*Taps mic* is this thing on?! After 6 months of labor, really excited to share this in-depth report we wrote on the unprecedented power demands of AI. From Nuclear SMRs to natural gas, M&A and AI data center financing… this report has it all.

And of course, I had to sneak in some railroad / financial history references:

And of course, demand for compute is SOARING. Tokens consumed per week? +4,000% just since June 2024.

But there is a meaningful gap in US data center capacity supply vs. demand. We need more data centers, yes. But we really need more power!

And the current US power grid is not prepared for this level of rapid demand growth. US utilities are expected to invest +$700B in grid CapEx by 2030

But wait, that’s not all! Getting a new natural gas plant online currently takes 5-7 years. Not great, Bob! Why? Permitting delays, long interconnection queues, and equipment shortages (gas turbines)… There are many options on the table, but all have their pros / cons.

There is a diverse ecosystem of investors participating in this unprecedented infrastructure buildout. Including newer entrants like insurance funds. Strategic partnerships and creative financing solutions are critical for resolving these bottlenecks.

But capital is not the most critical bottleneck for AI progress — it’s the power needed to fuel it. Learn more about these challenges and how companies are addressing them below!