The full evidence base: every figure, every source, every correction. Start with the summary and open only what you need.
Contributor sets differ between rows. These are not stages of one funnel.
| Company | Model | Secured power | Customer-contracted | Energised critical IT | Customer-accepted | Revenue live | Last verified |
|---|---|---|---|---|---|---|---|
| IRENIREN Limited | Full stack | 5 GW | ≥260 MW | ≥50 MW | 50 MW | Not disclosed | 15 Aug 2026 |
| CRWVCoreWeave | Full stack | 4.20 GW | Not disclosed | 1.50 GW | Not disclosed | Not disclosed | 15 Aug 2026 |
| NBISNebius Group | Full stack | ≥3.50 GW | Not disclosed | Not disclosed | Not disclosed | Not disclosed | 15 Aug 2026 |
| WULFTeraWulf | Powered shell | Not disclosed | ≥839 MW | 102 MW | Not disclosed | 102 MW | 15 Aug 2026 |
| KEELKeel Infrastructure | Powered shell | 648 MW | No announced lease | Not disclosed | Not disclosed | Not disclosed | 15 Aug 2026 |
| APLDApplied Digital | Powered shell | 2.15 GW | 1.41 GW | 100 MW | Not disclosed | 100 MW | 15 Aug 2026 |
The only formally accepted hyperscaler capacity across every company tracked here. Acceptance is the milestone that normally starts the revenue clock, but IREN has not separately disclosed that billing has commenced, so it is not recorded as revenue-live.
A further 500 MW of supply secured within six weeks of the quarter close. Contracted power is a total that already includes active capacity, so this widens the gap between power controlled and power energised rather than closing it.
The largest single-quarter energisation step on the board. The previous value is derived from the company's own "expanded by nearly 500 MWs" wording rather than a separately published Q1 figure.
Excludes more than $25bn of net new customer commitments added in early Q3, so the quarter-end figure understates committed demand at the time of reading.
One of only two revenue-generating critical IT figures disclosed by any tracked company. The company's explicit "revenue-generating" wording is what allows this to be recorded as revenue-live.
The 2.2 GW previously carried as secured power is a development pipeline. Secured capacity is 648 MW — under a third of the headline figure.
A worked example of why gates are tracked independently — power and zoning have advanced while environmental approval has not, and the data centre itself is not evidenced as under construction.
A target, not delivered capacity. The 3.5 GW is the last explicitly measured figure; the 5 GW is an ambition for 31 December 2026 and is excluded from every current-capacity total.
Under construction with expected delivery in H1 2028 — contracted revenue that does not begin for roughly eighteen months.
Nearly doubles disclosed contracted capacity, but initial capacity is not expected until H2 2027 and full delivery not until early 2028. Contracted is not delivered.
Capacity disposed of must leave current owned totals. This is one reason the February 2.2 GW pipeline figure is retained as historical rather than carried forward as a current value.
The first regulator-sourced record on the site, and a useful warning about headline approvals: FERC states the order covers the ownership transfer only. Data centre development, new generation, gas infrastructure, battery storage and any change to PJM participation each require separate review. Company guidance still contemplates data centre operations only in 2030.
The largest disclosed customer-contracted figure of any tracked company, and an exhaustive one — unlike IREN's and TeraWulf's, which are minimums. Replaces a stale 600 MW record.
Takes disclosed customer-contracted capacity to a minimum of 260 MW alongside the 200 MW Microsoft contract. Still a minimum — other contracts do not disclose megawatts.
Megawatts not disclosed, which is precisely why the company's customer-contracted figure is carried as a disclosed minimum rather than an exhaustive total.
A further $15bn may follow, relating to additional or otherwise unsold capacity, for a maximum of approximately $27bn. Only the $12bn is a commitment; the balance is conditional and is not displayed as committed revenue.
