Power and the AI Buildout

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

KLON-03 construction announcement: 17.6 MW planned AI capacity, hybrid direct-to-chip cooling and up to 130 kW racks are company design claims.

FY26 presentation, PDF page 24 (printed 19): KLON-03 construction progressing; capacity expected from early 2027. Materially all operating and under-construction capacity was contracted at year-end. Revenue £48 million and EBITDAF £4.7 million are Kao-wide figures.

Permit EPR/WE4588AB/V002 granted to Harlow Operations Limited June 3, 2026. Adds KLON-03 emergency generators and extra KLON-01/02 units. 152 MW combined thermal combustion input is not IT load.

22 MW ten-year Nebius campus agreement; AI Cloud and Token Factory to be hosted at Harlow. The entire allocation is not attributed solely to KLON-03.

Independent specialist reporting of the Nebius agreement and national investment plan. Historical building capacity figures differ from the current operator profile.

Prospective private-wire solar development up to 40 MW with planned PPA; announcement does not establish solar commissioning or continuous firm electricity.

Shell Energy UK signed renewed supply agreement July 1, published July 2. Kao-wide approximately 140 GWh annual supply since 2022 is renewable-certificate matched, not exclusive Harlow generation.