The AI buildout is now measured in gigawatts and financed by people other than the companies using the buildings. This tracker logs the largest announced campuses and contracts, how much power they need, who is paying, and where the debt sits, with every figure dated and sourced.
As of November 9, 2026, 7:54 AM (New York time, EST). Each row is dated and sourced. Single-source, anonymous-source and company-claimed figures are marked in the table.
The short version
Three things stand out this autumn. First, the AI labs themselves now sign for capacity directly: OpenAI is the tenant for about 8 GW in Ohio and the owner-developer of a $20 billion campus in Georgia, while Anthropic has a reported $45 billion, 460 MW rental deal in West Virginia. Second, the money increasingly comes from someone else's balance sheet. Nvidia is offering up to $105 billion of credit support in Ohio, Google now backs debt tied to Anthropic leases in both Texas and Kentucky, Brookfield is funding up to $9 billion of NAVER's GPUs through a separate vehicle, and BlackRock funds own 80% of Meta's El Paso campus. Hyperscalers are also adding large pledges of their own, with Google committing up to $17 billion in Wyoming and $15 billion in Malaysia in the same week. Third, politics has become a financing risk. Texas has held approvals for large loads, and banks have slowed the sale of data-center debt after the midterms.
Major campuses and deals
| Project | Partners | Power | Headline money | Financing / structure | Status | Date | Sources |
|---|---|---|---|---|---|---|---|
| PORTS-Pike Technology Campus, Pike County, Ohio | SB Energy (builds, owns, operates), SoftBank, OpenAI (tenant), Nvidia (compute supplier) | Up to 10 GW campus; OpenAI has about 8 GW of IT capacity; first 800 MW expected 2028 | Nvidia credit support of up to $105B for land, power and shell on the first 4.25 GW of IT; Nvidia investing $1.5B in SB Energy | 20-year lease to OpenAI; AEP Ohio plans at least $4.2B of grid investment | Groundbreaking held; six-year build to 2032 | Aug 17–18, 2026 | Data Centre Magazine; Bloomberg (company-announced; credit support is a ceiling, not spent) |
| Project Camellia, Effingham County, Georgia | OpenAI (owner-developer), Georgia Power | Up to 3.2 GW power contract; utility may cut up to 1 GW at peak demand | $20B planned investment | OpenAI pays for infrastructure needed to serve it under the approved contract | Power contract approved Aug 2026; county site-plan vote delayed, next decision Nov 17 | Aug 2026; Nov 5, 2026 | Georgia Power; AJC; WTOC (planned investment, not spent) |
| Nscale campus, Mason County, West Virginia | Nscale (owner), Anthropic (tenant), Nvidia Vera Rubin chips | 460 MW | About $45B over six years (contract value, not capex) | Capacity rental contract | Capacity expected online late 2027 | Aug 26, 2026 | Reuters; TechCrunch (deal terms from a person familiar; not disclosed by Anthropic) |
| Nexus Data Centers campus, Hubbard, Texas | Nexus (developer), Anthropic (tenant), Google (backstop), Morgan Stanley-led banks | Not disclosed in sources reviewed | About $15B of bank debt | Google backstops Anthropic's obligations with its credit rating; planned $5B–$7B bond sale delayed after Texas paused approvals | Debt held by banks longer than planned | Jul 30, 2026; later delay reported | CNBC; Bloomberg Law (reported by people familiar) |
| El Paso campus, Texas | Meta (20%, sole occupant), BlackRock funds (80%) | 1 GW | About $14B total development cost | $12.5B debt financing funds part of BlackRock's stake; Meta leases the whole campus (4-year term, options to 20 years) and gives residual value guarantees of about $13B | Under construction; capacity from 2028 | Jul 28, 2026 | Meta (company-announced) |
| Hyperion, Richland Parish, Louisiana | Meta; Blue Owl funds (80%) in the original joint venture | 5 GW planned (2 GW by 2030, full build around 2032) | More than $50B (up from $27B for the original 2 GW plan) | 2025 joint venture with Blue Owl for about $27B of development costs; no financing partner announced for the expansion | Under construction | Jul 13, 2026 | CNBC; Meta (2025 JV) |
| Colossus sites, Memphis and Southaven | xAI (SpaceX), Valor Compute Infrastructure, Apollo, Nvidia | Musk has described plans for about 2 GW | Apollo putting $3.5B into a Valor vehicle to fund $5.4B of data-center infrastructure leased to xAI | Off-balance-sheet lease structure | Operating and expanding | Dec 30, 2025; Jan 2026 | SiliconANGLE; IFR (power figure is Musk's own claim) |
