The AI Buildout Tracker

The physical buildout in three tables: what the hyperscalers are spending, the mega projects the money is turning into, and the power deals keeping them running. Every row links to the tracked stocks exposed to it, with a primary source.

Tracked capex (TTM)

$751B

7 companies

Capacity being built

69.7 GW

80 projects under way, 44.5 GW more announced

Power under firm contract

50.5 GW

47 firm deals, 20.9 GW more at LOI

Data curated as of

2026-11-01

sources linked per row

Hyperscaler capex

Capital spending of the companies funding the buildout, from their own filings and earnings calls. Most of this spend is AI data centers, chips, and power.

Hyperscaler capital expenditure, latest quarter and trailing twelve months
CompanyLatest quarterCapexTTMYoYSource
AMZNQ3 2026$75.9B$214.1B+122%2026-10-29 ↗
GOOGLQ3 2026$51.4B$159.8B+115%2026-10-28 ↗
MSFTFY27 Q1$45.2B$155.6B+30%2026-10-28 ↗
METAQ3 2026$34.9B$107.9B+80%2026-10-21 ↗
ORCLFY27 Q1$28.5B$75.7B+235%2026-09-10 ↗
CRWVQ2 2026$9.4B$27.2B+224%2026-08-11 ↗
NBISQ2 2026$5.7B$11.1B+1008%2026-08-12 ↗

Major AI builds

The named mega projects: AI data center campuses large enough to move the companies building, powering, and filling them.

121 projects, largest first · showing 1 to 20

Project MatadorFermi AmericaUnder construction11 GW
Amarillo, TXPlanned 11 GW private energy campus combining gas turbines, solar and a four-unit AP1000 nuclear plant. The first anchor lease, with neocloud TensorWave, is a binding phase 1 covering 222 MW of total facility power, worth about $6.5 billion over 15 years, with expansion rights that could grow the partnership to more than 650 MW across three phases if exercised. The lease's closing date has been extended from September 30 to October 31, 2026 pending a financing guaranty.

Fermi America is building an 11 GW behind-the-meter power and data center campus outside Amarillo, Texas that it calls the HyperGrid. In August 2026 it signed its first binding customer lease, with neocloud TensorWave, a 222 MW phase 1 worth about $6.5 billion over 15 years, with expansion rights toward more than 650 MW across three phases if exercised. The lease's closing has been pushed from September 30 to October 31, 2026 while a financing guaranty is finalized. On October 9, 2026 the NRC published a draft environmental impact statement and Notice of Availability for the site's four-unit AP1000 nuclear license application, with NRC staff preliminarily recommending the combined license be issued. A 45 day public comment period runs through November 23, 2026.

Project BeehiveValar AtomicsAnnounced9.6 GW
Price, UTTarget: 2032Up to 456 small nuclear reactors planned across more than 9,000 acres of Bureau of Land Management land plus about 650 acres of state land, producing an aggregate of about 9.6 GW for the data centers and additional process heat. No data center tenant has been named.

Valar Atomics filed an application with the Bureau of Land Management's Utah office for Project Beehive, a nuclear powered data center complex near Price, Utah, combining 456 small reactors, a nuclear fuel production facility and waste storage. The BLM says it is reviewing the application for completeness before the required NEPA environmental review begins. Non-nuclear construction could start by the end of 2026, with the first reactors targeted for 2028 and the full site by 2032. Valar raised a 1 billion dollar Series B led by Sequoia Capital in August 2026 to fund its reactor manufacturing, but no project-specific investment figure has been disclosed and no data center customer has been named.

PORTS-Pike Technology CampusSB EnergyAnnounced8 GW
Pike County, OHTarget: 2028~$105B investment8 IT-GW of AI factory capacity backed by at least 10 GW of new generation that SB Energy and SoftBank will build. Nvidia secured the initial 4.25 IT-GW with an option on the remaining 3.75 IT-GW.

