment estimate remains a forecast, distinct from raised or spent capital. Our analysis: land control, visible works and approved power terms strengthen execution evidence, but disputed resource arrangements and an unidentified customer limit cash-flow confidence.", "next": "Phase-specific construction/inspection updates, durable water arrangements and delivered TEP/customer service", "companies": "Beale Infrastructure; Humphrey’s Peak Properties LLC; Bobcat B1 LLC; Tucson Electric Power", "source": "https://content.civicplus.com/api/assets/32428b1b-4a81-444a-92a4-72b1fa039655", "sourceName": "Pima County Administrator", "sources": [ { "publisher": "Pima County Administrator", "date": "2026-04-23", "eventDate": null, "reviewed": "2026-10-08", "url": "https://content.civicplus.com/api/assets/32428b1b-4a81-444a-92a4-72b1fa039655", "role": "Government record", "support": "Original progress memorandum establishes June 17, 2025 specific-plan/acquisition approval and December 24 land closing, $20.85 million land proceeds. Attachment 2 lists permit statuses as of April 23: P25SC00120 issued site construction; P26BP01453 approved other structures; P25SC00140 and P26RW00417 corrections requested. Opened dates are not issuance dates. No building occupancy or delivered service is established." }, { "publisher": "Pima County Administrator", "date": "2025-12-24", "eventDate": null, "reviewed": "2026-10-08", "url": "https://content.civicplus.com/api/assets/7c75a978-756a-4ef6-9bb1-c08396da774d", "role": "Government record", "support": "Closing memorandum documents assignment from Humphrey’s Peak Properties LLC to affiliated Bobcat B1 LLC, obligations retained and funding in escrow. This contemporaneous memo expected closing that day; the later April memo confirms completion." }, { "publisher": "Arizona Corporation Commission", "date": "2026-01-21", "eventDate": "2025-12-03", "reviewed": "2026-10-08", "url": "https://azcc.gov/news/home/2026/01/21/acc-statement-on-applications-for-rehearing-re--tep-energy-supply-agreement", "role": "Government record", "support": "Docket E-01933A-25-0187 / Decision 81587: December 3, 2025 ESA approval stands after rehearing applications automatically denied. Staff’s no-cost-shift/reliability conclusions are regulator findings, not independent measured outcomes. Minimum billing and termination-security protections summarized; not energization." }, { "publisher": "Arizona Attorney General", "date": "2026-02-19", "eventDate": "2026-02-19", "reviewed": "2026-10-08", "url": "https://www.azag.gov/press-release/attorney-general-mayes-appeals-arizona-corporation-commissions-approval-tucson", "role": "Government record", "support": "Attorney General announces filed Maricopa County appeal on February 19, seeking to vacate ESA approval over disputed rate-setting authority. Attached complaint is dated February 18; court-stamped filing date/case identifier not established from that copy. Allegations are not judicial findings." }, { "publisher": "Beale Infrastructure", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://bealeinfra.com/location/pima-county/", "role": "Company disclosure", "support": "Current issuer page identifies South Houghton campus / Project Bobcat, TEP service pathway and air-cooled closed-loop design. Reports Q1 2026 construction start and 2028 initial-building target; dates are company milestones. $3.6 billion investment and fiscal/job figures are forecasts, not capital raised or earned revenue." }, { "publisher": "AZPM", "date": "2026-05-28", "eventDate": null, "reviewed": "2026-10-08", "url": "https://news.azpm.org/p/news-articles/2026/5/28/229919-arizona-water-officials-approve-wells-tied-to-project-blue-data-center/", "role": "Independent local reporting", "support": "Original journalism reports ADWR well approvals linked to Bobcat Tucson Water LLC and photographs site activity on April 24. Well permission is not whole-campus authorization; precise well identifiers were not established from primary records." }, { "publisher": "AZPM", "date": "2026-05-06", "eventDate": "2026-05-04", "reviewed": "2026-10-08", "url": "https://news.azpm.org/p/azpmnews/2026/5/6/229644-project-blue-developers-improperly-used-tucson-water-city-has-shut-it-off/", "role": "Independent local reporting", "support": "Reports Tucson revoked a construction water meter on May 4 after disputed use. This is a construction-water issue, not proof of campus cancellation or completed operating-water arrangements." }, { "publisher": "Arizona Attorney General — complaint", "date": "Publication date not established", "eventDate": "2026-02-18", "reviewed": "2026-10-08", "url": "https://www.azag.gov/sites/default/files/2026-02/Complaint.05.pdf", "role": "Government record", "support": "Original complaint, signed February 18, challenges Decision81587 and cites August25 ESA application for 286 MW first-phase electricity. Copy has no court case number or filing stamp. It establishes legal allegations/requested relief, not a judgment or measured operating IT load. Publication date not established; date retained is document signature date." }, { "publisher": "KJZZ / Taylor Griffith", "date": "2026-09-24", "eventDate": "2026-09-24", "reviewed": "2026-10-08", "url": "https://www.kjzz.org/fronteras-desk/2026-09-24/last-attempt-at-rehearing-project-blues-energy-service-agreement-rests-on-maricopa-county-judge", "role": "Independent local reporting", "support": "Original court-hearing reporting describes September24 arguments over intervention timing and future ratemaking. Judge discussed clarification but issued no verdict at that hearing. This later document establishes active litigation, not a final outcome." } ], "sourceAudit": "Nine distinct reviewed documents; government evidence and original independent reporting, including a September24 court-hearing update. No final judicial outcome or delivered computing inferred.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/beale-project-blue-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "beale-project-blue" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "current", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage.", "investorBrief": { "takeaway": "Closed land and documented site works strengthen execution evidence; customer visibility and contested resource arrangements still limit the financial assessment.", "roles": [ { "name": "Beale Infrastructure", "text": "Campus developer. The announced investment estimate is not evidence of financing close or expenditure." }, { "name": "Humphrey’s Peak Properties LLC / Bobcat B1 LLC", "text": "Verified affiliated land-transaction entities; land ownership does not establish delivered computing." }, { "name": "Tucson Electric Power", "text": "Power-service counterparty under the approved agreement. Approval is not energization or verified earnings contribution." } ], "unknowns": "Named computing customer, durable operating-water arrangements, final litigation outcome, financing close and delivered service remain unverified.", "assessment": "Our analysis: a documented customer commitment, durable resource arrangements and phase-specific delivery would strengthen the assessment. Adverse legal decisions, resource constraints or delayed service would weaken it." } }, { "id": "intel-santa-clara-research", "category": "New project research", "location": "United States / California / Santa Clara", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Intel’s Santa Clara computing campus has a conditional power expansion", "change": "Existing enterprise computing documented; incremental Juliette power allocation authorized and pending.", "why": "Intel funds substation expansion and an estimated $10 million load-development fee, separate from unspecified construction costs. Our analysis: this supports internal engineering infrastructure and utility capital requirements, not externally leased hyperscale revenue. No site-level INTC earnings, GPU contract or return model is established. Funding obligations are not verified actual expenditure.", "next": "Executed agreement, transformer works and conditional incremental power acceptance", "companies": "Intel; Silicon Valley Power / City of Santa Clara", "source": "https://santaclara.legistar.com/LegislationDetail.aspx?From=Alert&FullText=1&GUID=B230E06D-FB57-4D72-9E3B-DD74B5D2C6BE&ID=7409336", "sourceName": "City of Santa Clara", "sources": [ { "publisher": "City of Santa Clara", "date": "2025-05-27", "eventDate": "2025-05-27", "reviewed": "2026-10-08", "url": "https://santaclara.legistar.com/LegislationDetail.aspx?From=Alert&FullText=1&GUID=B230E06D-FB57-4D72-9E3B-DD74B5D2C6BE&ID=7409336", "role": "Government record", "support": "File 25-80, created January 7: consent approval May 27 authorizes manager to execute Juliette substation agreement. Existing 62 MVA allocation; planned 17 MVA addition to 79 MVA no earlier than August 1, 2029, conditional on System Expansion Plan and other terms. Intel funds all substation costs plus estimated $10 million load-development fee; SVP owns/operates infrastructure. Authorization does not prove execution or completion." }, { "publisher": "DatacenterDynamics / Sebastian Moss", "date": "2025-06-04", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/intel-looks-to-fund-svp-substation-expansion-for-santa-clara-data-center-growth/", "role": "Independent specialist reporting", "support": "Specialist reporting describes utility expansion economics. Its approval-pending wording is superseded by the city’s recorded May 27 vote; neither story proves construction or energization." }, { "publisher": "DatacenterDynamics / Sebastian Moss", "date": "2019-03-13", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/analysis/inside-intel-silicon-fabrication-energy-efficient-data-center/", "role": "Independent specialist reporting", "support": "Original site visit/interviews document operating converted D2 fab and enterprise/chip-design computing. Historical 31 MW D2P3 and 5 MW D2P4 capacities are 2019 reported figures, not verified current load or separate campuses." }, { "publisher": "Intel IT", "date": "2021-07", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.intel.com/content/dam/www/central-libraries/us/en/documents/intel-it-fuel-cells-alternative-energy-source-for-data-centers-paper.pdf", "role": "Company