Power-ready campuses are large development sites assembled around land, electric service, interconnection work, permits, equipment procurement, site construction, financing, and tenant negotiations. The stack is used by AI and data-center customers that need usable megawatts before the ordinary utility queue, substation buildout, or colocation supply can deliver.
What the stack is: a powered-campus package combines controlled acreage, grid or onsite power access, interconnection work, permits, substations, transformers, switchgear, backup generation, cooling path, fiber route, construction crews, financing, and tenant commitments.
What it does in the chain: it turns a power-scarcity problem into a possible data-center delivery product. The developer promises a customer not just land, but a path to energized critical IT load, tenant fit-out, uptime, and contracted capacity.
Main pieces: land and water rights, utility service agreements, power purchase or onsite-generation plans, interconnection studies, environmental and clean-air permits, gas turbines or backup systems, substations, transformers, construction budgets, lease/offtake documents, and project debt or partner capital.
Where it sits: physically at large data-center campuses, former industrial sites, mining campuses, or greenfield land with power access; operationally between the customer demand page and the utility, merchant power, equipment, construction, cooling, and fuel-input pages.
How the theme uses it: hyperscalers, AI cloud providers, and colocation tenants use the campus to obtain deliverable megawatts. The equity holder gets paid only if signed capacity becomes tenant access, rent, power pass-through, hosting revenue, site NOI, or cash flow after debt, dilution, partner economics, and construction costs.
Terms used later: critical IT load means the megawatts available to computing equipment; energized MW means the power is physically available; tenant access means the customer can begin installing or using its equipment; contracted revenue is not cash until lease terms, delivery milestones, and customer acceptance convert into billings; site NOI is campus revenue less site operating costs before corporate overhead and financing.
Report boundary: this node is a tactical report layer. It ranks the current value-chain basket, confirmation triggers, invalidation checks, and chart provenance. Durable research, claim IDs, raw source registries, and sector thesis maintenance stay in the linked knowledge pages. Price and volume context comes from read-only discovery daily_ohlc through 2026-07-02; static setup thresholds in the older node-data package still use 2026-05-22 and must be refreshed before use as current trading evidence.
Current Setup
Powered-campus gateDemand is useful only when deliverable MW becomes tenant-backed cash flow.
DLR and EQIX provide mature powered-capacity comparators, while APLD, CORZ, CIFR, WULF, IREN, and FRMI carry higher tenant, funding, construction, and common-equity-capture proof burdens.
Positive proofMature powered capacity now ranks ahead of raw land optionality.
DLR and EQIX anchor the comparator set; APLD, CORZ, and CIFR need signed or billable MW to keep moving up.
Conversion gateTenant access, rent, NOI, and funding terms decide the read.
Watch signed MW, customer credit, power delivery, construction cadence, project debt, restricted cash, and share count.
Primary constraintMost rows are priced before steady cash proof.
High beta, construction capex, converts, warrants, partner capital, and stale static setup levels can dilute the theme.
InputLand + power rights
BuildPermits, grid, equipment
ContractTenant MW + credit
ProofRent, NOI, cash flow
Controlled power access can be valuable when AI and data-center customers need usable megawatts faster than normal utility queues, substations, or colocation supply can provide them. The equity value is confirmed only when land, permits, equipment, interconnection, construction, and financing become tenant access, rent, power pass-through revenue, hosting revenue, site NOI, or cash flow that survives debt, dilution, partner economics, and execution cost.
The BTM paper raises the value of powered campuses, but it also raises the proof burden. DLR and EQIX provide mature powered-capacity and landlord comparators. APLD has the strongest signed AI Factory lease evidence with 1.2 GW of contracted critical IT load and $31B of disclosed base-term lease revenue. CORZ has CoreWeave billable MW and colocation margin evidence, CIFR has 700 MW of contracted gross HPC capacity, WULF has rent-paying HPC MW and Google-supported tenant structures, and IREN has Microsoft/NVIDIA-linked AI Cloud evidence. FRMI keeps pure Project Matador optionality, but it falls until a binding tenant and financing path are visible. The next positive proof is tenant access, rent commencement, realized site NOI, project-finance quality, and cash conversion.