| Company | Customer | MW | Term | Value | Delivered | Terms |
|---|---|---|---|---|---|---|
| IREN | Microsoft | 200 MWCritical IT | 5 yr | $9.7bn | 50 MW25% of the contract | Five-year average term. Horizon 1 (50 MW) delivered and accepted 13 Aug 2026.●Confirmed ↗ sec.gov ↗ globenewswire.com |
| IREN | NVIDIA | 60 MWCritical IT | 5 yr | $3.4bn | Not disclosed | Five-year term. IREN has not named the site that will serve this agreement.●Confirmed ↗ sec.gov |
| IREN | Other AI developer contracts | Not disclosed | Not disclosed | $2.8bn | Not disclosed | Approximately $2.8bn total contract value. Megawatts not disclosed.●Confirmed ↗ sec.gov |
| CRWV | Aggregate revenue backlog | Not disclosed | Not disclosed | $104.2bn | Not disclosed | Approximately $104.2bn as at 30 Jun 2026. A further $25bn+ of net new customer commitments was added in early Q3 and sits outside this quarter-end figure.●Confirmed ↗ investors.coreweave.com |
| NBIS | Meta Platforms | Not disclosed | 5 yr | $12bn committedup to $27bn maximum — the balance is conditional and is not committed revenue | Not disclosed | $12bn dedicated-capacity commitment over five years, plus up to a further $15bn relating to additional or otherwise unsold capacity. The $27bn maximum is conditional and is not committed revenue.●Confirmed ↗ nebius.com |
| WULF | Anthropic (Justified Data Campus) | 401 MWCritical IT | 20 yr | $19bn | Not disclosed | 20-year initial lease term. Initial capacity expected H2 2027, full delivery expected early 2028.●Confirmed ↗ investors.terawulf.com |
| APLD | CoreWeave (Polaris Forge 1) | 400 MWCritical IT | 15 yr | $11bn | Not disclosed | 15-year initial term.●Confirmed ↗ sec.gov |
| APLD | Investment-grade hyperscaler (Polaris Forge 2) | 200 MWCritical IT | 15 yr | $5bn | Not disclosed | 15-year initial term. Customer not named by the company.●Confirmed ↗ sec.gov |
| APLD | High investment-grade hyperscaler (Polaris Forge 3) | 300 MWCritical IT | 15 yr | $7.5bn | Not disclosed | 15-year initial term. Customer not named by the company.●Confirmed ↗ sec.gov |
| APLD | High investment-grade hyperscaler (Delta Forge 1) | 300 MWCritical IT | 15 yr | $7.5bn | Not disclosed | 15-year initial term. Customer not named by the company.●Confirmed ↗ sec.gov |
| APLD | High investment-grade hyperscaler (Delta Forge 2) | 210 MWCritical IT | 15 yr | $5.2bn | Not disclosed | 15-year initial term. Under construction, expected delivery H1 2028.●Confirmed ↗ ir.applieddigital.com |
Per-megawatt figures are not comparable across business models, so this table does not rank them.
| Country | Gross utility | Critical IT | Energised | Under construction | Planned / potential | Unspecified basis |
|---|---|---|---|---|---|---|
| 688 MW | 3.80 GW | 1.99 GW | 1.41 GW | 2.45 GW | — | |
|
Childress, Texas
Not disclosed
Gross
Hosts the Microsoft Horizon tranches and the NVIDIA deployment. The 480 MW previously shown here is IREN's wider 2026 gross AI Cloud target across multiple sites, not this site's capacity.
◐Reported ↗ sec.gov
Horizon 1 (Childress)
50 MW
Critical IT
Delivered to and accepted by Microsoft on 13 August 2026.
●Confirmed ↗ globenewswire.com
Horizons 2–4 (Childress)
150 MW
Critical IT◇Target
Remaining Microsoft tranches — the balance of the 200 MW contract after Horizon 1's 50 MW. Planned, not delivered, and held separately from accepted capacity.
●Confirmed ↗ sec.gov
US data centre estate
1.50 GW
Critical IT
CoreWeave reports fleet-wide rather than per site; the site-level split is not disclosed.
●Confirmed ↗ investors.coreweave.com
Kansas City, Missouri
Not disclosed
Gross◇Pipeline
US campus build-out. Comparable MW basis not disclosed.
◐Reported ↗ sec.gov
Lake Mariner, New York
438 MW
Critical IT
102 MW revenue-generating critical IT plus 336 MW additional critical IT under construction across CB-4 and CB-5. CB-3 delivery completed in early July 2026.
●Confirmed ↗ investors.terawulf.com
Justified Data Campus (Anthropic)
401 MW
Critical IT
Approximately 401 MW critical IT on a 20-year initial lease, approximately $19bn contracted revenue over the initial term. Initial capacity expected H2 2027, full delivery early 2028.
●Confirmed ↗ investors.terawulf.com
Muskie (Kentucky)
1 GW
Gross◇Potential
Up to 1 GW of contracted electric service via Kentucky Power Company. This is power availability at the utility, not customer-contracted critical IT, and is excluded from contracted-capacity totals.
●Confirmed ↗ investors.terawulf.com
Chesapeake (Maryland)
210 MW
Gross
Approximately 210 MW operational generation at the Morgantown Generating Station. A further campus scale of up to 1 GW is potential only and is not current critical IT.
●Confirmed ↗ investors.terawulf.com
Sharon, Pennsylvania
110 MW
Gross
110 MW gross total site capacity: 30 MW existing energised utility capacity plus 80 MW under an energy-services agreement with associated substation work. Not 110 MW of critical IT under construction.
