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Research, analysis, and perspectives on the built world.
Large Load Tariffs Are Now a Data Center Underwriting Variable
As of May 2026, 23 states have approved large load tariffs requiring data center developers to fund grid upgrades, sign long-term demand contracts, and post collateral. This post explains what AI can model, what requires expert judgment, and how to sequence tariff diligence before LOI.
June 25, 2026 ·5 min read
Crypto Mining to AI Data Center Conversion: The Workflow Developers Need
Bitcoin mining facilities with contracted power interconnections are being repositioned as AI and HPC data centers. This post covers the six-stage conversion workflow, where mining sites fall short, and what AI can and cannot do in the diligence and delivery process.
June 25, 2026 ·5 min read
Data Center Joint Venture Structures in 2026: The Capital Architecture Behind the Builds
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
Nuclear-Adjacent Data Center Sites: A Developer's Guide to Power-Certain Site Selection
Nuclear adjacency has moved from a secondary consideration to an explicit site screening criterion for data center developers in 2026. This post covers the five dimensions of nuclear-adjacent evaluation, the FERC colocation framework, and AI's role in screening -- alongside what still requires direct relationships and engineering judgment.
June 24, 2026 ·5 min read
$830 Billion: What the Hyperscaler Capex Surge Means for Independent Data Center Developers
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
MEP Trade Sequencing in Data Center Construction: How AI Reduces the Most Expensive Schedule Risk
MEP coordination failures are the most common source of construction delay on data center projects. This post breaks down where AI can move conflict detection earlier -- clash detection, submittal compliance, sequencing logic validation, RFI pattern monitoring -- and where human engineering judgment is still required.
June 24, 2026 ·5 min read
Colocation Data Center Development in 2026: What the Market Looks Like When Vacancy Is at Zero
North American colocation vacancy hit 0.3% in Northern Virginia and 1% in Atlanta in Q1 2026, with 73% of the pipeline preleased before completion. This post explains how those market conditions change colocation underwriting, how colo and hyperscale development differ in practice, and where developers are finding viable opportunity in a supply-constrained market.
June 23, 2026 ·4 min read
Data Center Power Delivery Schedule Tracking with AI: How Developers Stop Underestimating the Critical Path
Most data center development schedules fail between load study submission and energization -- a gap that can exceed four years in constrained markets. This post breaks down the five-stage power delivery workflow, what AI can monitor at each stage, and how leading developers are tracking utility milestones as financial risk management rather than construction coordination.
June 23, 2026 ·5 min read
Long Context vs. RAG for Data Center Document Analysis: What Institutional Developers Need to Know
Long context windows and RAG pipelines are the two main AI architectures for document-heavy workflows in institutional real estate development. This post explains when each approach is correct, where each breaks down, and why the strongest production architecture for data center due diligence combines both -- with context caching for cost control.
June 23, 2026 ·5 min read