Hyperscalers vs. Utilities: The Fight Over Minimum Bills, Exit Fees, and Collateral
What Amazon, Google, and Oracle's public power agreements reveal about a tougher utility playbook — and who bears the risk when gigawatt-scale demand falls short.
Measured AI
Institutional-grade research on the physical infrastructure powering AI data centers — power, cooling, construction economics, and capital flows across the U.S. market.
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Google's Wyoming Data Centers: A 1.8 GW AI Campus Powered by a Gas Fleet It Doesn't Own
Google takes control of a Crusoe-launched 716-acre, 3.08-million-square-foot Cheyenne campus with four data centers, a 42-turbine natural gas fleet, fuel cells, and $7+ billion in power investment.
Meta's El Paso Data Centers: The $14 Billion AI Campus Built to Stay Off Meta's Books
A 960 MW Meta–BlackRock JV on 1,039 acres in El Paso, Texas — 10 data centers, $12.3 billion of bonds, a power deal running to 2048, and a view into how Big Tech moves AI capex off balance sheet.
Neoclouds: AI's $150 Billion Middle Layer That Owns Almost Nothing
Six companies hold the GPUs and leases at the center of the AI buildout. Converted bitcoin miners own the buildings; NVIDIA and Google guarantee the rent — Microsoft simply buys the compute.
Microsoft's Fairwater Wisconsin: The Flagship AI Data Center, Built on Foxconn's Foundations
A $20 billion Microsoft self-build on the land Wisconsin assembled for Foxconn — four campuses, 19 data center buildings, and 11.2 million square feet across 2,000+ acres, with a stated path to 2 GW.
OpenAI and Meta in Piketon: Two AI Power Bets on One Cold-War Uranium Site
Once the world's largest power draw, Piketon, Ohio, is being rebuilt to generate it: U.S.-owned, Japan-financed gas for a 10 GW AI campus — tenant unsigned — plus 1.2 GW of Meta-prepaid Oklo reactors.
Amazon's Permian Playbook: Renting AI Data Centers from a Bitcoin Miner Turned Landlord
Two 15-year triple-net leases worth $7.5 billion in contracted rent — far more if extended — put Amazon's AI workloads in West Texas data centers built by a former Bitcoin miner.
Microsoft's Monarch Option: Renting an Off-Grid Gigawatt AI Data Center from a Neocloud
A non-binding LOI for 1.35 GW on a West Virginia campus Microsoft won't own: a behind-the-meter 2.16 GW natural-gas microgrid, "H"-shaped data centers, NVIDIA Vera Rubin silicon, built by a neocloud.
xAI's Colossus Cluster: A Gigawatt of AI Data Centers, Built Off the Grid
An xAI compute cluster built along the Tennessee and Mississippi border — 3 brownfield data centers, 2.6 million square feet, 770,000 GPUs, and a 1.2 GW gas plant — stood up in months off the grid.
AWS New Carlisle Data Center Campus: Project Rainier - Where Anthropic Trains Claude
An $11 billion AWS self-build on 882 acres of Indiana farmland — 32 data center buildings, ~6.5 million square feet, 2.25 GW of grid draw, and 878 backup diesel generators at full build-out.