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<v Sarah>OpenAI is rethinking Stargate—just as data-center money keeps landing somewhere else.

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<v Matt>This is The Data Center Daily.

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<v Matt>Today: when the anchor tenant starts renting, who inherits the promises tied to the build?

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<v Sarah>Plus, fresh capital in Brazil, an actual solar contract in Singapore, and a storage valuation that cuts through the AI-demand cheerleading.

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<v Sarah>First: Stargate’s new shape.

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<v Sarah>Here's <00:00:29.725>Georgia <00:00:30.074>Butler <00:00:30.538>at <00:00:30.725>Datacenter <00:00:31.365>Dynamics:

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<v Quote>OpenAI <00:00:33.191>has <00:00:33.391>restructured <00:00:33.991>its <00:00:34.162>leadership <00:00:34.778>in <00:00:35.018>light <00:00:35.178>of <00:00:35.291>its <00:00:35.524>decision <00:00:35.978>to <00:00:36.079>rent <00:00:36.319>more <00:00:36.644>AI <00:00:36.971>servers <00:00:37.423>from <00:00:37.604>cloud <00:00:37.927>providers.

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<v Quote>The <00:00:39.351>company <00:00:39.658>is <00:00:39.738>in <00:00:39.831>the <00:00:39.991>midst <00:00:40.218>of <00:00:40.351>a <00:00:40.484>major <00:00:40.831>data <00:00:41.197>center <00:00:41.511>buildout <00:00:41.898>in <00:00:41.991>the <00:00:42.298>US <00:00:42.731>and <00:00:42.957>around <00:00:43.251>the <00:00:43.364>world <00:00:43.651>through <00:00:43.831>its <00:00:44.004>Stargate <00:00:44.491>project

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<v Quote>being <00:00:45.442>undertaken <00:00:46.004>in <00:00:46.151>partnership <00:00:46.623>with <00:00:46.808>Oracle <00:00:47.171>and <00:00:47.311>SoftBank. <00:00:48.091>However

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<v Quote>reports <00:00:49.818>of <00:00:49.919>late <00:00:50.143>have <00:00:50.319>suggested <00:00:50.783>that <00:00:50.931>the <00:00:51.041>company <00:00:51.444>is <00:00:51.631>instead <00:00:52.251>leaning <00:00:52.703>more <00:00:52.911>on <00:00:53.121>renting <00:00:53.604>AI <00:00:53.931>servers <00:00:54.367>from <00:00:54.498>cloud <00:00:54.879>providers <00:00:55.411>and <00:00:55.761>scaling <00:00:56.175>back <00:00:56.451>its

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<v Quote>build-out <00:00:56.991>plans.

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<v Sarah>After <00:00:58.176>the <00:00:58.316>Stargate <00:00:58.929>buildout <00:00:59.413>vision <00:00:59.809>we <00:00:59.956>covered <00:01:00.300>last <00:01:00.626>edition, <00:01:01.612>OpenAI <00:01:02.449>is <00:01:02.636>reorganizing <00:01:03.482>around <00:01:03.804>more <00:01:04.053>rented <00:01:04.449>cloud <00:01:04.796>capacity.

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<v Sarah>DCD <00:01:06.706>reports <00:01:07.236>three <00:01:07.503>lanes <00:01:07.916>now: <00:01:08.716>design, <00:01:09.545>commercial <00:01:09.916>cloud <00:01:10.396>and <00:01:10.684>chip <00:01:10.931>partnerships, <00:01:11.816>and <00:01:12.300>operating <00:01:12.896>the <00:01:13.007>facilities <00:01:13.569>it <00:01:13.788>uses.

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<v Matt>And <00:01:15.089>Abilene <00:01:15.836>is <00:01:16.040>apparently <00:01:16.533>capped <00:01:16.929>at <00:01:17.196>1.2 <00:01:18.236>gigawatts, <00:01:19.447>versus <00:01:19.804>that <00:01:20.236>2-gigawatt <00:01:20.932>expansion <00:01:21.493>figure.

