📌 AI Single-Facility Computing Leases Enter the GW Era, On-Site Power Reserves Become the New Valuation Anchor
Leading foundation model developers’ planning for single-facility compute clusters is breaking historical records. Anthropic is in talks to lease a computing data center of up to 1GW, corresponding to a construction cost of approximately USD 40 billion. Against the backdrop of accelerated deployments of Nvidia GPUs, AMD GPUs, and Google TPUs, the leap in single-facility computing demand has made power supply the primary constraint, and the focal point of capital expenditure transmission is clearly shifting toward on-site power generation, grid interconnection, rack power distribution, and cooling systems.
This industry inflection point is correcting the financial market’s prior pessimistic expectations regarding high leverage among compute cloud service providers. In its initiation of coverage on CoreWeave, UBS noted that as demand for foundation model compute remains robust, the revenue generated per GW of power will steadily increase; market concerns over high leverage and depreciation erosion may have peaked, and its current stock price corresponds to only about 3 times 2027 revenue, offering significant room for recovery.
Correspondingly, transitioning companies with grid interconnection approvals and power generation pipelines in hand are becoming the new focus of valuation pricing. In its initiation of coverage on crypto miner Cipher Mining, UBS noted that the 493MW lease the company signed with Amazon and Google ecosystem partners is already sufficient to support its current core valuation, while the market has assigned almost no value to its remaining 4.6GW power pipeline and an additional 2.5GW of on-site power generation. As power delivery capacity becomes the critical bottleneck for computing deployment, the certainty of grid reserve pipelines is gradually translating directly into asset premiums.
▌ Sources