Mega-Projects Overview: $10B+ and 1 GW+ Data Centers

This page provides a comprehensive analysis of mega-scale data center projects in the United States, defined as projects with either:

• Investment of $10 billion or greater, OR
• Power capacity of 1 gigawatt (1,000 MW) or greater

These projects represent the cutting edge of AI and hyperscale computing infrastructure, with unprecedented scale and complexity.

Executive Summary

As of October 2025, there are 63 confirmed mega-projects across the United States representing:

• Total Investment: $822.0 billion
• Total Power Capacity: 92.6 gigawatts
• Projects by Investment (≥$10B): 33 projects
• Projects by Power (≥1 GW): 46 projects
• Top 10 Concentration: $487.7 billion (59.3% of total investment)

Status Distribution

• Planned: 36 projects (57%)
• Under Construction: 16 projects (25%)
• Announced: 6 projects (10%)
• Operational: 3 projects (5%)
• Canceled: 1 project (2%)
• Expansion: 1 project (2%)

Geographic Distribution

The mega-projects are concentrated in states with favorable power infrastructure, tax incentives, and strategic locations:

Top States by Project Count:

1. Pennsylvania: 8 projects (focus on PJM grid access, nuclear power)
2. Virginia: 5 projects (Data Center Alley expansion)
3. Texas: 4 projects (ERCOT grid, natural gas availability)
4. West Virginia: 4 projects (low power costs, natural gas)
5. Kansas: 3 projects (central location, renewable energy)
6. Georgia: 3 projects (Southeast expansion)
7. Illinois: 3 projects (Midwest hub)
8. Wisconsin: 3 projects (Great Lakes cooling, renewable energy)
9. Wyoming: 3 projects (wind power, low costs)

Investment Concentration Analysis

The top 10 mega-projects represent 59.3% of all mega-project investment ($487.7B of$822.0B), demonstrating significant concentration in the largest initiatives:

Top 10 by Investment

1. Project Jupiter (New Mexico): $165.0B
2. Project Kestrel (Kansas): $100.0B
3. Stargate Abilene (Texas): $40.0B
4. Vermaland La Osa (Arizona): $33.0B
5. Tract Mooresville (North Carolina): $30.0B (canceled)
6. Vantage Frontier (Texas): $25.0B
7. Google PJM Infrastructure (Pennsylvania): $25.0B
8. Blackstone-QTS Pennsylvania (Pennsylvania): $25.0B
9. Prince William Digital Gateway (Virginia): $24.7B
10. Tract Buckeye (Arizona): $20.0B

Complete Mega-Projects Table

Below is the complete list of all 63 mega-projects meeting the criteria (≥$10B investment OR ≥1 GW power):

Note: Table shows top 36 projects. Full list of 63 mega-projects available in source data.

Power Sourcing Strategies

Mega-projects demonstrate three primary power sourcing strategies:

1. Natural Gas Dominance (45%)

The majority of mega-projects rely on on-site natural gas generation or natural gas power plants, particularly in:

• Texas (ERCOT grid with gas backup)
• Pennsylvania (Marcellus Shale region)
• West Virginia (Adams Fork projects)
• Wyoming (Crusoe/Tallgrass)

Example: Stargate Abilene features 360 MW on-site natural gas generation with Selective Catalytic Reduction technology.

2. Nuclear Power Renaissance (25%)

Growing interest in nuclear power for clean baseload capacity:

• Pennsylvania: Multiple projects targeting nuclear sites (Three Mile Island, Shippingport)
• Virginia: Dominion Energy nuclear resources
• Ohio: Potential nuclear integration

Example: Pennsylvania Digital I (PAX) leverages decommissioned nuclear power infrastructure.

3. Renewable + Storage Hybrid (30%)

Integration of solar, wind, and battery storage:

• Arizona: Vermaland La Osa (solar + natural gas + BESS)
• Utah: Delta Gigasite (renewable corridor)
• Wyoming: Crusoe projects (wind + gas + storage)

Example: Vermaland La Osa plans 3 GW with phased transition from gas to solar.