disclosure", "support": "Operator white paper describes Santa Clara fuel-cell pilots including 2018 5 MW installation and later configurations. Historical company resilience claims do not establish current fleet, supplier contracts or Bangalore deployment at this campus." }, { "publisher": "Intel Explore Mission Campus", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.exploreintel.com/ca-sites/santa-clara", "role": "Company disclosure", "support": "Primary campus page identifies D2P3/D2P4 and historical recycled-water/cooling practices. Metrics date to 2013–17; site build footer is not evidence of refreshed performance or current readiness." } ], "sourceAudit": "5 accessible source documents including project-specific government evidence and independent reporting. Syndications count once; stakeholder-affiliated reporting is separately labeled. New research, not a new status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/intel-santa-clara-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "intel-santa-clara" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "current", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage.", "investorBrief": { "takeaway": "The conditional power expansion supports Intel’s internal computing infrastructure; it does not establish externally leased hyperscale revenue.", "roles": [ { "name": "Intel", "text": "Internal enterprise/chip-design computing user and proposed expansion funder. No site-level earnings contribution is established.", "link": "/exposure/#INTC" }, { "name": "Silicon Valley Power / City of Santa Clara", "text": "Utility owner/operator and approving public authority. Intel funding obligations are not verified expenditure." } ], "unknowns": "Executed agreement, completed transformer works, incremental power acceptance and current measured computing load remain unverified.", "assessment": "Our analysis: execution of the agreement and documented utility delivery would strengthen confidence in expansion. Delayed system works or unmet conditions would weaken it; no stock valuation effect is quantified." } } ], "sourcePolicy": { "minimumDocuments": 3, "independentReportingRequired": true, "claimSpecificSupport": true, "sameIssuerDocumentsAreNotIndependent": true, "reviewed": "2026-10-06" }, "archivedItems": [ { "id": "polaris-forge-1", "location": "North Dakota · Delivered AI capacity", "date": "2026-10-02", "displayDate": "October 2, 2026", "title": "Applied Digital reports 250 MW operational at Polaris Forge 1", "change": "Applied Digital reported another 75 MW Ready for Service, bringing operational critical IT capacity to 250 MW. The contracted 400 MW full buildout remains a separate figure.", "why": "Our analysis: delivered phases make recurring lease conversion more assessable. Customer concentration, remaining construction and cash after financing still matter.", "next": "Acceptance of the remaining contracted capacity and recurring rent collections.", "companies": "Applied Digital · APLD / CoreWeave · CRWV", "source": "https://ir.applieddigital.com/news-events/press-releases/detail/161/applied-digital-brings-an-additional-75-mw-of-ai", "sourceName": "Applied Digital · Operator disclosure", "sources": [ { "publisher": "Applied Digital", "date": "2026-10-02", "url": "https://ir.applieddigital.com/news-events/press-releases/detail/161/applied-digital-brings-an-additional-75-mw-of-ai", "role": "Primary · Operator disclosure", "support": "Reports 75 MW added, 250 MW operating critical IT load and 400 MW contracted at full buildout." }, { "publisher": "Applied Digital", "date": "2026-07-01", "url": "https://ir.applieddigital.com/news-events/press-releases/detail/157/applied-digital-delivers-second-building-at-polaris-forge-1", "role": "Primary · Earlier delivery record", "support": "Reports the prior 175 MW operating total; a separate milestone document from the same issuer, not independent verification." }, { "publisher": "Reuters", "date": "2025-06-02", "url": "https://www.reuters.com/business/applied-digital-coreweave-ink-15-year-lease-worth-7-billion-2025-06-02/", "role": "Independent journalism · Lease context", "support": "Reports the original CoreWeave leases. Provides relationship and financial context, not confirmation of the October 2026 operating total." } ], "sourceAudit": "Three reviewed documents from two publishers. The capacity milestone is attributed to Applied Digital; Reuters corroborates the lease context, not the latest physical delivery.", "reviewed": "2026-10-06", "path": "/news/polaris-forge-1/", "published": "2026-10-07", "editorialReviewed": "2026-10-07", "reportingLabel": "Source-based reporting and analysis", "eventDate": "2026-10-02", "eventDatePrecision": "day", "image": null, "dateLabel": "October 2, 2026", "archiveStatus": "archived" }, { "id": "vantage-lighthouse", "location": "Wisconsin · Power & permitting", "date": "2026-09-16", "displayDate": "September 16, 2026", "title": "ATC refiles transmission application for Wisconsin’s Lighthouse project", "change": "After the earlier completeness determination was revoked, ATC submitted a replacement application in September. The PSC identifies the new review as docket 137-CE-229; filing does not establish approval.", "why": "Our analysis: spending can precede power availability. The review reset adds delivery uncertainty for the planned campus; it does not establish cancellation.", "next": "Completeness determination and environmental review in docket 137-CE-229, then transmission approval and documented energization.", "companies": "Oracle · ORCL / WEC Energy Group · WEC", "source": "https://psc.wi.gov/Pages/CommissionActions/CasePages/OzaukeeDIP.aspx", "sourceName": "Wisconsin PSC · Replacement regulatory record", "sources": [ { "publisher": "Wisconsin PSC", "date": "2026-09-10", "url": "https://psc.wi.gov/Pages/CommissionActions/CasePages/OzaukeeTransmission.aspx", "role": "Primary · Original regulatory record", "support": "Records revocation of completeness and the requirement for a separate application docket." }, { "publisher": "Wisconsin PSC", "date": "2026-09", "url": "https://psc.wi.gov/Pages/CommissionActions/CasePages/OzaukeeDIP.aspx", "role": "Primary · Replacement regulatory record", "support": "Records a September 2026 application under docket 137-CE-229; application is not approval or energization." }, { "publisher": "Ozaukee Press", "date": "2026-09-16", "url": "https://www.ozaukeepress.com/node/114173", "role": "Independent journalism · Refiling", "support": "Reports the new ATC application and distinguishes the August vote from the September written order." } ], "sourceAudit": "Three reviewed documents from two publishers. Regulatory records and local reporting establish the review reset and subsequent refiling; approval and energized service are not established.", "reviewed": "2026-10-06", "path": "/news/vantage-lighthouse/", "published": "2026-10-07", "editorialReviewed": "2026-10-07", "reportingLabel": "Source-based reporting and analysis", "eventDate": "2026-09", "eventDatePrecision": "month", "image": null, "dateLabel": "September 2026 filing · reported September 16", "archiveStatus": "archived" }, { "id": "stargate-saline", "location": "Michigan · Construction", "date": "2026-06-01", "displayDate": "June 1, 2026", "title": "The Barn: construction evidence advances the story", "change": "Related reported more than 700 Michigan tradespeople working on the Saline Township campus, following its financing announcement.", "why": "Our analysis: financing and onsite work support development progress. Power acceptance and customer service delivery still determine when spending can produce operating cash flow.", "next": "Completed phases, accepted power service and Oracle customer delivery. An operating date is not verified in our reviewed record.", "companies": "Oracle · ORCL / Blackstone · BX / DTE Energy · DTE", "source": "https://www.related.com/press-releases/2026-06-01/related-digital-blackstone-oracle-openai-walbridge-and-governor-whitmer", "sourceName": "Related · Developer disclosure", "sources": [ { "publisher": "Related", "date": "2026-06-01", "url": "https://www.related.com/press-releases/2026-06-01/related-digital-blackstone-oracle-openai-walbridge-and-governor-whitmer", "role": "Primary · Developer construction disclosure", "support": "Reports more than 700 tradespeople working at the campus in June; this is not a current headcount or proof of operation." }, { "publisher": "Simpson Thacher", "date": "2026-04-27", "url": "https://www.stblaw.com/about-us/news/view/2026/04/27/related-digital-and-blackstone-announce-financing-for-$16-billion-oracle-data-center-project-in-saline-township-michigan", "role": "Primary · Transaction counsel", "support": "Documents counsel’s role and financing structure; its April notice states closing was subject to customary conditions." }, { "publisher": "Michigan Public / MPRN", "date": "2026-10-02", "url": "https://www.michiganpublic.org/politics-government/2026-10-02/governors-race-hits-saline-township-site-of-massive-data-center-project", "role": "Independent journalism · Local context", "support": "Reports ongoing local political scrutiny and the earlier groundbreaking. Does not independently verify June’s workforce count." } ], "sourceAudit": "Three reviewed documents from three publishers. Construction figures are developer-reported; transaction counsel supplies financing context and local reporting supplies independent project scrutiny.", "reviewed": "2026-10-06", "path": "/news/stargate-saline/", "archiveStatus": "archived" }, { "id": "ratepayer-protection", "category": "Policy & Power", "location": "United States · Policy & Power", "date": "2026-09-30", "displayDate": "September 30, 2026", "title": "Senate stalls bill addressing data-center grid costs", "change": "A 57–43 Senate procedural vote fell short of the threshold to advance H.R. 9340. Its proposed framework would require consideration of a large-load cost-recovery standard; the vote did not enact that framework.", "why": "Our analysis: grid cost allocation can alter funding needs and project economics. Investors should inspect approved tariffs and signed power agreements rather than assume a stalled bill removes exposure.", "next": "Renewed federal legislative