Neocloud · updated 2026-08-20
How big is each neocloud's power pipeline, and how much is live?
Total secured pipeline against what is contracted and what is actually running, from each company's own disclosures.
Neoclouds
Colocation
Bar length is pipeline; contracted and live are nested within. Bases differ across companies.
The neocloud sector talks in gigawatts of pipeline, but pipeline is only secured power rights, not revenue. What is contracted is smaller, and what is actually live and generating revenue is smaller still. Across the sector, tens of gigawatts of ambition resolve into only a sliver of running capacity. CoreWeave stands out as the one name whose bar is mostly contracted and partly live, rather than mostly paper.
Site by site
| Company | Site | MW | Status | Tenant |
|---|---|---|---|---|
| Hut 8 | Beacon PointTexas · owned | 704 MW | under construction | Undisclosed IG tenant |
| River BendLouisiana · owned | 245 MW | under construction | Fluidstack | |
| IREN | Childress (Horizon)Childress, TX · owned | 200 MW50 MW live | partly live | Microsoft |
| Childress (NVIDIA)Childress, TX · owned | 60 MW | planned | NVIDIA | |
| Sweetwater 1 and 2Sweetwater, TX · owned | 2 GW | planned | Undisclosed | |
| KiowaWoods County, OK · owned | 1.6 GW | planned | Undisclosed | |
| Nostrum (Spain)Spain · owned | 490 MW | planned | Undisclosed(press) | |
| Bundey (Australia)South Australia · owned | 800 MW | planned | Undisclosed(press) | |
| Galaxy | Helios Phase IWest Texas · owned | 133 MW133 MW live | live | CoreWeave |
| Helios Phase IIWest Texas · owned | 260 MW | under construction | CoreWeave | |
| Helios Phase IIIWest Texas · owned | 133 MW | planned | CoreWeave | |
| Helios (unleased) + Merlin, Caspian, SeleneTexas · owned | 5.2 GW | planned | Undisclosed | |
| Cipher Mining | Black PearlWink, TX · owned | 216 MW | under construction | AWS |
| Barber LakeColorado City, TX · owned | 207 MW | under construction | Fluidstack | |
| StingrayAndrews, TX · owned | 70 MW | planned | AWS | |
| Reveille, Mikeska, McLennan and other sitesTexas and Ohio · owned | 4.8 GW | planned | Undisclosed(press) | |
| Nebius | MäntsäläFinland · owned | 75 MW | live | Nebius(press) |
| Kansas City (Patmos)Kansas City, MO · colocation | 40 MW | live | Nebius(press) | |
| Vineland (DataOne)Vineland, NJ · built-to-suit | 300 MW | under construction | Microsoft(press) | |
| Lappeenranta (Polarnode)Finland · operated | 310 MW | planned | Nebius(press) | |
| IndependenceIndependence, MO · owned | 800 MW | planned | Nebius(press) | |
| HighridgeSchuylkill County, PA · owned | 1.2 GW | planned | Nebius(press) | |
| Israel (Mega Or lease)Masmiyya + Beit Shemesh · leased | 80 MW | under construction | Nebius(press) | |
| CoreWeave | Helios (Galaxy)Dickens County, TX · leased from Galaxy | 526 MW133 MW live | partly live | CoreWeave(press) |
| Ellendale (Applied Digital)Ellendale, ND · leased from Applied Digital | 250 MW175 MW live | partly live | CoreWeave(press) | |
| Core Scientific sitesDenton/Dalton/Muskogee/Marble/Austin · leased from Core Scientific | 590 MW | partly live | CoreWeave(press) | |
| Kenilworth (11 NEST)Kenilworth, NJ · owned | 250 MW | under construction | CoreWeave(press) | |
| LancasterLancaster, PA · owned | 300 MW | planned | CoreWeave(press) | |
| TeraWulf | Lake MarinerNew York · owned | 438 MW102 MW live | partly live | Fluidstack |
| Justified Data CampusHawesville, KY · owned | 401 MW | planned | Anthropic | |
| Muskie Data CampusGrayson, KY · owned | 1 GW | planned | Undisclosed | |
| Chesapeake Data CampusMorgantown, MD · owned | 1 GW | planned | Undisclosed | |
| Applied Digital | Polaris Forge 1Ellendale, ND · owned | 400 MW175 MW live | partly live | CoreWeave |
| Polaris Forge 2Harwood, ND · owned | 200 MW | under construction | Undisclosed hyperscaler | |
| Polaris Forge 3North Dakota · owned | 300 MW | planned | Undisclosed hyperscaler | |
| Delta Forge 1Boyce, LA · owned | 300 MW | planned | Undisclosed hyperscaler | |
| Delta Forge 2Southern US · owned | 210 MW | planned | Undisclosed hyperscaler | |
| Riot Platforms | Rockdale (AMD)Rockdale, TX · owned | 50 MW25 MW live | partly live | AMD |
| Rockdale (frontier AI lab)Rockdale, TX · owned | 191 MW | planned | Undisclosed AI lab | |
| CorsicanaNavarro County, TX · owned | 756 MW | planned | Undisclosed (LOI)(press) |
Methodology: how these numbers are made, and their limits
Each bar's full length is pipeline. Nested within it are contracted (a subset) and live (a subset of contracted), so the bar reads pipeline, then contracted, then live from largest to smallest.