SB Energy is reindustrializing the decommissioned Portsmouth Gaseous Diffusion Plant into what would be one of the largest AI campuses anywhere, with OpenAI as the customer for all 8 IT-GW. Nvidia provided up to $105 billion of credit support plus a $1.5 billion equity investment in SB Energy, and capacity is expected to phase in from 2028.

Meta HyperionMeta PlatformsUnder construction5 GW
Richland Parish, LATarget: 2030~$50B investmentMeta confirmed a 5 GW build in July 2026, up from the original 2 GW plan. Roughly 2 GW is expected online by 2030 with full build-out around 2032.

Meta's largest data center, a 2,250 acre campus near Holly Ridge that Zuckerberg has said is roughly the footprint of Manhattan. Construction started in December 2024 and Entergy is building at least 3.8 GW of generation to serve it.

OpenAI Project Camellia (Effingham County)OpenAIAnnounced3.2 GW
Effingham County, GATarget: 2032~$20B investment3.2 GW campus across four buildings within the 2,600 acre Savannah Gateway Industrial Hub, delivered in phases from 2028 through 2032 under a 25 year power supply agreement with Georgia Power. OpenAI has committed up to 1 GW of flexible demand response.

OpenAI unveiled Project Camellia in Effingham County, Georgia, near Rincon outside Savannah, on July 22, 2026, describing at least 20 billion dollars of private investment for a 3.2 GW campus. The deal includes 80 million dollars of community benefits and 71 million dollars of Codex education credits for Georgia students, with initial operation targeted as early as 2028.

Matrix Data Center CampusMSB Global ServicesUnder construction3 GW
Sulphur Springs, TXTarget: 2029~$18.7B investment30 identical 100 MW buildings planned for 3 GW at full build by 2029. Phase 1 is 8 buildings for 800 MW, with the first 100 MW building powered by a Bloom Energy fuel cell microgrid.

MSB Global Services broke ground in early 2025 on a roughly 18.7 billion dollar, 1,677 acre AI campus in Sulphur Springs, Texas, east of Dallas, planned to reach 3 GW of GPU-optimized IT capacity across 30 buildings by 2029. The first 100 MW building runs on a Bloom Energy fuel cell microgrid and later phases add a geothermal microgrid. No anchor hyperscale tenant has been publicly disclosed as of this run.

Project TemboGoogleUnder construction2.7 GW
Cheyenne, WYTarget: 20312.7 GW initially across four data halls on 716 acres, with reported headroom toward 10 GW. Black Hills Corp's definitive agreements cover a roughly 2.7 GW resource mix: 564 MW of new company owned gas generation Black Hills will build between 2027 and 2029 for about $1.8 billion of capex, up to 590 MW of grid connected service, and management of about 2.1 GW of third party resources through a private microgrid.

Wyoming's largest data center campus, at Switchgrass Industrial Park south of Cheyenne. Google is confirmed as the customer through a county filing and holds the site via its Jupiter Star Holdings subsidiary, having taken over from Crusoe in June 2026. Black Hills Corp disclosed definitive agreements on October 6, 2026, a Large Power Contract Services Agreement and a Generation Facilities Agreement running through 2048, under which it will invest about $1.8 billion in new gas generation and manage a broader multi gigawatt resource stack. Energy service is set to begin in late 2027, ramping to peak load by 2030.

Stargate Project JupiterSTACK InfrastructureUnder construction2.2 GW
Doña Ana County, NMTarget: 2028-12~$165B investmentEpoch AI projects about 2.2 GW across four large buildings, powered by two on-site natural gas microgrids. Oracle has told county commissioners the campus is roughly 26 percent complete, with buildings that do not require the pending air quality permit continuing construction regardless.