action, and project-specific tariff, collateral and power-service decisions.", "companies": "Sector exposure · cloud operators, campus developers and utilities; no company-specific earnings impact established.", "source": "https://www.govinfo.gov/content/pkg/BILLS-119hr9340eh/html/BILLS-119hr9340eh.htm", "sourceName": "House-passed bill text · proposed legislation", "sources": [ { "publisher": "U.S. Government Publishing Office", "date": "2026-09-16", "url": "https://www.govinfo.gov/content/pkg/BILLS-119hr9340eh/html/BILLS-119hr9340eh.htm", "role": "Primary · House-passed bill text", "support": "Defines the proposed cost-recovery and financial-assurance standard, the 100 MW threshold, and state consideration procedures; this is proposed legislation, not an enacted requirement." }, { "publisher": "U.S. Senate Press Gallery", "date": "2026-09-30", "url": "https://www.dailypress.senate.gov/wednesday-september-30-2026/", "role": "Primary · Floor action record", "support": "Records the failed 57–43 cloture vote on the motion to proceed to H.R. 9340." }, { "publisher": "Reuters", "date": "2026-09-30", "url": "https://www.reuters.com/world/us-senate-set-block-bill-address-data-center-costs-2026-09-30/", "role": "Independent journalism · Legislative outcome", "support": "Reports the procedural setback and the debate over whether the proposed standard provides sufficient consumer protection." }, { "publisher": "Associated Press", "date": "2026-09-30", "url": "https://apnews.com/article/congress-data-centers-trust-husted-1e92cea86041e06e13853705319a7868", "role": "Independent journalism · Policy context", "support": "Separately reports the failed vote and competing views of the proposed protections." } ], "sourceAudit": "Four reviewed documents: bill text and Senate floor record, plus independent Reuters and AP reporting. A failed procedural vote is not enactment or a permanent ban on future legislation.", "reviewed": "2026-10-07", "path": "/news/ratepayer-protection/", "image": null, "imageOmissionReason": "No verified image permission; text-only publication.", "published": "2026-10-07", "editorialReviewed": "2026-10-07", "reportingLabel": "Source-based reporting and analysis", "eventDate": "2026-09-30", "eventDatePrecision": "day", "dateLabel": "September 30, 2026", "archiveStatus": "archived" }, { "id": "hut8-river-bend-construction", "category": "Construction", "location": "West Feliciana Parish, Louisiana · Construction", "date": "2026-10-07", "displayDate": "October 7, 2026", "eventDate": "2026-10-07", "eventDatePrecision": "day", "dateLabel": "Site visit reported October 7, 2026", "title": "On-site reporting documents construction progress at Hut 8’s River Bend campus", "change": "Axios reported from Hut 8’s River Bend site on October 7 and documented active construction at the Louisiana campus. Hut 8’s contracted first phase remains 245 MW of IT capacity, with initial delivery and commissioning targeted for the second quarter of 2027; no operating load was established.", "why": "Our analysis: visible site work reduces uncertainty about whether the contracted phase has moved beyond announcement, but it does not establish completion, customer acceptance or recurring lease revenue. Hut 8 still faces construction, financing and commissioning execution before the phase can contribute as an operating asset.", "next": "Documented completion and commissioning of the first data hall, currently targeted for Q2 2027, followed by customer acceptance and evidence of recurring rent collection.", "companies": "Hut 8 · HUT; Alphabet · GOOG / GOOGL; Fluidstack and Anthropic · private", "source": "https://www.axios.com/local/new-orleans/2026/10/07/data-center-louisiana-hut-8-anthropic", "sourceName": "Axios New Orleans · On-site reporting", "sources": [ { "publisher": "Axios New Orleans", "date": "2026-10-07", "eventDate": "2026-10-07", "reviewed": "2026-10-08", "url": "https://www.axios.com/local/new-orleans/2026/10/07/data-center-louisiana-hut-8-anthropic", "role": "Independent journalism · On-site construction reporting", "support": "Documents active construction during a controlled media visit. It does not establish completed commissioning, operating load or customer acceptance." }, { "publisher": "Hut 8", "date": "2025-12-17", "reviewed": "2026-10-08", "url": "https://www.hut8.com/news-insights/press-releases/hut-8-signs-15-year-245-mw-ai-data-center-lease-at-river-bend-campus-with-total-contract-value", "role": "Primary · Developer disclosure", "support": "Reports the 15-year Fluidstack lease for 245 MW of IT capacity, Google financial backstop and a Q2 2027 target for the initial data hall. These remain issuer-reported contractual terms and targets." }, { "publisher": "Louisiana Economic Development", "date": "2026-01-15", "reviewed": "2026-10-08", "url": "https://www.opportunitylouisiana.gov/news/hut-8-selects-southeast-louisiana-as-site-of-10-billion-artificial-intelligence-data-center", "role": "Primary government · State development record", "support": "Records the state-announced River Bend development, construction status and expected Q2 2027 commencement of operations. It is not an occupancy, commissioning or utility-acceptance record." }, { "publisher": "U.S. Securities and Exchange Commission", "date": "2025-12-17", "reviewed": "2026-10-08", "url": "https://www.sec.gov/Archives/edgar/data/1964789/000110465925122052/hut-20251217xex99d2.htm", "role": "Primary filing exhibit · Transaction terms", "support": "Records 245 MW contracted IT capacity, 330 MW utility capacity, the Q2 2027 initial-delivery target and financing conditions. It does not independently corroborate October construction progress." } ], "sourceAudit": "Four accessible documents reviewed. Axios independently documents current site work; Hut 8, Louisiana Economic Development and the SEC exhibit establish project identity, contractual scope and schedule. Only Axios corroborates the fresh physical-progress claim; no source establishes commissioning or operating load.", "reviewed": "2026-10-08", "editorialReviewed": "2026-10-08", "published": "2026-10-08", "path": "/news/hut8-river-bend-construction/", "reportingLabel": "Source-based reporting and analysis", "image": null, "imageOmissionReason": "No verified commercial reuse permission; text-only.", "relatedProjects": [], "relatedProjectBasis": "River Bend is not in the current 150-project inventory; no existing campus profile is treated as the same project.", "archiveStatus": "archived" }, { "id": "google-black-hills-cheyenne", "category": "Power agreement", "location": "Cheyenne, Wyoming · Contracted power", "date": "2026-10-06", "displayDate": "October 6, 2026", "eventDate": "2026-09-30", "eventDatePrecision": "day", "dateLabel": "Agreements effective September 30 · disclosed October 6", "title": "Black Hills signs agreements to serve Google’s planned Cheyenne campus", "change": "Black Hills said definitive agreements effective September 30 cover up to 590 MW of grid service for a planned Google data center. The utility expects to build 564 MW of gas generation and coordinate additional contracted resources; service is targeted to begin in late 2027.", "why": "Our analysis: the agreements convert an unidentified large-load prospect into a named long-term customer and create a defined utility investment path. The $1.8 billion generation plan is not closed financing, delivered capacity, operating load or realized earnings.", "next": "Wyoming decisions on the South Cheyenne transmission CPCN and related tariff mechanisms, the industrial-siting process, financing execution and documented start of service.", "companies": "Alphabet · GOOG / GOOGL; Black Hills Corp. · BKH", "source": "https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-executes-definitive-agreements-serve-googles", "sourceName": "Black Hills Corp. · Utility disclosure", "sources": [ { "publisher": "Black Hills Corp.", "date": "2026-10-06", "eventDate": "2026-09-30", "reviewed": "2026-10-07", "url": "https://ir.blackhillscorp.com/news-releases/news-release-details/black-hills-corp-executes-definitive-agreements-serve-googles", "role": "Primary · Utility disclosure", "support": "Reports definitive agreements effective September 30, 590 MW of grid service, 564 MW of planned company-owned gas generation, about 2.1 GW of managed third-party resources, $1.8 billion of expected generation investment and deliveries targeted to begin in late 2027. These are contracted plans, not operating load or realized earnings." }, { "publisher": "Wyoming Public Service Commission", "date": "2026-09-11", "reviewed": "2026-10-07", "url": "https://psc.wyo.gov/home/public-notices", "role": "Primary government · Regulatory record", "support": "Lists docket 20003-278-EN-26 (Record 18235) for proposed South Cheyenne transmission facilities and docket 20003-273-EM-26 (Record 18157) for the large-customer transmission adjustment and tariff changes. The records establish applications and proceedings, not approval of the full campus or delivered service." }, { "publisher": "Reuters", "date": "2026-10-07", "eventDate": "2026-10-06", "reviewed": "2026-10-07", "url": "https://www.reuters.com/business/energy/black-hills-plans-18-billion-investment-power-googles-data-center-2026-10-06/", "role": "Independent journalism · Agreement and financing context", "support": "Independently reports the agreements, the planned $1.8 billion investment, 564 MW build and expected service ramp. Reuters does not establish construction completion, financing close or operating data-center load." } ], "sourceAudit": "Three accessible documents from three publishers were reviewed: the utility disclosure, Wyoming PSC public records and independent Reuters reporting. The company remains the source for contract economics and delivery targets; regulatory applications do not establish approval of the full campus, construction completion or customer service.", "reviewed": "2026-10-07", "editorialReviewed": "2026-10-07", "published": "2026-10-07", "path": "/news/google-black-hills-cheyenne/", "reportingLabel": "Source-based reporting and analysis", "image": null, "imageOmissionReason": "No verified commercial reuse permission; text-only.", "relatedProjects": [], "relatedProjectBasis": "The planned Google Cheyenne campus is not in the