The race to secure power for digital infrastructure is accelerating — and the scale of activity across North America is becoming increasingly difficult for capital markets to ignore.
PermianChain’s Energy-to-Compute (E2C) Deal Tracker has identified 47 publicly announced deals across the energy-to-compute landscape, most of them in North America, representing 24.4 GW of firm power offtake across 24 power supply deals.
The findings provide a snapshot of how the relationship between energy supply and digital infrastructure is evolving — and where some of the world’s largest technology companies are directing their attention.
What the data reveals
- 24.4 GW of firm power offtake represented across 24 power supply deals.
- 20.0 GW of that offtake is signed or in service. In total, 36 of the 47 deals have been signed and/or entered service.
- 37 publicly listed companies are party to the deals, and every deal involves at least one listed company or its subsidiary.
- 53 publicly listed companies screened as part of the research.
- Deals publicly disclosed between April 2025 and October 2026.
Who is securing the power?
Google leads the tracker with 10 deals, followed by:
- Meta — 7
- Amazon / AWS — 4
- Fluidstack — 4
- Brookfield — 3
- CoreWeave — 3
- Microsoft — 2
- Oracle — 2
- Other parties — 8
- Undisclosed — 4
The concentration of activity among hyperscalers, AI infrastructure developers and institutional capital providers is particularly noteworthy.
These are not simply technology companies purchasing electricity. They are securing access to the foundational input required to build and operate the next generation of digital infrastructure.
What is powering this expansion?
Natural gas is the leading identified power source, appearing in 13 deals, followed by nuclear and renewable energy.
This is an important distinction. While much of the public conversation around AI infrastructure focuses on data centres, GPUs and computing capacity, the underlying constraint increasingly extends to the availability, deliverability and economics of power.
The competition for electricity is creating new commercial opportunities across the energy value chain — from independent power producers and natural gas developers to utilities, infrastructure operators and capital providers.
Why this matters to institutional investors
We believe energy-to-compute is developing into a distinct investment and infrastructure category.
The convergence of power generation, digital infrastructure and long-term computing demand is creating new forms of energy offtake, new infrastructure partnerships and new opportunities to monetize energy assets.
For investors, the critical questions are no longer limited to how much computing capacity is being deployed.
They include:
- Who controls the underlying power supply?
- How much capacity is contracted, signed or operational?
- What energy sources are supporting new developments?
- Which companies are securing long-term access to electricity?
- Where are the next opportunities emerging across the energy-to-compute value chain?
That is precisely why we developed the PermianChain E2C Deal Tracker.
Our objective is to bring greater visibility to a rapidly developing market by tracking publicly disclosed transactions, identifying the companies involved and examining the underlying power supply arrangements.
The tracker is designed to serve as a research resource for institutional investors, energy companies, infrastructure developers and capital markets professionals seeking to understand the commercial development of this sector.
Energy is becoming the strategic foundation of digital infrastructure. The transactions taking place today may help define who controls the infrastructure of tomorrow.
PermianChain — What You Power, You Control.