STACK Infrastructure, a Blue Owl Capital unit, is developing Project Jupiter near Santa Teresa for the Stargate program, backed by a $165 billion industrial revenue bond approved by Doña Ana County. On September 24, 2026, Oracle sent STACK a force majeure notice reserving the right to delay payments if the site misses its 2028 online target, after New Mexico regulators twice denied permits for an Energy Transfer gas pipeline meant to feed the campus's planned fuel cell power plant, pushing the pipeline's in service date to February 1, 2027. Oracle and Blue Owl both say the project remains on its planned schedule and financial commitments are unchanged. The New Mexico Supreme Court had paused the site's air quality permit proceedings and an emergency water well authorization in late August 2026 after challenges from two environmental groups, then unanimously rejected both challenges and lifted the stays on September 17, 2026, letting the permitting process resume.

Project RainierAmazon Web ServicesPartially operational2.2 GW
New Carlisle, IN~$11B investmentReporting on the New Carlisle campus put planned draw at about 2.2 GW across roughly 30 planned buildings, of which several were complete when the cluster went live.

AWS built Project Rainier in under a year as a dedicated compute cluster for Anthropic, running nearly half a million Trainium2 chips across multiple buildings. Amazon said the cluster was fully operational in October 2025 and that Claude would run on more than a million Trainium2 chips by year end.

Stargate Abilene (Crusoe AI Factory)CrusoePartially operational2.1 GW
Abilene, TXTarget: 2027~$15B investmentRoughly 1.2 GW in the original Stargate campus plus a new 900 MW campus for Microsoft, bringing total Abilene capacity to about 2.1 GW

Crusoe built the first Stargate campus in Abilene, Texas for Oracle and OpenAI, energizing its first two buildings in under a year. After Oracle and OpenAI dropped a planned expansion in March 2026, Microsoft stepped in and Crusoe announced a new 900 MW AI factory campus with onsite generation, taking the Abilene footprint to about 2.1 GW with first energization targeted for mid-2027.

Sweetwater CampusIRENPartially operational2 GW
Sweetwater, TX2 GW campus across two phases; the first 1.4 GW phase was energized in May 2026

IREN energized the first 1.4 GW phase of its 2 GW Sweetwater campus in West Texas in May 2026 after securing its ERCOT grid connection. Nvidia announced a strategic partnership the next day to accelerate deployment of up to 5 GW of IREN AI infrastructure, taking a $2.1 billion warrant position in the company.

Project PhoenixAligned Data CentersUnder construction2 GW
Shippingport, Beaver County, PA~$10B investment2 GW planned across three data center buildings, run on dedicated on-site power rather than the local grid, adjacent to the former Bruce Mansfield coal plant site, which is being redeveloped separately as the Shippingport Power Station natural gas energy campus.

Aligned Data Centers broke ground on Project Phoenix, a 2 GW, roughly 10 billion dollar campus in the Shippingport Industrial Park in Beaver County, Pennsylvania, on September 10, 2026, after acquiring about 650 acres of the former Bruce Mansfield coal plant site for about 223 million dollars. The campus will run on its own dedicated on-site power rather than drawing from the local grid, and Aligned expects about 3,000 construction jobs and 640 permanent operations jobs. No anchor tenant has been publicly named, a genuine tracked-list gap given the scale of the project and that construction is already under way.

Muskogee CampusCore ScientificUnder construction1.5 GW
Muskogee, OKTarget: 2027Planned expansion to approximately 1.5 GW of gross power, or roughly 1.0 GW of leasable power; the Polaris DS acquisition added about 440 MW of grid-connected capacity already in service

Core Scientific is scaling its Oklahoma campus toward 1.5 GW of gross power after paying about $444 million in cash to acquire Polaris DS and its existing Oklahoma Gas and Electric supply agreements. The next phase of roughly 82 MW is expected to begin in the second half of 2027.

Pecos CampusCore ScientificUnder construction1.5 GW
Pecos, TXTarget: 2027300 MW of gross power in place today, expanding to approximately 1.5 GW gross and roughly 1.0 GW of leasable power

Core Scientific is converting its West Texas bitcoin mining site into a 1.5 GW gross AI campus using a mix of additional utility contracts and a behind-the-meter power solution. The first data hall is in vertical construction with initial capacity expected in early 2027, and the site was still being marketed for lease as of April 2026.

