Behind the AI battle that NVIDIA, OpenAI, and the cloud giants are fighting over, there's a quiet group collecting rent from everyone — companies that buy the land, pull in high-voltage power lines, pour the concrete, and then lease "space + power + cooling" to the tech giants. Many of them are listed as REITs (real-estate investment trusts). This lesson takes you to the most tangible layer of AI — and why, in this era, the thing you rent out is no longer square meters but "megawatts," and why tenants book years ahead, before the building is even finished.
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Theme index· base 100 · USD total return
Why is Colocation & Hyperscale REITs moving?
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Data center demand stays hot; politics and debt costs build
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Demand and capacity keep growing despite local opposition Goldman Sachs raised its 2026 US data center capacity forecast by 5 gigawatts to 64 GW, saying growth through 2027 is largely unchanged by community pushback. Applied Digital beat revenue estimates with sales up 322% and expects to add over 600 MW in the next year. This shows AI demand still far outruns supply, supporting landlords' long-term rent growth.
It shows the core demand-supply imbalance that drives the theme is still intact and even improving.
Global expansion and new capital broaden the market CoreWeave will build its first India data centers with AdaniConneX, using 240 MW with an option for 480 MW. Google's 22-year nuclear deal in Finland makes data centers the country's top power buyer. Firmus Grid and DayOne are tapping public markets for billions. These moves add new capacity and long-term funding, expanding the theme's growth runway.
It shows the theme is adding new geographies and fresh capital, which extends the growth story beyond the US.
Political risk and high borrowing costs threaten the build-out JPMorgan warns a 2026 Democratic sweep could pressure AI data center stocks, which are now 45% of the S&P 500. Texas has halted new permits pending audits, and 64% of voters oppose local data centers. Meanwhile, Volta is paying roughly 11% to borrow $5 billion. Politics and expensive debt can delay projects and raise costs.
It captures the main counterweights — regulation and financing costs — that could slow the theme's growth.
Texas Power Limits Cloud Prologis Hutto Data Center Project
Prologis's Texas data center venture with Skybox Datacenters ran into uncertainty in late September 2026 after new statewide limits on large power grid hookups raised questions about the Hutto project's timing, scale and potential rental income. The restrictions introduce project-specific uncertainty for the Hutto data center but do not materially change Prologis's near-term earnings catalyst, which still rests on lease-up, rent resets and integrating development profitably. A cluster of UK Takeover Code disclosures showed TIAA, Charles Schwab Investment Management and Dimensional Fund Advisors each reporting more than 1 percent stakes in Prologis, as the company raises equity and pursues the potential US$18.8 billion to US$19 billion SEGRO acquisition. Prologis's narrative projects $10.4 billion revenue and $3.6 billion earnings by 2029, requiring 2.5% yearly revenue growth but a decrease of about $0.6 billion in earnings from $4.2 billion today. Three Simply Wall St Community fair value estimates for Prologis span roughly US$126.95 to US$158.23, with the published forecast implying a $158.23 fair value, a 22% upside to its current price.
Artificial Intelligence › AI Data Center & Build-out ▼Regulation
PLD · Regulation · Neutral New statewide limits on large power grid hookups create project-specific uncertainty for Prologis's Hutto data center timing, scale and rental income.
PLD · Capital · Neutral Prologis is raising equity and pursuing a potential US$18.8-19B SEGRO acquisition, with fair-value estimates implying 22% upside.
Skybox Datacenters · Regulation · Neutral Skybox Datacenters' Hutto project with Prologis faces uncertainty from new statewide limits on large power grid hookups.
SGRO.LSE · Capital · Neutral Named only as the target of Prologis's potential US$18.8-19B acquisition; no standalone development reported.
New Era Energy & Digital Fair Value Raised to US$11.67 on Data Center Progress
Analysts have lifted the implied fair value of New Era Energy & Digital to about US$11.67 from US$10.50, roughly an 11% increase, as Wall Street weighs progress at the company's Texas Critical Data Centers against sector and regulatory risk. Roth Capital initiated coverage with a Buy rating and a US$10 price target, saying the share price does not fully capture potential commercialization of Texas Critical Data Centers Phases I and II. Northland raised its target to US$12 from US$10 with an Outperform rating, citing progress on the Phase 1 PPA, strong major tenant interest, and management guidance around capacity delivery in 2H27, while B. Riley lifted its target to US$13 from US$10 and kept a Buy rating. B. Riley also noted that the digital mining and HPC peer group has fallen 34% since June 22, compared with 6.2% for the Russell 2000, reflecting regulatory uncertainty, higher yields, and slower leasing activity. The updated model raised the revenue growth assumption to 626.36% from 344.38%, lifted the profit margin forecast to 20.24% from 17.82%, cut the future P/E multiple to 26.88x from 75.20x, and adjusted the discount rate to 7.236% from 7.108%.
Artificial Intelligence › Colocation & Hyperscale REITs Capital
NUAI · Capital · Positive Analysts raised New Era Energy & Digital's fair value to ~US$11.67 and multiple firms lifted price targets on Texas Critical Data Centers progress.
Roth Capital Partners · Capital · Positive Roth Capital initiated coverage on New Era Energy & Digital with a Buy rating and US$10 price target.
Over 70 computing power leasing concept stocks; regulators crack down on hype-chasing and cross-sector drift
Computing power leasing is becoming one of the most crowded tracks in the A-share market. According to data from the China Academy of Information and Communications Technology, the domestic computing power leasing market reached 68 billion yuan in the first quarter of 2026, up about 60 percent year on year, and is expected to exceed 260 billion yuan for the full year. During the same period, domestic AI computing power demand grew 417 percent year on year, while supply grew only 128 percent. According to a Securities Times report in June this year, there are already more than 70 computing power leasing concept stocks, spanning 15 industries, with market capitalizations ranging from 2 billion yuan to 120 billion yuan. A recent investigation by Cailian Press found that among 16 listed companies with computing power contracts exceeding 500 million yuan, 10 had contracts that were terminated after a period of disclosure or had still not begun performance. Among them, Lanyun Technology's 3.707 billion yuan computing power cloud service agreement had still not entered actual performance as of September 8, 2026, while Annil is expected to lose up to 60.4285 million yuan after the termination of its acquisition of a 22 percent stake in Shenzhen Innovation Technology Co., Ltd. Samples of main-business drift are also dense. Qunxing Toys announced the termination of its restructuring, which had lasted nearly eight months, on the evening of October 20. Lianhua Holdings recorded computing power service revenue of 122 million yuan in 2025, accounting for only 3.53 percent of its total operating revenue of 3.452 billion yuan, while the value of computing power leasing contracts terminated early in the same period reached 1.228 billion yuan. On the regulatory front, China Securities Regulatory Commission Chairman Wu Qing made a clear statement at the 2026 Lujiazui Forum, saying that the commission will strictly investigate and punish those who use technology as a pretext to chase hot topics and speculate on concepts. So far this year, the commission has investigated and dealt with seven cases of misleading statements. On July 6, the Shanghai Stock Exchange also upgraded the permission functions of its SSE e-interaction platform, suspending reply permissions for 12 months for companies penalized for hype-chasing.