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<v Matt>That <00:01:22.602>leaves <00:01:23.036>800 <00:01:23.736>megawatts <00:01:24.276>out <00:01:24.423>of <00:01:24.496>the <00:01:24.652>plan—who’s <00:01:25.800>carrying <00:01:26.196>the <00:01:26.396>land, <00:01:26.919>transmission-study, <00:01:28.016>and <00:01:28.127>permitting <00:01:28.689>costs <00:01:29.020>tied <00:01:29.329>to <00:01:29.489>it?

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<v Sarah>Sachin <00:01:30.636>Katti <00:01:31.176>now <00:01:31.427>oversees <00:01:32.036>the <00:01:32.209>Stargate <00:01:32.773>groups, <00:01:33.476>and <00:01:33.616>the <00:01:33.724>name <00:01:33.956>has <00:01:34.129>broadened <00:01:34.588>into <00:01:34.796>a <00:01:34.929>strategy <00:01:35.396>for <00:01:35.560>bringing <00:01:35.986>compute <00:01:36.567>online.

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<v Sarah>Conveniently <00:01:38.716>elastic <00:01:39.329>language <00:01:39.804>when <00:01:40.049>owned <00:01:40.378>capacity <00:01:40.929>turns <00:01:41.244>into <00:01:41.486>another <00:01:41.886>company’s <00:01:42.465>leased <00:01:42.945>server <00:01:43.436>fleet.

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<v Matt>Renting <00:01:44.796>can <00:01:45.004>make <00:01:45.289>sense.

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<v Matt>But <00:01:46.336>the <00:01:46.449>cloud <00:01:46.769>provider <00:01:47.253>taking <00:01:47.676>OpenAI’s <00:01:48.387>workload <00:01:49.023>still <00:01:49.416>has <00:01:49.649>to <00:01:49.825>secure <00:01:50.303>power

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<v Matt>water <00:01:51.656>and <00:01:51.943>wires—and <00:01:53.156>those <00:01:53.403>commitments <00:01:53.976>don’t <00:01:54.276>get <00:01:54.444>less <00:01:54.698>physical <00:01:55.246>because <00:01:55.636>the <00:01:55.813>tenant <00:01:56.206>changed <00:01:56.616>its <00:01:56.846>capital <00:01:57.244>structure.

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<v Sarah>Here's <00:01:58.840>Fernanda <00:01:59.299>Guimarães; <00:02:00.184>Daniela <00:02:00.939>Braun <00:02:01.325>at <00:02:01.499>Valor <00:02:01.883>International:

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<v Quote>Goldman <00:02:03.713>Sachs <00:02:04.500>Itaú <00:02:05.020>BBA <00:02:05.700>and <00:02:05.967>Bradesco <00:02:06.660>BBI <00:02:07.380>have <00:02:07.748>been <00:02:07.980>hired <00:02:08.233>to <00:02:08.388>find <00:02:08.620>a <00:02:08.720>new <00:02:08.962>investor <00:02:09.480>for <00:02:09.620>data-center <00:02:10.322>operator <00:02:10.900>Ascenty

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<v Quote>people <00:02:12.064>familiar <00:02:12.452>with <00:02:12.630>the <00:02:12.809>matter <00:02:13.044>said.

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<v Quote>The <00:02:14.250>process <00:02:14.793>is <00:02:14.953>still <00:02:15.247>at <00:02:15.353>an <00:02:15.513>early <00:02:15.873>stage.

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<v Quote>Ascenty <00:02:17.407>is <00:02:17.490>looking <00:02:17.753>to <00:02:17.900>raise <00:02:18.153>about <00:02:18.460>$1 <00:02:18.770>billion <00:02:19.560>through <00:02:19.740>a <00:02:19.850>primary <00:02:20.400>transaction <00:02:21.108>involving <00:02:21.580>a <00:02:21.673>minority <00:02:22.167>stake.

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<v Quote>The <00:02:23.433>proceeds <00:02:23.887>would <00:02:24.073>go <00:02:24.233>to <00:02:24.360>the <00:02:24.480>company <00:02:24.940>and <00:02:25.108>help <00:02:25.360>finance <00:02:25.820>its <00:02:25.988>expansion <00:02:26.500>projects.

