Topic
Electrical capacity, in megawatts, that data centers can energise versus merely contract; the main limit on how fast AI compute can be delivered.
IREN shares rose 5% premarket on a reported Anthropic cloud contract that neither company has confirmed. CoinShares puts miners' AI and HPC backlog above $100 billion with only about 550 MW billing, so a signature is the first of several steps to revenue.
Reality
Applied Digital holds about $36 billion of contracted AI hosting revenue and plans to bring over 600 MW online in the next 12 months. On Crypto Briefing's figures that is about $25.5 million per leased megawatt, and the company is still booking a GAAP loss while it builds.
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CoreWeave's revenue backlog reached $66.8bn at the end of 2025, or 13.4 times the $5bn of revenue it booked for the year. The contracts are conditioned on delivery, and 2.25 GW of its contracted power is not yet live.
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A reported target of 38 gigawatts by 2032 has Microsoft roughly tripling its data-center footprint and taking AI capacity past 12 gigawatts. The composition ratio is the part of it a capacity plan can use.
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Management says scale is starting to show up as operating leverage. The release as supplied gives a backlog, power figures and more than $14bn of fresh capital, but no margin numbers.
Reality