002575.CS · Capital · Negative Qunxing Toys announced termination of its nearly eight-month restructuring, a failed deal tied to the computing-power leasing hype
002875.CS · Capital · Negative Annil expects to lose up to 60.43 million yuan after terminating its acquisition of a 22% stake in Shenzhen Innovation Technology
AZIO AI Signs First Atlas One Hosting Deal Worth Up to $450M
AZIO AI Holdings announced a power purchase and hosting agreement with Power Champion Investment Limited at its Atlas One compute infrastructure campus in South Texas. The deal establishes an initial contracted capacity of 10 megawatts, with expansion rights up to 50 MW, and at that initial capacity the company expects roughly $1.5 million in monthly capacity reservation charges, or $90 million over the five-year initial term, excluding electricity sales and additional services. Full expansion to 50 MW could generate approximately $450 million in capacity reservation charges over the same period. The agreement is the first hosting contract at Atlas One, a 548-acre campus designed for up to 500 MW of planned power capacity, where approximately 11 MW has been secured to date, including 6 MW currently activated. No capacity has yet been energized under the new agreement, expansion beyond the initial 10 MW has not been exercised, and service commencement remains subject to infrastructure development, required U.S. export control approvals and other contractual conditions.
Gorilla Technology Signs First U.S. Data Center LOI, Targets 100 MW Portfolio
Gorilla Technology announced Friday that it signed a non-binding letter of intent to acquire its first U.S. data center, with the acquisition targeted to close by the end of November 2026. The existing facility has 6 MW of current power capacity and potential expansion to 36 MW, while the local utility supports an additional 30 MW expected to be delivered in about 18 months, subject to infrastructure work. The operational facility generates colocation revenue that the company expects to continue after the acquisition, subject to final lease and transfer arrangements. Gorilla targets a U.S. data center portfolio exceeding 100 MW within 12 to 18 months through acquisitions, expansion, and AI computing deployments. The deal remains subject to due diligence and definitive agreements.
GRRR · Capital · Positive Gorilla Technology signed a non-binding LOI to acquire its first U.S. data center, targeting a 100 MW portfolio via acquisitions and AI computing deployments.
Suchat Pushes for CoP Draft to Regulate Data Centres on Environmental Standards
Suchat Chomklin, Minister of Natural Resources and Environment, said after the first meeting in 2026 of the environmental subcommittee under the Data Centre Business Policy Committee that the government is pushing a draft Code of Practice, or CoP, for data centre operators to serve as an environmental regulatory framework and reduce impacts on nearby residents and communities. The draft CoP will set minimum standards that operators must follow, covering electricity use, water management, environmental management, and the storage and management of reserve fuel, in order to raise industry standards and reduce risks from potential impacts on communities and the environment. Suchat said the development of digital infrastructure is a key factor in boosting the country's competitiveness, but the growth of data centres must go hand in hand with environmental responsibility, with the government setting clear standards from the outset. He also stressed the need for clear operating guidelines, continuous communication of information to the public, and integrated work with relevant agencies. After hearing opinions from relevant agencies and experts, the draft CoP will be revised for completeness before being submitted to the Data Centre Business Policy Committee for consideration in the next step.
Firmus pulls $5 billion IPO, a blow to Australian capital markets
Investors say the scrapping of a $5 billion initial public offering by Australian data centre operator Firmus, which is backed by Nvidia, is a blow to the country's capital markets. According to Dealogic data, the IPO would have been the fourth-largest in the world so far this year and the second-largest in the history of the Australian Securities Exchange, behind Telstra's $10 billion listing in 1997. Oscar Oberg, lead portfolio manager at Wilson Asset Management, said the shortage of new listings has been a very frustrating situation for us for a long time. According to Jamie Hanna, deputy head of investments and capital markets at VanEck Australia, the ASX has been steadily losing listed companies to private takeovers, particularly in the infrastructure sector, with the number of listed companies falling to 1,891 as of September 2026 from 2,066 in 2016. Hanna said the failure of these large listings to materialise is a blow to the market.
Nvidia-Backed Firmus Shelves AUD 7.1 Billion Australian IPO, Turns to Private Markets
Firmus, the Nvidia-backed data center operator, has shelved its AUD 7.1 billion ($4.95 billion) initial public offering in Australia after poor demand and volatile market conditions, opting instead to raise capital privately. The offering would have been the second-largest new share sale in Australia's history, and the company had planned to sell shares at AUD $11 ($7.67) each, valuing it at $30.6 billion, nearly triple the $10.5 billion valuation from a funding round in August. In that August round, Firmus raised $2 billion from investors including Nvidia, Coatue, Blackstone and Jane Street. The company said the terms did not accurately reflect the strength of its business and long-term growth outlook, and that the board concluded proceeding with the offer was not in the best interests of the company and its shareholders. Firmus said it will now pursue capital from the private markets and consider alternative public and private market options. The scrapped listing comes amid a cooling IPO market, with seven sizable U.S. IPOs postponed or pulled in the third quarter, up from four in the second, and smart-ring maker Oura postponing a $2.2 billion listing on Sept. 29.
Artificial Intelligence › AI Data Center & Build-out Capital
Artificial Intelligence › AI Compute Cloud & Neoclouds Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
Firmus Technologies · Capital · Negative Firmus shelved its AUD 7.1 billion Australian IPO due to poor demand and volatile markets, opting to raise privately instead.
NVDA · Capital · Neutral Mentioned as a backer of Firmus; the shelved IPO is a setback for its portfolio company but no direct Nvidia-specific impact stated.
WHA Expects Q4 2026 to Be the Year's Peak, Supporting Target of 2,500 Rai in Land Sales
Jareeporn Jarukornsakul, Chief Executive Officer of WHA Corporation Public Company Limited, or WHA, disclosed that operating results in the fourth quarter of 2026 will improve markedly from the third quarter of 2026 and will mark the highest growth period of the year, driven by a substantial volume of industrial estate land sales awaiting transfer and revenue recognition, together with support from asset sales into an investment trust. The company plans to sell assets into the WHA Premium Growth Real Estate and Leasehold Investment Trust, or WHART, worth more than 2.5 billion baht, with transfer and revenue recognition expected in the fourth quarter of 2026, and is in the process of filing with the Securities and Exchange Commission, or SEC, to seek approval for additional asset sales into the WHA Industrial Leasehold Real Estate Investment Trust, or WHAIR. For 2026, the company is maintaining its land sales target at approximately 2,500 rai, after selling about 504 rai in the first half of this year, not yet including a large volume of sales awaiting transfer. Meanwhile, the company must temporarily slow the intake of new customers pending clarity on government policy criteria and promotional measures for data center projects, which, if clarified, would help support the investment climate and land demand in WHA's industrial estates in the future. Its main customer base consists of global multinational technology groups with strong financial standing. Related agencies forecast that in 2026 total investment promotion applications will reach as much as 1.8 trillion baht, the highest since the BOI was established, of which 1.36 trillion baht will be foreign investment.
WHA.BK · Capital · Positive Q4 2026 expected to be the year's peak, driven by asset sales into WHART worth over 2.5 billion baht plus SEC filing for additional asset sales into WHAIR.
