The scarce asset in AI isn’t the GPU.
It’s power.

Blue Owl managed funds are leading a $2.4 billion AI factory financing for IREN.

Nebius Group N.V. closed a private offering of convertible senior notes, issuing 0.50% notes due 2030 and 4.50% notes due 2034.

Hudson River signed a multibillion-dollar deal with CoreWeave for AI cloud services.

Nebius Group announced a proposed private offering of $4.50 billion of convertible senior notes, to fund data center build-out, AI cloud development and GPU procurement, with concurrent exchange agreements for existing notes.

IREN delivered the first phase of AI capacity to Microsoft in Texas.

New Era reported increased combined capacity for Phases 1 & 2 to 757 MW, advanced PPA negotiations for Phase 1, construction permits received, and $270M undrawn under its Macquarie facility.

Riot Platforms signed a $9 billion compute deal with Anthropic.

Core Scientific completed the acquisition of Polaris DS for ~$444M, securing 440 MW of operational power capacity and advancing its Muskogee campus expansion plan to 1.5 GW gross power. The deal also includes a potential $40M earn-out for an additional 40 MW of firm capacity by year-end 2026.

New Era Energy & Digital disclosed its flagship Texas Critical Data Centers (TCDC) campus is designed to support over 1 GW of potential compute capacity, with projected power delivery beginning as early as end of 2027. The company also secured a $290 million senior secured term loan facility and completed a public offering raising approximately $107.5 million to fund development.

Riot Platforms entered into a $573.0 million senior secured delayed-draw term loan facility to fund long-lead equipment and related expenses for its 191 critical IT MW data center project at the Rockdale Facility.

IREN delivered its first 50MW liquid-cooled AI cloud deployment (Horizon 1) to Microsoft under a $9.7 billion contract and targets expansion to 480MW in 2026 and 1.2GW in 2027, while achieving NVIDIA Exemplar Cloud status.

Riot Platforms is involved in a $9 billion AI power initiative, a significant development for its AI data-center power business.

SLNH disclosed multiple materially significant developments: acquisition of the 150 MW Briscoe Wind Farm, energization and ramp-up of the 83 MW Project Kati 1, formation of a joint venture with Metrobloks for the up to 350 MW AI-focused Project Kati 2, multiple financing transactions including an amended credit agreement and senior secured notes, and consolidation of full ownership in Project Dorothy 1B, creating a vertically integrated 50 MW generation‑to‑compute chain.

The company disclosed 393 MW of undelivered power at a single data center site expected in phases in 2026 and 2028, 355 MW undelivered at other sites expected between 2026 and 2028, and a service agreement for up to 78 MW to be delivered in phases.

Nebius raised approximately $4.8 billion through equity sales and pre-funded warrants, added $4.4 billion in new debt, and completed an acquisition that added $605.6 million in goodwill.

CoreWeave reported active power capacity grew to 1.5 GW (up ~500 MW) and contracted power now stands at 3.7 GW. The company also raised over $10 billion in unsecured debt/convertible bonds and a $3.1 billion term loan, plus a $1 billion strategic investment from Jane Street.

Bitdeer announced a $4.7 billion, 16-year AI/HPC colocation lease for its Tydal, Norway site, updated multiple capacity timelines and projects, and disclosed $517.3 million in financing proceeds from borrowings and its ATM program.

Galaxy’s Helios campus has 133 MW of critical IT load (200 MW gross) operational under a 15-year lease with CoreWeave, with ERCOT approving over 1.6 GW total. Another 600 MW will support 393 MW for CoreWeave Phase II/III starting Q2 2027, leaving 830 MW uncontracted.

Riot Platforms executed a landmark 20-year, 191 MW data center lease with a leading frontier AI lab for $9.1 billion in total contract revenue, and completed delivery of the initial 25 MW to AMD, with a second 25 MW under construction, totaling 241 MW contracted. The company also secured $573 million in interim financing from Morgan Stanley.

