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The Markets Desk — Week 45 · Thu 5 Nov 2026
Compute / Build-out · week to 29 May 2026

The build-out, floor by floor, one week at a time.

From models at the top to permits at the bottom: what switched on, what was announced and what got stuck in the week from 23 May 2026 to 29 May 2026. Every mark is a dated row with its source.

← Week to 22 May 2026Week to 5 Jun 2026 →
A model of an AI campus hall, its copper gantry crane over rows of machines.
The build-out mapRows, never forecasts
Switched on
Nothing filed this week
Announced
Nothing filed this week
Stuck
Nothing filed this week · gone quiet: State commercial power sales
Biggest constraint move
Nothing filed this week
Next due
Helios · "1H26"
This week
0 · 0 · 0
switched on · announced · stuck, counted per floor and never added across families · 6 series not read
Hover or tap
Each floor is a layer of the build-out; each mark one dated row of the week
Solid: switched on, as filed or measured. Hollow: announced. Hanging: stuck. A faint stub: a series we list but cannot read.
Every mark is a stored, dated row with its source · nothing forecast is drawn as data · a floor with no rows says so

Models and demand

    Money

    • Data-centre debt filed: not collected

    Compute market

      Accelerators and fab

        Memory

        • HBM statements: kept by hand
        • Korean memory exports: key parked

        Optics

          Data centres

            Power and grid (context)

            • State commercial power sales: stale
            • Transformer and turbine imports: key parked

            Permits and land

            • Local votes against: kept by hand

            Floor by floor

            Models and demand

            Nothing filed this week.

            Money

            Nothing filed this week.

            Not read this week: Data-centre debt filed (not collected)

            Compute market

            Nothing filed this week.

            Accelerators and fab

            Nothing filed this week.

            Memory

            Nothing filed this week.

            Not read this week: HBM statements (kept by hand) · Korean memory exports (key parked)

            Optics

            Nothing filed this week.

            Data centres

            Nothing filed this week.

            Power and grid (context)

            Nothing filed this week.

            Not read this week: State commercial power sales (stale) · Transformer and turbine imports (key parked)

            Permits and land

            Nothing filed this week.

            Not read this week: Local votes against (kept by hand)

            The pipeline, Texas · three ladders, never added

            What the campuses filed, what ERCOT counts in its own queue, and what Epoch estimates. Each is its own family, kept apart.

            Filed as energized
            0 MW
            across the 7 Texas campuses on the register
            Promised by now, not yet filed
            none
            Campus · stage
            Hover or tap a bar
            Solid is filed as happened; hollow is promised. Height is the largest stated figure; each basis is listed apart, never added.
            • Abernathy: Contracted: 240 MW gross, 168 MW critical IT, filed 28 Oct 2025; Delivered: 168 MW critical IT, promised in the second half of 2026
            • Barber Lake: Contracted: 244 MW up to (a ceiling), 168 MW critical IT, filed 25 Sept 2025; Delivered: 168 MW critical IT, promised by September 2026
            • Beacon Point: Contracted: 352 MW IT load, filed 6 May 2026
            • CoreWeave Denton: Contracted: 260 MW critical IT, filed 27 Feb 2025
            • Helios: Contracted: 526 MW critical IT, filed 5 Aug 2025; Delivered: 260 MW critical IT, promised 2027
            • IREN Childress: Contracted: 200 MW IT load, 60 MW up to (a ceiling), filed 7 May 2026; Delivered: no megawatts stated, promised by year-end
            • Stargate Abilene: Under construction: 1,200 MW basis unstated, filed 21 May 2025; Energized: 1,200 MW basis unstated, promised in mid-2026
            Drawn against asked
            5,900 MW / 321,000 MW
            Observed energized (13 May 2026) against no studies submitted (13 May 2026). ERCOT's own buckets, each at its own date.
            Bucket
            Hover or tap a ring
            Each ring's area is its megawatts. Buckets are ERCOT's own, separate counts, not a running total.
            • No studies submitted: 321,000 MW, ERCOT, 13 May 2026
            • Under ERCOT review: 93,700 MW, ERCOT, 13 May 2026
            • §9.5 requirements met: 22,000 MW, ERCOT, 13 May 2026
            • Approval to energize: 9,042 MW, ERCOT, 12 Mar 2026
            • Observed energized: 5,900 MW, ERCOT, 13 May 2026
            Epoch’s estimate
            —
            Not read yet: the first Epoch AI snapshot

