Core Insights - A significant infrastructure race driven by artificial intelligence is unfolding in the United States, with planned large data center projects exceeding 45 GW and attracting over $2.5 trillion in investments [1][2] Group 1: Major Players and Projects - The primary drivers of this expansion include OpenAI's Stargate project, Amazon, Meta, Microsoft, and Elon Musk's xAI, all of which are rapidly planning and constructing computing clusters to support increasingly complex AI models [1][2] - Key projects include Stargate 1 (1.2-1.6 GW), Frontier (1.4 GW), Lighthouse (1 GW), Project Jupiter (1.5 GW), and a combined capacity of over 2 GW in Lordstown, OH, and Milam County, TX, with significant involvement from OpenAI and various partners [3][5] Group 2: Financial Aspects - The construction cost for data centers has surpassed $1.7 million per MW, with OpenAI's Stargate project alone representing a commitment of over $400 billion for a 7 GW capacity, translating to approximately $5.7 million per MW [3][5] - Financing structures are complex, with private equity firms and infrastructure funds playing crucial roles, such as Blue Owl Capital's $15 billion joint venture with Crusoe for the Stargate 1 project [7] Group 3: Power Supply Challenges - The existing power grid poses significant challenges, leading companies to adopt "Bring-Your-Own-Power" strategies, including on-site power generation to ensure reliability and expedite energization timelines [1][4] - For instance, the Stargate 1 project plans to deploy approximately 350 MW of on-site natural gas generation despite having grid access approved for 1.2 GW [4] Group 4: Supply Chain Issues - The explosive demand for power generation equipment has strained supply chains, with heavy gas turbine prices increasing by 50% in less than two years and extended delivery times [8] - Companies are resorting to acquiring second-hand or "off-the-shelf" new equipment to mitigate long order queues, exemplified by Fermi America's acquisition of a Siemens gas turbine from an unused LNG project [8]