WHA.BK · Demand · Positive Maintains 2026 land sales target of ~2,500 rai with a large volume of industrial estate land sales awaiting transfer and revenue recognition.
Aofei Data Chairman Feng Kang Proposes Buyback of 50 Million to 100 Million Yuan in Shares
Aofei Data announced on October 9 that its actual controller and chairman, Feng Kang, proposed the company use its own funds or self-raised funds to repurchase part of its RMB ordinary shares through centralized bidding. The buyback amount will be no less than 50 million yuan and no more than 100 million yuan, with a buyback period of 12 months from the date the board approves the plan. In the first half of 2026, Aofei Data achieved revenue of 1.469 billion yuan and net profit attributable to the parent of 197 million yuan.
Bitdeer AI Adds 67MW Malaysia Campus, Secured Capacity Reaches 273.5MW
Bitdeer AI, part of Bitdeer Technologies Group, has entered a 10-year data center services agreement for A901, a 67MW AI Cloud data center campus in Malaysia. The campus becomes Bitdeer AI's third Malaysian hub alongside Cyberjaya and Johor and will be engineered for liquid-cooled, rack-scale NVIDIA GB300 NVL72 systems serving next-generation enterprise AI workloads. Delivery of A901 capacity is targeted to begin in the first quarter of 2027, with the full 67MW targeted for the second quarter of 2027. With the addition of the 67MW A901 campus, Bitdeer AI's secured AI Cloud data center capacity, meaning capacity owned or under an executed data center services agreement, totals approximately 273.5MW across facilities in Malaysia, Norway and the United States, or approximately 78% of its target of up to 350MW to be delivered by the first quarter of 2028. Bitdeer AI said its active pipeline for AI Cloud capacity is now estimated to exceed $10 billion, and Chief Financial Officer Michael G. Potter said demand for liquid-cooled, rack-scale AI capacity in Southeast Asia is running ahead of what the market can deliver.
BTDR · Demand · Positive Bitdeer AI signed a 10-year data center services agreement for a 67MW Malaysia AI Cloud campus, lifting secured capacity to ~273.5MW and its AI Cloud pipeline above $10 billion.
NVDA · Demand · Positive The new campus will be engineered for liquid-cooled, rack-scale NVIDIA GB300 NVL72 systems, implying additional NVIDIA hardware demand.
Applied Digital Q3 Revenue Jumps 322% to $341.9 Million, Beating Estimates
Applied Digital beat Wall Street's revenue expectations in calendar Q3 2026, with sales up 322% year on year to $341.9 million against analyst estimates of $135.3 million. The digital infrastructure provider's non-GAAP loss of $0.01 per share was 96.7% above consensus, while adjusted EBITDA of $64.41 million beat estimates of $39.79 million at an 18.8% margin. Management attributed the quarter to rapid expansion of its AI-focused data center campuses in North Dakota, which delivered 150% more capacity year over year, and to a new long-term power purchase agreement with Base Electron securing 1,200 megawatts of natural gas generation. CEO Wes Cummins said the company expects approximately 250 megawatts of expansion leases to be executed by calendar year-end at materially higher pricing compared to prior leases. ChronoScale, in which Applied Digital holds a majority stake, announced a significant AI compute deployment with Microsoft, and the company entered Finland as a measured step into Europe with initial power available in 2028.
APLD · Capital · Positive Applied Digital beat revenue estimates with sales up 322% to $341.9M and adjusted EBITDA of $64.41M, well above consensus.
APLD · Demand · Positive Rapid expansion of AI-focused data center campuses drove 150% more capacity and ~250MW of expansion leases expected at materially higher pricing.
EKSO · Demand · Positive ChronoScale, majority-owned by Applied Digital, announced a significant AI compute deployment with Microsoft.
Base Electron · Supply · Positive Applied Digital signed a new long-term power purchase agreement with Base Electron securing 1,200 megawatts of natural gas generation.
CoreWeave to Build 240 MW AI Data Center Capacity in India With AdaniConneX
CoreWeave has entered India, announcing plans to develop 240 MW of AI data center capacity through a collaboration with AdaniConneX at its Taloja campus in Navi Mumbai. The initial deployment will consist of three 80 MW buildings, with CoreWeave serving as the sole tenant, and the campus has the potential to double capacity by another 240 MW, giving a possible total expansion opportunity of 480 MW. The first phase is expected to become operational in mid-2028, with additional capacity coming online in phases, and the project will deploy the NVIDIA Vera Rubin Platform. CoreWeave has been aggressively building a global footprint across North America, Europe and the Asia-Pacific, including an entry into Indonesia in August, and has approximately 4.2 GW of contracted power as stated on its second-quarter earnings call. The India project fits into a broader strategy of securing power, building specialized data centers, deploying advanced NVIDIA hardware and providing AI infrastructure close to customers.
CRWV · Capital · Positive CoreWeave expands its AI data center footprint with 240 MW in India, part of its aggressive global buildout and contracted power growth.
AdaniConneX · Demand · Positive AdaniConneX's Taloja campus will host CoreWeave as sole tenant for 240 MW of AI data center capacity.
NVDA · Demand · Positive The India project will deploy the NVIDIA Vera Rubin Platform, adding demand for NVIDIA's AI hardware.
Nvidia-Backed Firmus Grid IPO Falters as Demand Crumbles
The planned $5.5 billion initial public offering by Australia's Firmus Grid Ltd. has been thrown into uncertainty after the Nvidia-backed data center company failed to attract adequate support for its A$11 marketed share price, according to people familiar with the matter. Investors turned cautious just days after Firmus said it received indications of interest well above the offer size, putting it on track for a $30 billion valuation, and while the company closed its order books on Thursday it has given no clear indication of the price or deal structure, fueling speculation the price may be cut or the IPO scrapped altogether. The deal underscores growing concern over how much capital AI infrastructure companies are demanding from public markets as borrowing costs rise, with Firmus' valuation resting largely on its ability to build a pipeline of data centers across Asia serving customers such as Meta Platforms Inc. and OpenAI, even though it currently operates just two data centers. UniSuper, one of Australia's biggest pension funds, was among institutional investors sitting out the listing, with Chief Investment Officer John Pearce saying Firmus has a compelling story but not a compelling valuation, and shares of Maas Group, which holds a stake in the company and has at least A$855 million in electrical infrastructure contracts tied to its buildout, fell by a record 30% in Sydney on Thursday before paring losses to 22%. Firmus was valued at $10.5 billion in early August after a fundraising round that included Jane Street and Blackstone Inc., and it plans to build data centers it calls AI factories using hardware from backer Nvidia, with a pipeline of 912 megawatts of which only 46MW has been built, according to investor documents seen by Bloomberg.
Firmus Grid · Capital · Negative Its $5.5B IPO failed to attract adequate support at the A$11 marketed price, risking a cut price or scrapped listing.
Maas Group Holdings Limited · Capital · Negative Shares fell a record 30% as its stake in Firmus Grid and A$855M of buildout contracts are tied to the faltering IPO.
