Globally

OpenAI's substantial capital raise and significant buildouts in the Nordics and Southeast Asia, alongside other global hyperscale pushes, underscore major capital, power, and geopolitical shifts currently redefining the landscape of AI infrastructure.

Power availability, rather than just capital investment, is now the primary determinant of where data center value is created and where the next wave of AI infrastructure will be built.

The first quarter of 2026 marked a turning point where power constraints, alongside capital and compute availability, became the defining factors in the global AI infrastructure buildout.

A compute-first framework is essential for accurately underwriting GPU density in AI data centers, factoring in the complex interplay of risk, capital requirements, and expected returns.

OpenAI's significant capital raise, NextEra's massive power acquisition, and Adani's hyperscale push in India highlight critical capital, power, and policy shifts that are currently reshaping global AI infrastructure.

Investors often misprice data centers by treating them as real estate rather than power-constrained infrastructure, leading to a disconnect between perceived stability and the actual risk drivers.

A lack of inland fiber connectivity is emerging as a critical constraint in emerging markets, stalling AI infrastructure projects, increasing costs, and hindering scalability despite surging capacity.

February's global data center deals illustrate that capital depth, power availability, and the development of robust infrastructure platforms are the primary drivers determining where the next phase of AI compute capacity will scale.

The majority of data center returns are explained by a combination of power, land, capital, demand, and strategic sequencing, with other factors representing secondary details.