current project inventory; no existing campus profile is treated as the same project.", "archiveStatus": "archived" }, { "id": "google-constellation-uprates", "category": "Policy & Power", "location": "PJM grid · Policy & Power", "date": "2026-10-06", "displayDate": "October 6, 2026", "eventDate": "2026-10-06", "eventDatePrecision": "day", "dateLabel": "October 6, 2026", "title": "Google agreement backs 890 MW of planned nuclear upgrades", "change": "Google and Constellation announced a 20-year agreement on October 6 to support added output at existing reactors. The upgrades are planned, not delivered capacity.", "why": "Our analysis: long-term customer commitments can help finance upgrades to existing plants. Construction spending, approvals and delivery still determine returns; contracted supply is not realized earnings or data-center utilization.", "next": "Plant-specific approval and construction records, followed by the first uprate, which the companies target for 2028.", "companies": "Alphabet · GOOG / GOOGL; Constellation Energy · CEG", "source": "https://www.constellationenergy.com/news/2026/10/google-and-constellation-announce-landmark-agreement-to-bring-890-mw-of-new-nuclear-capacity-to-pjm-grid.html", "sourceName": "Constellation / Google · Joint disclosure", "sources": [ { "publisher": "Constellation Energy / Google", "date": "2026-10-06", "eventDate": "2026-10-06", "reviewed": "2026-10-07", "url": "https://www.constellationenergy.com/news/2026/10/google-and-constellation-announce-landmark-agreement-to-bring-890-mw-of-new-nuclear-capacity-to-pjm-grid.html", "role": "Primary · Joint company disclosure", "support": "Reports the 20-year agreement for 890 MW of planned nuclear uprates, a separate 15-year 2,700 MW supply agreement, investment exceeding $4.3 billion and a first-uprate target of 2028. Not completed output or campus operating load." }, { "publisher": "The Verge", "date": "2026-10-06", "reviewed": "2026-10-07", "url": "https://www.theverge.com/science/1006082/google-nuclear-energy-power-purchase-agreement-constellation", "role": "Independent journalism · Agreement and grid context", "support": "Reports the agreement and distinguishes the separate supply contract; adds independently reported PJM demand and cost-allocation context. Does not verify completed uprates." }, { "publisher": "U.S. Department of Energy", "date": "Publication date not established", "reviewed": "2026-10-07", "url": "https://www.energy.gov/ne/utility-power-reactor-incremental-scaling-effort-uprise", "role": "Primary government · Context only", "support": "Explains UPRISE and increasing output at existing reactors. Does not approve, finance or corroborate completion of this commercial agreement." }, { "publisher": "Wall Street Journal", "date": "2026-10-06", "reviewed": "2026-10-07", "url": "https://www.wsj.com/business/energy-oil/google-and-constellation-energy-strike-a-sweeping-nuclear-power-deal-4287b372", "role": "Independent journalism · Accessible opening only", "support": "Accessible opening reports a 20-year 890 MW agreement involving 11 existing reactors. Remaining article inaccessible and not used for additional claims." } ], "sourceAudit": "Four accessible documents reviewed. Joint disclosure establishes issuer-reported terms; independent reporting covers the announcement. DOE provides context only. WSJ use is limited to its accessible opening. No completed uprate, project-specific IT load or regulatory approval is established.", "reviewed": "2026-10-07", "editorialReviewed": "2026-10-07", "published": "2026-10-07", "path": "/news/google-constellation-uprates/", "reportingLabel": "Source-based reporting and analysis", "image": null, "imageOmissionReason": "No verified commercial reuse permission; text-only.", "relatedProjects": [ "google-loudoun" ], "relatedProjectBasis": "Regional research context only; the agreement does not allocate supply to this campus.", "archiveStatus": "archived" }, { "id": "hostdime-supernova-research", "category": "New project research", "location": "United States / Florida / Eatonville / Orlando metro", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "HostDime SuperNova nears inspections; an opening remains unverified", "change": "Final construction, commissioning and inspections described by operator; occupancy and opening unverified. Operator design: 100,000 sq ft and more than 1,000 racks; local 120,000 sq ft report unresolved; operating IT MW unknown.", "why": "WKMG reports a $100 million project cost, not verified incurred spending or a closed financing package. HostDime markets colocation and private-cloud services, but no contract revenue, leased-rack count, occupancy, debt terms or project margin is disclosed in reviewed documents. Duke Energy is a company-reported planning counterparty; DUK earnings cannot be estimated from that relationship. Our analysis: the economic inflection requires occupied, billable service after inspections and commissioning.", "next": "Dated final inspections, occupancy certificate, utility acceptance and customer-service start", "companies": "HostDime; Town of Eatonville; Duke Energy", "source": "https://meetings.municode.com/adaHtmlDocument/index?cc=EATNVLLEFL&ip=True&me=5cc05f3d22c94e3a9921ec730be886ec", "sourceName": "Town of Eatonville Council", "sources": [ { "publisher": "Town of Eatonville Council", "date": "2026-09-01", "eventDate": "2026-09-01", "reviewed": "2026-10-08", "url": "https://meetings.municode.com/adaHtmlDocument/index?cc=EATNVLLEFL&ip=True&me=5cc05f3d22c94e3a9921ec730be886ec", "role": "Government record", "support": "Official council agenda includes discussion of HostDime’s previous development-agreement amendments and consideration of amendment 3, with agreement attachments. This verifies the town’s project record; an agenda does not establish adoption of proposed fines, occupancy authorization or operation." }, { "publisher": "HostDime", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.hostdime.com/new-orlando-data-center", "role": "Company disclosure", "support": "Operator describes SuperNova at 1 Innovative Pl as its seven-story 100,000-square-foot flagship, with more than 1,000-rack design capacity. It says final construction, commissioning and inspections continue, and describes Duke Energy coordination and closed-loop, air-cooled chilled-water cooling. These are company descriptions, not measured load, utility acceptance or independent Tier IV certification." }, { "publisher": "WFTV / Dave Jordan", "date": "2026-09-03", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.wftv.com/news/local/orange-county-based-data-center-could-open-october/BY5BBBY3WBFTVL7UZS2GULRHSI/", "role": "Independent local reporting", "support": "Independent local reporting quotes the CEO’s possible October opening conditional on final inspections after repeated delays. It reports prior $250-per-day fines. Its 120,000-square-foot figure differs from the operator’s 100,000; scope reconciliation remains open. The article does not establish passed inspections." }, { "publisher": "WKMG / ClickOrlando, Mark Lehman", "date": "2026-09-01", "eventDate": "2026-09-01", "reviewed": "2026-10-08", "url": "https://www.clickorlando.com/news/local/2026/08/31/eatonville-weighs-new-penalties-protections-for-ai-data-center-project/", "role": "Independent local reporting", "support": "Reports the planned council consideration of $500-per-day penalties and additional site commitments, plus a reported $100 million project cost and municipal water/sewer reimbursements. URL says August 31, but visible publication/update date is September 1. Proposed accountability terms are not treated as adopted." } ], "sourceAudit": "4 distinct accessible documents, including a project-specific government record and independent original reporting. Details and unresolved claims are preserved in the full profile and Florida source audit. Publication is new research, not a new project-status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/hostdime-supernova-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "hostdime-supernova" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified reuse rights; compact text-only coverage." }, { "id": "stonebridge-fort-meade-research", "category": "New project research", "location": "United States / Florida / Fort Meade", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Fort Meade’s Stonebridge campus: conditional approval leaves water and power unresolved", "change": "Conditional development agreement and tax incentive documented; water and wider permit completion unverified. County incentive application: 1,925,000 sq ft; Commerce letter: 4.4 million sq ft concept; scope differences unresolved; operating IT MW unknown.", "why": "The county applicant planned $1.2 billion in real improvements plus $1.64 billion of equipment; those figures are not a financing commitment or incurred capex. The incentive grants a 90% exemption for ten years subject to performance and review. Our analysis: the tax benefit can improve prospective development economics, but only if the operator, water, power, permits, capital and customer demand become executable. No public-stock earnings contribution or closed funding structure is established.", "next": "Project-specific SWFWMD decision, reconciled master plan and executed electricity arrangements", "companies": "Stonebridge; Fort Meade DC LLC; Florida Ecopark LLC; City of Fort Meade", "source": "https://polkcountyfl.legistar.com/LegislationDetail.aspx?From=RSS&FullText=1&GUID=DB771FE9-5D47-4CA5-A316-C3E973EEAD7F&ID=7715047", "sourceName": "Polk County Board of County Commissioners", "sources": [ { "publisher": "Polk County Board of County Commissioners", "date": "2025-10-21", "eventDate": "2025-11-04", "reviewed": "2026-10-08", "url": "https://polkcountyfl.legistar.com/LegislationDetail.aspx?From=RSS&FullText=1&GUID=DB771FE9-5D47-4CA5-A316-C3E973EEAD7F&ID=7715047", "role": "Government record", "support": "File 25-1989 records approval on November 4, 2025 of a 90% ten-year ad valorem exemption and performance agreement for Fort Meade DC LLC. The applicant planned $1.2 billion of real improvements and $1.64 billion of equipment for 1,925,000 square feet. These are plans, not incurred spending or financing close." }, { "publisher": "Florida