Primary-source project tracking with business implications and original disclosures. Selected coverage, not a facility census or stock ranking.
Equinix · MX3x
AnnouncedMexico · Mexico City market · Cloud + AI
Equinix lists MX3x in its expansion timeline, targeting Q2 2027.
Business milestones to watch: Track delivery changes, customer commitments and rent commencement.
Stage evidence / observation：2026-09-27 · Source review：2026-09-27
Project details and original disclosures
Single facility · Equinix · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: A future opening date is not leased revenue. Track the hyperscale project separately from retail colocation.
- Announcement tracked
- See dated source or observation below
- Expected availability
- Q2 2027 target
- Confirmed operating date
- Not established for the full project
- 2026-09-27 (page observed) · Announced · Equinix ↗
eStruxture · CAL-3
Under constructionCanada · Calgary, Alberta · AI-ready design
The facility page describes CAL-3 as being built, with a fall 2026 launch target and 90 MW total power.
Disclosed participantsNo listed participant linked by these sources.
90 MW · Planned · Total power; not IT load
Business milestones to watch: Opening, customer acceptance and the start of rental cash flow.
Stage evidence / observation：2026-09-27 · Source review：2026-09-27
Project details and original disclosures
Single facility · eStruxture · Developer / operator
Designed for high-density / AI workloads
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Total power is not IT load. High-density design alone does not establish contracted AI revenue.
90 MW · Planned · Total power; not IT load
- Announcement tracked
- See dated source or observation below
- Expected availability
- Fall 2026 target
- Confirmed operating date
- Not established for the full project
- 2026-09-27 (page observed) · Under construction · eStruxture ↗
IREN · Childress Horizon 1–4
Partially deliveredUnited States · Texas · AI-focused project
Horizon 1 was accepted by Microsoft. The August results show Horizon 2 in commissioning and Horizon 3–4 targeting Q4 delivery.
Disclosed participantsIREN · Cloud services provider
↗ MSFT · Contract customer
↗ 200 MW · Planned · IT load
Business milestones to watch: Next IREN results: check remaining deliveries and subsequent acceptance, recognized AI revenue, capex and financing costs. Horizon 3–4 target Q4 delivery; delays can defer receipts.
Stage evidence / observation：2026-08-27 · Source review：2026-09-20
Project details and original disclosures
Campus · IREN · Cloud services provider
Dedicated AI cloud capacity for Microsoft
Customer acceptance → service billing → cash after financing
Investment implications · analysis: Acceptance is stronger evidence than an order announcement. The five-year $9.7bn contract covers all four deployments, not current-year revenue or Horizon 1 alone.
200 MW · Planned · IT load
- Announcement tracked
- 2026-08-13
- Expected availability
- Four 50 MW IT phases; Horizon 1 accepted, Horizon 2 commissioning, Horizon 3–4 targeting Q4 2026 delivery (August update).
- Confirmed operating date
- Not established for the full project
- 2026-08-27 · Partially delivered · IREN / SEC ↗
Nebius · Microsoft / Vineland
Contract capacity deliveredUnited States · New Jersey · AI-focused project
The August shareholder letter reports delivery of all Microsoft contract capacity tranches. This is a contract delivery milestone, not confirmation that every Vineland building is complete.
Disclosed participantsNBIS · Cloud services provider
↗ MSFT · Contract customer
↗ Business milestones to watch: Next Nebius results: reconcile Microsoft service revenue and cash collection with capex and financing; do not use group ARR as Vineland revenue.
Stage evidence / observation：2026-08-12 · Source review：2026-09-20
Project details and original disclosures
Campus · Nebius · Cloud services provider
Dedicated AI infrastructure under the Microsoft agreement
Contract tranches → delivered services → cash conversion
Investment implications · analysis: Reported delivery reduces one execution uncertainty. Customer concentration, depreciation and funding still affect returns; contract delivery is not proof of profitability.
- Announcement tracked
- 2025-09-08
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-08-12 · Contract capacity delivered · Nebius / SEC ↗
Hyperion · Richland Parish
Under constructionUnited States · Louisiana · AI-focused project
The July expansion plan increases the long-term target. Announced compute capacity is not operating capacity.