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<v Sarah>Ascenty <00:02:27.975>wants <00:02:28.215>about <00:02:28.495>$1 <00:02:28.865>billion <00:02:29.815>for <00:02:29.975>a <00:02:30.077>minority <00:02:30.655>stake, <00:02:31.475>and <00:02:31.555>the <00:02:31.655>money <00:02:31.919>goes <00:02:32.239>into <00:02:32.515>the <00:02:32.635>company—not <00:02:33.755>out <00:02:33.962>to <00:02:34.068>Brookfield <00:02:34.628>or <00:02:34.795>Digital <00:02:35.295>Realty.

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<v Sarah>A <00:02:37.117>primary <00:02:37.282>raise <00:02:37.668>is <00:02:37.815>a <00:02:37.905>cleaner <00:02:38.335>sign <00:02:38.687>they’re <00:02:38.945>funding <00:02:39.364>growth <00:02:39.871>than <00:02:40.317>existing <00:02:40.872>owners <00:02:41.261>taking <00:02:41.575>money <00:02:41.835>off <00:02:42.035>the <00:02:42.175>table.

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<v Matt>Ascenty <00:02:43.935>says <00:02:44.255>its <00:02:44.495>four <00:02:45.055>AI <00:02:45.439>data <00:02:45.755>centers <00:02:46.223>will <00:02:46.495>cost <00:02:46.895>$1.2 <00:02:48.105>billion <00:02:49.355>and <00:02:49.595>add <00:02:49.935>150 <00:02:50.795>megawatts, <00:02:51.935>all <00:02:52.242>fully <00:02:52.633>contracted <00:02:53.295>by <00:02:53.512>global <00:02:53.903>tech <00:02:54.151>companies.

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<v Matt>Good. <00:02:55.695>Now <00:02:56.215>I <00:02:56.287>want <00:02:56.468>to <00:02:56.607>know <00:02:56.775>the <00:02:56.966>contract <00:02:57.602>shape: <00:02:58.575>firm <00:02:58.959>take-or-pay <00:02:59.631>load

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<v Matt>or <00:03:00.631>customers <00:03:01.195>reserving <00:03:01.635>the <00:03:01.735>right <00:03:02.015>to <00:03:02.232>change <00:03:02.602>their <00:03:02.815>minds <00:03:03.247>when <00:03:03.442>power <00:03:03.823>gets <00:03:04.079>expensive?

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<v Sarah>Goldman <00:03:06.015>Sachs, <00:03:06.655>Itaú <00:03:07.175>BBA, <00:03:07.875>and <00:03:07.988>Bradesco <00:03:08.655>BBI <00:03:09.275>are <00:03:09.485>running <00:03:09.715>the <00:03:09.865>process, <00:03:11.015>but <00:03:11.215>it’s <00:03:11.768>explicitly <00:03:12.162>early <00:03:12.602>stage.

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<v Sarah>After <00:03:13.955>the <00:03:14.111>OpenAI <00:03:14.868>build-to-rent <00:03:15.615>reset

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<v Sarah>that <00:03:16.395>matters: <00:03:17.455>150 <00:03:18.295>megawatts <00:03:18.875>may <00:03:19.108>be <00:03:19.288>contracted

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<v Sarah>but <00:03:20.535>the <00:03:20.695>$1 <00:03:20.995>billion <00:03:21.752>equity <00:03:22.162>check <00:03:22.575>is <00:03:22.775>still <00:03:23.028>being <00:03:23.357>marketed.

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<v Matt>Brazil <00:03:25.103>gets <00:03:25.375>a <00:03:25.487>real <00:03:25.695>test <00:03:26.068>of <00:03:26.195>whether <00:03:26.395>capital <00:03:26.868>shows <00:03:27.188>up <00:03:27.343>here.

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<v Matt>If <00:03:28.399>investors <00:03:29.028>price <00:03:29.335>those <00:03:29.695>150 <00:03:30.635>megawatts <00:03:31.190>aggressively, <00:03:32.322>great—build <00:03:33.375>it.

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<v Matt>If <00:03:34.303>they <00:03:34.555>haircut <00:03:34.995>the <00:03:35.135>value, <00:03:35.975>“AI <00:03:36.495>demand” <00:03:37.348>still <00:03:37.679>hasn’t <00:03:38.072>solved <00:03:38.435>the <00:03:38.559>financing <00:03:39.195>and <00:03:39.423>grid-delivery <00:03:40.085>problem.