Department of Commerce", "date": "2026-04-15", "eventDate": "2026-04-14", "reviewed": "2026-10-08", "url": "https://npr.brightspotcdn.com/c1/05/48b3f71a4de98d2aa86e5dede270/fort-meade-data-center-4-15-26.pdf", "role": "Government record", "support": "Original agency letter, publicly hosted by WUSF, describes the April 14 development agreement with Florida Ecopark LLC for Project Stonebridge as conditional on a SWFWMD consumptive-use permit. It cites a 4.4-million-square-foot concept, undisclosed operator, and outstanding energy, water, environmental and transport questions. It is agency scrutiny, not a permit or cancellation." }, { "publisher": "DatacenterDynamics", "date": "2026-04-21", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/plans-to-build-1300-acre-data-center-in-fort-meade-florida-gets-go-ahead-from-officials/", "role": "Independent specialist reporting", "support": "Specialist reporting links Stonebridge to Fort Meade DC LLC and the roughly 1,300-acre campus, and describes the conditional development agreement. Its 47.36-million-square-foot figure conflicts with the agency letter and is excluded from our adopted scope." }, { "publisher": "WUSF / Kerry Sheridan", "date": "2026-04-20", "eventDate": null, "reviewed": "2026-10-08", "url": "https://wusf.org/text/economy-business/2026-04-20/florida-commerce-secretary-opposes-proposed-ai-data-center", "role": "Independent local reporting", "support": "Original local reporting documents the Commerce secretary’s objections, changing developer water estimates and the need for SWFWMD review. Reported water demand is a disputed projection, not a verified withdrawal or actual cooling consumption." }, { "publisher": "FOX 13 Tampa Bay", "date": "2026-09-10", "eventDate": "2026-09-08", "reviewed": "2026-10-08", "url": "https://www.fox13news.com/news/fort-meade-commissioner-files-lawsuit-block-recall-campaign-effort.amp", "role": "Independent local reporting", "support": "Reports a commissioner’s lawsuit to block a project-related recall effort. Allegations are disputed and no court outcome is established. This documents continuing community/legal risk, not a construction-permit decision." } ], "sourceAudit": "5 distinct accessible documents, including a project-specific government record and independent original reporting. Details and unresolved claims are preserved in the full profile and Florida source audit. Publication is new research, not a new project-status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/stonebridge-fort-meade-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "stonebridge-fort-meade" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified reuse rights; compact text-only coverage." }, { "id": "uf-hipergator-research", "category": "New project research", "location": "United States / Florida / Gainesville", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "HiPerGator shows Florida’s delivered public AI computing investment", "change": "HiPerGator fourth-generation launch and installed system documented in October 2025; operating MW unverified. UF reports 63 DGX B200 nodes / 504 GPUs; campus IT MW and comparable utility load unknown.", "why": "UF describes a $33 million purchase at the launch. Independent journalism documents an earlier $24 million trustee allocation, while Senate LFIR 3066 separately records a $24 million request. These are different funding scopes and are not added together or treated as enacted appropriations. Our analysis: this is public AI-research procurement and utilization infrastructure, not a commercial hyperscale lease asset. NVIDIA supplies installed technology, but recognized revenue, margin, support fees and contract allocation are unknown.", "next": "Verify current generation utilization, measured electricity/cooling and any separately funded next upgrade", "companies": "University of Florida; NVIDIA; Florida Board of Governors", "source": "https://www.flsenate.gov/PublishedContent/Session/FiscalYear/FY2025-26/LocalFundingInitiativeRequests/FY2025-26_S3066.pdf", "sourceName": "Florida Senate", "sources": [ { "publisher": "Florida Senate", "date": "2025-03-06", "eventDate": "2025-03-06", "reviewed": "2026-10-08", "url": "https://www.flsenate.gov/PublishedContent/Session/FiscalYear/FY2025-26/LocalFundingInitiativeRequests/FY2025-26_S3066.pdf", "role": "Government record", "support": "LFIR 3066 requests $24 million for University of Florida AI Leadership Technology Renewal / HiPerGator Updates, through the Board of Governors, including NVIDIA networking. This project-specific state record is a funding request, not an enacted appropriation, cash receipt or final contract." }, { "publisher": "University of Florida", "date": "2025-10-15", "eventDate": "2025-10-14", "reviewed": "2026-10-08", "url": "https://news.ufl.edu/2025/10/hipergator-4-unveiling/", "role": "Public institution / operator disclosure", "support": "Public university disclosure records the East Campus launch and reports a $33 million purchase, 63 NVIDIA DGX B200 nodes and 504 GPUs replacing the earlier A100 SuperPOD. Performance comparisons are issuer claims and not comparable campus MW. The purchase figure differs in scope/date from the earlier $24 million budget/request." }, { "publisher": "The Independent Florida Alligator / Madeline Herring", "date": "2025-10-15", "eventDate": "2025-10-14", "reviewed": "2026-10-08", "url": "https://www.alligator.org/article/2025/10/hipergator-40-launch", "role": "Independent local reporting", "support": "Original on-site journalism documents the October 14 ribbon cutting and media tour, the East Campus location and the December 2024 $24 million trustee allocation. Energy-efficiency assertions are attributed to directors; it does not establish a power tariff or measured IT load." }, { "publisher": "Mainstreet Daily News / Nick Anschultz", "date": "2025-10-14", "eventDate": "2025-10-14", "reviewed": "2026-10-08", "url": "https://www.mainstreetdailynews.com/education/university-florida-unveils-hipergator-fourth-generation", "role": "Independent local reporting", "support": "Original reporting and photographs document the launch and guided data-center tour. It distinguishes the earlier $24 million trustee investment from the computing generations and attributes NVIDIA installation involvement to UF. Research-budget figures discussed at the event are not project revenue." } ], "sourceAudit": "4 distinct accessible documents, including a project-specific government record and independent original reporting. Details and unresolved claims are preserved in the full profile and Florida source audit. Publication is new research, not a new project-status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/uf-hipergator-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "uf-hipergator" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified reuse rights; compact text-only coverage." }, { "id": "raeden-project-taurus-research", "category": "New project research", "location": "United States / Colorado / Colorado Springs", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Colorado Springs defers Project Taurus decision to April 2027", "change": "Conditional plan modification appealed; council decision deferred to April 13, 2027.", "why": "Our analysis: reusing a former chip factory offers infrastructure potential, but a lengthy council delay increases carrying costs and timing uncertainty. RAEDEN’s $1.7 billion regional economic-impact estimate is not project capex, financing close or revenue. Confidential utility terms prevent a defensible site-level return model.", "next": "April 13, 2027 council action, final conditions, utility economics and tenant disclosure", "companies": "RAEDEN; 3G Venture II, LLC; Colorado Springs Utilities", "source": "https://coloradosprings.legistar.com/LegislationDetail.aspx?FullText=1&GUID=853D9C19-EC34-4B05-9143-0ED4D10307E4&ID=8206955&Options=&Search=", "sourceName": "City of Colorado Springs", "sources": [ { "publisher": "City of Colorado Springs", "date": "Publication date not established", "eventDate": "2026-07-23", "reviewed": "2026-10-08", "url": "https://coloradosprings.legistar.com/LegislationDetail.aspx?FullText=1&GUID=853D9C19-EC34-4B05-9143-0ED4D10307E4&ID=8206955&Options=&Search=", "role": "Government record", "support": "Official docket created June 29, 2026 identifies owner 3G Venture II, LLC and applicant RAEDEN, DEPN-26-0039 / APPL-26-0003 / APPL-26-0004. July 23 conditional modification approval and appeal denial preceded timely further appeals. Docket hearing history does not clearly establish September disposition." }, { "publisher": "RAEDEN", "date": "2026-09-18", "eventDate": "2026-09-17", "reviewed": "2026-10-08", "url": "https://raeden.com/raeden-statement-on-colorado-springs-project-taurus-city-council-hearing/", "role": "Company disclosure", "support": "Developer acknowledges postponement of September 17 hearing until April 2027. Its $1.7 billion regional economic-impact estimate is a forecast, not construction budget or closed financing." }, { "publisher": "KRDO", "date": "2026-09-17", "eventDate": "2026-09-17", "reviewed": "2026-10-08", "url": "https://krdo.com/news/2026/09/17/watch-colorado-springs-city-council-to-hear-project-taurus-appeals/", "role": "Independent local reporting", "support": "Original reporting establishes council’s 7–2 postponement to April 13, 2027. Planned noise mitigation is not completed infrastructure." }, { "publisher": "CPR / KRCC", "date": "2026-09-16", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.cpr.org/2026/09/16/project-taurus-explainer/", "role": "Independent local reporting", "support": "Interviews utility, developer and residents. Utility describes up to 72 MW existing electrical infrastructure and about 50 MW expected consumption; developer describes 50 MW computer load plus auxiliaries. Terms confidential and tenant undisclosed. These scopes cannot be treated as delivered IT MW." }, { "publisher": "CPR / KRCC", "date": "2026-07-24", "eventDate": "2026-07-23", "reviewed": "2026-10-08", "url": "https://www.cpr.org/2026/07/24/project-taurus-appeal-fails/", "role": "Independent local reporting", "support": "Original reporting records July 23 commission’s 6–2 appeal denial and noise controversy. September council postponement supersedes