The scarce input is no longer the chip. It's the energized site.Power is the new scarce input.·Read the 2026 thesis

From megawatts
to a live AI data center.

If you hold power, you hold a stake in the AI buildout. We bring the anchor tenant and the capital, orchestrate the whole build, and make sure the upside stays with you.

LIVE NEOCLOUD · CLUSTER ONLINE
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The ecosystem we operate across

Relationships across every layer.

From silicon and capital to power and offtake, the companies that build, finance, and buy the compute we help bring online.

The 2026 thesis

Anyone can hold a powered site.
We make it a neocloud.

Read the full thesis, with the evidence →

What we orchestrate

One orchestrator across every layer.

A powered building is a head start measured in years. Turning it into revenue takes six specialist layers no single vendor delivers. We hold the relationships and run the sequence so each lands in the right order.

Demand & capital Power & site Compute & software

Anchor Tenant & Offtake

The offtake that makes the build bankable.

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Capital Structuring

Debt structured against the offtake.

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Power & Interconnection

The scarce input, scaled.

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Site, Retrofit & Cooling

Shell to a liquid-cooled, AI-ready facility.

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Chips, Reference Design & Fabric

GPUs, the blueprint and the fabric.

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Software & Operations

Sell the compute, and run it.

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The window

A head start measured in years, and closing.

5–7 yrs
Grid interconnection wait in primary US markets: the head start a powered site represents.
$180B
Projected neocloud / GPU-as-a-Service revenue by 2030.
3–5 yrs
The "right to play" window before new builds erase the advantage of existing sites.
Real-world conversions

Powered sites are already becoming compute.

The shell-to-cluster path isn't theory. Companies that held nothing but an energized site are turning it into AI capacity right now.

Was: retired coal plant
4.4 GW
of on-site gas generation planned across one retired site
Now: AI campus in development
Pennsylvania · coal → compute

A retired coal plant, reborn as a gas-powered AI campus.

Homer City Redevelopment, financed by a Knighthead-led group, is rebuilding the retired Homer City coal plant into a gas-powered AI data-center campus: seven GE Vernova turbines, EQT supplying the gas, Kiewit building it. The 3,200 acres and the grid position were already there; that is what made the rest assemblable.

4.4 GW
On-site gas planned
3,200
Acre site
7
GE Vernova turbines
Was: shuttered aluminum smelter
482 MW
of grid interconnection the smelter left behind, already built
Now: Anthropic-anchored AI campus
Kentucky · smelter → AI

A dead factory whose real asset was its power.

TeraWulf bought Century Aluminum's shuttered Hawesville smelter for the roughly 482 MW of interconnection it left behind, then signed Anthropic to a 20-year offtake anchoring the new Justified campus: about 401 MW of contracted critical load. The plant was obsolete; the power was the prize.

482 MW
Interconnect inherited
401 MW
Contracted to Anthropic
20 yrs
Anchor offtake

See this site's dossier in The Buildout Registry →

Go deeper

Start where you are.

The 2026 Thesis

Power decides what gets built

Why the constraint moved from silicon to electricity, and why powered sites hold the window. Signed, dated, sourced.

Read the thesis → Who We Serve

Recognize your corner

Site holders, miners, investors, and the anchor tenants on the other side of the market.

Find your fit → About

Why an orchestrator

A neocloud is assembled, not bought. How we hold the relationships and run the sequence.

Meet the firm →

Is your site real?

Tell us what you hold: a powered site, capital, or demand for compute, and we'll come back with an honest first read. No obligation.

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