Timeline Analysis

Operational (3 projects)

• Stargate Abilene (Texas): Operational Sept 2025
• Amazon AWS Oregon Boardman: Long operational
• Unknown: 1 additional operational project

Under Construction (16 projects)

• 2025 Completions: 4 projects expected
• 2026 Completions: 12 projects expected
• 2027+ Completions: Phased mega-projects

Planned/Announced (42 projects)

• 2026 Start: 15 projects
• 2027 Start: 18 projects
• 2028+ Start: 9 projects
• Unknown Timeline: Canceled or indefinite

Technology Requirements

AI/ML Dominance

55 of 63 projects (87%) are specifically designed for AI/ML workloads, requiring:

• High-density GPU computing (NVIDIA H100, H200, GB200)
• Direct-to-chip liquid cooling (closed-loop systems)
• Ultra-high power densities (30-100+ kW per rack)
• High-speed networking (400G/800G Ethernet, InfiniBand)
• Massive storage systems (multi-exabyte capacity)

Hyperscale Architecture

All mega-projects feature hyperscale design principles:

• Modular construction for rapid deployment
• Software-defined infrastructure
• Automated operations and monitoring
• Redundant power and cooling systems
• Carrier-neutral connectivity

Geographic Patterns

Pennsylvania Dominance (8 projects)

Pennsylvania has emerged as the mega-project capital due to:

1. PJM grid access (largest power market in U.S.)
2. Nuclear power availability (clean baseload)
3. Marcellus Shale natural gas (low-cost backup)
4. Decommissioned power plant sites (existing infrastructure)
5. Favorable tax incentives (Act 42 data center exemptions)

Virginia Continuation

Virginia maintains leadership with 5 mega-projects, expanding from Data Center Alley core:

• Louisa County expansion
• Prince William County development
• Rural Virginia incentives

Texas ERCOT Advantage

Texas attracts 4 mega-projects leveraging:

• Deregulated energy market (ERCOT)
• Abundant natural gas and renewables
• Large available land parcels
• Business-friendly environment

Emerging States

New mega-project destinations include:

• Kansas: Project Kestrel ($100B)
• New Mexico: Project Jupiter ($165B) - largest single project
• Utah: Multiple 4 GW projects
• Wyoming: Wind-powered AI campuses

Individual Project Deep Dives

Project Jupiter - Stargate Santa Teresa Campus

Investment: $165.0 billion | Location: New Mexico | Power: 1,000 MW

The largest individual data center investment in history, Project Jupiter represents OpenAI, Oracle, and SoftBank’s flagship Stargate initiative site in New Mexico.

Key Details:

• Site: 1,400 acres in Santa Teresa (Doña Ana County), near El Paso border
• Structure: $165B over 30 years with three equipment refresh cycles
• Breakdown: $125B IT equipment,$25B buildings, $15B energy infrastructure
• Power: 1 GW on-site microgrid with natural gas generation and battery storage
• Timeline: Construction starts late 2025, first phase operational end of 2026
• Jobs: 750 permanent positions, 2,500 construction workers at peak
• Cooling: Closed-loop system with 10M gallon one-time fill
• Status: Approved 4-1 by county commissioners Sept 19, 2025 after contentious hearing

Community Impact:

• $360M payments to county over 30 years
• $56.9M in water and community commitments
• Significant local opposition due to water concerns in arid region
• Project selected from 300+ proposals across 30+ states

Stargate Context: One of five sites in $500B, 10 GW Stargate initiative announced by President Trump, Sam Altman (OpenAI), Larry Ellison (Oracle), and Masayoshi Son (SoftBank) on January 21, 2025.

---

Project Kestrel - KCI-29 Hyperscale Campus

Investment: $100.0 billion | Location: Kansas | Power: TBD

Kansas City’s ambitious bid to become a major data center hub, Project Kestrel represents a 20-year, $100B buildout on 380 acres near KCI Airport.

Key Details:

• Site: Hunt Midwest’s KCI-29 Logistics Park (3,300-acre mega site)
• Developer: Shenandoah Computing LLC (identity undisclosed)
• Scale: Six hyperscale buildings totaling 1.8 million square feet
• Timeline: Phased development over 20 years starting 2026
• Structure: $100B Industrial Revenue Bonds approved by Port KC
• Incentives: 35-year property tax abatement, sales tax exemptions
• Jobs: 50 permanent positions averaging $100,000 salary
• Sustainability: Minimum 50% carbon-free energy, pledge to “replace more water than consumed”

Economic Impact:

• $110M+ tax revenue over project lifetime
• $15.75M workforce development fund
• Positions Kansas City as emerging Midwest data center hub

Context: Ten times larger than Google’s Project Mica ($10B) also in Kansas City area. Part of broader KC data center boom including Meta ($1B operational) and multiple other mega-projects.

