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The Markets Desk — Week 45 · Thu 5 Nov 2026
Compute / Build-out · week to 18 Sept 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 12 Sept 2026 to 18 Sept 2026. Every mark is a dated row with its source.

← Week to 11 Sept 2026Week to 25 Sept 2026 →
A model of an AI campus hall, its copper gantry crane over rows of machines.
The build-out mapRows, never forecasts
Switched on
Compute market 1 · Accelerators and fab 54 · Power and grid (context) 1
Announced
Models and demand 9 · Money 11 · Compute market 3 · Data centres 1
Stuck
Models and demand 5 · gone quiet: State commercial power sales
Biggest constraint move
Provider incidents: Anthropic · 2 in the week
Next due
Barber Lake · "by September 2026"
This week
56 · 24 · 5
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

  • Model releases: all 1,138 models (2026-09-12)
  • Model releases: all 1,305 models (2026-09-13)
  • Model releases: all 1,749 models (2026-09-14)
  • Model releases: all 1,535 models (2026-09-15)
  • Model releases: all 1,319 models (2026-09-16)
  • Model releases: all 1,261 models (2026-09-17)
  • Model releases: all 1,335 models (2026-09-18)
  • Model releases: licence · 35 in the week (2026-09-18)
  • Model releases: size · 35 in the week (2026-09-18)
  • Provider incidents: Anthropic · 2 in the week (2026-09-16)
  • Provider incidents: Fireworks · 6 in the week (2026-09-17)
  • Provider incidents: Cloudflare · 21 in the week (2026-09-18)
  • Provider incidents: OpenAI · 14 in the week (2026-09-18)
  • Provider incidents: Vercel · 6 in the week (2026-09-18)

Money

  • Crusoe holds the initial closing of an anticipated $3.9B Series F at a $30.9B post-money valuation (2026-09-17)
  • Nscale agrees to acquire Anyscale for $1.65B, settled in Nscale equity (2026-09-18)
  • Dell Financial Services leases computing equipment to Nscale under 40 schedules totalling about $2.54B of initial-term rent (2026-09-18)
  • Nscale Services UK enters a $1.4B senior secured delayed-draw term loan to finance GPUs, at Term SOFR plus 5.00% (2026-09-18)
  • Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900M (2026-09-18)
  • ABN AMRO, DNB and Nordea lend Nscale's Norway subsidiary $790M for data center construction at Kvandal South (2026-09-18)
  • Macquarie lends Nscale's Iceland subsidiary $331.9M to buy GPUs, at Term SOFR plus 5.50% (2026-09-18)
  • Macquarie lends Nscale $105M to buy GPU cluster equipment for its Glomfjord, Norway data center (2026-09-18)
  • Nscale's North Carolina borrower enters a $1.2B delayed-draw term loan to finance GPUs, arranged by Goldman Sachs and JPMorgan (2026-09-18)
  • NVIDIA agrees to buy $1.0B of Nscale convertible notes or non-voting shares within a $3.1B minimum subscription (2026-09-18)
  • Nscale's Ward County, Texas borrower enters a $1.85B delayed-draw term loan to finance GPUs, arranged by JPMorgan and Goldman Sachs (2026-09-18)
  • Data-centre debt filed: not collected

Compute market

  • Vast.ai offers read (1 term) (2026-09-18)
  • Perplexity signs a multi-year agreement to train and serve its models on Crusoe Cloud GB300 NVL72 clusters (2026-09-15)
  • Nscale agrees to provide Anthropic dedicated GPU infrastructure at its Monarch Compute Campus for up to about $44.6B (2026-09-18)
  • Nscale signs a multi-year GPU services agreement with Figure AI and takes a strategic stake in Figure (2026-09-18)