this earlier milestone; developer bond claims remain attributed." } ], "sourceAudit": "5 accessible source documents including project-specific government evidence and independent reporting. Syndications count once; stakeholder-affiliated reporting is separately labeled. New research, not a new status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/raeden-project-taurus-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "raeden-project-taurus" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage." }, { "id": "beale-luckett-marana-research", "category": "New project research", "location": "United States / Arizona / Marana / northwest Tucson region", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Marana’s Luckett rezoning survives referendum appeal", "change": "January rezoning survives September 29 appellate referendum decision; construction and power delivery unverified.", "why": "Beale projects significant tax receipts and private road/water/power improvements; those forecasts are not current income or financing close. Our analysis: surviving rezoning removes one documented entitlement challenge, but the large planned demand still requires utility infrastructure and cost allocation. No project lease revenue, incurred capex or utility earnings contribution is established.", "next": "Final plans, regulated service agreements, financing and independently documented construction", "companies": "Beale Infrastructure; Fremont Peak Properties LLC; TEP; Trico Electric Cooperative; Town of Marana", "source": "https://www.maranaaz.gov/Government/Data-Centers/Luckett-Road-North-and-South-Data-Centers", "sourceName": "Town of Marana", "sources": [ { "publisher": "Town of Marana", "date": "Publication date not established", "eventDate": "2026-01-06", "reviewed": "2026-10-08", "url": "https://www.maranaaz.gov/Government/Data-Centers/Luckett-Road-North-and-South-Data-Centers", "role": "Government record", "support": "Official project page confirms October 2025 applications, December 10 recommendation and January 6, 2026 adopted rezoning. Two adjacent roughly 300-acre parcels form one coordinated campus. Lists landowners and office-only potable-water restriction. Estimates 550–750 MW each parcel; these are proposed electrical demand, not committed service or IT capacity." }, { "publisher": "Arizona Court of Appeals, Division Two", "date": "2026-09-29", "eventDate": "2026-09-29", "reviewed": "2026-10-08", "url": "https://www.appeals2.az.gov/Decisions/CV20260174Opinion.pdf", "role": "Government record", "support": "Opinion 2 CA-CV 2026-0174, superior case C20261567, affirms judgment rejecting incomplete referendum petitions and attempted committee withdrawal. Identifies Ordinances 2026-002 / 2026-003 adopted January 6, 2026 and Fremont Peak Properties LLC’s purchase contracts. Does not establish construction, service agreements or financing." }, { "publisher": "Beale Infrastructure", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://bealeinfra.com/location/marana/", "role": "Company disclosure", "support": "Issuer identifies Luckett Road phased campus, TEP/Trico electricity pathways and planned private infrastructure funding. Construction Q1/Q2 2027 and initial occupancy late 2028/early 2029 are forecasts. Service agreements remain subject to ACC approval; customer and final building count not disclosed." }, { "publisher": "AZPM", "date": "2026-01-08", "eventDate": "2026-01-06", "reviewed": "2026-10-08", "url": "https://news.azpm.org/p/azgovtnews/2026/1/8/227908-marana-town-council-approves-rezoning-for-luckett-road-project-600-acre-hyperscale-data-center/", "role": "Independent local reporting", "support": "Original council reporting establishes January 6 rezoning and identifies Fremont Peak Properties as Beale subsidiary. Former internal Jaguar West name is same Luckett campus. Caption year typo does not override actual 2026 meeting date." }, { "publisher": "AZPM", "date": "2026-05-04", "eventDate": null, "reviewed": "2026-10-08", "url": "https://news.azpm.org/p/azpmnews/2026/5/4/229588-no-ballot-vote-for-marana-data-center-after-court-backs-town-clerks-decision/", "role": "Independent local reporting", "support": "Original reporting describes superior-court rejection of petitions and withdrawal request. September appellate opinion provides the later controlling documented milestone." }, { "publisher": "Chamber Business News", "date": "2026-10-01", "eventDate": "2026-09-29", "reviewed": "2026-10-08", "url": "https://chamberbusinessnews.com/2026/10/01/arizona-appeals-court-upholds-rejection-of-marana-data-center-referenda/", "role": "Stakeholder-affiliated reporting", "support": "Reports appellate affirmation. Arizona Chamber participated as amicus; this is stakeholder-affiliated business coverage and is not used as independent corroboration. Primary court opinion supports the outcome." } ], "sourceAudit": "6 accessible source documents including project-specific government evidence and independent reporting. Syndications count once; stakeholder-affiliated reporting is separately labeled. New research, not a new status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/beale-luckett-marana-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "beale-luckett-marana" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage." }, { "id": "gemini-sioux-falls-research", "category": "New project research", "location": "United States / South Dakota / Sioux Falls", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Sioux Falls Gemini proposal has entitlements, but still seeks a tenant", "change": "Preliminary municipal plan approved; tenant, financed buildings and deliverable power unresolved.", "why": "Xcel confirms a land sale to Gemini Capital, not contracted utility demand. No verified campus budget, closed financing, leases or earnings contribution is established. Our analysis: entitlement creates a land-development option; economics depend on a customer and infrastructure commitments, especially after the state rejected proposed tax incentives. No numerical return model is justified.", "next": "Named tenant, approved utility agreement, capital commitment and building permits", "companies": "Gemini Data Center SD LLC; Gemini Capital; Xcel Energy", "source": "https://amv.siouxfalls.gov/OnBaseAgendaOnline/Documents/DownloadFileBytes/City_Council_Meeting_4171_Agenda_12_16_2025_6_00_00_PM.pdf?documentType=1&meetingId=4171", "sourceName": "City of Sioux Falls Council", "sources": [ { "publisher": "City of Sioux Falls Council", "date": "2025-12-16", "eventDate": null, "reviewed": "2026-10-08", "url": "https://amv.siouxfalls.gov/OnBaseAgendaOnline/Documents/DownloadFileBytes/City_Council_Meeting_4171_Agenda_12_16_2025_6_00_00_PM.pdf?documentType=1&meetingId=4171", "role": "Government record", "support": "Official agenda identifies rezoning 022049-2025, applicant Gemini Data Center SD LLC / Michael Anvar and planned data-center use. Recommendation, landscape and equipment screening provisions are planning context; agenda alone does not establish adoption." }, { "publisher": "City of Sioux Falls — adopted resolution in official minutes", "date": "2026-01-06", "eventDate": "2026-01-06", "reviewed": "2026-10-08", "url": "https://amv.siouxfalls.gov/OnBaseAgendaOnline/Documents/ViewAgenda?doctype=2&meetingId=4182&type=minutes", "role": "Government record", "support": "Official January 6 minutes record adoption of amended Resolution 4-26 approving the preliminary Gemini Addition plan. The resolution limits any proposed data center to domestic water usage determined by meter size. Preliminary-plan approval does not establish a building permit, occupancy authorization or operating campus." }, { "publisher": "SiouxFalls.Business / Jodi Schwan", "date": "2026-01-19", "eventDate": null, "reviewed": "2026-10-08", "url": "https://siouxfalls.business/sioux-falls-data-center-developers-detail-next-steps/", "role": "Independent local reporting", "support": "Original developer interview reports late-2023 land acquisition from Xcel, municipal approvals and very early stage without end user or final construction design. Study/substation funding claims are developer statements, not an approved utility service agreement." }, { "publisher": "South Dakota Searchlight / Makenzie Huber", "date": "2026-04-02", "eventDate": null, "reviewed": "2026-10-08", "url": "https://southdakotasearchlight.com/2026/04/02/one-data-center-project-unchanged-while-another-doesnt-make-sense-after-rejected-incentives/", "role": "Independent local reporting", "support": "Original reporting says Gemini representative continued tenant recruitment despite rejected state tax incentives. Company assertion of unchanged project does not establish construction. Separate Applied Digital Toronto project paused with land agreement lapsing." }, { "publisher": "Gemini / Sioux Falls Technology Park", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.sftechpark.com/faq", "role": "Company disclosure", "support": "Issuer describes approximately 164-acre conceptual campus. Gemini develops land; future end users would construct/operate buildings. Power and tenant arrangements are unresolved. The previously reviewed 500 MW illustration was conceptual, not contracted capacity; that illustration was not visible in the FAQ text retrieved for this audit." }, { "publisher": "Xcel Energy 2024 annual report", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://s202.q4cdn.com/586283047/files/doc_financials/ar-interactive/2024-interactive/ar/PDF/xcel_energy-ar2024_0010.pdf", "role": "Company disclosure", "support": "Utility annual-report page explicitly confirms Sioux Falls land sale to Gemini Capital. Report period 2024; publication date not established. No committed campus MW, signed supply terms or utility earnings contribution is established." } ], "sourceAudit": "6 accessible source documents including project-specific government evidence and independent reporting. Syndications count once; stakeholder-affiliated reporting is separately labeled. New research, not a new status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/gemini-sioux-falls-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "gemini-sioux-falls" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage." }, { "id": "global-ai-weld-research", "category": "New