The three tiers
- pipeline: Secured power rights the company could develop (sites, interconnection, land). Weakly binding, and the largest figure.
- contracted: Capacity locked in by binding contracts or leases. Smaller than pipeline.
- live: Energized capacity actually serving, or ready to serve, revenue-generating equipment. The smallest figure.
- Figures use each company's own terminology mapped to three standard tiers: Pipeline, Contracted, Live. Landlords report critical IT load; compute sellers (CoreWeave, Nebius) and IREN report gross power. Bars mix bases across companies, so compare the shape (how much is live vs paper) more than exact lengths.
- Contracted and live figures for the landlords (Applied Digital, Galaxy, Hut 8, Riot, TeraWulf, Cipher) come from their own SEC filings. CoreWeave and Nebius disclose power only at the portfolio level in filings; their contracted and live totals are from earnings materials, and their per-site figures in the table come from press releases, host operators, or permitting records.
- Pipeline figures are the weakest tier: some are stated development pipelines (Hut 8 8.7 GW, Galaxy 5.7 GW), others are the sum of individually announced sites, and some are targets. They should be read as ambition, not commitment.
- CoreWeave leases most of its capacity from other companies on this page (Galaxy, Applied Digital, Core Scientific), so some sites appear both under CoreWeave and under the landlord that owns them. The table labels each site as owned or leased.
- Where a company reports a live figure of zero for AI, its legacy bitcoin mining capacity is excluded; only AI and HPC capacity is counted.
Known limitations
- Pipeline numbers are not directly comparable in reliability to contracted or live numbers, and may never be built.
- CoreWeave and Nebius per-site megawatts are not in SEC filings and carry a lower verification tier.
- Some pipeline sites are early-stage with multi-year timelines and unnamed tenants.
Last updated 2026-08-20
Notes and sources
Hut 8
949 MW of contracted IT capacity across two campuses (Beacon Point 704 MW, River Bend 245 MW), ~$26.6 billion base-term value. No AI capacity is live yet; first energization is targeted for Q1 2027.
Pipeline is Hut 8's stated 8,660 MW development pipeline as of June 30, 2026, the largest and weakest tier here. It excludes Hut 8's legacy bitcoin mining and power sites.
The Beacon Point tenant (704 MW across two 352 MW leases) is an unnamed high-investment-grade tenant; River Bend is leased to Fluidstack with a Google backstop.
IREN
Contracted shows IREN's 480 MW (gross) of AI Cloud capacity targeted for delivery in 2026, which IREN describes as fully contracted. It spans Microsoft's Horizon 1-4 (200 MW IT load, ~$9.7bn), NVIDIA (~60 MW, $3.4bn), and, as of July 2026, ~$2.8bn of additional multi-year contracts with a broader set of AI developers (Perplexity, Figure AI, Together AI, Fluidstack and others) for which IREN did not disclose megawatts. Total AI Cloud revenue under contract exceeds $4bn ARR.
Live is 50 MW IT load (Horizon 1, delivered and accepted by Microsoft, Aug 2026, 75 MW gross); Horizons 2-4 are targeted for delivery later in 2026.
Pipeline is ~5.8 GW of total secured power: IREN's own stated '5 GW secured power portfolio' (Q3 FY26, May 2026, already including the ~490 MW Nostrum acquisition in Spain) plus the 800 MW Bundey campus in South Australia announced afterward, in June 2026. IREN has not yet restated a single headline total above 5 GW; the ~5.8 GW here sums its own disclosures. It is dominated by the planned Sweetwater (~2 GW) and Kiowa, Oklahoma (~1.6 GW) campuses. Pipeline is gross grid power while contracted and live mix gross and IT load, so the bases differ.
IREN's FY2026 annual results (June year-end) are scheduled for August 27, 2026 and may restate the total. Legacy bitcoin mining capacity is excluded; some is being converted to AI.
