The Daily Wire: AI Infrastructure, Every Day

$356B of leases signed, not started yet. A data center campus under construction at dusk, one hall lit amber, the rest unfinished. Illustrative.

Wire

Meta's unstarted data center leases jump $77B to $356B

Meta's signed but unstarted leases rose to $355.7 billion at 30 September, from $279 billion in June, on top of $454.5 billion of purchase commitments. Each lease starts only at handover, from late 2026 to 2036, while third-quarter free cash flow was negative $2.1 billion.

Memory goes on top, vertical HBM by 2028. A memory stack bonded on top of an AI processor die, glowing amber at the join, with ordinary memory stacks beside it.

Wire

Micron plans to stack HBM on top of AI chips from 2028

Micron showed a roadmap with vertical HBM, memory stacked straight onto the processor, aimed at 2028, and said memory supply will not catch up with demand. Heat and bonding now set the pace.

300 MW in Spain, power yes, tenant no. A graded plot with foundation trenches beside an energised substation, with no data center building yet.

Wire

IREN has power for a 300 MW Spain AI data center, but no tenant

IREN has grid power and a civil works licence for a 300 MW AI data center in Spain, due in 2028. It has no named customer yet, and the tenant is what sets the cost of its GPU debt.

AI lab pays now, power from late 2027. Gas generator enclosures at night beside a data center under construction, one lit amber. Illustrative.

Wire

AI lab prepays Liberty for 1.2 GW of data center power

Liberty Energy signed a 1.2 GW data center power agreement with an unnamed frontier AI lab, which prepays hundreds of millions of dollars before the first 500 MW contract is signed. Power arrives from late 2027, and Liberty still owes $1.6 billion on generators.

AWS is sold out into 2028, on $220B of capex. A data hall aisle of lit server racks leading to an amber-lit doorway at the far end.

Wire

Amazon says AWS is sold out into 2028 despite $220B of capex

Andy Jassy says AWS is sold out for 2026, largely for 2027 and partly for 2028. The $496 billion backlog is almost three years of revenue, and power and memory set the pace.

No $15B IPO, the fab bill stays home. Data center SSD drives in a storage sled in front of an empty, unfinished fab bay.

Wire

SK hynix drops a $15B Solidigm IPO but keeps the US NAND fab plan

SK hynix ended Solidigm's IPO review on 23 October. The reported $15 billion raise is off, the US fab for data center SSDs is still needed, and no site or size has been named.

$3.5B for 364 days, until the racks earn. Data hall with rows of server racks, one row lit amber. Illustrative.

Wire

Nebius takes a $3.5B, 364-day Citi bridge to fund GPUs

Nebius signed a $3.5 billion secured bridge loan from Citi on 17 October to fund GPUs and data centers. It matures in 364 days at a margin that rises every 90 days, and the planned take-out is asset-backed debt on contracts that only finance as capacity is delivered.

Buyers pay $2.8B upfront for substrate lines. Rows of processor package undersides graded navy and teal, with one package lit amber.

Wire

Nvidia and Tesla put $2.8B into Samsung Electro-Mechanics substrates

Nvidia (about ₩2.6tn) and Tesla (about ₩1.1tn) are reported to be funding FC-BGA substrate lines at Samsung Electro-Mechanics' Sejong plant, due in 2H 2028. Customers now pay for the capacity.

1 GW of peak relief, bought, not built. Rooftop battery cabinets and a lit neighbourhood at night, with a power line glowing amber toward a distant data center.

Wire

Google funds a 1 GW virtual power plant for PJM data center power

Google and Voltus added 1,070 MW to a 100 MW virtual power plant in PJM on 22 October, contracted to 2040. Google is buying peak-hour headroom on a grid that is 6,623 MW short.

Wire

Besi books €343m of orders as HBM still uses bumps

Besi printed €342.6 million of third-quarter orders and said hybrid-bonding demand more than doubled versus 2025. Fourth-quarter revenue is guided flat into H1 2027, and HBM volume still uses bumps.

50 MW pencilled in on a site still building. An unfinished data center frame, crane and unconnected power skids on a desert coast at dusk.

Wire

Nebius pencils in 50 MW at a Saudi data center still being built

Nebius would take up to 50 MW of the first 100 MW at DataVolt's Oxagon campus in NEOM from Q4 2027, as its auction prices per megawatt keep rising. A framework, not a lease.

$3B a month of racks waiting for power. Plastic-wrapped server racks on pallets in a dark warehouse, an idle switchgear cabinet glowing amber.

Wire

Amazon takes $3B a month of Nvidia racks it can't yet power

AWS expected about $5B of Nvidia GB300 racks in August and about $3B a month after, paid for before delivery. Some sites had the space but not the power to switch them on.