Accelerators and fab

  • MLPerf rounds: AMD/8xMI355X_2xEPYC_9575F 121,818 tokens/s (2026-09-16)
  • MLPerf rounds: AMD/9x8xMI355X_2xEPYC_9575F 1,039,900 tokens/s (2026-09-16)
  • MLPerf rounds: ASUSTeK/XA_NB3I-E12_B300x8_TRT 109,368 tokens/s (2026-09-16)
  • MLPerf rounds: Cisco/C845A_M8_RTXPro6000_96GBx8_TRT 15,508.4 tokens/s (2026-09-16)
  • MLPerf rounds: Cisco/Cisco_UCS_B300x16_G200_4x2_RO 220,527 tokens/s (2026-09-16)
  • MLPerf rounds: Cisco/Cisco_UCS_H200x8_MI350Xx8_G200_2x2_TOR 94,249.3 tokens/s (2026-09-16)
  • MLPerf rounds: Cisco/X210M8_X580P_RTXPro6000_96GBx4_TRT 7,801.36 tokens/s (2026-09-16)
  • MLPerf rounds: CoreWeave/B200-SXM-180GBx8_TRT 91,487.4 tokens/s (2026-09-16)
  • MLPerf rounds: CoreWeave/B300-SXM-270GBx8_TRT 112,840 tokens/s (2026-09-16)
  • MLPerf rounds: CoreWeave/GB200-NVL72_GB200-186GB_aarch64x72_TRT 911,566 tokens/s (2026-09-16)
  • MLPerf rounds: CoreWeave/GB300-NVL72_GB300-288GB_aarch64x72_TRT 1,197,710 tokens/s (2026-09-16)
  • MLPerf rounds: Crusoe/512xMI355X_Crusoe_GPT 5,749,440 tokens/s (2026-09-16)
  • MLPerf rounds: Crusoe/GB200-NVL72_GB200-186GB_aarch64x4_TRT 50,912.9 tokens/s (2026-09-16)
  • MLPerf rounds: Dell_AMD/XE7745_8xMI350P_2xEPYC-9455 48,971.1 tokens/s (2026-09-16)
  • MLPerf rounds: Dell_MangoBoost/2x8xMI355X_2x8xMI300X 285,454 tokens/s (2026-09-16)
  • MLPerf rounds: Dell_MangoBoost/XE9785 115,294 tokens/s (2026-09-16)
  • MLPerf rounds: Dell_MangoBoost/XE9785L 116,953 tokens/s (2026-09-16)
  • MLPerf rounds: Dell/XE9780-B300-SXM-270GBx8_TRT 109,257 tokens/s (2026-09-16)
  • MLPerf rounds: Dell/XE9785L_8xMI355X 117,804 tokens/s (2026-09-16)
  • MLPerf rounds: GigaComputing/G894-AD3-AAX7_B300-SXM-270GBx8_TRT 111,625 tokens/s (2026-09-16)
  • MLPerf rounds: GigaComputing/G894-ZD3-AAX7_B300-SXM-270GBx8_TRT 111,541 tokens/s (2026-09-16)
  • MLPerf rounds: HPE/HPE_GB200-NVL72_GB200-186GB_aarch64x8 101,453 tokens/s (2026-09-16)
  • MLPerf rounds: HPE/HPE_PROLIANT_DL380A_RTX_PRO_6000_PCIE_96GBx8 15,256 tokens/s (2026-09-16)
  • MLPerf rounds: HPE/HPE_XD685_MI355X_288GBx8_vLLM 117,355 tokens/s (2026-09-16)
  • MLPerf rounds: HPE/HPE_XD690_B300_SXM_270GBx8_TRT 114,569 tokens/s (2026-09-16)
  • MLPerf rounds: Intel/1-node-4x-BMG-B70 1,956.4 tokens/s (2026-09-16)
  • MLPerf rounds: Inventec/P5800G7-B300-SXM-270GBx8_TRT 106,280 tokens/s (2026-09-16)
  • MLPerf rounds: Inventec/P9000G7-B300-SXM-270GBx8_TRT 105,617 tokens/s (2026-09-16)
  • MLPerf rounds: Lambda/GB300-NVL4_GB300-288GB_aarch64x4 65,511.9 tokens/s (2026-09-16)
  • MLPerf rounds: MangoBoost/16xMI355X_2xEPYC_9575F 228,488 tokens/s (2026-09-16)
  • MLPerf rounds: MangoBoost/8xMI300X_2xEPYC_9534 30,198.4 tokens/s (2026-09-16)
  • MLPerf rounds: MiTAC/8xMI350X_2xEPYC-9755 97,019.7 tokens/s (2026-09-16)
  • MLPerf rounds: MiTAC/8xMI355X_2xEPYC-9755 118,042 tokens/s (2026-09-16)
  • MLPerf rounds: Nebius/B200-SXM-180GBx8_TRT 88,491 tokens/s (2026-09-16)
  • MLPerf rounds: Nebius/B300-SXM-270GBx8_TRT 108,529 tokens/s (2026-09-16)
  • MLPerf rounds: Nebius/GB300-NVL72_GB300-288GB_aarch64x72_TRT 1,186,750 tokens/s (2026-09-16)
  • MLPerf rounds: Nebius/GB300-NVL72_GB300-288GB_aarch64x8_TRT 132,236 tokens/s (2026-09-16)
  • MLPerf rounds: Nebius/RTX_PRO_6000_PCIE_96GBx8_TRT 15,738.5 tokens/s (2026-09-16)
  • MLPerf rounds: NVIDIA/B300-SXM-270GBx8_TRT 106,637 tokens/s (2026-09-16)
  • MLPerf rounds: NVIDIA/GB200-NVL72_GB200-186GB_aarch64x72_TRT 883,761 tokens/s (2026-09-16)
  • MLPerf rounds: NVIDIA/GB300-NVL72_GB300-288GB_aarch64x72_TRT 1,124,500 tokens/s (2026-09-16)
  • MLPerf rounds: NVIDIA/GB300-NVL72_GB300-288GB_aarch64x8_TRT 131,619 tokens/s (2026-09-16)
  • MLPerf rounds: Oracle/8xMI355X_2xEPYC-9575F 115,567 tokens/s (2026-09-16)
  • MLPerf rounds: Oracle/B300-SXM-270GBx8_TRT 109,931 tokens/s (2026-09-16)
  • MLPerf rounds: Oracle/GB300-NVL72_GB300-288GB_aarch64x4_TRT 60,745.8 tokens/s (2026-09-16)
  • MLPerf rounds: Oracle/GB300-NVL72_GB300-288GB_aarch64x72_TRT 1,097,620 tokens/s (2026-09-16)
  • MLPerf rounds: Quanta_Cloud_Technology/D75H-10U_B300-270GBx8_TRT 108,293 tokens/s (2026-09-16)
  • MLPerf rounds: RedHat_Supermicro/GB200-NVL4_186GB_Openshift_VLLM 61,205.6 tokens/s (2026-09-16)
  • MLPerf rounds: Supermicro/1-node-4x-BMG-B70 2,063.93 tokens/s (2026-09-16)
  • MLPerf rounds: Supermicro/8xMI355X_2xEPYC-9575F 117,005 tokens/s (2026-09-16)
  • MLPerf rounds: Supermicro/AS-8126GS-NB3RT_B300-SXM-288GB_TRT 108,727 tokens/s (2026-09-16)
  • MLPerf rounds: Supermicro/SYS-822GS-NB3RT 107,851 tokens/s (2026-09-16)
  • MLPerf rounds: VibeHPC/B300-SXM-270GBx1_TRT 14,130.6 tokens/s (2026-09-16)
  • MLPerf rounds: Wiwynn/GB300-NVL72_GB300-288GB_aarch64x4_TRT 63,990.5 tokens/s (2026-09-16)

