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Research · Energy → Compute
AI and bitcoin mining are now buying power at utility scale. Not every headline is a contract. We track the deals behind the theme, check each one against its source, and separate binding commitments from letters of intent and frameworks.
Counts of deals, not megawatts: the deals state capacity in different units, so adding them up would mislead.
By the date a deal first appeared in a source. The latest quarter is to date.
Direct counterparty. Fluidstack deals carry a Google backstop.
Energy source named in the deal; “unknown” where the source doesn’t say.
Large North American and global deals where power, fuel or power equipment goes to compute, each checked against its primary source. Capacity is shown in the unit the deal states. MW of generation, IT load and equipment are different things, so we never add them up.
American Electric Power (with Bloom Energy fuel cells)NASDAQ: AEP
GoogleNASDAQ: GOOGL
702 MW generation
PPA · Energy supply · gas · 20 yr
Near Cheyenne, Wyoming, US
EnerflexNYSE: EFXT / TSX: EFX
Undisclosed large-scale North American data center development
at least 1,000 MW equipment
equipment supply · Power infrastructure · gas
North America
Constellation EnergyNASDAQ: CEG
GoogleNASDAQ: GOOGL
890 MW generation
PPA · Energy supply · nuclear · 20 yr
11 Constellation nuclear units in Illinois, Pennsylvania and New Jersey (PJM), US
Black Hills Corp.NYSE: BKH
Google (data center facilities built by Jupiter Star Holdings, a Google subsidiary, per Cowboy State Daily)NASDAQ: GOOGL
framework cap 590 MW generation (564 firm)
other · Energy supply · gas · 22 yr
Cheyenne, Wyoming, US
Constellation EnergyNASDAQ: CEG
GoogleNASDAQ: GOOGL
2,700 MW generation
other · Energy supply · unknown · 15 yr
Constellation fleet in PJM, US
EnerflexNYSE: EFXT / TSX: EFX
Undisclosed North American data center developer
450 MW equipment
equipment supply · Power infrastructure · gas
North America
Constellation EnergyNASDAQ: CEG
AmazonNASDAQ: AMZN
690 MW generation
PPA · Energy supply · nuclear · 20 yr
Calvert Cliffs Clean Energy Center, Lusby, Maryland, US
Cipher Mining (now Cipher Digital)NASDAQ: CIFR
Unnamed "leading AI lab"
Not disclosed
hosting conversion · Compute on owned power · unknown · 10 yr
Barber Lake, Colorado City, Texas, US
Vistra (Luminant ET Services)NYSE: VST
New Era Energy & Digital (TCDC PowerCo)NASDAQ: NUAI
up to 207 MW generation (200 firm)
PPA · Energy supply · gas · 20 yr
Odessa, Texas, US (Texas Critical Data Center, adjacent to Vistra's 1,180 MW Odessa gas plant)
Fervo EnergyNASDAQ: FRVO
GoogleNASDAQ: GOOGL
up to 996 MW generation (396 firm)
PPA · Energy supply · renewables
Cape Station, Utah, US
NRG EnergyNYSE: NRG
Undisclosed global cloud and AI hyperscaler
1,200 MW generation
JV/development · Energy supply · gas
Texas, US
TeraWulfNASDAQ: WULF
Anthropicprivate
401 MW IT load
hosting conversion · Compute on owned power · unknown · 20 yr
Justified Data Campus, Hawesville, Kentucky, US
Each company sits in one segment, by business model, and is tested on whether energy for compute is material to that business, not whether it is mentioned in a press release.
Producers, utilities, independent power producers, nuclear and renewables, midstream, and owner-operators of power plants built for data centers.
Materiality test
E2C power as a share of owned capacity, or E2C revenue as a share of revenue: at least 5%.
Manufacturers and EPC firms delivering turbines, engines, fuel cells, boilers and on-site power systems to data centers. Backup generation is tracked separately.
Materiality test
Data-center revenue or backlog as a share of the total: at least 10%.
AI/HPC and bitcoin-mining operators whose capacity runs on power they generate, take behind the meter, or hold under a site-specific supply contract.
Materiality test
Capacity with dedicated power as a share of total capacity: at least 50%.
| Evidence | Counts? |
|---|---|
| Signed contract, operating asset, recognised revenue | Yes |
| Binding obligation with routine conditions still open (permits, site selection) | Yes, flagged conditional |
| LOI, MOU, non-binding framework, option, “up to” cap, management target | No: watchlist only |
We are building a rules-based Energy-to-Compute index on this evidence base. Constituents and index levels are not published yet.
Most deals above run to hundreds of MW. Our site assessment starts below 1 MW, for natural gas, renewables, grid or behind-the-meter power.
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