Homer City Energy CampusHomer City RedevelopmentUnder construction1.5 GW
Homer City, PATarget: 2027~$10B investment4.5 GW gas plant on 3,200 acres. The developer says roughly one third of output powers on-site data centers, which is the 1.5 GW logged here; over 1 GW goes to the regional grid.

A former coal station about 50 miles east of Pittsburgh being rebuilt as a combined power and data center campus. Seven GE Vernova hydrogen capable gas turbines will supply the site, with Kiewit as builder and first power targeted for 2027.

Western Downs Digital ParkZerra DC (Dexus and Macquarie)Announced1.4 GW
Dalby, Queensland, AustraliaTarget: 2027~$32B investmentUp to 2.16 GW of peak power across four buildings, sized for about 1.44 GW of IT capacity. Coming online in stages from 2027, pending Foreign Investment Review Board clearance and Western Downs Regional Council development approval as of this run.

Zerra DC, backed by Dexus and Macquarie, signed a lease with Anthropic, its first Asia-Pacific data center lease, described as Australia's largest data center deal, for a four building campus in Dalby, Queensland to power Claude. The project still needs Foreign Investment Review Board clearance and local council development approval, so it is logged as announced rather than under construction. No ticker exists for Anthropic to link.

FrontierVantage Data CentersUnder construction1.4 GW
Shackelford County, TXTarget: 2028-12~$25B investment1.4 GW mega-campus powered by dedicated on-site natural gas generation

Vantage Data Centers, backed by DigitalBridge, is building a $25 billion, 1.4 GW campus in Shackelford County, Texas that runs off the grid on dedicated gas generation. Oracle is the anchor tenant delivering capacity to OpenAI under Stargate, and the project broke ground in December 2025 with roughly $22 billion of financing arranged by JPMorgan and MUFG.

Stargate The Barn (Saline Township)Related DigitalUnder construction1.4 GW
Saline Township, MITarget: 2028-12Epoch AI projects about 1.4 GW. DTE Energy is contracted to supply 100 percent of the power, backed by a battery storage system the project finances.

Related Digital is developing a Stargate campus called The Barn southwest of Detroit, added to the Oracle and OpenAI program after the original five sites. Foundation work on the first building was underway in March 2026.

Texas Critical Data Centers (TCDC)New Era Energy & DigitalAnnounced1.4 GW
Odessa, TXTarget: 2027-09493 acre Permian Basin campus planned to scale to about 1.4 GW across three phases of 200 MW, 450 MW and 750 MW. Phase 1 secured a 20-year, up to 207 MW power purchase agreement with Vistra's Luminant unit from an adjacent 1,180 MW gas plant, deliveries expected to begin the third quarter of 2027.

New Era Energy & Digital's TCDC PowerCo subsidiary signed a 20-year power purchase agreement for up to 207 MW with Vistra's Luminant unit, sourced from an adjacent 1,180 MW natural gas plant in Odessa, Texas, to power Phase 1 of its planned 1.4 GW Texas Critical Data Centers campus in the Permian Basin. New Era is developing the site on a modular, phased basis for hyperscale, enterprise and edge compute customers; no anchor tenant has been publicly named and no total capital investment figure has been disclosed.

MGX-Mistral AI Paris Campus (Essonne)MGX / Mistral AI consortiumAnnounced1.4 GW
Essonne (near Paris), FranceTarget: 20281.4GW campus billed as Europe's largest AI campus; construction slated to begin in H2 2026 with operations from 2028; Mistral raised about $830M in debt in March 2026 for its Nvidia-powered first data center nearby

UAE fund MGX, Bpifrance, Nvidia and Mistral AI are planning a 1.4GW AI campus outside Paris, positioned as Europe's largest, with construction starting in the second half of 2026 and operations from 2028. Mistral separately raised about $830M of debt financing in March 2026 for its Nvidia chip data center in the Essonne area.