Finansia recommends buying BGRIM with a target of 21.70 baht, benefiting from the new power auction and data centers
Finansia Securities stated that BGRIM has begun factoring in the potential value from being allocated power generation capacity under the new PDP, which is expected to open for bidding next year. Initially, it assumes that EGAT will open an auction for new renewable energy of about 10GW, and BGRIM will receive 5%, or approximately 500MW, in solar projects under power purchase agreements with a feed-in tariff of 2.16 baht per kWh. It estimates investment costs at 25 to 30 million baht per MW and project returns of about 12%, which is expected to add approximately 2 baht per share in value to BGRIM. On the data center business, BGRIM aims to expand capacity to 300MW by 2030. It is currently developing two hyperscale data center projects, each with 48MW of IT capacity, through a joint venture with Digital Edge on a 40:60 basis. The first phase already has customers booking nearly all of the space, and revenue recognition is expected to begin in 2027. Currently, BGRIM has total power generation capacity of about 4.6GW, with projects under development that will support growth, including the Nakwol 1 project in South Korea at 360MW, a project in Thailand at 100MW, a hydropower plant project in the United States at 420MW, and data center projects totaling 96MW, of which the first phase of 48MW is expected to be completed in the fourth quarter of 2026. Finansia maintained its buy recommendation and raised its target price to 21.70 baht after including the expected value from the new PDP power generation auction next year, and it has not yet included additional clean power capacity under the DPPA scheme in its valuation. Therefore, there is still room to raise the target price further if project clarity increases.
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Regulation
BGRIM.BK · Capital · Positive Finansia maintained buy and raised BGRIM's target price to 21.70 baht, factoring in value from the new PDP power auction.
BGRIM.BK · Demand · Positive BGRIM's two hyperscale data center projects have nearly all first-phase space booked by customers, with revenue from 2027.
Prologis and Skybox Face Uncertainty on Hutto Texas Data Center Build
Prologis and Skybox Datacenters face uncertainty over their Hutto, Texas build after statewide limits on new data center grid hookups, leaving the partnership dependent on how Texas regulators apply the current restrictions to large power users tied to the project. Local officials in Hutto are seeking clarity on whether existing infrastructure plans for the Prologis and Skybox site can still proceed as designed. Prologis, a US-based industrial REIT with a reported market value of about $124.8b, is focused on large-scale logistics and industrial properties, so any disruption to grid access in Hutto matters for how it can support power-intensive tenants such as data center operators. The grid freeze undercuts the cleanest part of the Prologis narrative around a 5.8 GW data center power pipeline converting smoothly into projects, though the Hutto site keeps the broader logistics-first thesis intact since the land can still be directed toward lower-power industrial uses if needed. The unresolved piece is how consistently Prologis can secure and control electricity supply across future data center projects before committing capital at scale.
Artificial Intelligence › AI Data Center & Build-out ▼Regulation
PLD · Regulation · Negative Statewide limits on new data center grid hookups leave Prologis's Hutto data center build dependent on how Texas regulators apply restrictions, undercutting its 5.8 GW power pipeline narrative.
Skybox Datacenters · Regulation · Negative Skybox Datacenters' Hutto project with Prologis faces uncertainty after Texas limits on new data center grid hookups, pending regulator clarity on existing infrastructure plans.
WHA reports first half of 2026 FDI applications surge 80% to 1.36 trillion baht
Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Company Limited, or WHA, revealed at the THAILAND ECONOMIC OUTLOOK 2027 NEW HORIZON BEYOND THE TRAP seminar that Thailand remains a magnet for foreign investment, with investment promotion applications filed through the Board of Investment, or BOI, reaching as high as 1.8 trillion baht, of which foreign direct investment, or FDI, accounted for 1.36 trillion baht. Meanwhile, results for just the first half of 2026 showed investment application value reaching 1.4 trillion baht, with FDI worth 1.36 trillion baht, growing by 80%, and the bulk of that figure, more than 1.1 trillion baht, came from the digital industry and infrastructure groups such as data centers. Jareeporn warned that Thailand must accelerate its development of energy, water, and connectivity infrastructure. If it fails to seize this opportunity within the next two years, it could severely affect future growth prospects, because Singapore and Malaysia have now begun reopening to data center investment again under new regulations. She also proposed that the government establish Data Center Campuses alongside AI Centers, adjust investment promotion policy to target the right groups, and shift from temporary cash handouts to giving knowledge, careers, and stability to entrepreneurs instead.
BGRIM invests in 250 MW data centre, lifting 2030 target to 500 MW
B.Grimm Power Public Company Limited, or BGRIM, is preparing to invest in a new data centre project with a capacity of approximately 250 megawatts together with a new foreign partner, in order to serve rapidly rising demand for artificial intelligence, or AI, services. Dr. Harald Link, Chairman of BGRIM, said the project will help push the company's Data Center capacity target up to 500 megawatts by 2030, from an earlier target of 300 megawatts that was announced just last month. He did not disclose the name of the partner that will join the investment. At the same time, BGRIM is still studying the feasibility of developing Data Center projects in South Korea and Japan with a combined capacity of about 200 megawatts, to expand its business base and serve growing demand for digital infrastructure in the region. For investment in Thailand, BGRIM has entered the Data Center business through Digital Edge B.Grimm, a joint venture between BGRIM and Digital Edge of Singapore. It is currently developing a 96-megawatt Data Center project in Thailand and expects to begin commercial operations within this year, with plans to expand capacity further in the future. In addition, BGRIM has set a target of increasing its total power generation capacity to about 10 gigawatts by 2030, from roughly 4.8 gigawatts at present, by continuing to expand investment in renewable energy in the United States, Italy, Greece and various countries in Asia. Meanwhile, Yuan Ta Securities (Thailand) Company Limited said BGRIM's plan to invest in a new 250-megawatt Data Center, which will raise its 2030 capacity target to 500 megawatts, is a positive factor for the share price because it reflects growth opportunities from electricity demand from the Data Center business, which is likely to keep rising. However, the research team views the target size as not yet very outstanding compared with other operators, and it still prefers Global Power Synergy Public Company Limited, or GPSC, estimating that the company has Data Center-related projects awaiting investment of no less than about 500 megawatts, with some clarity possibly emerging in 2026 for about 300 megawatts, while the remainder is expected to become clearer in 2027, with a chance that total capacity will exceed 500 megawatts.
Artificial Intelligence › AI Data Center & Build-out ▲Capital
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
BGRIM.BK · Capital · Positive BGRIM plans a new 250 MW data centre investment, lifting its 2030 data centre capacity target to 500 MW, which the article calls a positive factor for the share price.