Bitdeer signed a $4.7 billion, 16-year colocation lease with Volta for 121 IT MW at its Tydal, Norway campus, with Phase 1 energization by end-2026 and Phase 2 by Q1 2027, and plans to raise debt for the ~$500M remaining capex.

Galaxy expanded its total data center power pipeline to over 5.7 GW through site acquisitions, delivered 133 MW Phase I to CoreWeave under a 15-year lease, and completed a $3.5 billion debt offering to fund Phase II construction, with Phase I expected to generate ~$80M/quarter at over 90% margin starting Q3 2026.

TeraWulf reports 102 MW operational, 336 MW under construction, a 20-year ~$19B lease with Anthropic for 401 MW, acquisition of a 1 GW site, and $530M monetization of Abernathy JV. Liquidity stands at $3.0B.

Bitdeer announced a $4.7 billion, 16-year lease for an AI/HPC data center campus in Tydal, Norway.

Cipher accelerated delivery of initial capacity at Black Pearl, secured an option for a new 900 MW site (Apollo) in Texas, and completed project-level financing to fully fund the Stingray data center development.

CoreWeave announces plans to build data centers in Indonesia, marking its entry into the Asian market.

Hut 8 reported major milestones: 949 MW of contracted AI data center capacity with $26.6B in expected base-term contract value, $7.5B in project financing closed, and a second 352 MW IT lease at Beacon Point signed post-quarter, commercializing the full 1 GW campus.

Hut 8 reported a Q2 revenue miss while indicating its AI data center pipeline is expanding.

IREN completed the acquisition of Mirantis, a cloud software and services provider, for approximately 12.6 million shares plus $40 million in cash and other consideration, strengthening its vertically integrated AI Cloud platform.

Headline reports a $50B lease deal by NVIDIA for a nuclear-powered AI factory, indicating a major data center power offtake.

Routine filing, nothing material.

APLD announces contracted AI expansion during Q4 earnings call.

Core Scientific announced a major AMD partnership with up to 2.5 GW of leasable capacity anchored by 530 MW of 15-year agreements, increased total leased customer power capacity to ~1.1 GW, and is billing 437 MW. The company also raised substantial debt ($4.3B proceeds) and significantly increased capex and liquidity.

Galaxy acquires a 500-acre campus in McGregor, Texas for data center expansion.

Galaxy Helios Data Centers II LLC entered into an indenture for 9.875% Senior Secured Notes due 2031, which includes a covenant requiring the issuer to maintain operational control of at least 195 MW of data centers in the United States.

Nvidia is revealed as a tenant in a new $50 billion data center, indicating a major lease deal for AI compute capacity.

Applied Digital signed three new 15-year take-or-pay leases totaling 810 MW with a hyperscaler, adding ~$20 billion in base-term contracted revenue, and closed $2.15 billion and $1.59 billion senior secured notes offerings. The company also energized Phase 1 of Building 2 (75 MW) at Polaris Forge 1, bringing live capacity to 175 MW, and has secured 1.4 GW of contracted critical IT load across five campuses.

Galaxy Digital's indirect subsidiary announced a $3.507 billion private offering of senior secured notes to fund a 400 MW utility / 260 MW critical IT data center project in Dickens County, Texas.

Galaxy Digital is seeking $3.5 billion in debt financing for a Texas data center.

NUAI secured a waiver and consent from lender Macquarie that extends the deadline to establish a $100 million at-the-market (ATM) equity program under its term loan agreement.

Bitdeer updates power capacity pipeline with new AI cloud lease in Malaysia (21.7 MW) and colocation lease in Norway, along with energization delays at Massillon and timelines for other sites.

IREN reported $2.8 billion in AI deals.