---

Stargate Abilene Campus - Flagship Operational Site

Investment: $40.0 billion | Location: Texas | Power: 1,200 MW | Status: Operational

The first operational Stargate site, Abilene represents the proof-of-concept for the $500B initiative and is already running AI workloads for OpenAI.

Key Details:

• Operator: Crusoe Energy Systems on Lancium Clean Campus
• Technology: 400,000 NVIDIA GB200 NVL72 GPUs across eight buildings
• Current Status: First two buildings (980,000 sq ft, 200+ MW) operational Sept 2025
• Phase 2: Six additional buildings (1,000 MW) expected mid-2026
• Phase 3: Potential 600 MW expansion bringing total to 1.8 GW
• Construction Speed: Remarkable 300-day Phase 1 completion
• Financing: $11.6B raised (Blue Owl Capital, Primary Digital Infrastructure, JPMorgan)
• Lease: Oracle 15-year lease for entire facility

Power Infrastructure:

• 1.2 GW ERCOT grid interconnection (approved)
• 360 MW on-site natural gas generation with 90% lower emissions (SCR technology)
• Battery energy storage systems (BESS)
• On-site solar (supplemental)
• 60%+ renewable energy from West Texas wind and solar

Sustainability:

• Zero-water evaporation closed-loop cooling
• Target PUE of 1.2-1.3 vs. industry average 1.8
• Carbon steel and copper pipe cooling systems

Environmental Concerns:

• Authorized to emit 1.6M tons greenhouse gases annually
• 14 tons hazardous air pollutants from natural gas generation
• Located less than 2 miles from residential areas
• Community concerns about air quality and health impacts

Economic Impact: $1B total economic impact over 20 years, 357 permanent jobs, 5,000 construction workers at peak.

Significance: First Stargate site operational, demonstrating viability of 1+ GW AI campuses at unprecedented speed.

---

Vermaland La Osa - Arizona’s Mega Campus

Investment: $33.0 billion | Location: Arizona | Power: 3,000 MW

Arizona’s bid for the largest data center development in U.S. history, the La Osa project spans 3,300 acres in the Phoenix-Tucson corridor.

Key Details:

• Developer: Vermaland LLC (largest private landowner in Arizona)
• Site: 3,300 acres along Greene Canal in Pinal County
• Power: 3 GW capacity (exceeds one-third of APS’s 8.4 GW system)
• Zone Breakdown: 1,910 acres data centers, 480 acres utilities, 983 acres open space
• Energy: Hybrid solar/natural gas/battery storage system
• Timeline: Rezoning pending Q1 2026 approval, 2-3 years to construction, decade for full buildout
• Jobs: 2,500 projected (construction and permanent)
• Tax Revenue: $85M estimated

Developer Background:

• Vermaland owns 25,000+ acres across Arizona
• Portfolio includes 16 solar farms totaling 10,000+ acres
• Solar projects projected to generate 2 GW clean energy

Challenges:

• High-risk flood zone - receives 10,000 cubic feet per second offsite flow
• Planning commissioners expressed “serious concerns” about flood impacts
• Land subsidence and earth fissure concerns
• No announced tenants or anchor customers
• APS has 10 GW in pending data center interconnection requests (cannot serve all)

Incentives:

• Federally designated Qualified Opportunity Zone (15% capital gains tax reduction)
• Arizona Computer Data Center Program (TPT and Use Tax exemptions)

Status: Pending county approval with significant environmental and technical challenges. If approved, would be largest data center by acreage.

---

Canceled Mega-Projects

Tract Mooresville Technology Park

Investment: $30.0 billion | Location: North Carolina | Status: Canceled

The $30B Tract Mooresville project was canceled in late 2025 after facing:

• Significant community opposition
• Environmental permitting challenges
• Water resource concerns
• Utility capacity limitations

This cancellation demonstrates the risks facing mega-projects in areas without sufficient infrastructure or community support.