Applied Digital targets 3.5 to 4 GW by 2030 as it expects over 600 MW to enter service in the next 12 months
Applied Digital said it expects to place more than 600 megawatts into service over the next 12 months, up from 250 megawatts in the past 12 months, and reiterated a target of growing its operating portfolio to 3.5 to 4 gigawatts by the end of calendar year 2030. On the company's Q1 2027 earnings call, Chairman and CEO Wesley Cummins said Applied Digital holds approximately $36 billion in contracted revenue across 5 campuses, 3 states and 2 geographic regions, and that roughly 250 megawatts of expansion leases are expected to be executed by calendar year-end at materially higher pricing. The company reported total revenue of $341.9 million, with its HPC hosting business generating $262.6 million and ChronoScale contributing $41.5 million, including approximately $23 million of GPU hardware sales. Adjusted EBITDA was $64.4 million, while net loss from continuing operations attributable to common stockholders was $221 million, or $0.76 per share, and adjusted net loss was $4.1 million, or $0.01 per diluted share. Applied Digital also disclosed a long-term Power Purchase Agreement with Base Electron covering an approximately 1,200-megawatt natural gas facility in North Dakota with deliveries expected to begin in 2030, and its first move outside the United States, an agreement for up to 1 gigawatt of potential power capacity in Finland that ramps from 100 megawatts in 2028 toward the full gigawatt by 2031. The company ended the quarter with approximately $2.9 billion in cash and cash equivalents plus $0.7 billion of restricted cash against approximately $6.4 billion of debt.
APLD · Capital · Positive Applied Digital reported Q1 2027 revenue of $341.9M with HPC hosting at $262.6M and reiterated 3.5-4 GW target, though net loss was $221M.
APLD · Demand · Positive Company holds ~$36B in contracted revenue across 5 campuses and expects 250 MW of expansion leases at materially higher pricing by year-end.
Applied Digital Jumps After Hours on Sharp First-Quarter Revenue Growth
Applied Digital reported after the close on the 7th that its first quarter for the fiscal year ending May 2027, covering June through August 2026, saw revenue rise 4.2-fold from a year earlier to 341.9 million dollars, while its net loss widened to 237.1 million dollars. Adjusted diluted loss per share, excluding one-time items, came to 0.01 dollars, not as bad as market expectations. The continued losses stem from rising debt used to fund upfront investment aimed at expanding data center capacity, with debt swelling to 6.4 billion dollars as of the end of August. The company is pushing ahead with data center expansion on the back of growing AI demand, with capacity reaching 250 megawatts as of the end of August, and it issued 1.59 billion dollars worth of secured senior notes to fund the expansion. Chairman and CEO Wes Cummins said the company has demonstrated its ability to steadily execute its development pipeline, and with development across multiple sites, its hosting lease contracts are expected to reach 1.4 gigawatts across five data centers in total, or about 36 billion dollars once contract terms are renewed. It is also moving into the European AI market, securing up to 1 gigawatt of data center capacity in Finland. In June it signed a long-term contract with a hyperscaler to provide 210 megawatts of AI and HPC equipment over 15 years starting in the quarter from January to March 2028, securing about 5.2 billion dollars in revenue, a figure that would reach about 12.7 billion dollars over 30 years if renewal options are exercised. The stock plunged 6.04 percent on the 7th to 23.81 dollars, but rose more than 4 percent in after-hours trading following the earnings release, compared with the daytime close.
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Capital
APLD · Capital · Positive Q1 revenue rose 4.2-fold to $341.9M and adjusted loss per share beat expectations, though net loss widened on debt-funded expansion.
APLD · Demand · Positive Signed a 15-year hyperscaler contract for 210MW of AI/HPC equipment worth ~$5.2B, with pipeline of 1.4GW hosting leases across five data centers.
Google-Fortum Nuclear Deal Makes Data Centers Finland's Top Power Buyer
Data centers have become the main financier of new Finnish power capacity, with Google's 507-megawatt agreement with Fortum at Loviisa marking Finland's first nuclear power purchase agreement. The 22-year tenor of that deal keeps a plant that supplies 10% of the country's electricity from retiring in 2030, and at 507 MW it is the largest single PPA ever signed in Finland, surpassing Amazon's 367 MW contract with OX2 for the Rajamäenkylä wind project. Data centers have overtaken manufacturing and industrial companies as the largest buyers of power in Finland, and the country is expected to become Europe's fifth-largest data center market by 2035, with installed capacity rising from 0.8 gigawatts in 2026 to 5 gigawatts in 2035 and data centers accounting for about 15% of national power consumption by 2030. Rystad Energy expects the next wave of Finnish offtake to pair wind and solar with battery energy storage systems to deliver a more baseload-like profile, while Finland has proposed replacing its first-come, first-served grid connection queue with a priority procedure that favors newly built, local and firm supply.
AirTrunk to Invest $1 Billion in Japan Data Center Expansion
Blackstone-backed data centre operator AirTrunk plans to invest $1 billion to expand its TOK1 campus in Inzai, Japan, as demand for infrastructure to support artificial intelligence workloads grows. The investment will support the deployment of liquid-cooling technology for AI workloads at TOK1, which has more than 300 megawatts of capacity. AirTrunk CEO Robin Khuda said geopolitical factors are driving more customers to Japan as a North Asian hub. Khuda also said AI infrastructure deployment is becoming more difficult in the U.S. and is already challenging in Europe, making Asia a major beneficiary.
AirTrunk · Capital · Positive AirTrunk plans to invest $1 billion to expand its TOK1 campus in Inzai, Japan, deploying liquid-cooling for AI workloads.
BX · Capital · Positive Blackstone-backed AirTrunk's $1B Japan data center expansion is a positive development for its portfolio company.
Digital Realty Prices €1B of 5.125% Guaranteed Notes Due 2036
Digital Realty said Tuesday that Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of its operating partnership Digital Realty Trust, L.P., priced an offering of €1 billion aggregate principal amount of 5.125% Guaranteed Notes due 2036 at 99.289% of the principal amount. The euro notes will be senior unsecured obligations of Digital Euro Finco, LLC and will be fully and unconditionally guaranteed by the company and the operating partnership. Interest is payable annually in arrears at 5.125% per annum from and including October 9, 2026, and the notes mature on October 9, 2036. Closing of the offering is expected to occur on October 9, 2026.
Cloud & Digital Infrastructure › Telecom Towers, Fiber & Colocation Capital
Artificial Intelligence › Colocation & Hyperscale REITs Capital
Digital Euro Finco, LLC · Capital · Neutral Digital Euro Finco priced €1B of 5.125% guaranteed notes due 2036, a debt financing event for the Digital Realty subsidiary.
KGI highlights AMATA and WHA as beneficiaries of Data Center rules, expected in 2027
KGI Securities said the Ministry of Interior is preparing a specific ministerial regulation to upgrade Data Centers into systematically regulated businesses, after Data Center investment expanded rapidly and electricity demand is expected to possibly exceed 20,000 MW. The regulation designates Data Centers as controlled-use buildings and divides oversight by size and resource use into 8 tiers, Tier 0 to Tier 5, using key criteria such as electrical capacity, reserve water volume, and building size. Medium to large projects must assess their electricity and water impact, and areas that are Grid or Water Hotspots must obtain Utility Confirmation. Meanwhile, large projects using 50 MW or more of electricity, or clusters totaling 100 MW or more, must pass a National Strategic Review and manage electricity use on a phased basis so as not to affect the stability of the power system. The draft ministerial regulation is expected to enter consideration around October 2026, go before the Cabinet for approval in principle around January 2027, and be published in the Royal Gazette with effect around June 2027. Existing Data Centers must upgrade key systems within one year. KGI said the stricter criteria are in line with expectations and largely already priced in, but the enforcement timeline expected in mid-2027 is slower than anticipated, and it remains to be seen how much the government can accelerate the process. Its current recommendation is Buy for AMATA and WHA, with target prices of 37 baht and 5.90 baht respectively. The news could cause share prices to fluctuate in the short term.