Hut 8 fully commercialized its 1 GW Beacon Point AI data center campus with a second 15-year, 352 MW IT lease to a high-investment-grade tenant, doubling contracted capacity at the campus to 704 MW and raising total portfolio contracted IT capacity to 949 MW. The lease has a $9.8 billion base-term contract value, pushing campus-level contract value to $19.6 billion, with initial energization on track for Q1 2027.

Hut 8 is soaring due to AI data center deals, indicating a concrete deal development.

IREN announced $2.8bn in new customer contracts, raising its ARR target to over $4bn, with 480MW of AI cloud capacity being delivered this year and 1.2GW targeted for 2027.

IREN's neocloud lands $2.8 billion worth of new deals.

IREN landed new contracts worth billions.

Hut 8 and IREN secured contracts worth billions, indicating major new deal flows for those AI data-center providers.

Nebius secured a $775 million senior secured term loan facility to finance the buildout of its AI cloud.

Nebius raises $775 million in senior secured debt financing backed by GPU infrastructure and contracted cash flows from an investment-grade customer, with a repeatable framework for over $40 billion of additional customer commitments.

Soluna appointed former Microsoft hyperscale AI data center executive Ryan Carver as Chief Development Officer to lead its expanding AI infrastructure platform.

Soluna's monthly update discloses that Project Kati 2 (350+ MW AI/HPC) has signed a Letter of Intent with a potential tenant, and construction on Project Kati 1B Phase 2 (9 MW) achieved substantial completion ahead of schedule. Existing Bitcoin hosting sites remain at full capacity.

TeraWulf signed a 20-year, 401 MW lease with Anthropic for HPC at its Kentucky campus, with phased delivery beginning late 2027, and announced the sale of its equity in FS CS I LLC for $530 million.

Bitdeer signed a colocation lease agreement for an AI data center site in Tydal, Norway.

Applied Digital entered into a credit agreement dated May 29, 2026, for refinancing and general corporate purposes. The filing also reveals a subsidiary named 1.21 Gigawatts, LLC, indicating a 1.21 GW power capacity.

Bitdeer is in advanced colocation negotiations for its Tydal, Norway site, deployed new NVIDIA GB300 clusters, and provided updates on several energized and pipeline projects including 50 MW completed in Ethiopia and timelines for Ohio sites.

CoreWeave issued 8.500% Senior Notes due 2032 under the indenture dated June 18, 2026, a financing event.

Soluna Holdings acquired 100% of Briscoe Wind Farm, a 150 MW operational wind project in Texas, for $53 million, with all related debt settled at closing.

APLD issued 7.000% Senior Secured Notes due 2031, likely to finance the 150MW ELN-04 data center project, which is subject to a datacenter lease with CoreWeave.

Nebius completed its acquisition of Eigen AI, an inference and model optimization company, strengthening its full-stack AI cloud platform.

Cipher Digital's indirect subsidiary Stingray Compute LLC issued 6.000% Senior Secured Notes due 2031, with a requirement for a Qualified Operator having at least 475 MW of data center capacity experience, suggesting a large-scale data center project.

CoreWeave announces intention to offer $3.5 billion in senior notes due 2032, with proceeds for general corporate purposes including debt repayment.

Beacon Point DC LLC entered into an indenture for the issuance of 6.129% Senior Secured Notes due 2042.

Applied Digital announced a $1.59 billion senior secured notes offering to fund 150 MW of critical IT load at its Ellendale AI factory campus and repay a bridge loan, alongside a $350 million revolving credit facility and a lease assignment MOU with CoreWeave.

Soluna Holdings formed a joint venture (Soluna MB KK II JVCO, LLC) to develop data center projects in Willacy County, Texas, with planned capacity of 100 MW (Phase I) and 250 MW (Phase II). Soluna will contribute approximately $19.08 million for Phase II property acquisition.

Cipher Digital announced a private offering of $810 million senior secured notes due 2031 through its subsidiary Stingray Compute LLC.

