Who is delivering?
Ranked by the furthest delivery stage T2C can verify — not by announced capacity or share price. Ties are broken by the earlier evidenced date, then by ticker.
The physical race behind AI
Microsoft accepts IREN's first 50 MW AI deployment
One major delivery risk has been removed. Billing has not yet been disclosed.
High confidence · Primary source · 13 Aug 2026
Illustrative image; not a photograph of the named project. Open the project record for the underlying evidence.
- Promised Announced Not disclosed
- Power secured Power secured Not disclosed
- Earning money Billing Not disclosed
Checking what changed…
The AI buildout today
Next big catalyst
Q4 2026
Guided window
NBIS Nebius year-end 5 GW contracted-power target
A guided window is a period the company named, not a deadline. It is never shown as an exact date.
Promise vs reality
IREN
Announced or potential
5 GW
Verified current stage
50 MW
Different evidence stages or measurement bases. These figures are shown side by side and are not subtracted.
Why should I care?
Delivery is the thing a contract cannot guarantee. T2C tracks each operator from announcement to billing and shows which gate the evidence actually supports, so a signed agreement is never mistaken for revenue.
- What has been accepted by a customer, not merely contracted.
- Where a guided window has moved, and by how long.
- Which figures rest on a primary document and which are second-hand.
The constraint on AI is no longer only chips. It is power, land, grid connections and the years it takes to turn any of them into a hall a customer will accept.
- Announced gigawatts are measured at the fence; usable compute is measured in the hall.
- The gap between the two is the story, and it is measured in years.
- 3 of the tracked sites carry a dated change in the last quarter.
A data centre is an electrical project before it is a computing one. Securing power, connecting to a grid and energising a site are separate gates that can each take years, and T2C tracks them separately for that reason.
- Gross utility power is what a site draws at the connection.
- Critical IT load is what reaches the computing equipment — always the smaller figure.
- T2C holds no sourced record of any named project's energy mix, water use or local employment, so it makes no claim about them.
Choosing a lens changes the explanation only. It never changes, filters or recalculates a research figure.
Megaprojects to watch
All 23 sites →
Acceptance
IREN · United States
Horizon 1 (Childress)
- Customer
- Microsoft
- Capacity
- 50 MW
- Next gate
- Billing
High evidence — 4 of 4 gates confirmed
Open project record →Illustrative image; not site evidence.
Billing
WULF · United States
Lake Mariner, New York
- Customer
- Not disclosed
- Capacity
- 438 MW
- Next gate
- All tracked stages complete
High evidence — 5 of 5 gates confirmed
Open project record →Illustrative image; not site evidence.
Power secured
KEEL · United States
Panther Creek, Pennsylvania
- Customer
- Not disclosed
- Capacity
- 350 MW
- Next gate
- Construction
High evidence — 4 of 5 gates confirmed
Open project record →Illustrative image; not site evidence.
60-second explainer
How an AI data centre makes money
- Electricity reaches the site.
- Cooling and power systems support the computing equipment.
- Servers run customer workloads.
- The customer tests and accepts the contracted deployment.
- Revenue begins when the contract's billing conditions are met and disclosed.
Step 1 of 5. Press start to step through.
Acceptance and billing are different stages. T2C does not assume one proves the other.
Educational illustration; stages and architecture vary by project.