HORIZON // 2026Capex projected at +18% YoY · revenue at +75% YoY · power interpolated 2026→2030.
CAPEX // SOURCES → BUCKETS → OUTCOME
CAPEX vs REVENUE
RATIO · 2026
14.2×
$725B in / $51B direct AI revenue
CAPEX '26
$725B
DIRECT REV
$51B
Goldman calls it "elongation". Gap closes as revenue catches up by 2030.
POWER // GW BY REGION
projected 2026 · global 102 GWInterpolated 2026 (103 GW) → 2030 (~200 GW). Power = binding constraint.
DATACENTER REGISTRY // GLOBAL SITES
| SITE | OPERATOR | CAPACITY | REGION | STATUS |
|---|---|---|---|---|
| Stargate UAE | G42 / OpenAI / Oracle | 1 GW | UAE | first 200MW LIVE 2026 |
| Memphis Colossus | xAI | 1.5 GW (Apr '26) | US-TN | ONLINE |
| Cassava AI Factory | Cassava + NVIDIA | 12,000 GPUs | Africa | DEPLOYING |
| HUMAIN — Project Transcendence | PIF / Aramco | $100B program | KSA | BUILDING |
| Querétaro Hub | AWS / Microsoft / CloudHQ | 65% MX capacity | Mexico | EXPANDING |
| Mistral Paris DC | Mistral | 13,800 H/B-class | France | BUILDING |
| Sea Compass Max v3.5 | Sea Group | 245B model | Singapore | TRAINING |
| Israel National Supercomputer | Nebius | ~4,000 Blackwell | Israel | ONLINE |