Corey Trinetti

Institutional-grade analysis of the physical infrastructure powering AI data centers — power, cooling, construction, and capital. Written by Corey Trinetti.

[Corey Trinetti @MeasuredAI_]

The six companies at the center of the AI buildout — Crusoe, Nebius, Nscale, CoreWeave, Lambda, Fluidstack — are collectively valued above $150 billion.

Essentially every floor they operate today is rented.

How the neocloud layer works, and who's underwriting it. 🧵

[Corey Trinetti @MeasuredAI_]

At $30–$35 billion per GW, 10 GW is $300–$350 billion. Our illustrative test at $50 per watt annually and a 70% cash margin puts operating-cash payback at roughly 10–12 months, against Musk’s six months. Next: funding it without losing the investment-grade rating.

Full article, free, on Measured AI’s Substack.

[Corey Trinetti @MeasuredAI_]

SpaceX reported 1.7 GW of installed AI compute as of September 30, 2026. Elon Musk says he is “highly confident” it brings 10 GW more online during 2027, reaching 13 GW by year-end.

That is an average of more than 800 MW of new compute a month. 🧵

[Corey Trinetti @MeasuredAI_]

Storage: 1,200 Tesla Megapacks across Colossus I and II, 4.7 GWh in three locations.

Synchronized training loads swing 10–20 MW several times per second. The batteries discharge into the spikes and charge in the dips, and grid-forming control is credited with removing more than 70% of that variability.

[Corey Trinetti @MeasuredAI_]

Direction of travel: both ramps are curtailable, and a finished building does not necessarily have firm transmission for its full planned load.

Full article on Measured AI’s Substack. The Meta–QTS sections are open to all readers; the Google sections are for paid subscribers.

[Corey Trinetti @MeasuredAI_]

Meta and Google are building adjacent AI data center campuses in Cedar Rapids, Iowa: 13 planned buildings, about 8.7 million sq ft, a combined planned load of 1.6 GW.

Both sit on land a utility’s unregulated affiliate assembled and sold. Both buy power from that utility through one 345 kV switching station. 🧵

[Corey Trinetti @MeasuredAI_]

One tariff, IPL’s Individual Customer Rate (Rider ICR), two rates. Google’s was the first, approved May 14, 2025. QTS’s the second, approved October 9, 2025 with a warning from the Commission chair.

QTS drew more than 40 MW by July 31, 2026. Its August amendment was suspended September 22.