| ING loan portfolio (includes Stargate New Mexico slice) | ING (seller); assets tied to Stargate NM, Vantage, CyrusOne | n/a | 12 loans worth about $500M, including a $25M Stargate New Mexico piece | Bids-wanted auction; bids of $10M or more due Nov 19 | Auction under way | Nov 6, 2026 | CNBC; DCD (Bloomberg report citing people familiar; ING declined to comment) |
| Anthropic compute and infrastructure commitments (company-wide) | Cloud and infrastructure suppliers | n/a | About $895.4B of purchase and lease commitments | About $69.8B due in the 12 months after Sep 30, 2026; about $447.5B before end-2030; most of the rest 2031–2045 | Disclosed in IPO filing | Nov 2, 2026 | Anthropic S-1/A (filing; commitments are future obligations, not debt or cash spent) |
| Justified Data Campus, Hawesville, Kentucky | TeraWulf (developer), Anthropic (tenant), Google (credit support), Fluor (EPC contractor) | 480 MW (per DCD) | About $19B of contracted lease commitments over 20 years (lease signed July 2026) | Google credit support for the project's planned debt financing; earlier reporting said TeraWulf sought about $3.5B of debt | Definitive Fluor EPC signed for three buildings; phased ready-for-service from late 2027 through Q2 2028 | Nov 4, 2026 | TeraWulf; TeraWulf 8-K; DCD (company-announced; lease value is contract value, not capex) |
| Google campus, Laramie County, Wyoming | Google; Tallgrass Energy, Black Hills Energy, AEP, Related Digital | First phase 702 MW, powered by natural-gas fuel cells with planned underground carbon storage; air-cooled | Up to $17B over the long term | Google says it will pay for 100% of the power it uses and grid needs driven by its growth | Announced; build timeline not disclosed | Nov 5–8, 2026 | WyoFile via Wyoming News (planned investment, not spent; single regional outlet) |
| Google campuses, Selangor and Negeri Sembilan, Malaysia | No capacity figure given; Google pledges more than 1 GW of new clean energy for the grid | $15B in 2027–2028 (includes clean energy, water and training spending) | Google says it will pay for all power used and direct grid-connection costs | Announced; adds to its operating Elmina campus | Nov 4, 2026 | Reuters via The Straits Times (planned investment, not spent) | |
| NAVER AI factory, centered on GAK Sejong, South Korea | NAVER Cloud (operator), Brookfield (funds SPV), Nvidia (technology partner and new 4.13% NAVER shareholder) | 55 MW from 1H 2027, 200 MW in 2028; described as part of a 1-GW-scale venture | Brookfield SPV to invest up to $9B in GPUs and data centers; Nvidia paid about $1B for its NAVER stake (completed Nov 6) | SPV owns the hardware and sells compute to NAVER Cloud; fees tied to revenue; NAVER guarantees the fees for up to eight years | Agreement signed; capacity from 2027 | Oct 27, 2026; Nov 6, 2026 | NAVER; Korea JoongAng Daily (company-announced; investment is a ceiling) |
| Anthropic on-site power: OnePWR gas generators | Anthropic, OnePWR Solutions (San Antonio supplier) | 1.7 GW of heavy-duty gas-fired generators | About $3.4B | Equipment commitments plus installation capability; Anthropic did not buy the supplier | Commitments reportedly bought in late September; sites not disclosed | Nov 8, 2026 (report) | CNBC, citing the FT (single-source FT report citing a person familiar; Reuters could not verify; no company comment) |
Rules and pledges that affect the buildout
| Rule or pledge | What it does | Date | Sources |
|---|---|---|---|
| Texas: ERCOT holds large-load approvals | ERCOT paused its Batch Zero study at Gov. Abbott's request to verify about 300 projects, 90% of them data centers; it aims to file reports by Dec 10. The large-load queue exceeds 470 GW. | Aug 24, 2026 | Inside Climate News |
| OpenAI National Community Compact | Pledges full electricity and grid costs, no NDAs with public officials, published water and power use, for campuses OpenAI owns and operates. | Nov 5, 2026 | OpenAI; OpenAI blueprint (PDF) (company pledge; leased and partner sites not covered) |
How to read these numbers
The dollar figures measure different things and should not be added up. Some are planned investment (OpenAI's $20 billion in Georgia), some are contract value over several years (Anthropic and Nscale's roughly $45 billion), some are credit support ceilings (Nvidia's up to $105 billion), and some are future obligations disclosed in a filing (Anthropic's $895.4 billion of commitments). Power figures also differ: a campus's total power supply is larger than its IT capacity, which is the power available to the chips themselves. Announced gigawatts are targets until a utility contract is approved and capacity is energized.
