Power is the bottleneck
Who is paying for, and who gets to connect, the electricity that gigawatt-scale AI data centres need?
Labs have signed multi-gigawatt chip and data-centre deals that outstrip existing grid capacity. Hyperscalers are now funding reactors, regulators are rewriting interconnection rules, and the EU is using public money to anchor its own capacity.
- OpenAI, SoftBank, Oracle and MGX launch $500bn Stargate data-centre venture
Sets the gigawatt scale for frontier labs.
- OpenAI signs 6GW AMD GPU deal and gets warrant for up to 160m AMD shares
Chip deals are now measured in gigawatts, not units.
- Meta signs nuclear deals with Vistra, TerraPower and Oklo for up to 6.6GW by 2035
A hyperscaler underwrites new reactors directly.
- Anthropic secures multiple gigawatts of Google TPU capacity with Broadcom from 2027
Another multi-gigawatt commitment from 2027, mostly in the US.
- FERC orders six US grid operators to fix or defend rules for connecting data centres
The grid regulator forces each region to set rules for connecting large loads.
- Emerald AI, Google and NVIDIA form alliance for grid-flexible AI data centres
Industry offers flexibility in exchange for faster connection.
- EU opens call for up to seven AI gigafactories in at least seven member states
Europe's publicly anchored alternative, with bids due 12 Nov 2026.
Where this line could go next
Connected developments not on this line
- DevelopmentStargate UAE: 1GW OpenAI cluster planned in Abu Dhabi, first 200MW due in 202622 May 2025 · Deal · AE, US
- DevelopmentUS opens case-by-case H200 licences for China and adds 25% tariff on such chips15 Jan 2026 · Rule change · US, CN
- DevelopmentKansas City Fed's Schmid asks whether the AI ecosystem is becoming too big to fail25 Sep 2026 · Statement · US
- DevelopmentWhite House commits $5bn+ to Genesis Mission and selects 278 AI-for-science projects22 Jul 2026 · Programme · US
- DevelopmentMicron opens India's first commercial chip assembly and test plant in Sanand2 Mar 2026 · Launch · IN, US
- DevelopmentTrump executive order launches Genesis Mission for AI-driven science at DOE24 Nov 2025 · Policy · US