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<v Sarah>From <00:03:41.517>Jonas <00:03:41.890>Muthoni <00:03:42.570>at <00:03:42.810>Microgrid <00:03:43.450>Media:

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<v Quote>Equinix <00:03:44.775>signed <00:03:45.089>a <00:03:45.189>new <00:03:45.425>renewable-energy <00:03:46.396>power <00:03:46.773>purchase <00:03:47.177>agreement <00:03:47.641>with <00:03:47.869>Flo <00:03:48.238>Energy <00:03:48.713>Singapore <00:03:49.396>on <00:03:49.655>August <00:03:50.009>18

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<v Quote>2026 <00:03:51.865>that <00:03:51.961>will <00:03:52.149>add <00:03:52.356>at <00:03:52.449>least <00:03:52.729>11.5 <00:03:53.956>MWp <00:03:54.649>of <00:03:54.869>rooftop <00:03:55.342>solar <00:03:55.689>capacity <00:03:56.369>for <00:03:56.529>its <00:03:56.697>Singapore <00:03:57.193>data-center <00:03:57.761>portfolio

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<v Quote>with <00:03:59.076>an <00:03:59.175>option <00:03:59.502>to <00:03:59.678>expand <00:04:00.142>to <00:04:00.302>as <00:04:00.441>much <00:04:00.622>as <00:04:00.889>50 <00:04:01.476>MWp.

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<v Matt>Equinix <00:04:03.333>signed <00:04:03.716>for <00:04:03.889>at <00:04:04.063>least <00:04:04.476>11.5 <00:04:05.656>megawatts-peak <00:04:06.620>from <00:04:06.976>Flo <00:04:07.356>Energy <00:04:07.916>in <00:04:08.140>Singapore.

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<v Matt>The <00:04:09.596>50-megawatt <00:04:10.373>figure <00:04:10.796>is <00:04:11.036>just <00:04:11.383>an <00:04:11.505>option, <00:04:12.369>so <00:04:12.536>let’s <00:04:12.828>keep <00:04:12.996>the <00:04:13.180>expansion <00:04:13.802>banner <00:04:14.167>folded <00:04:14.769>until <00:04:15.084>they <00:04:15.347>exercise <00:04:15.943>it.

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<v Sarah>Exactly. <00:04:17.516>A <00:04:18.053>fourth <00:04:18.460>Singapore <00:04:19.092>renewable <00:04:19.716>PPA <00:04:20.289>in <00:04:20.476>two <00:04:20.796>years <00:04:21.249>is <00:04:21.396>a <00:04:21.487>meaningful <00:04:22.043>procurement <00:04:22.626>program.

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<v Sarah>Equinix <00:04:24.220>says <00:04:24.496>the <00:04:24.628>portfolio <00:04:25.316>could <00:04:25.556>reach <00:04:25.836>215 <00:04:27.116>MWp <00:04:27.969>by <00:04:28.236>2028, <00:04:29.468>with <00:04:29.646>roughly <00:04:30.156>250,000 <00:04:31.656>megawatt-hours <00:04:32.707>annually <00:04:33.390>across <00:04:34.116>its <00:04:34.284>Singapore <00:04:34.774>agreements.

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<v Matt>Here’s <00:04:36.336>the <00:04:36.453>useful <00:04:36.867>contrast <00:04:37.468>with <00:04:37.616>the <00:04:37.772>OpenAI <00:04:38.463>piece: <00:04:39.196>a <00:04:39.505>signed <00:04:40.036>PPA <00:04:40.636>tied <00:04:41.009>to <00:04:41.174>industrial <00:04:41.816>and <00:04:42.040>commercial <00:04:42.543>rooftops

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<v Matt>versus <00:04:43.956>a <00:04:44.076>big <00:04:44.378>capacity <00:04:44.938>headline <00:04:45.486>treated <00:04:45.868>like <00:04:46.068>electrons <00:04:46.748>have <00:04:46.926>already <00:04:47.329>shown <00:04:47.649>up <00:04:47.809>at <00:04:47.936>the <00:04:48.063>meter.