Power deals

Who is buying which megawatts, from whom. Nuclear restarts, SMR agreements, gas, solar, and fuel cells contracted for AI data centers.

55 deals · 50.5 GW under firm contract, plus 20.9 GW at letter of intent (8 deals). Newest first. Showing 1 to 20.

2026-10-06Google←Constellation EnergyNuclear uprate890 MW
11 Constellation nuclear units, Illinois, Pennsylvania and New Jersey (PJM)Source ↗
2026-10-02Oracle←We EnergiesExisting nuclear PPA—
Point Beach Nuclear Plant, Wisconsin, for Project Lighthouse (Port Washington)Source ↗
2026-09-30Amazon←Constellation EnergyNuclear uprate190 MW
Calvert Cliffs Nuclear Power Plant, MarylandSource ↗
2026-09-21Google←Georgia PowerNuclear uprate96 MW
Plant Vogtle and Plant Hatch nuclear uprates, GeorgiaSource ↗
2026-09-16Amazon←Generac HoldingsBackup generators—
Amazon data center backup power, site undisclosedSource ↗
2026-09-16Meta Platforms←Apex Clean EnergySolar144 MW
Starling Solar, Gonzales County, TexasSource ↗
2026-09-16NAVER←Gurin EnergySolarLetter of intent216 MW
Jindo Green Solar, South KoreaSource ↗
2026-09-09Google←FortumExisting nuclear PPA—
Loviisa Nuclear Power Plant, FinlandSource ↗
2026-09-02Google←MN8 EnergySolar + Storage86 MW
Mammoth Solar, Kanawha County, West VirginiaSource ↗
2026-09-01Google←Fervo EnergyGeothermal396 MW
Cape Station GeoCluster, Beaver County, UtahSource ↗
2026-08-28Amazon←OX2 / MirovaWind199 MW
Boarp, Dallebo, Fagelas and Fagelasen wind farms, SwedenSource ↗
2026-08-18QTS Data Centers←ENGIESolar48 MW
Irving, Texas data center campusSource ↗
2026-08-12Nebius Group←Bloom EnergyFuel cell328 MW
New Jersey AI data center on-site powerSource ↗
2026-08-11Anthropic←ERockNatural gas470 MW
RockBlock natural gas generator equipment order, site undisclosedSource ↗
2026-08-07Undisclosed hyperscaler←Energy VaultNatural gas1.3 GW
Texas off-grid AI data center power infrastructureSource ↗
2026-08-04Undisclosed hyperscaler←NRG EnergyNatural gas1.2 GW
Texas data center power projectSource ↗
2026-07-30Crusoe Energy←Aalo AtomicsSMR10 MW
Aalo-X reactor powering a Crusoe Spark modular data center at Idaho National LaboratorySource ↗
2026-06-30Brookfield Asset Management←Bloom EnergyFuel cell—
AI infrastructure power frameworkSource ↗
2026-06-24Fit Energy←FuelCell EnergyFuel cell380 MW
Data center power supply agreementSource ↗
2026-06-22Microsoft←ChevronNatural gas2.7 GW
Project Kilby, West TexasSource ↗

Methodology

Curated from company filings, press releases, and credible reporting. Every row carries its primary source and date. Projects and deals data updated 2026-11-01.

This is not a data center directory. It tracks only the named mega projects being built for AI, not the thousands of ordinary colocation and internet facilities worldwide. Rows are whole campuses at their reported full build scale, not individual buildings or current live capacity, so a campus counted here at several gigawatts may bring that capacity online over several years. Each row states the nuance.

Capacity figures are as reported by the parties and mix IT load with site power; treat totals as indicative scale, not precise sums. Headline numbers deliberately separate capacity under construction from capacity merely announced, and power under firm contract from letters of intent, because several of the largest deals by megawatt are non binding. This page tracks the physical buildout only; see the AI Exposure Score methodology on the disclaimer page for how stocks are rated.