Hut 8's subsidiary announced a $4.25 billion senior secured notes offering to finance a 352 MW turnkey data center project in Texas, which will be leased to a high-investment-grade tenant.

IREN subsidiary entered into $3.6 billion financing agreements (term loan and senior notes) to fund GPU infrastructure for a Microsoft cloud services contract in Childress, Texas.

IREN signed a $1.6 billion GPU supply agreement with Dell to support its previously announced $3.4 billion AI cloud contract at its Childress, Texas campus.

TeraWulf acquired the Muskie Data Campus in Kentucky, a site capable of supporting up to 1 GW of data center capacity, with initial 500 MW delivery starting in H2 2028 and the remaining 500 MW in H2 2030.

Nebius disclosed a major capacity agreement for ~250MW guaranteed / ~328MW installed across three 10-year phases, with aggregate fees up to $2.6 billion. The filing also shows significant financing activity including $4.34 billion in convertible notes and $2.0 billion from pre-funded warrants.

Soluna Digital Inc. is acquiring the remaining 49% membership interest in Soluna DV ComputeCo, LLC for $8.77 million, giving it 100% ownership of the data-center compute subsidiary.

New Era Energy & Digital provided a Q1 2026 business update detailing significant progress on its flagship 1.4 GW Texas Critical Data Center (TCDC) campus, including a phased power development pathway, a definitive agreement to acquire adjacent land for power optimization, and a secured funding pathway with an $80M+ cash position and a Macquarie credit facility.

CoreWeave Financing DDTL V, LLC, a subsidiary of CoreWeave, Inc., entered into a $3.1 billion term loan credit agreement to fund infrastructure acquisitions and liquidity requirements.

Soluna completed 48 MW Project Kati 1A ahead of schedule, advanced a 100+ MW AI partnership with Metrobloks for Kati 2, acquired a 150 MW wind farm for $53M to power a planned 300 MW AI campus, and expanded its pipeline to 4.3 GW.

Company acquired remaining interests in TCDC, a 438-acre Texas campus with over 1 GW potential compute capacity and an initial 250 MW gas-fired power plant and data center, with power delivery projected by end of 2027. Acquisition funded partly by a $50M convertible note.

Bitdeer disclosed a global power portfolio of approximately 3.0 GW, advanced negotiations for a colocation tenant at its Tydal AI data center, and a $69M annualized AI Cloud run-rate, signaling material progress in its AI infrastructure pivot.

IREN issued 1.00% Convertible Senior Notes due 2033 with an initial conversion rate of 13.6848 Ordinary Shares per $1,000 principal amount, representing a financing event.

Nebius announced it has secured up to 1.2 GW of power and land for a new, owned AI factory in Pennsylvania, a major capacity expansion.

IREN announced a major strategic partnership with NVIDIA including a $2.1B investment and a $3.4B AI Cloud contract, alongside detailed 2026/2027 capacity expansion plans targeting 480MW and 1,210MW respectively, and the acquisition of Nostrum Group adding 490MW of secured power in Spain.

IREN launched a $2 billion convertible notes offering (plus $300 million option) to raise capital for general corporate purposes and capped call transactions.

Soluna acquired a 149.85 MW wind farm in Texas for $53M and secured $12.5M in new debt financing for the deal, while also raising $12M via an unsecured note to fund the buyout of its Dorothy 1A data center project.

Galaxy Digital's Helios data center campus in West Texas has 1.6 GW of ERCOT-approved gross power capacity, with 133 MW critical IT load (200 MW gross) under a 15-year lease to CoreWeave expected by mid-2026, and an additional 393 MW critical IT load (600 MW gross) under Phase II/III leases starting in 2027; 830 MW remains uncontracted.

Routine filing, nothing material.

The filing discloses a flagship data center campus (TCDC) with over 1 GW of potential compute capacity and projected power delivery starting as early as end of 2027.