AMATA.BK · Regulation · Positive KGI names AMATA a beneficiary of the new Data Center ministerial regulation, reiterating Buy with a 37 baht target price.
WHA.BK · Regulation · Positive KGI names WHA a beneficiary of the stricter Data Center regulation, reiterating Buy with a 5.90 baht target price.
Digital Realty Begins Construction of 24 MW KIX15 Data Center in Osaka
Digital Realty announced the commencement of construction of KIX15, a new 24 megawatt data center at its KIX Campus in Ibaraki City, Osaka Prefecture, Japan. The facility is being developed by MC Digital Realty, Digital Realty's 50/50 joint venture in Japan with Mitsubishi Corporation, and is scheduled to commence operations in the fourth quarter of 2028. KIX15 will be the fifth data center at the KIX Campus and, upon completion, will bring MCDR's Japan portfolio to 10 data centers representing approximately 220 MW of aggregate IT capacity. The expansion follows the opening earlier this year of the NRT14 Data Center in Inzai City, Chiba Prefecture, one of the first facilities in Japan to achieve the DGX-Ready Data Center certification. KIX15 is a key component of MCDR's Kansai AI Infrastructure Co-Creation Project and is designed to support hybrid air- and liquid-cooling technologies for hyperscalers, cloud service providers and companies deploying AI infrastructure.
Artificial Intelligence › AI Power & Cooling ▲Supply
Artificial Intelligence › Build-out, Construction & Engineering ▲Supply
MC Digital Realty · Capital · Positive MC Digital Realty, Digital Realty's Japan JV, commences construction of the 24 MW KIX15 data center, expanding its Japan portfolio to 10 data centers and ~220 MW.
8058.JP · Capital · Positive Mitsubishi Corporation's 50/50 JV MC Digital Realty begins construction of the 24 MW KIX15 data center in Osaka, expanding its Japan portfolio to 10 data centers.
Applied Digital Q1 Preview: Analysts Expect 93% Revenue Jump to $124.57M
Applied Digital is set to report its first-quarter earnings on October 6 after the closing bell, with Wall Street expecting a loss of -$0.30 per share and revenue surging nearly 93% to $124.57M. Over the last three months, EPS estimates have drawn 2 upward revisions and no downward moves, while revenue estimates have seen 1 upward revision and 1 downward move. UBS analysts pointed to tenant expansion options at existing campuses and an already substantial 1.3 GW backlog that should improve and diversify the tenant mix. Analysts will be watching the firm's progress toward management's target of $1B in net operating income, which it now expects to achieve sooner than expected, with attention on expansion leases and their price per MW; Seeking Alpha analyst Stephen Ayers noted that reaching the $1 billion NOI target requires roughly 600 to 670 MW live, leaving almost no room for slippage at either Polaris Forge 1 or Polaris Forge 2. Ayers will also be watching capital expenditure, a key metric for AI-focused companies, after management guided Q1 capex of about $600M last quarter. Over the last two years, APLD has beaten EPS estimates 100% of the time and topped revenue estimates 75% of the time.
Artificial Intelligence › AI Data Center & Build-out ▲Demand
Artificial Intelligence › AI Compute Cloud & Neoclouds ▲Demand
APLD · Capital · Neutral Q1 earnings preview with expected 93% revenue jump, EPS loss, capex guidance, and NOI target progress; mixed signals ahead of the report.
Applied Digital Secures Up to 1 GW in Finland for First International AI Campus
Applied Digital has announced its first international expansion, securing up to 1 gigawatt of potential power capacity in Finland to develop a large-scale AI campus. The company said the move leverages Finland's favorable climate, energy ecosystem and connectivity to support hyperscale and AI applications, while it continues to concentrate on its U.S. projects. The agreement provides a pathway for future expansion in emerging European AI markets, with investment decisions based on customer demand and regulatory conditions to maintain disciplined capital deployment. Applied Digital last closed at $24.70, down 2.7%.
APLD · Capital · Positive Applied Digital secures up to 1 GW of power capacity in Finland for its first international AI campus, expanding its development pipeline.
JPMorgan Warns 2026 Blue Wave Could Hit AI Data Center Stocks
JPMorgan strategist Dubravko Lakos-Bujas warned in a note to investors that a 2026 Democratic sweep could pressure AI data center stocks, which now account for 45% of the S&P 500 market cap. Polymarket currently puts an 85% chance on a "blue wave," defined as Democrats controlling at least 218 House seats and 49 Senate seats. Lakos-Bujas wrote that if Republicans maintain control of Congress, that would likely provide the most supportive incremental federal policy backdrop for the AI and infrastructure buildout, though he noted that scenario looks unlikely right now. Data centers have become a partisan flashpoint, with voters concerned about regional costs and environmental impact, and a National Republican Senatorial Committee memo called it a sleeper issue for the entire election cycle, warning that if Sen. Jon Husted loses because of data centers the industry will be blamed. The article advises that most 401(k) accounts hold funds rather than individual stocks, so the basics of retirement saving change little regardless of the November outcome.
Interior Ministry Rushes to Set Minimum Standards for Data Centers, Backs Self-Generated Clean Power
The Ministry of Interior is accelerating the drafting of minimum technical standards to support data center operations in Thailand, particularly in the Eastern Economic Corridor, or EEC. Pol. Gen. Peer Suwanchavi, Deputy Minister of Interior, chaired the first meeting of the subcommittee on spatial planning, buildings and structures for 2026 on October 6, 2026, joined by Ratthaphon Naradison, Deputy Permanent Secretary of the Ministry of Interior; Theerapat Katchamat, Director-General of the Department of Public Works and Town and Country Planning; Thaiwut Khankaew, Permanent Secretary of Bangkok Metropolitan Administration; and Ekkapong Siriphan, Director of the Policy and Planning Bureau of the Office of the Permanent Secretary of the Ministry of Interior, at the Ratchasri Meeting Room in the Ministry of Interior building. The meeting set the measurement of setback distance from the edge of reserve fuel storage tanks as the primary reference criterion instead of measuring from the building itself, and established a framework of exemption conditions and guidelines for accommodating existing projects located outside new town planning zones. Pol. Gen. Peer also encouraged data centers to generate their own electricity as fully as possible, especially clean energy, to reduce the burden on the main power grid and avoid increasing the gas import costs of the Electricity Generating Authority of Thailand, which would pass the burden of electricity costs onto the public. He also set guidelines for classifying data center tiers based solely on electricity consumption as the main criterion, and instructed the secretariat to coordinate with relevant agencies to establish a joint working group to find ways to relax regulations and preserve investment opportunities from the many investors that the Board of Investment has negotiated with and that have shown interest previously.