            Demand meter · each grid against itself a year earlier

            Electricity each grid operator served in the week to 29 May 2026, from EIA’s hourly grid data, against the same seven days a year earlier. Weather moves these from week to week, so a change on the year is not all data centres. Each grid is its own figure; none is added to another.

            • PJM (Mid-Atlantic and northern Virginia)14,956 GWh—
            • ERCOT (Texas)9,592 GWh—
            • Southern Company (Georgia and Alabama)4,713 GWh—
            • MISO (Midwest)12,480 GWh—
            • Tennessee Valley Authority3,224 GWh—
            • Duke Energy Carolinas2,046 GWh—
            • Southwest Power Pool5,681 GWh—
            • Arizona Public Service723 GWh—

            Power sold to commercial customers, May 2026

            The closest public read of data-centre load, from EIA’s monthly survey of utilities. It lands about two months after the month it counts.

            • Virginia7,234 GWh+4.2%
            • Texas15,538 GWh+10.0%
            • Georgia4,938 GWh+4.1%
            • Ohio5,192 GWh+13.5%
            • Arizona3,562 GWh+12.8%
            Henry Hub gas
            $2.94 per MMBtu
            May 2026 average, from EIA’s Short-Term Energy Outlook · −5.8% on the year. The fuel behind most new generation: context only.

            Bottlenecks

            Grid basics, explained →
            Gas generation due in 2026-05 that arrived on time (EIA-860M)
            Turbine backlogLast reading 28 Oct 2026
            Grid equipment pricesLast reading 1 Sept 2026
            Weekly grid demandLast reading 30 Oct 2026
            State commercial power salesLast reading 1 Aug 2026
            Henry Hub gas priceLast reading 1 Sept 2026
            Transformer and turbine importskey parked
            Local votes againstkept by hand

            What the map reads, and how fresh it is

            • Model releases4 Nov 2026fresh
            • Provider incidents5 Nov 2026fresh
            • Model retirements14 May 2028fresh
            • Data-centre debt filed—not collected
            • Taiwan monthly revenue1 Sept 2026fresh
            • MLPerf rounds16 Sept 2026fresh
            • Export controls20 Nov 2026fresh
            • HBM statements—kept by hand
            • Korean memory exports—key parked
            • Optics backlog3 Sept 2026fresh
            • Data-centre construction spend1 Sept 2026fresh
            • Turbine backlog28 Oct 2026fresh
            • Grid equipment prices1 Sept 2026fresh
            • Weekly grid demand30 Oct 2026fresh
            • State commercial power sales1 Aug 2026stale
            • Henry Hub gas price1 Sept 2026fresh
            • Transformer and turbine imports—key parked
            • Local votes against—kept by hand

            How the map is kept

            • The week runs Saturday to Friday, the same week as the compute board.
            • Switched on means filed or measured: a filing that says energized or delivered, a price the Tape wrote, a figure a statistics office published.
            • Announced means a promise, an order or a deal: hollow until something switches on.
            • Stuck means a date moved, a promise came due unmet, a price feed went quiet, or a rule or vote added a constraint.
            • Filed figures, ERCOT’s meter, Epoch’s estimate and EIA’s generator data are separate families and are never added together.
            • A floor with no rows says so. A series we list but cannot read shows as not read, with the reason.
            • Power and the grid are here as context for the build-out. Nothing on this page is a trade idea.