project research", "location": "United States / Colorado / Windsor / unincorporated Weld County", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · historical milestones dated in profile", "title": "Global AI gains Weld land-use approval; durable power remains the test", "change": "Final land-use approval September 9; further permits and durable utility service unresolved.", "why": "Our analysis: adaptive reuse lowers the need to establish a new industrial location, but entitlement has value only if reliable power and water turn into permitted, funded computing. Reported $15.6 million property consideration is distinct from retrofit costs and total campus investment. No campus financing close, tenant income or public-company earnings contribution is established.", "next": "Issued permit suite, executed power/water arrangements and documented customer service", "companies": "Global AI (Colorado), LLC; PVREA; Greeley/Windsor water pathways", "source": "https://www.weld.gov/Newsroom/2026-News/Weld-County-Commissioners-approve-Global-AI-data-center-permit", "sourceName": "Weld County", "sources": [ { "publisher": "Weld County", "date": "2026-09-10", "eventDate": "2026-09-09", "reviewed": "2026-10-08", "url": "https://www.weld.gov/Newsroom/2026-News/Weld-County-Commissioners-approve-Global-AI-data-center-permit", "role": "Government record", "support": "September 9 final 5–0 land-use approval of USR26-0019 for Global AI (Colorado), LLC. Covers reuse of the existing industrial facility, not the entire former Kodak property. Required building, electrical, mechanical, fire, utility and environmental approvals remain separate; future phases require review." }, { "publisher": "Town of Windsor", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://register.windsorgov.com/1452/AI-Data-Center-Project-Information", "role": "Government record", "support": "July 28/August 3 updates describe a site outside town jurisdiction. Conditional water/wastewater will-serve letter depends on annexation and is not an executed service agreement. Earlier county-review discussion is superseded by the September decision." }, { "publisher": "Colorado Public Radio", "date": "2026-09-10", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.cpr.org/2026/09/10/weld-county-officials-approve-data-center/", "role": "Independent local reporting", "support": "Original reporting places the 41-acre application within a 438-acre acquired property. Describes closed-loop cooling, noise monitoring and decommissioning plan/bond conditions. County officials reported earlier compliance issues resolved in August; no operation was verified." }, { "publisher": "Colorado Newsline / KUNC", "date": "2026-09-12", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.kunc.org/news/2026-09-12/weld-county-commissioners-approve-permit-for-global-ai-data-center", "role": "Independent local reporting", "support": "Sara Wilson reporting describes applicant’s 35 MW PVREA will-serve letter against a 27.5 MW first phase, with delivery-duration objections. Company opening forecast is not operation; 1 GW by 2029 refers to its network ambition. KUNC/Newsline syndications count as one underlying document." }, { "publisher": "Colorado Public Radio", "date": "2026-08-07", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.cpr.org/2026/08/07/weld-county-ai-data-center/", "role": "Independent local reporting", "support": "Public-record investigation describes historical stop-work disputes and wholesale power constraints, including declining availability after 2028. Later-phase Bloom fuel cells were an applicant proposal; no state air application as of July 29. This is not a vendor award or current permit search." }, { "publisher": "DatacenterDynamics", "date": "2026-02-09", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/global-ai-set-to-develop-data-center-outside-denver-colorado/", "role": "Independent specialist reporting", "support": "Background discovery cites a reported $15.6 million November 2025 property purchase and early development scenarios. Draws on Denver Business Journal, so it is not additional corroboration of that original story. Purchase price is not campus capex." } ], "sourceAudit": "6 accessible source documents including project-specific government evidence and independent reporting. Syndications count once; stakeholder-affiliated reporting is separately labeled. New research, not a new status event.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/global-ai-weld-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "global-ai-weld" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; compact text-only coverage." }, { "id": "databank-centennial-research", "category": "New project research", "location": "United States / Colorado / Centennial", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · earlier milestones dated in profile", "title": "DataBank Centennial Campus / DEN5: capacity plans meet the delivery test", "change": "City’s April 2025 bulletin confirms DEN5 opened the preceding fall; current utilization unverified.", "why": "Operator lists DEN5 16 MW and DEN2 4 MW critical IT capacity within one campus. This is design/available capacity, not metered utilization or revenue. No campus acquisition price, project financing close, occupancy, lease yield or margin was verified. Xcel service association is company-reported; no incremental utility earnings assigned. Our analysis: an opened facility offers nearer-term lease-up relevance than a proposed megacampus, while AI customer exposure remains unproven.", "next": "Verify current lease-up, delivered high-density deployments and incremental power terms", "companies": "DataBank; Xcel Energy", "source": "https://content.govdelivery.com/accounts/COCENTENNIAL/bulletins/3d9a107", "sourceName": "City of Centennial Economic Development", "sources": [ { "publisher": "City of Centennial Economic Development", "date": "2025-04-04", "eventDate": null, "reviewed": "2026-10-08", "url": "https://content.govdelivery.com/accounts/COCENTENNIAL/bulletins/3d9a107", "role": "Government record", "support": "Government business bulletin states DEN5 at 6961 S Quentin Street opened the previous fall. This establishes city acknowledgment of opening, not a permit/inspection certificate, occupancy level, delivered MW or named AI customer." }, { "publisher": "DataBank", "date": "2021-07-26", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.databank.com/resources/press-releases/databank-acquires-building-land-for-fifth-data-center-in-denver/", "role": "Company disclosure", "support": "Original acquisition disclosure identifies 6961 S Quentin Street as future DEN5 adjacent to DEN2. Historical initial 6 MW plan is not current operating load; no project debt or customer award established." }, { "publisher": "DataBank", "date": "2024-09-04", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.databank.com/resources/press-releases/databank-celebrates-grand-opening-of-newest-metro-denver-data-center/", "role": "Company disclosure", "support": "Announces October 3, 2024 grand-opening event and 16 MW critical IT capacity. Announcement alone is not event completion; later city bulletin supports opening. Historical 75,000-square-foot description differs in scope from current 56,000 IT square feet." }, { "publisher": "DataBank", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.databank.com/data-centers/denver/centennial-campus/", "role": "Company disclosure", "support": "Current operator page lists DEN2 4 MW and DEN5 16 MW critical IT capacity and 56,000 IT square feet for DEN5; shared 11-acre campus and Xcel off-site substation. Company capacity is not measured utilization or tenant-accepted load." }, { "publisher": "DatacenterDynamics", "date": "2022-02-03", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/databank-acquires-den2-data-center-land-plans-centennial-campus/", "role": "Independent specialist reporting", "support": "Reports purchase of formerly leased DEN2 and integration with adjacent DEN5 conversion into one campus. Historical 15 MW full DEN5 plan superseded by current 16 MW company figure. Article substantially draws on company statements; same underlying disclosures not independent corroboration." } ], "sourceAudit": "5 readable source documents including government evidence. Government scope and announcement-based reporting limitations disclosed; no inaccessible underlying PDF counted.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/databank-centennial-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "databank-centennial" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; text-only research." }, { "id": "flexential-parker-research", "category": "New project research", "location": "United States / Colorado / Parker", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · earlier milestones dated in profile", "title": "Flexential Parker / Compark: capacity plans meet the delivery test", "change": "Construction documented by Parker in April and PBS in June 2026; energization and completion unverified.", "why": "PBS reports a $192 million facility; no project-specific financing close verified. CORE identifies planned supply, but price, minimum billing, infrastructure cost allocation and acceptance date are undisclosed. Westside representative forecasts 30–50 jobs and $1.5–1.7 million annual town franchise-fee revenue; these are attributed forecasts, not operator earnings. Our analysis: revenue conversion depends on commissioned, occupied capacity, not footprint or utility availability alone.", "next": "Reconcile delivery forecast, utility energization, occupancy and first customer service", "companies": "Flexential; CORE Electric Cooperative; Westside Investment Partners", "source": "https://parkerco.gov/m/newsflash/Archive/Item/2412?arcId=4065", "sourceName": "Town of Parker", "sources": [ { "publisher": "Town of Parker", "date": "2026-04-13", "eventDate": null, "reviewed": "2026-10-08", "url": "https://parkerco.gov/m/newsflash/Archive/Item/2412?arcId=4065", "role": "Government record", "support": "Town notice states Flexential is under construction in the Compark area of north Parker. It is a public-information notice, not a building permit, occupancy certificate or energization