Vietnam Data Center Colocation Market Projected to Grow at 27.71% CAGR Through 2031
Vietnam's data center colocation market is projected to expand at a compound annual growth rate of 27.71% between 2025 and 2031, according to a new supply and demand analysis from ResearchAndMarkets.com. Growth is being driven by cloud migration, artificial intelligence adoption, digital transformation, hyperscale investment, and improved international connectivity. Recent developments include a November 2025 collaboration between Kinh Bac City Development Holding Corporation, Accelerated Infrastructure Capital, and VietinBank on an AI-focused data center campus at Tan Phu Trung Industrial Park with a planned capacity of 200 MW, and a June 2026 partnership between Foxconn and Brookfield to develop up to 1GW of renewable energy and battery storage capacity in Vietnam under a long-term Power Purchase Agreement. In May 2025, Viettel IDC partnered with KT on an AI-focused data center and GPU farm representing an investment of approximately $94.5 million. Retail colocation generated the largest share of total market revenue in 2025, but wholesale colocation is projected to contribute nearly 47% by 2031, driven by hyperscale deployments and larger leasing requirements. The cloud and IT sector led colocation demand in 2025 at approximately 20% of the market, with Vietnam targeting full cloud computing adoption across government agencies by 2031 and 70% adoption of domestic cloud services among businesses.
Accelerated Infrastructure Capital · Demand · Positive Collaboration with Kinh Bac City and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Kinh Bac City Development Holding Corporation · Demand · Positive Partnering with Accelerated Infrastructure Capital and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Viettel IDC · Demand · Positive Viettel IDC partnered with KT on an AI-focused data center and GPU farm worth about $94.5 million.
030200.KO · Demand · Positive KT partnered with Viettel IDC on an AI-focused data center and GPU farm worth about $94.5 million, a concrete deal.
601138.CG · Capital · Positive Foxconn Industrial Internet's parent-side Foxconn partnership with Brookfield covers up to 1GW of renewable energy and battery storage capacity in Vietnam.
BAM · Capital · Positive Brookfield partnered with Foxconn to develop up to 1GW of renewable energy and battery storage in Vietnam under a long-term PPA, a concrete investment.
Goldman Maintains US Data Center Growth Outlook Through 2027
Goldman Sachs said the short-term impact of rising political opposition to US data centers on rapid expansion will be limited, and its growth outlook through 2027 is broadly unchanged. In a report published on the 4th, the bank raised its forecast for US data center capacity at the end of 2026 by 5 gigawatts to 64 gigawatts, while cutting its forecast for the end of 2027 by 5 gigawatts to 90 gigawatts. It projected that US data center power demand will rise 38 percent, or 12 gigawatts, in 2026, and 38 percent, or 17 gigawatts, in 2027. Data centers provide the computing power needed to train and run artificial intelligence models, but they face resident opposition across the United States over concerns about local impacts such as power demand and utility bills. In a Reuters/Ipsos survey in June, only one-third of Americans supported the pace of construction, and just 14 percent said they supported construction in their own area. Goldman noted that public opinion has become even more negative, and that this backlash has become a political issue for Republicans ahead of the US midterm elections on November 3.
GS · Capital · Neutral Goldman's report keeps its US data center growth outlook through 2027 broadly unchanged, raising 2026 capacity by 5GW but cutting 2027 by 5GW.
DayOne Data Centers Files for Nasdaq IPO Under Ticker DODC
DayOne Data Centers Limited has filed a Form F-1 registration statement with the U.S. Securities and Exchange Commission to list its American depositary shares on the Nasdaq Stock Market under the ticker DODC. The Singapore-headquartered developer of large-scale computing infrastructure outside the United States and China, founded in 2022, is tapping public equity markets to fund a rapidly expanding pipeline of facilities for artificial intelligence and cloud workloads, with Morgan Stanley, J.P. Morgan, BofA Securities, Citigroup, and BNP Paribas underwriting the proposed offering. DayOne holds a 33% market share in the SIJORI corridor encompassing Singapore, Johor in Malaysia, and Batam in Indonesia based on bookings, and generated 87.0% of its total revenue from Malaysia during the six months ended June 30, 2026. Revenue reached $512.0 million for that six-month period, up from $151.5 million a year earlier, while full-year 2025 revenue stood at $484.3 million. The company reported a net loss of $77.2 million for the first six months of 2026, narrowed from a full-year net loss of $367.1 million in 2025 that was heavily impacted by $341.8 million in total share-based compensation charges. As of September 20, 2026, DayOne held 2.3 gigawatts of customer bookings and operated 962 megawatts of capacity in service, backed by 4.6 gigawatts of secured resources across ten global markets, and management estimates the capital needed to complete current customer commitments stands at $11.4 billion beyond investments made through June 30, 2026.
JPMorgan Pitches 11% Yield on Volta's $5 Billion AI Loan Sale
JPMorgan Chase & Co. is marketing a $5 billion leveraged-loan sale for Volta Infrastructure Holdings Ltd. at a yield of roughly 11%, one of the highest borrowing costs yet seen in the debt market financing the AI boom. The transaction is being offered at 6.25 to 6.5 percentage points above the benchmark rate and a discounted price of 97 to 98 cents on the dollar, according to a person familiar with the matter. The debt package is split into two tranches borrowed by a special entity named Volta Tydal Holdings S.à r.l.: a $3.7 billion chip loan to buy about 36,000 Nvidia Corp. GPUs, and a $1.3 billion loan to cash collateralize a letter of credit for a data center lease. The deal is unrated and structured as a strip, requiring lenders to buy a portion of both tranches, with commitments due Oct. 14 after a lender call on Monday. Proceeds will finance a data center complex in Norway managed by Volta in partnership with Bitdeer Technologies Group, where Anthropic has signed a six-year compute capacity agreement. Volta was founded this year by Ricard Boada and Sofia Gumuzio, former executives in Brookfield Asset Management Ltd.'s infrastructure business.
Ares Expands Sabey Data Center Investment Past $500 Million
Ares Secondaries funds have expanded their investment in Sabey Data Center Properties, LLC, bringing their total commitment to more than $500 million. The additional investment builds on Ares' minority equity investment in SDCP announced in July 2026. SDCP owns and operates hyperscale and enterprise data center campuses in top-tier United States markets totaling 275 megawatts, with an expansion pipeline expected to reach approximately 737 megawatts by 2033. Kevin Verdi, Executive Vice President and Chief Investment Officer at National Real Estate Advisors, said the follow-on investment reflects continued conviction in SDCP's long-term value proposition and growth trajectory. Tim Mirick, President of Sabey Data Center Properties, said the additional commitment reflects confidence in the platform's strength and its ability to develop and operate mission-critical infrastructure. Jamie Sunday, Co-Head of Real Estate Secondaries at Ares, said the firm continues to see significant runway for growth.
ARES · Capital · Positive Ares Secondaries funds expanded their investment in Sabey Data Center Properties past $500 million, a capital deployment event for Ares.
Ares Secondaries · Capital · Positive Ares Secondaries expanded its Sabey Data Center investment, bringing total commitment above $500 million.
Sabey Data Center Properties, LLC · Capital · Positive Sabey Data Center Properties received an expanded investment commitment exceeding $500 million from Ares Secondaries.