●Confirmed ↗ ir.keelinfra.com
Panther Creek, Pennsylvania
350 MW
Gross
350 MW contracted firm power, of which 60 MW is currently energised. The 10-Q states that Panther Creek's energised capacity sits under NO energy service agreement and is therefore excluded from the company's own secured total — live power is not the same as secured power. The data centre itself is not evidenced as under construction.
Scrubgrass, Pennsylvania
1.30 GW
Gross◇Potential
CORRECTION: previously shown as 1.3 GW of secured capacity. Load studies and behind-the-meter feasibility work are pipeline and potential, not secured power. 63 MW is currently energised, and the 10-Q states this sits under no energy service agreement — so it is excluded from the company's own secured total.
◐Reported ↗ sec.gov
Polaris Forge 1
400 MW
Critical IT
400 MW leased to CoreWeave, approximately $11bn over a 15-year initial term.
●Confirmed ↗ sec.gov
Polaris Forge 2
200 MW
Critical IT
200 MW leased to an investment-grade hyperscaler, approximately $5bn over a 15-year initial term.
●Confirmed ↗ sec.gov
Polaris Forge 3
300 MW
Critical IT
300 MW leased to a high investment-grade hyperscaler, approximately $7.5bn over a 15-year initial term.
●Confirmed ↗ sec.gov
Delta Forge 1
300 MW
Critical IT
300 MW leased to a high investment-grade hyperscaler, approximately $7.5bn over a 15-year initial term.
●Confirmed ↗ sec.gov
Delta Forge 2
210 MW
Critical IT
210 MW leased to a high investment-grade hyperscaler, approximately $5.2bn over a 15-year initial term. Under construction, with initial operations anticipated in Q1 2028.
●Confirmed ↗ ir.applieddigital.com
|
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| — | — | — | — | 96 MW | — | |
|
British Columbia sites
Not disclosed
Gross
Legacy capacity converting to GPU use.
◐Reported ↗ sec.gov
Sherbrooke, Québec
96 MW
Gross◇Potential
96 MW under a conditional transfer and operation agreement. The conditions are not yet satisfied.
●Confirmed ↗ ir.keelinfra.com
|
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Bundey, South Australia
Not disclosed
Gross◇Pipeline
Part of the 5 GW secured portfolio.
◐Reported ↗ sec.gov
|
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| — | — | — | — | 310 MW | — | |
|
Mäntsälä, Finland
310 MW
Critical IT◇Target
CORRECTION: 310 MW is the capacity this facility is expected to reach when fully deployed — planned project capacity, not capacity energised today. It was previously counted as current energised critical IT.
●Confirmed ↗ sec.gov
|
||||||
| Total | 688 MW | 3.80 GW | 1.99 GW | 1.41 GW | 2.86 GW | — |
| Company | Headline figure | How T2C records it |
|---|---|---|
| CoreWeave | 4.2 GW contracted power | Shown as secured power on a gross-utility basis. It is a total that already includes the 1.5 GW active — the two are not additive, and neither is customer-contracted compute. |
| Nebius | 5 GW contracted power | That is a year-end target from the Q2 shareholder letter, not capacity held today. The last explicitly measured figure is "more than 3.5 GW", which is what the totals use. |
| Keel | 2.2 GW | That is the total development pipeline. The company splits it into 648 MW secured and 1,513 MW planned. Only the 648 MW is counted as secured. |
| TeraWulf | 1 GW at Muskie | Up to 1 GW of contracted electric service — power availability at the utility, not customer-contracted critical IT. It is excluded from contracted totals. |
| IREN | 480 MW | A 2026 gross AI Cloud capacity target across multiple sites, not construction at one site and not current capacity. Held as a target and excluded from all current totals. |
| Applied Digital | 2.15 GW | Gross grid-connected utility power. The comparable customer-contracted figure is 1,410 MW of critical IT — a different measurement of a different thing. |
Stated in a primary document — an SEC filing, an official investor-relations release, a shareholder letter, or a regulator/utility record — and that document is linked.
Attributed to the company but read second-hand, or carried over from an earlier compile whose original document is not linked. News can put a figure here; it can never make one confirmed.
Derived rather than disclosed. Shown separately from confirmed figures, with the derivation stated, and never included in a confirmed total.
The company has not published this figure. It is stored as null and is never treated as zero.
A current, operating figure as at the stated date.
At least this much, from the components the company has itemised. The company has not published an exhaustive total, so the real figure may be higher.
A management goal for a future date. An intention, not a capability that exists today, and never counted in a current-capacity total.
Identified development opportunity — sites under study, options held, applications lodged. Not secured and not built.
A theoretical ceiling, typically phrased "up to". Conditional on approvals, financing and demand that do not yet exist.