---

Investment Breakdown Analysis

By Investment Tier

• **$100B+**: 2 projects (Project Jupiter$165B, Project Kestrel $100B)
• $25-99B: 9 projects
• $15-24B: 11 projects
• $10-14B: 11 projects
• Power Only (No Investment Data): 30 projects ≥1 GW

By Power Tier

• ≥5 GW: 1 project (Data City Texas 5 GW)
• 3-4.9 GW: 4 projects
• 2-2.9 GW: 8 projects
• 1-1.9 GW: 33 projects

Equipment Investment Concentration

A significant portion of mega-project investment is IT equipment (GPUs, servers, networking), not buildings:

• Project Jupiter: $125B of$165B (76%) is IT equipment
• Stargate Abilene: $40B primarily GPU investment (400,000 units)
• Industry Standard: 60-80% of total investment typically IT equipment

This means actual building and infrastructure investment is approximately **$200-250B** of the$822B total, with the remainder in computing equipment that refreshes every 3-7 years.

Future Outlook

Pipeline Growth

The mega-project pipeline continues to grow rapidly:

• Q4 2025: 8-10 additional mega-projects expected to announce
• 2026: Anticipated 20+ new mega-project proposals
• 2027-2029: Industry analysts project 100+ mega-projects in development

Industry Transformation

Mega-projects are transforming the data center industry:

1. Scale: Moving from 10-100 MW to 1,000-5,000 MW campuses
2. Speed: Construction timelines compressed from 2-3 years to 200-400 days
3. Integration: On-site power generation becoming standard
4. Technology: Purpose-built for AI/ML workloads (GPU-first design)
5. Geography: Expanding beyond traditional hubs to new states
6. Economics: Investment concentrated in equipment, not just buildings

Risks and Challenges

Mega-projects face significant hurdles:

• Power Grid Constraints: Many regions cannot support 1+ GW loads
• Environmental Opposition: Water, air quality, and climate concerns
• Permitting Delays: Complex environmental reviews taking 6-18 months
• Financing: $10B+ projects require sophisticated capital structures
• Technological Risk: AI/ML workload requirements evolving rapidly
• Community Resistance: Jobs vs. resources tensions in many locations

The Stargate Effect

The Stargate initiative ($500B, 10 GW across five sites) is catalyzing mega-project development:

• Demonstrating viability of $100B+ single investments
• Compressing construction timelines dramatically
• Attracting new capital sources (sovereign wealth funds, pension funds)
• Driving innovation in power, cooling, and construction methods
• Creating competitive pressure for other hyperscalers

Key Takeaways

1. Unprecedented Scale: 63 mega-projects representing $822B investment and 92.6 GW power
2. Investment Concentration: Top 10 projects represent 59% of total investment
3. AI/ML Dominance: 87% of mega-projects designed specifically for AI workloads
4. Power is the Constraint: Grid capacity, not capital, is limiting mega-project growth
5. Geographic Shift: New states (Kansas, New Mexico, Utah) competing with traditional hubs
6. Natural Gas Reality: 45% of mega-projects rely on natural gas for reliable power
7. Speed is Critical: Projects achieving 200-400 day construction timelines
8. Community Relations Matter: Opposition can delay or cancel even $30B+ projects

---

Data Sources

This analysis is based on comprehensive data from:

• /home/mjbommar/projects/personal/michaelbommarito.com/support/datacenters/analysis/all_projects.json - Complete project database
• /home/mjbommar/projects/personal/michaelbommarito.com/support/datacenters/analysis/top20_combined.json - Top projects analysis
• /home/mjbommar/projects/personal/michaelbommarito.com/support/datacenters/enhanced/top_projects/*.json - Detailed project profiles

Analysis conducted October 16, 2025. All figures represent announced or confirmed investments and power capacities. Actual deployment may vary based on market conditions, regulatory approvals, and technological developments.

For detailed individual project information, see the Projects Index.

---

Analysis showing all projects with investment ≥$10 billion OR power capacity ≥1 gigawatt. Total of 63 projects identified meeting these criteria as of October 2025.