Disclosed participantsMETA · Project sponsor / intended user
↗ ETR · Entergy Louisiana · power agreement
↗ 5 GW · Planned · Issuer-described compute capacity; not normalized to IT load
Business milestones to watch: Meta and utility disclosures: verify power commissioning, phased operation and cost recovery; a 5 GW plan is not live load.
Stage evidence / observation：2026-07-13 · Source review：2026-09-20
Project details and original disclosures
Campus · Meta · Project sponsor / intended user
AI-optimized computing infrastructure
Power buildout → AI capacity → business monetization
Investment implications · analysis: Meta is the spender; Entergy Louisiana participates in power provision. For investors, construction spend and regulated returns follow different timelines.
5 GW · Planned · Issuer-described compute capacity; not normalized to IT load
More than US$50 billion · regional expansion investment, not a supplier order
- Announcement tracked
- 2024-12
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2024-12 · Under construction · Meta ↗
- 2026-07-13 · Under construction · Meta ↗
QTS / Lancium · Hall County
AnnouncedUnited States · Hall County, Texas · Cloud + AI
QTS announced a campus on Lancium land, with QTS responsible for design, construction and operations.
Disclosed participantsNo listed participant linked by these sources.
Business milestones to watch: Track construction starts, power commitments and disclosed tenants.
Stage evidence / observation：2026-07-13 · Source review：2026-09-27
Project details and original disclosures
Campus · QTS · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: A development announcement signals future procurement, not confirmed orders for listed suppliers.
More than US$10bn expected regional capital investment; not supplier orders
- Announcement tracked
- 2026-07-13
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-07-13 · Announced · QTS ↗
Stargate · Abilene
Partially deliveredUnited States · Abilene, Texas · AI-focused project
Early AI workloads were confirmed in 2025; Oracle still described construction in June 2026. Full-campus delivery is not established.
Disclosed participantsORCL · Cloud infrastructure provider
↗ Business milestones to watch: Track delivered buildings, accepted compute capacity and remaining construction obligations.
Stage evidence / observation：2026-06-25 · Source review：2026-09-27
Project details and original disclosures
Campus · Oracle / OpenAI · Oracle: cloud infrastructure; OpenAI: workload customer
AI-specific infrastructure
Phased infrastructure delivery → OCI compute service → customer revenue
Investment implications · analysis: OCI capacity can generate revenue in phases; do not assign the entire Stargate investment or capacity to Abilene.
- Announcement tracked
- 2025-09-23
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2025-09-23 · Partially delivered · OpenAI ↗
- 2026-06-25 · Partially delivered · Oracle ↗
Fairwater · first Mount Pleasant facility
OperatingUnited States · Wisconsin · AI-focused project
Microsoft confirmed the first facility was operational. This does not include the second facility under construction.
Disclosed participantsMSFT · Developer / operator
↗ Business milestones to watch: Track utilization and paying workloads at the operating facility.
Stage evidence / observation：2026-06-23 · Source review：2026-09-27
Project details and original disclosures
Single facility · Microsoft · Developer / operator
AI training infrastructure
Compute delivery → Azure capacity → paying workloads
Investment implications · analysis: The first facility can serve workloads; investment returns depend on utilization and revenue relative to depreciation and operating costs.
US$3.3 billion · initial investment
- Announcement tracked
- 2025-09-18
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Operation confirmed; exact start date not disclosed
- 2025-09-18 · Under construction · Microsoft ↗
- 2026-04-15 · Commissioning · Microsoft Local ↗
- 2026-06-23 · Operating · Microsoft ↗
DataBank · Red Oak expansion
Under constructionUnited States · Red Oak, Texas · Cloud + AI
A $650m financing increase supports the fourth building. A separate $800m corporate revolver is not site construction spending.
Disclosed participantsNo listed participant linked by these sources.
60 MW · Planned · IT load · Fourth building only; incremental IT capacity
Business milestones to watch: Track fourth-building delivery, signed leases and rent commencement.
Stage evidence / observation：2026-06-15 · Source review：2026-09-27
Project details and original disclosures
Campus · DataBank · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Financing enables delivery but does not confirm leases or rental income.