Memory

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

Optics

    Data centres

    • Bitdeer AI signs a 10-year data center services agreement for 65.1 MW at its A202 facility on the Johor campus, Malaysia (2026-09-16)

    Power and grid (context)

    • ERCOT large loads drawing 4,316 MW (August 2026 peak) (2026-09-16)
    • 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

    Announced · 9

    Stuck · 5

    Money

    Announced · 11

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

    Compute market

    Switched on · 1

    Announced · 3

    Accelerators and fab

    Switched on · 54

    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

    Announced · 1

    Power and grid (context)

    Switched on · 1

    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: 200 MW gross, 133 MW critical IT, filed 5 Aug 2026; 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
    4,316 MW / 321,000 MW
    Observed monthly peak (16 Sept 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: 9,456 MW, ERCOT, 16 Sept 2026
    • Observed energized: 5,900 MW, ERCOT, 13 May 2026
    • Observed monthly peak: 4,316 MW, ERCOT, 16 Sept 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 18 Sept 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)17,300 GWh+9.8%
    • ERCOT (Texas)12,058 GWh+14.9%
    • Southern Company (Georgia and Alabama)5,524 GWh+15.1%
    • MISO (Midwest)13,976 GWh+1.6%
    • Tennessee Valley Authority3,985 GWh+17.7%
    • Duke Energy Carolinas2,403 GWh+20.2%
    • Southwest Power Pool6,738 GWh+10.6%
    • Arizona Public Service1,002 GWh+11.3%

    Power sold to commercial customers, August 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.

    • Virginia8,503 GWh+0.5%
    • Texas18,258 GWh+7.8%
    • Georgia6,132 GWh+13.2%
    • Ohio6,010 GWh+8.4%
    • Arizona4,548 GWh+12.3%
    Henry Hub gas
    $2.95 per MMBtu
    September 2026 average, from EIA’s Short-Term Energy Outlook · −0.7% on the year. The fuel behind most new generation: context only.

    Bottlenecks

    Grid basics, explained →
    Gas generation due in 2026-06 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.