Barclays_Powering_AI_We_Track_45_GW_in_the_US_Data_Center_Pipeline

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on page 25.Thematic InvestingPowering AI: We Track 45+ GW inthe US Data Center PipelineThe Powering AI theme is in vogue. The big question: what'sin the data center pipeline? We track 45+ GW of large USprojects over the next several years and outline 7 interestingobservations amid questions on capacity constraints.We track at least 45 GW of large US data center projects and it isn't an exhaustive list.Tracking DC projects and what is real vs. speculative is a full-time job. We've started with largeAI-focused US projects and track 45+ GW over the next several years, with the majority tied toStargate, hyperscalers, and xAi, though this isn't an exhaustive list and excludes many smaller/colo projects.Hyperscalers continue to raise capex, but will it hit a power wall? More and more investorsseem to share our view that a grid power wall is forcing the shift to distributed power and thatthis shift isn't temporary. AI workload power fluctuations, politicization of higher utility bills,broader NIMBY and permit resistance, labor shortages, and equipment supply chains alsopresent risks to hyperscaler capex and AI ambitions.FIGURE 1. Stargate commitments: 7 GW / $400bn to date and expects 10 GW / $500 bn by year-end Stargate 1 (Abilene, TX)1.2-1.6 GWOpenAI, ORCL, Crusoe, Lancium, CAT, GEV, OWL, Primary Digital InfrastructureFrontier (Shackelford County, TX)1.4 GWOpenAI, ORCL, Vantage Data Centers, DBRG, INNIOLighthouse (Port Washington, WI)1 GWOpenAI, ORCL, Vantage Data Centers, DBRG, WECProject Jupiter (Dona Ana County, NM)1.5 GWOpenAI, STACK Infrastructure, BorderPlex Digital, OWLLordstown, OH & Milam Country, TX2+ GWOpenAI, SoftbankProjectsInvolvedPartiesCapacitySource: Company reports & Barclays ResearchEquity ResearchThematic Investing31 October 2025Thematic InvestingWilliam Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, USHannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, USHiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UKLaia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UKKatherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UKAmy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UKSiddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UKCompleted: 31-Oct-25, 03:33 GMTReleased: 31-Oct-25, 04:10 GMTRestricted - ExternalCONTENTSExecutive Summary. . . .