The node can fail even if AI power demand stays strong. FRMI had no revenue-generating activities and no signed tenant agreements as of March 31, 2026. APLD, IREN, CORZ, WULF, and CIFR already trade on large future campus economics while carrying construction, customer concentration, debt, converts, warrants, preferred or partner capital, restricted cash, and dilution risk. DLR and EQIX still need power-delivery, leasing, AFFO, capex, and funding evidence before the watch rows become stronger company-level claims. Static setup thresholds remain stale, so trading levels need a fresh setup package before use.
Paper-led rerank uses the 1GT grid-upgrade paper and the SemiAnalysis BTM/grid-headroom paper as prior updates. Local discovery shows active basket tickers with daily_ohlc coverage through 2026-07-02; newly added tickers have right-rail chart routes but no refreshed static setup labels unless already present. Ranking uses source-backed bottleneck exposure and economic-capture evidence first, not recent price performance.
Basket
This basket follows the paper-led rerank already carried in the node data and report metadata. The core sleeve is DLR and EQIX. The option sleeve is APLD, CORZ, CIFR, and FRMI. The watch sleeve is WULF and IREN. Ranking gives more weight to tenant MW, customer credit, delivery timing, financing quality, and common-equity capture than to land control or equipment intent alone.
Core powered-capacity comparator for campus leasing, signed backlog, and AFFO capture.
Market cap$68.6B
Next earningsNot confirmed
Latest qtr revenue$1.635B
Role in stack
Digital Realty owns and develops data-center campuses for hyperscale, cloud, AI, and interconnection customers. Theme pressure becomes economics when powered capacity and signed bookings commence as DLR-share rent, NOI, Core FFO, and AFFO after capex and funding.
Revenue mix
Q1 2026 total operating revenue was $1.635B. The DLR lane frames exposure through $2.494B of Americas DLR-share annualized rent, $1.631B in EMEA, and $435M in Asia-Pacific at 3/31/26.
Proof burden
Use DLR as the mature landlord benchmark. The source route is signed bookings, $1.0B of DLR-share signed-not-commenced backlog, development yield, power availability, capex, debt, and Core FFO/share.
Option row with signed AI Factory lease evidence and a large construction-funding gate.
Market cap$11.8B
Next earningsNot confirmed
Latest qtr revenue$126.6M
Role in stack
Applied Digital develops AI Factory campuses for hyperscale and AI infrastructure tenants. Power access becomes economics when contracted critical IT load turns into tenant access, rent, site NOI, and cash after project financing.
Revenue mix
Fiscal Q3 2026 revenue was $126.6M for the quarter ended February 28, 2026. The APLD lane routes the campus read through signed AI Factory leases, including 1.2 GW of contracted critical IT load.
Proof burden
The card rests on signed lease scope, the disclosed $31B base-term lease revenue figure, construction cadence, site NOI, funding structure, debt, preferred or partner capital, and common-equity capture.
Core colocation and interconnection comparator with recurring revenue and AFFO as the proof route.
Market cap$105.7B
Next earningsNot confirmed
Latest qtr revenue$2.444B
Role in stack
Equinix sells colocation, interconnection, and managed infrastructure through IBX campuses and xScale ventures. Campus demand becomes economics when power-backed cabinets, AI bookings, utility costs, and customer deployments convert into recurring revenue and AFFO/share.
Revenue mix
Q1 2026 revenue was $2.444B and 95% recurring. The EQIX lane splits the quarter across Americas at $1.091B, EMEA at $827M, and Asia-Pacific at $526M.