What changed recently
- Nov 9 update: Added five rows: TeraWulf's Google-backed Kentucky campus for Anthropic (TeraWulf), Google's Wyoming (WyoFile via Wyoming News) and Malaysia (Reuters via The Straits Times) commitments, NAVER's Brookfield-funded AI factory (NAVER), and Anthropic's reported 1.7 GW generator purchase (CNBC, citing the FT).
- Nov 8: The FT reported that Anthropic bought about $3.4 billion of commitments for 1.7 GW of gas generators from OnePWR, a sign that labs are buying their own power equipment rather than waiting on grids (CNBC, citing the FT).
- Nov 6: Nvidia completed its roughly $1 billion purchase of 4.13% of NAVER, the condition tied to NAVER's $9 billion Brookfield compute agreement (Korea JoongAng Daily).
- Nov 4–5: Google announced up to $17 billion for a first Wyoming campus that will start with a 702 MW fuel-cell plant (WyoFile via Wyoming News) and $15 billion for Malaysia in 2027–2028 (Reuters via The Straits Times). TeraWulf said Google will provide credit support for debt behind its $19 billion of Anthropic leases in Kentucky (TeraWulf).
- Nov 6: ING was reported to be auctioning about $500 million of data-center loans, including a $25 million piece of Stargate New Mexico, as banks spread credit risk after the midterms (CNBC).
- Nov 5: Effingham County delayed its vote on OpenAI's Georgia site plan; the next decision is set for Nov 17 (WTOC).
- Nov 5: OpenAI published a National Community Compact covering power costs, water and NDAs for campuses it owns and operates (OpenAI).
- Nov 2: Anthropic's amended IPO filing put its purchase and lease commitments at about $895.4 billion, most of it due after 2030 (Anthropic S-1/A).
- Since August: Texas grid approvals for large data centers have been on hold pending ERCOT's review, which delayed a bond sale tied to Anthropic's Hubbard campus (Inside Climate News; Bloomberg Law).
What to watch next
- Nov 17: Effingham County's next decision on OpenAI's Georgia site plan.
- Nov 19: Bids due in ING's loan auction. The clearing price will show how lenders now value data-center credit.
- Dec 10: ERCOT's target date to file its Texas reports. That decides when large Texas projects can connect.
- Nexus bond sale: Whether banks sell the Hubbard debt, and on what terms Google's support is disclosed.
- TeraWulf's debt raise: The pricing of the Google-backed Kentucky financing will show how much a hyperscaler guarantee lowers the cost of lending against an AI lab's lease.
- Where Anthropic's generators go: The FT report did not name sites; on-site gas power would need its own permits.
- Energization dates: El Paso and PORTS-Pike both point to 2028; Nscale's West Virginia and TeraWulf's Kentucky capacity point to late 2027; NAVER's first 55 MW to the first half of 2027.
Methodology
We include announced AI data-center campuses, capacity contracts and financings of roughly $1 billion or more, or 400 MW or more, plus loan sales and filings that show how the buildout is financed. Company announcements, utility filings and securities filings come first; reported deals name the outlet and are marked when they rest on anonymous or single sources. We record each figure as the type of number it is (planned investment, contract value, debt, credit support or commitment) and never add different types together. Power is given as the source states it, with IT capacity labeled where the source distinguishes it. We update rows when a project reaches a new stage: contract approval, financing close, construction, or energization. For background on how markets have priced this buildout, see our explainer on the November sell-off.