Galaxy
All 526 MW of contracted critical IT load is leased to CoreWeave at the Helios campus (Phases I, II, III). Phase I (133 MW) is live; Phase II under construction; Phase III planned.
Pipeline is Galaxy's stated total power pipeline of over 5.7 GW, most of it uncontracted (830 MW of approved Helios capacity not yet leased, plus early-stage Merlin, Caspian, and Selene sites in Texas).
Galaxy is a single-customer landlord for now; the 5.7 GW pipeline has no named tenants beyond CoreWeave's 526 MW.
Cipher Mining
493 MW contracted across three sites: Black Pearl 216 MW (AWS) and Stingray 70 MW (AWS), plus Barber Lake 207 MW (Fluidstack, Google backstop). First data center capacity at Black Pearl was delivered in early August 2026 with rent commenced (about two months ahead of schedule), but the megawatt amount is not disclosed, so live is shown as zero.
Pipeline is Cipher's stated ~5.3 GW total portfolio across 11 sites in Texas and Ohio (with an additional ~900 MW option at Apollo), the weakest tier. Contracted backlog is approximately $11.4 billion.
Legacy bitcoin mining sites (Odessa and JV sites) are excluded.
Nebius
Live is ~170 MW of active power as of Dec 31, 2025 (20-F); Nebius did not restate an active figure in its Q2 2026 report. Contracted is the last stated actual, 'already exceeds 3.5 GW' (Q1 2026 shareholder letter, May 2026); the Q2 2026 report gives only a raised year-end-2026 target of 5 GW, which we use as the pipeline tier. Nebius reports power as a trajectory rather than as-of-quarter-end actuals.
Nebius names many sites but does not attach megawatts to them in SEC filings; the per-site figures come from Nebius newsroom posts, permitting records, and data center trackers.
Only Vineland has a named tenant (Microsoft, dedicated GPU capacity). The larger US and Pennsylvania campuses are early-stage with multi-year timelines.
CoreWeave
Figures are as of quarter-end June 30, 2026, from CoreWeave's Q2 2026 earnings: active power 1.5 GW and contracted power approximately 3.7 GW. On the Aug 11, 2026 earnings call, management said contracted power had grown to 4.2 GW since quarter-end; we use the 3.7 GW quarter-end figure so contracted and live share the same date.
CoreWeave does not disclose per-site megawatts in SEC filings; the site rows come from host operators (Galaxy, Applied Digital, Core Scientific) and press releases. It leases most of its footprint, so the Galaxy Helios and Applied Digital Ellendale sites also appear under those companies, which own them; only Kenilworth and Lancaster are CoreWeave-developed.
Pipeline is CoreWeave's total contracted power of 4.2 GW as of the Aug 11, 2026 earnings call (up ~500 MW since quarter-end); contracted is the 3.7 GW quarter-end figure that shares a date with live. CoreWeave cites a further ~6 GW including powered-land options and LOIs, but the bar uses the firmer 4.2 GW. Its bar is almost entirely contracted rather than paper pipeline.
TeraWulf
Contracted 839 MW = Lake Mariner 438 MW (Fluidstack, 102 MW live plus 336 MW under construction) plus Justified 401 MW (Anthropic, planned, delivery from H2 2027). Live is 102 MW at Lake Mariner.
Pipeline (~3 GW) adds the planned Muskie (up to 1 GW), Chesapeake (up to 1 GW), and Lake Hawkeye (~400 MW) campuses, all early-stage with multi-year timelines and undisclosed tenants.
The separately announced 168 MW Abernathy joint venture is being divested and is excluded.
Applied Digital
About 1,410 MW of contracted critical IT load across five campuses, ~$36 billion of contracted revenue (FY26 Q4, 2026-07-27). Live capacity is 175 MW at Polaris Forge 1 (100 MW live Oct 2025 plus a 75 MW building June 2026).
The unnamed hyperscaler holds three of the five campuses (Polaris Forge 3, Delta Forge 1 and 2). CoreWeave is the Polaris Forge 1 tenant.
Pipeline is shown equal to contracted; Applied Digital's disclosed book is these five campuses.
Riot Platforms
241 MW contracted at Rockdale: 50 MW to AMD (25 MW live, 25 MW under construction) and 191 MW to an unnamed frontier AI lab (planned, delivery 2027-2028). Live is 25 MW (AMD).
Pipeline (~1 GW) is dominated by the Corsicana campus, where up to 756 MW of critical IT is under a non-binding letter of intent. Corsicana is a legacy mining campus being evaluated for AI.
Legacy bitcoin mining capacity is excluded.
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