Proof burden
Use EQIX as the scaled recurring-revenue benchmark. The source route is AI bookings, sellable cabinets under construction, power delivery, adjusted EBITDA, AFFO guidance, capex, and balance-sheet capacity.
Option row where CoreWeave billable MW and colocation margin evidence carry the campus read.
Market cap$7.3B
Next earningsNot confirmed
Latest qtr revenue$115.244M
Role in stack
Core Scientific owns power-backed compute infrastructure and leases or hosts capacity for AI colocation customers. The conversion path is billable MW, customer acceptance, colocation revenue, gross margin, and cash collection after capex and debt.
Revenue mix
Q1 2026 revenue was $115.244M. The CORZ lane routes the mix through digital-asset mining plus the HPC colocation transition, with CoreWeave as the key customer evidence.
Proof burden
The source route is CoreWeave billable MW, colocation margin, customer concentration, secured-note financing, data-center capex, controls remediation, and cash conversion.
Option row with contracted gross HPC capacity but current revenue still tied to mining.
Market cap$8.4B
Next earningsNot confirmed
Latest qtr revenue$34.838M
Role in stack
Cipher owns power-backed sites and is shifting mining campuses toward HPC tenants. The conversion path is contracted gross HPC capacity becoming rent, tenant access, site NOI, and cash after project debt, restricted cash, and build costs.
Revenue mix
Q1 2026 revenue was $34.838M. The CIFR lane still routes reported revenue through Bitcoin mining, while Barber Lake, Black Pearl, and a third-campus lease carry the HPC campus evidence.
Proof burden
The source route is 700 MW of contracted gross HPC capacity, rent and NOI commencement, tenant credit, third-campus detail, project debt, restricted cash, and common-equity capture.
Watch row for rent-paying HPC MW and Google-supported tenant structures.
Market cap$11.5B
Next earningsNot confirmed
Latest qtr revenue$34.0M
Role in stack
TeraWulf operates power-backed compute campuses and is adding HPC leasing at Lake Mariner and Abernathy. The campus route is tenant-backed rent, billable MW, utilization, and cash flow after power costs, capex, debt, and dilution.
Revenue mix
Q1 2026 revenue was $34.0M. The WULF lane ties current revenue to mining while routing the campus option through HPC lease revenue and Google-supported tenant structures.
Proof burden
The source route is rent-paying HPC MW, customer support terms, power economics, Lake Mariner and Abernathy delivery, capex funding, debt, warrants, and share count.
Watch row for AI Cloud evidence inside a business still exposed to Bitcoin-mining mix and funding needs.
Market cap$20.3B
Next earningsNot confirmed
Latest qtr revenue$144.8M
Role in stack
IREN owns power-backed data-center sites and is building AI Cloud capacity. Theme pressure becomes economics when Microsoft/NVIDIA-linked capacity, tenant use, utilization, and AI Cloud revenue outrun mining cyclicality, converts, and capex.
Revenue mix
Fiscal Q3 2026 revenue was $144.8M for the quarter ended March 31, 2026. The IREN lane routes the mix through Bitcoin mining plus a growing AI Cloud revenue and ARR evidence set.
Proof burden
The source route is AI Cloud revenue, Microsoft/NVIDIA-linked ARR, contracted capacity, utilization, power costs, converts, capex, customer concentration, and cash conversion.
Project Matador option with large powered-shell claims but no disclosed tenant revenue yet.
Market cap$3.3B
Next earningsNot confirmed
Latest qtr revenue$0
Role in stack
Fermi is a Project Matador powered-shell developer. The prospective buyer is a hyperscale or AI infrastructure tenant, and the conversion path is a tenant-backed lease, MW offtake, rent, or site NOI after financing and energization.
Revenue mix
FRMI disclosed no revenue-generating activities as of March 31, 2026. The local lane shows $1.43B of PP&E net, $243.3M of cash and restricted cash, and $421.3M of debt net at quarter-end.