TeraWulf reports 60 MW of operational critical IT HPC capacity for Core42, near-term delivery of additional capacity, a major site acquisition adding 480 MW, and a new $250M revolving credit facility, while reaffirming its growth strategy targeting 250-500 MW of new contracted capacity annually.

CoreWeave reported record Q1 2026 with $99.4B revenue backlog, surpassed 1 GW active power, secured $21B Meta deal and Anthropic agreement, and closed NVIDIA's $2B investment and $8.5B loan facility.

IREN announced a $3.4bn AI Cloud contract with NVIDIA, a 5GW strategic partnership, expansion to 480MW in 2026, 1,210MW in 2027, 5GW secured power for 2028+, and has $2.6bn cash plus financing initiatives to fund capex.

Soluna provided a monthly business update highlighting significant progress on AI/HPC data center projects, including a 300+ MW development (Dorothy 3) with an interconnection study underway and a 300+ MW project (Kati 2) with active hyperscaler discussions and design work started. The company also closed a $53M acquisition of a wind farm for vertical integration.

Routine filing, nothing material.

Core Scientific expanded its total gross power capacity pipeline to 4.5 GW, closed a $233 million land-and-power acquisition in Hunt County for ~430 MW, billed 243 MW of colocation capacity at a $350 million annualized revenue run-rate, and completed a $3.3 billion senior secured note offering.

Core Scientific announced a merger agreement to acquire Polaris DS LLC and its subsidiaries, including Polaris Technology Inc. and Skymax Technology LLC, with $120 million in deposits made.

Hut 8 reports Beacon Point campus with approvals for up to 1,000 MW of utility capacity and initial phase of 352 MW IT load; River Bend 330 MW utility capacity under construction; Energy Capacity Under Development reached 1,230 MW; closed $3.25 billion senior secured notes offering on April 30, 2026; and sold Far North JV power assets of 310 MW for $75.4 million.

Applied Digital completed the separation of its cloud business into ChronoScale, a new publicly traded company, retaining 97% ownership and investing $15.75 million. This strategic move separates the data center hosting platform from the cloud compute layer.

Cipher Digital signed a third AI data center campus lease with an investment-grade hyperscale tenant, secured a $200 million revolving credit facility, and reported that development at its Barber Lake and Black Pearl data centers is on schedule.

AMD exercised an option for an additional 25 MW, bringing total contracted critical IT capacity with Riot to 50 MW, marking a significant expansion and validation of Riot's data center operations.

Core Scientific announced a multi-tiered strategy to scale its Pecos, Texas campus to approximately 1.5 GW of gross power (1.0 GW leasable).

Core Scientific is restructuring to issue senior secured notes and has disclosed a massive, contracted data-center pipeline: ~590 MW of critical IT capacity 100% licensed to CoreWeave across six facilities, with ~900 MW of grid capacity secured, ~350 MW energized, and over 185 MW billing as of March 2026. The filing details specific MW allocations, site-level operational status, and a $10 billion aggregate revenue estimate.

CoreWeave completed a $1 billion add-on senior notes offering, bringing total 9.750% notes due 2031 to $2.75 billion, with proceeds for general corporate purposes including debt repayment.

APLD reports a fully operational 100 MW AI data center, breaks ground on a new 300 MW campus, and secures $2.15B in financing for a 200 MW hyperscaler campus, while also restructuring CoreWeave leases with credit enhancements.

Riot reports a nearly two-gigawatt power portfolio and the commencement of the first phase of its data center lease with AMD, generating revenue as of January 2026.

Bitdeer Technologies Group issued $325 million (with an option for an additional $50 million) of 5.00% Convertible Senior Notes due 2032.

Cipher Mining priced a $2.0 billion senior secured notes offering through its subsidiary Black Pearl Compute, providing major financing for the company.

Galaxy Digital received ERCOT approval for an additional 830 MW of computing load at its Helios data center campus in West Texas, materially expanding its power capacity.