Javier Reyes

Head of Data Center Research @aterio_io

[Shanu Mathew @ShanuMathew93]

Shout out to people & friends doing good work out there on the buildout getting some shine in this piece.

@aterio_io @JaviR97 @sergiotoro @curious_founder

Based on estimates from Aterio, which tracks company announcements, utility filings, building permits and satellite data, Amazon is expected to add the most data center and power capacity in the U.S. through 2030. But Google is expected to add capacity at the fastest rate. In fact, including leased capacity from third-party data center owners, Google will have significantly closed its gap with Amazon by 2030, according to Aterio.

Google stands out for “doing everything it can” to avoid building data centers that rely on fossil fuels, according to Michael Thomas, founder of data firm Cleanview

[Shanu Mathew @ShanuMathew93]

Interesting view from Bernstein - ~325GW pipeline, ~63GW under construction, ~34 GW defined as 'stranded' due to pushback

At current build rates, would take ~10 years to work through pipeline

Cite Aterio data

[Javier Reyes @JaviR97]

@ShanuMathew93 Project showing activity as of June still and technically still "on-track".

If Crusoe got booted, my bet is Google was/is the tenant involved. No way Oracle or Microsoft would have that much leverage on a project like this.

[Javier Reyes @JaviR97]

@theallinpod @GavinSBaker A lot of pushback on planned data centers, but also a lot of capacity breaking ground across the US.

[Javier Reyes @JaviR97]

Great report by Hongcen and team.

[Goldman Sachs @GoldmanSachs]

US data center power demand is forecast to more than double from 31 GW in 2025 to 66 GW in 2027, driven by an accelerating buildout of AI infrastructure, according to Goldman Sachs Commodities Research. Read more: https://t.co/9b0p9toWK0

[Javier Reyes @JaviR97]

Free report: https://t.co/NMVumV9n9f

[Javier Reyes @JaviR97]

Data Center Construction Starts for the U.S. and Canada

Since we track projects at the building level, figures for previous quarters may increase as additional buildings within existing campuses break ground.

[tae kim @firstadopter]

Data center pipeline in gigawatts has tripled during the past year (Source: Bernstein)

[Javier Reyes @JaviR97]

4/ $BCE guides revenue from H2 2027 and at full run-rate project wil generate ~$500M / ~$400M EBITDA / >$250M FCF and ~20% IRR at full run rate. Bulk of power secured through SaskPower and TransGas. The site sits right by a SaskPower substation.

[Javier Reyes @JaviR97]

1/ As Cerebras $CBRS heads into its IPO tomorrow, our team @aterio_io confirmed via satellite imagery that construction began two weeks ago on Bell $BCE Canada’s 300 MW Sherwood, SK AI data center campus, where Cerebras and CoreWeave $CRWV are signed as long-term tenants.

[Javier Reyes @JaviR97]

3/ Total project value runs higher. CIC Minister Jeremy Harrison at the announcement: "The total value of the project will be about $12 billion, including the cost of the chips".

[Javier Reyes @JaviR97]

@edzitron If you sum Announced + Construction pipeline our coverage is almost double.

We have a team of analysts monitoring every project at the building level with latest satellite.

Also thats US only my bad, we don't include Canada in that dashboard.

[Javier Reyes @JaviR97]

People are really under estimating the amount of data centers under construction.

As of May, there are ~58 GW of capacity under construction across US.

And yes, this are ALL confirmed with latest satellite imagery.

https://t.co/NMVumV9n9f

[Javier Reyes @JaviR97]

Based on the latest filling from early march 23 buildings
each in the ~175 MW range, roughly ~12M sqft total DC footprint.

This campus broke ground back in January, but their 2026 timeline seems to be too tight.

Sharing the equipment they plan to use to generate the power.

Google growing aggressively in Texas. Expect more projects disclosures from them.

[Shanu Mathew @ShanuMathew93]

Aterio's dataset shows "the data center pipeline of announced projects has grown to 2,970 as of early March, reflecting continued planning activity across the nation" (h/t @JaviR97)

Select highlights:
>Google: New Wilbarger County, Texas campus announced as part of its $40 billion state expansion.
>Amazon Spectrum: Proposed 21-building campus in Hood County, Texas, likely powered by Comanche Peak.
>Nebius: Added Oklahoma and Minnesota to its U.S. data center pipeline.
>Amazon Tree: Planned 16-building campus at Wallula Gap across 500 acres.
>Crusoe Warrenton: Conditional use approved for two 805,000-square-foot buildings.
>Project Horizon: March imagery shows major site clearing near Fort Stockton, Texas.
>Project Jarvis: Proposed Florida campus withdrawn amid tougher legislative backdrop.
>Project Ruby: $5 billion, 600 megawatt campus announced in Columbus, Georgia., 600 megawatt data center campus in Columbus, Georgia, with four buildings planned across about 900 acres.

[Javier Reyes @JaviR97]

🤷🏽‍♂️

[Javier Reyes @JaviR97]

@anissagardizy8 Market reading this as a pullback from phase 2, which is buildings 3-8.

Looks more like they pulled back from phase 3. Which mainstream media didn’t cover as much.

2 x 738,382 (336 MW) each building.

https://t.co/EHgcfRBBvi

[Javier Reyes @JaviR97]

@anissagardizy8 Market reading this as a pullback from phase 2, which is buildings 3-8.

Looks more like they pulled back from phase 3. Which mainstream media didn’t cover as much.

2 x 738,382 (336 MW) each building.

https://t.co/EHgcfRBBvi