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<v Sarah>Rooftop <00:04:49.663>solar <00:04:50.056>won’t <00:04:50.364>turn <00:04:50.604>Singapore <00:04:51.100>into <00:04:51.396>a <00:04:51.516>24-hour <00:04:52.209>power <00:04:52.543>plant.

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<v Sarah>Still, <00:04:54.476>11.5 <00:04:55.276>MWp <00:04:56.054>contracted <00:04:56.769>today <00:04:57.503>beats <00:04:57.996>38.5 <00:04:59.276>MWp <00:05:00.183>of <00:05:00.469>optimistic <00:05:01.261>arithmetic.

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<v Sarah>Here's <00:05:03.280>Latitude <00:05:03.787>Media:

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<v Quote>And <00:05:05.175>yet <00:05:05.691>Form <00:05:06.121>raised <00:05:06.435>its <00:05:06.601>latest <00:05:06.942>round <00:05:07.355>at <00:05:07.555>a <00:05:07.635>$1.75-billion <00:05:09.755>pre-money <00:05:10.379>valuation

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<v Quote>according <00:05:11.622>to <00:05:11.768>Axios: <00:05:12.595>a <00:05:12.842>significant <00:05:13.435>downvaluation <00:05:14.443>from <00:05:14.675>the <00:05:14.835>$3-billion <00:05:15.815>pre-money <00:05:16.307>valuation <00:05:17.062>at <00:05:17.315>which <00:05:17.535>the <00:05:17.645>company <00:05:18.041>raised <00:05:18.375>its <00:05:18.612>Series <00:05:19.075>F <00:05:19.248>in <00:05:19.405>October

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<v Quote>2024.

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<v Sarah>Form <00:05:21.346>Energy <00:05:21.746>raised <00:05:22.169>$750 <00:05:23.239>million <00:05:24.116>at <00:05:24.369>a <00:05:24.489>$1.75 <00:05:25.789>billion <00:05:26.569>pre-money <00:05:27.209>valuation, <00:05:28.137>down <00:05:28.697>from <00:05:28.929>$3 <00:05:29.229>billion <00:05:29.982>in <00:05:30.149>October <00:05:30.649>2024.

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<v Sarah>That’s <00:05:32.469>a <00:05:32.523>pretty <00:05:32.782>specific <00:05:33.262>markdown <00:05:33.729>for <00:05:33.889>a <00:05:33.979>company <00:05:34.361>with <00:05:34.545>Minnesota <00:05:35.092>construction <00:05:35.662>underway

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<v Sarah>West <00:05:36.853>Virginia <00:05:37.266>manufacturing <00:05:38.079>scaling

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<v Sarah>and <00:05:39.161>more <00:05:39.321>than <00:05:39.529>$2 <00:05:39.869>billion <00:05:40.615>raised <00:05:40.942>in <00:05:41.116>total.

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<v Matt>Everybody <00:05:43.145>says <00:05:43.609>data <00:05:43.999>centers <00:05:44.553>need <00:05:44.879>hundred-hour <00:05:45.761>batteries.

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<v Matt>Fine—so <00:05:48.409>why <00:05:48.729>is <00:05:48.909>the <00:05:49.081>iron-air <00:05:49.839>company <00:05:50.399>raising <00:05:50.942>at <00:05:51.106>barely <00:05:51.513>over <00:05:51.913>half <00:05:52.569>its <00:05:52.889>last <00:05:53.289>pre-money <00:05:53.961>valuation <00:05:55.036>while <00:05:55.409>its <00:05:55.582>order <00:05:55.913>book <00:05:56.249>is <00:05:56.482>supposedly <00:05:57.300>flying?

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<v Matt>Capital <00:05:59.289>is <00:05:59.509>pricing <00:05:59.982>in <00:06:00.129>a <00:06:00.265>long <00:06:00.713>wait <00:06:01.019>between <00:06:01.409>a <00:06:01.505>promising <00:06:02.079>battery <00:06:02.709>and <00:06:03.187>dependable <00:06:03.839>project <00:06:04.409>cash <00:06:04.793>flow.