60 MW · Planned · IT load · Fourth building only; incremental IT capacity
US$650m incremental construction financing; campus financing totals US$2.65bn
- Announcement tracked
- 2026-06-15
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-06-15 · Under construction · DataBank ↗
Q01 · Building B
Under constructionCanada · Québec · AI-ready design
An expansion building at the existing Q01 campus. Counted separately from the operating campus, with no duplication of campus capacity.
Disclosed participantsNo listed participant linked by these sources.
60 MW · Planned · IT load
Business milestones to watch: QScale updates: seek a delivery date and named tenants; delays postpone rental cash flow.
Stage evidence / observation：2026-06-04 · Source review：2026-09-19
Project details and original disclosures
Single facility · QScale · Developer / operator
Designed for AI and HPC hosting
Construction → energized space → tenant acceptance
Investment implications · analysis: AI-ready design signals potential equipment demand. QScale is private; no listed supplier contract is established by this source.
60 MW · Planned · IT load
$700 million · Building B; currency not specified in this release
- Announcement tracked
- 2026-06-04
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
Expansion within Q01; existing campus capacity excluded.
- 2026-06-04 · Under construction · QScale ↗
Google · Meitner Energy Center
Under constructionUnited States · Gray / Roberts Counties, Texas · Cloud + AI
Google and Intersect announced construction of a data center with co-located energy generation.
Business milestones to watch: Track energy commissioning, data-center delivery and workload ramp.
Stage evidence / observation：2026-06-04 · Source review：2026-09-27
Project details and original disclosures
Campus · Google · Developer / operator
Cloud and digital services; AI use is not separately quantified
Power and facilities → Google services / Cloud capacity → monetization
Investment implications · analysis: Co-located energy may reduce grid dependence; it does not prove lower computing costs or a specific supplier order.
- Announcement tracked
- 2026-06-04
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-06-04 · Under construction · Google ↗
Stargate · The Barn, Michigan
Under constructionUnited States · Saline, Michigan · AI-focused project
OpenAI announced groundbreaking with Oracle, Related Digital and Walbridge for a planned 1 GW campus.
Disclosed participantsORCL · Cloud infrastructure partner
↗ 1 GW · Planned · Issuer capacity; IT / total-power basis not specified
Business milestones to watch: Track power availability, phased handover and customer acceptance.
Stage evidence / observation：2026-06-01 · Source review：2026-09-27
Project details and original disclosures
Campus · Oracle / OpenAI · Oracle: cloud infrastructure; OpenAI: customer; Related Digital / Walbridge: development and construction
AI-specific infrastructure
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Groundbreaking starts a delivery cycle; it is not commissioned capacity or recognized cloud revenue.
1 GW · Planned · Issuer capacity; IT / total-power basis not specified
- Announcement tracked
- 2026-06-01
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-06-01 · Under construction · OpenAI ↗
CoreSite · DE3
CommissioningUnited States · Denver, Colorado · Cloud + AI
The June community update schedules generator testing and commissioning. It does not confirm completion or opening.
Disclosed participantsAMT · American Tower · parent of CoreSite
↗ Business milestones to watch: Seek completion and customer handover evidence after the commissioning update.
Stage evidence / observation：2026-06 · Source review：2026-09-27
Project details and original disclosures
Single facility · CoreSite · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Commissioning is a prerequisite for tenant handover and recurring rent.
- Announcement tracked
- See dated source or observation below
- Expected availability
- June 2026 original target; this source does not confirm opening
- Confirmed operating date
- Not established for the full project
- 2026-06 · Commissioning · CoreSite ↗
Microsoft Canada expansion program
Program in progressCanada · Ontario / Québec · Cloud + AI
A multi-year, multi-site program. The April update describes implementation, not completion of every site.
Disclosed participantsMSFT · Program sponsor / cloud operator
↗ Business milestones to watch: Microsoft site updates: verify H2 2026 capacity delivery site by site; separate new spending from the 2023–2027 total.
Stage evidence / observation：2026-04-07 · Source review：2026-09-19
Project details and original disclosures
Regional program · Microsoft · Program sponsor / cloud operator
Cloud and AI infrastructure expansion
National investment → site delivery → cloud services
Investment implications · analysis: A multi-year commitment signals demand for construction and equipment; supplier revenue requires a named contract and delivery.