ALT eyes closing Global Hyperscalers deal in Q4 2026, pushing backlog up to 6.9 billion baht
ALT Telecom Public Company Limited, or ALT, disclosed that it is in negotiations for additional deals with global-tier customers, the Global Hyperscalers, in the fourth quarter of 2026, after signing network and digital infrastructure lease contracts worth a total of approximately 2 billion baht in the third quarter of 2026, with a contract term of 20 years. Preeyaporn Tangpaosak, Managing Director, told the Stock Vision news team that the company targets double-digit growth in revenue in the second half of 2026, driven by recurring revenue recognition from its existing network. The expansion of its large-customer base has raised the value of work awaiting revenue recognition, or backlog, for the group from 5.115 billion baht as of the second quarter of 2026 to approximately 6.9 billion baht in September 2026. The company is also proceeding with bids for smart grid power network systems and AMI smart meter installation work for the Provincial Electricity Authority and the Metropolitan Electricity Authority, as well as government work in security and digital fields, with a combined value of several billion baht. It is also pushing to connect networks in the Eastern Economic Corridor, or EEC, with data centers in Bangkok and overseas, setting a target internal rate of return, or IRR, for new projects of no less than 10 to 15 percent. The company sees three key drivers supporting revenue and profit growth over the next 12 to 18 months: the data center and AI trend, growth in smart meter and smart grid work, and margin expansion from operating leverage.
ALT.BK · Demand · Positive ALT signed ~2bn baht of 20-year network/digital infrastructure lease contracts with Global Hyperscalers and is negotiating more, lifting backlog to ~6.9bn baht.
Metropolitan Electricity Authority · Demand · Neutral ALT is bidding for AMI smart meter installation work for the Metropolitan Electricity Authority, but no contract has been awarded.
Provincial Electricity Authority · Demand · Neutral ALT is bidding for smart grid and AMI smart meter work for the Provincial Electricity Authority, but no contract has been awarded.
Blackfuel Picks Digital Realty's BCN1 for AI Inference Platform
Blackfuel announced in late September 2026 that it has chosen Digital Realty's BCN1 data center in Barcelona to host and scale its liquid-cooled, AMD GPU-powered AI inference platform, tightly integrated with the ServiceFabric interconnection network for low-latency, private connectivity. The move comes shortly after Digital Realty's plan to add a new cable landing station at its LAX12 facility, which is slated to support subsea cables from 2028, tying subsea routes into the company's interconnection fabric. Together, the two projects support Digital Realty's near-term interconnection and AI demand catalyst, including the conversion of a US$1.9b lease backlog and US$410m of recent hyperscale signings into revenue. The company's narrative projects $9.7 billion in revenue and $1.4 billion in earnings by 2029, requiring 12.7% yearly revenue growth and an earnings increase of about $0.6 billion from $758.3 million today. The central debate remains Digital Realty's enlarged 1.4 GW, US$4.25b to US$4.75b 2026 CapEx plan and whether demand will match that build out, with three fair value estimates from the Simply Wall St Community spanning roughly US$223 to US$303 per share.
Amazon Says It No Longer Uses NDAs With Government Agencies Amid Data Center Backlash
Amazon Web Services CEO Matt Garman said the company has stopped using nondisclosure agreements in its dealings with government agencies as it seeks approval to build new data centers. The statement came in a blog post in which Garman pushed back against widespread suspicion of data centers, noting that more than 100 data center moratoriums are currently being considered across the United States after New York announced a one-year moratorium on permits for large data centers. Garman argued that direct data center water consumption accounts for only 0.5% of all industrial water usage in the United States, and that where energy rates are rising it is primarily because the grid is old and has not been invested in and expanded before the demand arrived. He also said data center generators are idle 99.9% of the time, running roughly 10 hours per year, and that Amazon has contributed more than $1 billion to communities across the U.S. in which it has a meaningful data center presence over the past three years. Critics remain unconvinced, with an independent watchdog recently blaming data centers for a 76% year-over-year price increase on America's largest electrical grid.
AMZN · Regulation · Neutral AWS says it stopped using NDAs with government agencies and pushes back on data center moratoriums as it seeks approval to build new data centers.
Amazon pledges over $1 billion for data center host communities
Amazon on Friday pledged more than $1 billion over five years for US communities that host its data centers, the latest tech giant seeking to win over residents increasingly hostile to the AI-fueled construction boom. The "Built Together" program, unveiled by Amazon Web Services chief Matt Garman in a 3,000-word blog post, will fund free community college degrees and trades training as well as energy-efficiency upgrades for schools and homes. The company also announced a "Data Center Commitment," promising that its facilities will not drive up local electricity bills and that it will publish annual figures on energy and water use. Garman said AWS would stop using nondisclosure agreements with government agencies on its projects, a practice that has become a major flashpoint for the movement opposing data centers; Microsoft made a similar move in March, the first major tech firm to do so. Garman cast the buildout as a national security imperative on par with the 1950s interstate highway system, warning that with more than 100 local moratoriums under consideration nationwide, the United States "could be writing its own losing ticket" in the AI race, and he disputed as false arguments that data centers drive up power costs, deplete water supply and cause pollution from diesel fumes.
NETSTREIT Secures $550M in New Financing, Extends Debt Maturities
NETSTREIT has secured $550 million in additional term loan commitments and amended its existing credit facilities, extending its debt maturity profile and repaying a $200 million term loan due in February 2028. The financing comprises a $100 million increase to its existing 5.5-year senior unsecured term loan, a $50 million increase to its existing 7-year term loan, and a new $400 million senior unsecured 7-year delayed draw term loan. The $100 million and $50 million incremental term loans were funded at closing, while the $400 million facility was undrawn and can be drawn through September 28, 2027. The company said the transactions leave it with no material debt maturities until early 2029 and largely address its debt capital needs through 2027.
Aging Population › Senior Housing & Healthcare REITs Capital
NTST · Capital · Positive NETSTREIT secured $550M in new term loan commitments and amended credit facilities, extending maturities and repaying a $200M term loan due 2028.
JERA teams up with Dell and RHAELM to build a 400-megawatt AI data center worth 15 billion dollars
JERA, Japan's major power producer, announced a partnership with Dell Technologies and RHAELM, a UK-based AI infrastructure developer, to develop a Hyperscale AI Data Center project in Chiba Prefecture near Tokyo, valued at approximately 15 billion dollars, with a power capacity of about 400 megawatts. It is positioned as one of the largest single-site AI infrastructure projects in Japan. Meanwhile, Apollo Global Management plans to join as RHAELM's investment and financial partner. A key point of the project is that it will be developed on land adjacent to JERA's Chiba thermal power plant, with JERA providing the site and 400 megawatts of power under a long-term agreement of 15 to 25 years, while RHAELM is responsible for development, construction, management, and financing. Dell will supply rack-scale AI infrastructure. The project is scheduled to come online in phases starting in 2028 and is expected to use the full 400 megawatts of power by 2029. The three companies also aim to create a model that expands to other JERA power plant sites during the 2030s, with the goal of developing total data center capacity at the multi-gigawatt level across Japan.