Proof burden
The source route is binding tenant credit, MW, pricing, term, prepayment or support terms, termination limits, project capital, equipment financing, delivery milestones, governance, controls, and litigation.
Card metrics use the node report where available, DLR and EQIX lane metrics already cited in this page's Source Trail, and linked security lanes for latest-quarter revenue. Next earnings remain Not confirmed because company-confirmed dates were not promoted in the local source package. Rank buttons and metric strips load the selected-security right-rail chart for each ticker.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
01Node thesis
Campus becomes usable MW
What confirms
Site control, power access, interconnection work, permits, equipment, construction, tenant contracts, and financing appear together in filings or company updates with dated delivery milestones.
What weakens or invalidates
Demand remains a lease discussion, LOI, queue entry, broad AI headline, or announced capacity figure without tenant access, rent commencement, funded delivery, or cash conversion.
Watch next
Signed MW and tenant credit
Energization and tenant access
Project budget and delivery dates
02Economics mechanism
Revenue turns into NOI
What confirms
Leases, hosting contracts, or offtake agreements disclose MW, pricing or rent framework, term, pass-through mechanics, customer support, tenant acceptance, site NOI, EBITDA, or cash collection.
What weakens or invalidates
Contracted revenue is non-binding, undisclosed, amended downward, delayed, concentrated in one customer, or absorbed by service costs, construction overruns, partner economics, debt, or dilution.
Watch next
APLD site NOI
CIFR rent/NOI commencement
CORZ colocation cash collection
WULF rent-paying MW
03Customer and tenant
Credit support is real
What confirms
Customers are named or credit-supported, provide prepayments or guarantees, accept delivered capacity, and maintain scope without weak termination rights.
What weakens or invalidates
One customer dominates revenue, the tenant remains unnamed without credit detail, a prior tenant agreement terminates, or customer disputes delay acceptance or payment.
Watch next
FRMI first tenant
APLD tenant scope
CORZ non-CoreWeave lease
CIFR third-campus detail
04Funding
Per-share capture survives
What confirms
Project debt, partner capital, customer prepayments, equipment funding, and restricted cash are tied to tenant-backed assets and allow construction without punitive common-equity dilution.
What weakens or invalidates
Debt, converts, warrants, preferred securities, partner economics, ATM issuance, or collateral top-ups fund the build while transferring too much upside away from common holders.
Watch next
Cash and restricted cash
Scheduled principal
ATM or convert usage
Project-finance covenants
05Policy and power delivery
MW can be energized
What confirms
Permits, interconnection studies, utility service, gas or backup power, substations, transformers, cooling, fiber, water, and construction milestones progress on the same schedule as tenant delivery.
What weakens or invalidates
Permit delays, grid constraints, gas or water gaps, transformer or turbine delays, cooling shortages, construction cost inflation, or customer-ready dates move out.
Watch next
TCEQ or similar permits
Interconnection filings
Equipment delivery
Energization dates
06Operating constraint
Build works after handoff
What confirms
Delivered campuses show uptime, tenant fit-out, utilization, power-cost pass-through, service-level compliance, margin, operating cash flow, and customer retention after acceptance.
What weakens or invalidates
Accepted capacity underperforms, power or cooling costs rise without pass-through, service-level penalties appear, or management changes KPI definitions before cash proof is visible.
Watch next
Site uptime and acceptance
Power-cost pass-through
NOI and EBITDA bridge
Controls and KPI consistency
07Stale condition
Refresh trigger
What confirms
Local daily_ohlc stays current, linked security lanes still cover the latest filings and releases, and no material tenant, funding, construction, governance, or trading update has arrived since this page refresh.
What weakens or invalidates
A new trading session, earnings date, 10-Q, 8-K, tenant agreement, financing update, construction milestone, governance event, or security-lane refresh arrives before the node-data package and page are refreshed.
Real Estate sector lane for powered-campus real estate, development, cap-rate, refinancing, and specialized data-center supply context.