record." }, { "publisher": "Flexential", "date": "2024-05-14", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.flexential.com/resources/press-release/flexential-announces-flexanywhere-platform-expansion-new-state-art-data", "role": "Company disclosure", "support": "Original disclosure plans a 249,000-square-foot, 22.5 MW facility on over 17 acres, supplied by CORE. Original 2026 opening target is not completion. Platform-wide CoreWeave/Applied Digital relationships do not establish Parker customers." }, { "publisher": "CORE Electric Cooperative", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://core.coop/community-partnerships-create-data-center-growth-in-douglas-county/", "role": "Utility disclosure", "support": "Utility says it will provide 22.5 MW from available capacity and describes collaboration with Parker, Westside Partners and Flexential. Page displays May 20 without a verified year in retrieved text. Future supply statement is not executed tariff/service terms or energization. Joint announcement is not independent journalism." }, { "publisher": "Rocky Mountain PBS", "date": "2026-06-15", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.rmpbs.org/news/business-economy/parker-colorado-data-center", "role": "Independent local reporting", "support": "Original site reporting documents construction, February 2024 Compark Village Sixth Amendment zoning and community concerns. Reports $192 million project cost and January 2027 completion expectation; those are reported project figures/forecast, not closed financing or completion. Westside representative employment and franchise-fee forecasts remain attributed." } ], "sourceAudit": "4 readable source documents including government evidence. Government scope and announcement-based reporting limitations disclosed; no inaccessible underlying PDF counted.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/flexential-parker-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "flexential-parker" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; text-only research." }, { "id": "coresite-de3-denver-research", "category": "New project research", "location": "United States / Colorado / Denver", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · earlier milestones dated in profile", "title": "CoreSite DE3 / Race Street campus: capacity plans meet the delivery test", "change": "Company reported topping out October 2025; May 2026 independent reporting documents construction; no commissioning verified.", "why": "DCD reports expected 85% Stonepeak and 15% CoreSite equity in the announced development JV, estimated first-building cost over $250 million, delivered in three 6 MW phases. These are disclosed deal structure and estimates, not independently verified funding close or actual spend. AMT economic exposure is through CoreSite; site-level earnings undisclosed. Denver’s up-to-$9 million incentive proposal is tabled, not verified awarded.", "next": "First-building utility/customer acceptance; separate approvals for future buildings", "companies": "CoreSite; American Tower; Stonepeak", "source": "https://denver.legistar.com/LegislationDetail.aspx?GUID=8888E6F2-D221-4CBE-80FD-4361184BFD64&ID=7051263&Options=&Search=", "sourceName": "City and County of Denver", "sources": [ { "publisher": "City and County of Denver", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://denver.legistar.com/LegislationDetail.aspx?GUID=8888E6F2-D221-4CBE-80FD-4361184BFD64&ID=7051263&Options=&Search=", "role": "Government record", "support": "File 24-1084, created August 16, 2024, proposes CoreSite LP revenue-return agreement up to $9 million through June 30, 2039 (OEDEV-202475137). Status tabled; final action blank. Postponements August 28 and October 2 do not establish approved incentives or construction authorization." }, { "publisher": "CoreSite", "date": "2025-10-06", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.coresite.com/news/coresite-achieves-key-construction-milestone-for-new-de3-data-center-in-denver", "role": "Company disclosure", "support": "Company reports topping out DE3 at 4900 Race Street, a planned 180,000-square-foot facility targeting 2026 availability. Broader campus approximately 600,000 square feet / 60 critical MW is a future envelope. First building is separate from downtown DE1/DE2." }, { "publisher": "DatacenterDynamics", "date": "2024-08-01", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/stonepeak-and-coresite-form-jv-for-denver-data-center-development/", "role": "Independent specialist reporting", "support": "Reports announced Stonepeak/CoreSite JV: expected 85%/15% equity, first DE3 facility 18 MW in three 6 MW phases, estimated development cost over $250 million. Based substantially on issuer announcement; not independent verification of financing close, spend or current ownership changes." }, { "publisher": "Denver Gazette", "date": "2026-05-19", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.denvergazette.com/2026/05/19/denver-halts-new-data-centers-for-12-months/", "role": "Independent local reporting", "support": "Original council reporting, updated May 20, says existing DE3 construction is unaffected by the new moratorium while future two buildings face regulations. Covers community objections. Caption dimensions differ from company figures; neither implies delivered IT capacity. No approved $9 million incentive established." } ], "sourceAudit": "4 readable source documents including government evidence. Government scope and announcement-based reporting limitations disclosed; no inaccessible underlying PDF counted.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/coresite-de3-denver-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "coresite-de3-denver" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; text-only research." }, { "id": "qts-aurora-denver-research", "category": "New project research", "location": "United States / Colorado / Aurora", "date": "2026-10-08", "displayDate": "October 8, 2026", "eventDate": null, "eventDatePrecision": "not applicable", "dateLabel": "New research published October 8, 2026 · earlier milestones dated in profile", "title": "QTS Aurora–Denver DEN1: capacity plans meet the delivery test", "change": "July 2026 site reporting documents phased buildout; full campus commissioning unverified.", "why": "The campus is a QTS development within Blackstone ownership. No project budget, debt closing, leases, site revenue or Blackstone earnings contribution was verified. Historical 177 MW / 67-acre marketing differs from current 160 MW+ / 65-acre disclosure; do not add them or interpret the difference as verified cancellation. Our analysis: phased delivery and regulatory compliance determine when planned capacity becomes billable service.", "next": "Direct state generator-permit decision, campus-phase occupancy and utility acceptance", "companies": "QTS Data Centers; Blackstone", "source": "https://coaapps.auroragov.org/publicdocuments/publicrecordsearch.aspx?locationkey=227486", "sourceName": "City of Aurora", "sources": [ { "publisher": "City of Aurora", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://coaapps.auroragov.org/publicdocuments/publicrecordsearch.aspx?locationkey=227486", "role": "Government record", "support": "Government index at 1164 N Gun Club Road identifies QTS DEN1 DC1 guard-shack plans B1911699–B1911701 released November 7, 2023, building permit B1911702 and guard-booth occupancy index B1982975 released July 3, 2024. Underlying occupancy PDF inaccessible. Index establishes listed records only; release date is not actual issuance date, and guard-booth occupancy is not campus occupancy." }, { "publisher": "QTS Data Centers", "date": "Publication date not established", "eventDate": null, "reviewed": "2026-10-08", "url": "https://q.com/data-centers/denver/", "role": "Company disclosure", "support": "Current operator page identifies Denver 1 at 1160 N Gun Club Road, Aurora, and planned 160 MW+ critical capacity across 65 owned acres. These are company plans, not delivered IT MW; current tenant and operating capacity unestablished." }, { "publisher": "Colorado Public Radio", "date": "2026-07-08", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.cpr.org/2026/07/08/qts-aurora-data-center-diesel-generators/", "role": "Independent local reporting", "support": "Original site reporting updated July 8 documents June 16 construction: one building described complete, another nearly finished, third footprint being prepared. Reports July 2025 air-permit amendment proposing 98 additional generators beyond 40 installed. Permit approval not verified from direct state record. Aurora Water official reports about 2,400 gallons daily; not a forecast for fully built campus." }, { "publisher": "DatacenterDynamics", "date": "2022-07-25", "eventDate": null, "reviewed": "2026-10-08", "url": "https://www.datacenterdynamics.com/en/news/qts-plans-15m-sq-ft-expansion-at-henrico-virginia-campus-and-denver-build-out/", "role": "Independent specialist reporting", "support": "Independent discovery of newly listed Denver campus; historical operator plan 177 MW / 67 acres. Current operator 160 MW+ / 65 acres supersedes these planning figures. Reporter notes former JPMorgan site; old facility and current redevelopment are one campus here, not two entries." } ], "sourceAudit": "4 readable source documents including government evidence. Government scope and announcement-based reporting limitations disclosed; no inaccessible underlying PDF counted.", "reviewed": "2026-10-08", "published": "2026-10-08", "editorialReviewed": "2026-10-08", "path": "/news/qts-aurora-denver-research/", "reportingLabel": "Source-based research and analysis", "relatedProjects": [ "qts-aurora-denver" ], "relatedProjectBasis": "Exact stable campus match", "archiveStatus": "archived", "image": null, "imageOmissionReason": "No verified image reuse rights; text-only research." } ] }, "tickerVerification": { "JPM": { "issuer": "JPMorgan Chase & Co.", "publicationDate": "2026-09-15", "reviewed": "2026-10-08", "url": "https://www.jpmorganchase.com/ir/news/2026/jpmc-declares-increased-common-stock-dividend-9-15", "claim": "Issuer identifies NYSE:JPM; bank campus linkage comes from project agreement. Corporate dividend disclosure is not one of the four campus-source documents." } } }