CAD19 billion · 2023–2027 national program
- Announcement tracked
- 2025-12-09
- Expected availability
- New capacity from H2 2026 (forecast)
- Confirmed operating date
- Not established for the full project
- 2025-12-09 · Announced · Microsoft ↗
- 2026-04-07 · Program in progress · Microsoft ↗
Digital Realty · US hyperscale fund
Program in progressUnited States · Multiple US markets · Cloud + AI
A US hyperscale fund closed with $3.25bn equity commitments. Digital Realty retains 20% of the portfolio and manages the fund.
Disclosed participantsDLR · Fund manager / 20% portfolio interest
↗ Business milestones to watch: Track capital deployment, leasing and the company share of cash flow.
Stage evidence / observation：2026-03-30 · Source review：2026-09-27
Project details and original disclosures
Regional program · Digital Realty · Fund manager / 20% portfolio interest
Cloud and digital services; AI use is not separately quantified
Equity commitments → development and leasing → attributable rent and management fees
Investment implications · analysis: Evaluate proportional rental earnings and fees, not the full fund value as company revenue.
- Announcement tracked
- 2026-03-30
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-03-30 · Program in progress · Digital Realty ↗
Cologix · MTL8
OperatingCanada · Montréal, Québec · AI-ready design
The operator confirmed MTL8 was in service and announced CAD240m of senior financing.
Disclosed participantsNo listed participant linked by these sources.
21 MW · Planned · Issuer capacity; IT / total-power basis not specified · Announced delivery capacity; not evidence all 21 MW is live
Business milestones to watch: Track leased capacity, customer starts and debt servicing.
Stage evidence / observation：2026-03-05 · Source review：2026-09-27
Project details and original disclosures
Single facility · Cologix · Developer / operator
Designed for high-density / AI workloads
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Debt finances capacity; it is not tenant revenue. The operator is private.
21 MW · Planned · Issuer capacity; IT / total-power basis not specified · Announced delivery capacity; not evidence all 21 MW is live
CAD240m senior financing; not revenue
- Announcement tracked
- 2026-03-05
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Operation confirmed; exact start date not disclosed
- 2026-03-05 · Operating · Cologix ↗
Google · Wilbarger County
Under constructionUnited States · Wilbarger County, Texas · Cloud + AI
A new Texas data center is under construction, with energy and water measures disclosed alongside it.
Business milestones to watch: Track confirmed energization and service availability.
Stage evidence / observation：2026-02-24 · Source review：2026-09-27
Project details and original disclosures
Campus · Google · Developer / operator
Cloud and digital services; AI use is not separately quantified
Power and facilities → Google services / Cloud capacity → monetization
Investment implications · analysis: Construction expands potential service capacity; regional investment is not site revenue.
- Announcement tracked
- 2026-02-24
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-02-24 · Under construction · Google ↗
Meta · Lebanon
Under constructionUnited States · Lebanon, Indiana · Cloud + AI
Meta announced groundbreaking for a planned 1 GW campus. Its investment scope also includes the surrounding community.
1 GW · Planned · Issuer capacity; IT / total-power basis not specified
Business milestones to watch: Track power delivery and commissioning before treating planned capacity as operating load.
Stage evidence / observation：2026-02-11 · Source review：2026-09-27
Project details and original disclosures
Campus · Meta · Developer / operator
Designed for AI workloads and core products
Capital spending → internal computing capacity → core products and AI services
Investment implications · analysis: Meta is the capital spender. No supplier benefit is assigned without a named contract.
1 GW · Planned · Issuer capacity; IT / total-power basis not specified
More than US$10bn planned investment including surrounding community
- Announcement tracked
- 2026-02-11
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-02-11 · Under construction · Meta ↗
AWS · Project Rainier
OperatingUnited States · Multiple US sites / Indiana · AI-focused project
Amazon reports Rainier operational for Anthropic. The cluster spans multiple US data centers; Indiana is one location.
Disclosed participantsAMZN · Cloud services provider
↗ Business milestones to watch: Amazon earnings: track AWS growth, operating income and capex together; project usage alone does not establish return on invested capital.
