SAVRN Index · Data center developer
STACK Infrastructure Data Center Capex and Sites
Privately held
stackinfra.com ↗
STACK reports 2.5 GW built plus a 4 GW pipeline, with a footprint of 7 Northern Virginia sites at 2,400 MW, 2 Phoenix sites at 500 MW, and 2 Dallas-Fort Worth sites at 580 MW, and raised over $6B of green financing in 2025. Its NVA05 campus in Manassas at 200 MW is financed by a $900M facility and it holds a 500-acre, 1 GW Stafford County site. A Santa Clara facility completed in late 2025 cannot operate for lack of power, with full operation expected around 2027.
Named sites
4
Site commitments on record for STACK Infrastructure
Disclosed site capital
$900M
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
1,200 MW
Named sites with a stated megawatt figure
Financing transactions
13
Transactions naming STACK Infrastructure or one of its sites
Sources
23
Every cited page, listed below
Market
STACK Infrastructure is privately held, so there is no public market data to show.
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| 2025 | raise | ≥$6.0B | over $6B of green financing raised in 2025; recorded at the stated floor. Aggregator analysis, not company filing |
Named sites
Where STACK Infrastructure builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
STACK NVA05, Manassas |
Virginia | Manassas, Prince William | $900M | 200 | announced | |
STACK Stafford County site |
Virginia | Stafford | n.a. | 1,000 | announced | |
STACK Culpeper Technology Park with Blue Owl Capital |
Virginia | Culpeper, Culpeper County | n.a. | n.a. | announced | |
STACK Santa Clara facility completed late 2025; full operation expected around 2027 |
California | Santa Clara, Santa Clara | n.a. | n.a. | complete unenergized |
Financing
Financing transactions
Transactions that name STACK Infrastructure as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Anthropic + Fluidstack Anthropic announced a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York with more sites to come, creating approximately 800 permanent jobs and 2,400 construction jobs. |
platform | $50.0B | announced November 2025 |
n.a. |
|
Hut 8 + Fluidstack + Anthropic Capacity deal at Hut 8's River Bend; the source does not state the site's location. |
lease | $7.0B | n.a. |
n.a. |
|
Blue Owl + STACK Infrastructure Green financing within Blue Owl's digital infrastructure strategy. |
debt facility | $6.0B | n.a. |
n.a. |
|
Cipher Digital (Cipher Barber Lake LLC) + Fluidstack USA II Inc. + Unnamed leading AI lab Cipher amended its Barber Lake lease with Fluidstack and entered a binding commitment with an unnamed leading AI lab to lease the facility for 10 more years after the Fluidstack term, on economic terms substantially consistent with the existing lease, extending contracted term to 20 years. The amendment adds tenant change orders, a phased data hall delivery from the fourth quarter of 2026 to the first quarter of 2027 (the September 2025 filing had targeted delivery by September 2026), and a cost framework under which Cipher bears the first $359.3 million of overruns above the initial budget and the tenant reimburses 50% of costs above that amount as additional rent. |
lease | ≥$5.2B | Amendment and binding commitment signed 24 September 2026; announced 25 September 2026 (Form 8-K) |
Barber Lake data center (TX) |
|
Fluidstack + US Department of Defense Office of Strategic Capital The Pentagon's Office of Strategic Capital was reported to be in talks to lend about $5 billion to Fluidstack to strengthen US manufacturing capacity and supply chains for data center components. Neither party commented on the report |
debt facility | ~$5.0B | Reported by The Wall Street Journal 10 September 2026; talks, not signed |
n.a. |
|
TeraWulf + Morgan Stanley + Fluidstack + Google Notes fund expansion at the Lake Mariner campus in Barker, New York. |
senior notes | $3.2B | priced October 16, 2025; closing October 23, 2025 |
Lake Mariner campus (NY) |
|
