Research, analysis, and perspectives on the built world.
Private credit is becoming a larger part of the data center capital stack as AI demand pulls more projects forward. This post explains why lenders are shifting from tenant-first underwriting to power-first underwriting, with grid delivery, large-load tariffs and collateral obligations setting the terms.
September 25, 2026 ·5 min read
This post explains why data center demand forecasting in 2026 has moved from market sizing into development underwriting. It shows how developers should separate leasing demand from buildable demand, normalize AI workload assumptions and discount pipeline against power, cost and delivery risk.
September 21, 2026 ·5 min read
Three new data center moratoriums passed in a single week in June 2026, bringing the total to 14 states with active restrictions. This post explains what is driving the acceleration -- power, water, and community opposition -- and what it means for developer site screening, entitlement timelines, and capital structure.
June 26, 2026 ·4 min read
The $40B Aligned acquisition and $280B in hyperscaler capex commitments signal a structural shift from conventional leases to equity JVs, infrastructure fund SPVs, and capital recycling strategies. This post explains the four main deal structures, what PE is doing, and how developers should approach JV partner diligence.
June 25, 2026 ·5 min read
TrendForce revised its 2026 hyperscaler capex forecast to $830 billion -- 79% year-over-year growth. This post explains the structural shift toward hyperscaler ownership, which markets are absorbing the overflow, and the capital structure implications for independent data center developers competing for acquisition premium.
June 24, 2026 ·5 min read
FERC's June 2026 action on Docket RM26-4-000 establishes the first national framework governing how large electrical loads above 20 MW connect to the U.S. interstate transmission system. This piece explains what the rule requires, who it hits first, and the five actions data center developers should take before the compliance period closes.
June 22, 2026 ·5 min read
The Aligned Data Centers $40B acquisition by a Microsoft-Nvidia-BlackRock consortium marks a structural shift: hyperscalers are now taking equity in infrastructure platforms, not just signing leases. This piece explains what the $280B capex surge and rising hyperscaler M&A means for independent developers -- from valuation compression among mid-tier operators to the underwriting changes required to compete for premium exits.
June 19, 2026 ·7 min read
With transformer lead times reaching 60 to 120 weeks and gas turbine backlogs stretching to three years, electrical equipment procurement has become the primary schedule constraint in data center development. This post explains how AI-assisted supply chain tools are giving developers earlier visibility into where scarcity will bind and more options when it does.
June 18, 2026 ·6 min read
FERC will issue standardized large-load interconnection rules by June 30, 2026 under Docket RM26-4. This post covers the expected rule contents, queue strategy implications, co-location economics, and five specific actions data center developers need to take before the order drops.
June 17, 2026 ·6 min read