For every data center campus, we check whether the power is real, secured, on time, and from whom, and how much is physical supply versus a financial hedge. Assembled from the public record and ISO interconnection queues.
Most announced data center power is speculative. Underwriting the difference between secured and phantom power is the product.
Pipeline by Power Readiness
Hyperscaler Supply — Physical vs. Financial
physical financial (VPPA)
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Campus Underwriting
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SOURCES · SEC EDGAR · FERC EQR · FERC eLibrary · state utility commissions (PUCT, NCUC, VSCC) · ISO interconnection queues (NYISO load) · EIA-860. Verdicts are evidence derived. Nothing here is modeled or estimated.