Information Technology sector lane for AI infrastructure demand, GPU/cloud capacity, policy, high-beta funding, and market-structure context.
Security Lanes
DLR security lane for data-center leasing, DLR-share annualized rent, signed bookings, signed-not-commenced backlog, Core FFO, AFFO, capex, debt, and power availability evidence.
APLD security lane for AI Factory leases, 1.2 GW contracted critical IT load, Q3 FY2026 revenue mix, financing, and dilution evidence.
EQIX security lane for recurring colocation revenue, IBX and xScale capacity, sellable cabinets under construction, adjusted EBITDA, AFFO, capex, and power-delivery evidence.
CORZ security lane for CoreWeave billable MW, colocation revenue, customer concentration, secured-note financing, capex, and controls evidence.
CIFR security lane for Barber Lake, Black Pearl, third-campus lease evidence, contracted gross HPC capacity, project debt, restricted cash, and current mining revenue.
WULF security lane for Lake Mariner, Abernathy, HPC lease revenue, Google-supported tenant structures, capex, debt, and dilution evidence.
IREN security lane for AI Cloud revenue, Bitcoin-mining mix, Microsoft/NVIDIA-linked ARR, converts, capex, and transition risk.
FRMI security lane for Project Matador, no revenue, no signed tenant, liquidity, governance, controls, and litigation evidence.
Next earnings are marked Not confirmed unless a company-confirmed or credible calendar estimate is available in the local lane or a bounded provider check.
Market caps use local instruments.market_cap values queried during the 2026-07-04 paper-led rerank, including DLR and EQIX as mature powered-capacity comparators.
Latest-quarter revenue sources route to local security lanes where available: DLR, EQIX, APLD, CORZ, CIFR, WULF, IREN, and FRMI. Revenue and AFFO/FFO claims should stay tied to those lanes rather than inferred from price action.
Discovery And Chart Provenance
Read-only discovery used local DuckDB queries against daily_ohlc and instruments.
Local daily_ohlc coverage runs through 2026-07-02 for DLR, APLD, EQIX, CORZ, CIFR, WULF, IREN, and FRMI. FRMI daily OHLC begins on 2025-10-01, so it lacks a full three-year chart window.
The selected-security right rail calls the report API route /api/securities/TICKER/chart?frequency=weekly&window=3y&as_of=latest. The chart package uses daily_ohlc, weekly aggregation by calendar week with first open, maximum high, minimum low, final close, summed volume, 20-week EMA, 100-week EMA when available, and volume subgraph over a three-year visible horizon.
Static setup labels, triggers, and invalidation levels remain stale until chart/setup metadata are refreshed together.
Known Gaps
The generator scripts/build_power_scarcity_nodes.py still emits visible setup paragraph stacks, table-based Basket sections, setup tables in the article body, and a chart-timing row in the confirmation table. Do not rerun it until it can emit the current card-based format and paper-led ranks.
The parent report, node metadata, and node manifest now carry the paper-led rank. Static setup thresholds remain stale and should be refreshed separately before use as live trading levels.
Discovery supports price, volume, daily OHLC, weekly aggregation, EMAs, setup labels, market cap, and coverage facts only. It does not prove tenant demand, power access, financing quality, utilization, revenue conversion, or cash-flow durability.
FRMI daily_ohlc begins on 2025-10-01, so FRMI lacks a full three-year visible chart and may not have a 100-week EMA. CORZ still has a known stored OHLC gap from 2022-12-30 to 2024-01-24, so long-history EMA interpretation should be caveated until the underlying history is reconciled.
No company-confirmed next earnings dates were found during the bounded web check. The next earnings field should be refreshed from official IR event pages, company releases, exchange calendars, or Nasdaq/Zacks-style estimates before any date is shown.
Reports remain summaries and routes. Company-level underwriting claims belong in the linked security lanes and raw source projections, not in this node page.