Fluidstack + Jane Street Fluidstack closed a $1.5 billion round led by Jane Street at a reported valuation above $18 billion, more than doubling the $7.5 billion valuation attached to its $750 million July 2026 raise and taking total funding to just over $2.6 billion. Reporting notes Fluidstack builds and operates facilities rather than owning chips, and that the raise follows its previously disclosed multi-year Anthropic capacity programme recorded separately in this atlas. Jane Street's participation makes it an investor in the model company, the chip-cloud provider and the facility builder at the same time. |
equity raise | ≥$1.5B | Reported 3 September 2026; closing reported 5 September 2026 |
n.a. |
|
Google + Fluidstack Google lease backstop supporting the Anthropic/Fluidstack buildout. |
backstop | $1.4B | n.a. |
n.a. |
|
Flash Compute LLC + TeraWulf Inc. + Fluidstack (JV partner) TeraWulf announced on 29 December 2025 the completion of a Rule 144A and Regulation S offering by Flash Compute LLC of $1.3 billion of 7.250% Senior Secured Notes due 2030, issued at par. Flash Compute sits under a joint venture holding company owned 50.1% by a TeraWulf subsidiary. Proceeds finance a portion of the construction cost of the Abernathy HPC Campus in Abernathy, Texas, and fund debt reserves, with the JV holding company providing a completion guarantee of up to $100 million. TeraWulf later agreed to sell its JV stake (see terawulf-abernathy-jv-stake-sale-fluidstack-2026). |
senior notes | $1.3B | Purchase agreement 18 December 2025; completion announced 29 December 2025 |
Abernathy site (with TeraWulf) (TX) |
|
STACK Infrastructure STACK's NVA05 campus in Manassas at 200 MW is financed by a $900M facility. |
debt facility | $900M | not dated in source |
STACK NVA05, Manassas (VA) |
|
Fluidstack + Situational Awareness Series A led by Situational Awareness. |
equity raise | $830M | July 2026 |
n.a. |
|
TeraWulf + Fluidstack TeraWulf agreed to sell its 50.1% interest in the Abernathy joint venture to an investor group led by Fluidstack. The Abernathy campus in Abernathy, Texas, has 168 MW of critical IT load |
acquisition | ~$530M | Announced 6 July 2026; cash consideration disclosed 5 August 2026; closing date not disclosed |
Abernathy site (with TeraWulf) (TX) |
|
STACK Infrastructure + Blue Owl Capital + RACM (seller) + Greysteel (broker) Blue Owl's STACK Infrastructure bought the 71-acre Culpeper Technology Park at 15140 Keyser Road, Culpeper, Virginia, from RACM. The site sits in the county-designated Culpeper Tech Zone with by-right data center zoning. Planned MW was not disclosed |
acquisition | ~$66M | Reported 4 August 2026 |
STACK Culpeper Technology Park (VA) |
The record
Sourced facts on STACK Infrastructure
- Company-reported totals are 2.5 GW built plus a 4 GW pipeline.
- Footprint: Northern Virginia 7 sites / 2,400 MW; Phoenix 2 sites / 500 MW; Dallas-Fort Worth 2 sites / 580 MW.
- STACK is one of two named beneficiaries of Silicon Valley Power's $450M upgrade scheduled for 2028 completion.
- STACK's Manassas and Stafford positions sit in Prince William County, where a zoning text amendment (DPA2026-00006) to curtail by-right data center development was initiated March 3, 2026.
Sources
Sources for STACK Infrastructure
Every source cited on this page, once each.
- john-settle.squarespace.comSettle Talk analysis
- computelaw.blogcomputelaw.blog
- commercialobserver.comCommercial Observer
- latimes.comLA Times
- mk.co.krMaeil Business Newspaper
- anthropic.comAnthropic $50B
- cnbc.comCNBC
- reuters.comReuters
- apnews.comAP
- datacenterdynamics.comDCD
- datacenterdynamics.comDCD
- datacenterfrontier.comData Center Frontier
- sec.govCipher Digital Form 8-K, 25 September 2026 (SEC)
- sec.govCipher Digital press release, Exhibit 99.1 (SEC)
- techstartups.comTech Startups
- investors.terawulf.comTeraWulf
- forbes.comForbes
- techtimes.comTech Times
- sec.govTeraWulf Form 8-K, 29 December 2025
- siliconangle.comSiliconANGLE
- investors.terawulf.comTeraWulf
- sec.govSEC EDGAR (TeraWulf 8-K)
- stackinfra.comSTACK Americas locations
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Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
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