Stage evidence / observation：2026-02-05 · Source review：2026-09-20
Project details and original disclosures
Regional program · Amazon / AWS · Cloud services provider
AI training and model workloads for Anthropic
Custom chips → active workloads → AWS economics
Investment implications · analysis: Active workloads validate use of the cluster. The cited disclosures do not separate Rainier profit; its custom-chip strategy is not automatically an NVIDIA order.
- Announcement tracked
- 2025-10-29
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Operation confirmed; exact start date not disclosed
- 2026-02-05 · Operating · Amazon ↗
CyrusOne · DFW7
Under constructionUnited States · Fort Worth, Texas · Cloud + AI
DFW7 is under construction, using adjacent transmission and substation infrastructure through Eolian.
Disclosed participantsNo listed participant linked by these sources.
Business milestones to watch: Track energization and tenant-ready delivery of DFW7 itself.
Stage evidence / observation：2026-01-13 · Source review：2026-09-27
Project details and original disclosures
Campus · CyrusOne · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Existing power infrastructure can shorten delivery; battery-site operation does not mean the data center is operational.
- Announcement tracked
- 2026-01-13
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2026-01-13 · Under construction · CyrusOne ↗
ODATA · QR04
OperatingMexico · San Miguel de Allende, Guanajuato · Cloud + AI
ODATA announced the launch of QR04 for cloud and AI demand. This does not establish full utilization.
Disclosed participantsNo listed participant linked by these sources.
Business milestones to watch: Track leased capacity, actual utilization and incremental expansion.
Stage evidence / observation：2025-08-14 · Source review：2026-09-27
Project details and original disclosures
Single facility · ODATA / Aligned · Developer / operator
Cloud and digital services; AI use is not separately quantified
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: The operating site can earn hosting revenue; private ownership means no direct operator stock is identified here.
- Announcement tracked
- 2025-08-14
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Operation confirmed; exact start date not disclosed
- 2025-08-14 · Operating · ODATA / Aligned ↗
CoreWeave · Lancaster
AnnouncedUnited States · Lancaster, Pennsylvania · AI-focused project
CoreWeave announced an equipment investment of up to $6bn as tenant. The cited announcement does not confirm opening.
Disclosed participantsCRWV · Tenant / AI cloud operator
↗ 100 MW · Planned · Issuer capacity; IT / total-power basis not specified · Initial 100 MW; potential expansion to 300 MW total
Business milestones to watch: Seek site delivery and tenant acceptance disclosures, then compare revenue with financing and depreciation.
Stage evidence / observation：2025-07-15 · Source review：2026-09-27
Project details and original disclosures
Campus · CoreWeave · Tenant / AI cloud operator; site developed by Chirisa and Machine Investment Group
AI-specific infrastructure
Infrastructure → customer acceptance → recurring revenue
Investment implications · analysis: Equipment spending precedes customer revenue; financing, acceptance and utilization determine returns.
100 MW · Planned · Issuer capacity; IT / total-power basis not specified · Initial 100 MW; potential expansion to 300 MW total
Up to US$6bn equipment investment intent; not spending already incurred
- Announcement tracked
- 2025-07-15
- Expected availability
- Not specified in these sources
- Confirmed operating date
- Not established for the full project
- 2025-07-15 · Announced · CoreWeave ↗
AWS Mexico (Central)
OperatingMexico · Querétaro · Cloud + AI
A cloud region with three Availability Zones, not one building. Serves general cloud and AI/ML workloads.
Business milestones to watch: AWS results and region updates: track customer adoption; regional profitability is not separately disclosed here.
Stage evidence / observation：2025-01-14 · Source review：2026-09-19
Project details and original disclosures
Cloud region · AWS / Amazon · Cloud operator
AI/ML services within a general-purpose cloud region
Cloud availability → customer adoption → service revenue
Investment implications · analysis: Regional availability enables sales, but the country investment commitment cannot be assigned to AI revenue or a single supplier.
More than US$5 billion · Mexico commitment over 15 years, not one facility
- Announcement tracked
- 2025-01-14
- Expected availability
- Not specified in these sources
- Confirmed operating date
- 2025-01-14
- 2025-01-14 · Operating · AWS ↗