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<v Sarah>Latitude’s <00:06:06.373>investor <00:06:06.786>source <00:06:07.193>sees <00:06:07.476>it <00:06:07.582>as <00:06:07.729>a <00:06:07.869>lagging <00:06:08.385>indicator <00:06:08.916>of <00:06:09.019>tighter <00:06:09.419>private <00:06:09.879>markets <00:06:10.709>and <00:06:10.942>money <00:06:11.253>flooding <00:06:11.655>toward <00:06:12.116>AI

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<v Sarah>rather <00:06:13.241>than <00:06:13.409>a <00:06:13.497>vote <00:06:13.739>against <00:06:14.185>Form.

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<v Sarah>Which <00:06:15.584>is <00:06:15.761>awkward <00:06:16.283>when <00:06:16.431>the <00:06:16.624>AI <00:06:16.958>buildout <00:06:17.504>is <00:06:17.675>also <00:06:17.971>being <00:06:18.231>pitched <00:06:18.704>as <00:06:18.831>the <00:06:18.948>reason <00:06:19.355>long-duration <00:06:20.151>storage <00:06:20.617>should <00:06:20.944>be <00:06:21.119>irresistible.

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<v Matt>And <00:06:22.865>after <00:06:23.180>that <00:06:23.484>OpenAI <00:06:24.412>pivot

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<v Matt>customers <00:06:25.902>leaning <00:06:26.298>toward <00:06:26.629>rented <00:06:27.082>compute <00:06:27.912>may <00:06:28.172>be <00:06:28.396>less <00:06:28.719>eager <00:06:29.132>to <00:06:29.372>bankroll <00:06:30.012>multi-day <00:06:30.799>power <00:06:31.185>infrastructure <00:06:32.005>themselves.

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<v Matt>The <00:06:33.692>tax <00:06:33.982>credits <00:06:34.403>survived, <00:06:35.148>sure.

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<v Matt>They <00:06:36.192>don’t <00:06:36.380>make <00:06:36.636>financing <00:06:37.305>costs <00:06:37.844>disappear.

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<v Host>If <00:06:39.513>you’re <00:06:39.840>enjoying <00:06:40.073>The <00:06:40.181>Data <00:06:40.419>Center <00:06:40.773>Daily, <00:06:41.447>please <00:06:41.709>subscribe <00:06:42.253>and <00:06:42.400>leave <00:06:42.586>us <00:06:42.733>a <00:06:42.819>review <00:06:43.146>wherever <00:06:43.593>you’re <00:06:43.773>listening.

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<v Host>Reviews <00:06:45.301>help <00:06:45.520>other <00:06:45.710>people <00:06:46.101>find <00:06:46.313>the <00:06:46.453>show, <00:06:47.113>and <00:06:47.200>we’re <00:06:47.377>grateful <00:06:47.773>for <00:06:47.925>your <00:06:48.113>support.

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<v Host>We’re <00:06:49.580>watching <00:06:49.924>Equinix’s <00:06:50.720>Singapore <00:06:51.264>renewable-energy <00:06:52.096>portfolio, <00:06:52.984>which <00:06:53.411>could <00:06:53.597>reach <00:06:54.304>215 <00:06:54.851>MWp <00:06:55.597>by <00:06:56.024>2028 <00:06:56.957>if <00:06:57.244>the <00:06:57.344>new <00:06:57.584>PPA <00:06:58.081>scales <00:06:58.451>as <00:06:58.574>planned.

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<v Host>Links <00:07:00.051>to <00:07:00.144>every <00:07:00.424>story <00:07:00.864>are <00:07:01.011>in <00:07:01.084>the <00:07:01.192>show <00:07:01.437>notes, <00:07:01.864>so <00:07:01.992>take <00:07:02.224>a <00:07:02.280>look <00:07:02.371>at <00:07:02.444>the <00:07:02.568>ones <00:07:02.840>that <00:07:02.938>caught <00:07:03.176>your <00:07:03.360>attention.

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<v Host>That’s <00:07:04.844>The <00:07:04.952>Data <00:07:05.190>Center <00:07:05.517>Daily <00:07:05.824>for <00:07:06.037>today.

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<v Host>This <00:07:07.571>is <00:07:07.824>a <00:07:07.924>Lantern <00:07:08.444>Podcast.