AI pricing pagesColocation pricing
Tracking 740 prices · Checked 2 hours ago
Colocation pricing
Sources and method
Every figure behind colocation pricing by market, and how the pieces are combined. Power stacks are for a 25 MW load at 85% load factor, served at the highest voltage each tariff offers, read Oct 10, 2026.
Method
How the index is built
- Base rent. JLL North America 1-5 MW asking bands for each market (plus electricity), moved to year-end 2025 levels (+6.4%). Deployment size (racks x kW) sets JLL's national size ratio: under 1 MW x1.20, 1-5 MW x1.00, 5-20 MW x0.93, 20 MW+ x0.84.
- Two engines. High-density colo (30-100 kW) phases the cooling premium in from 0% for air to 15% for liquid-ready racks and carries an air-cooling PUE penalty below 60 kW. AI factory (150-250 kW) is direct-to-chip throughout: premium 18-25%, fit-out $2.2-3.0M per MW, and warm-water cooling that trims PUE at the top end. Premiums follow broker ladders (+10-30%); fit-out follows Core Scientific, JLL and IREN filings.
- Power. Delivered retail cost per kWh x 730 h x PUE. The delivered cost is built for a 25 MW load at 85% load factor from the serving utility's current tariff: energy and fuel, capacity or generation demand, transmission, distribution, riders, and taxes billed on the power bill. In retail-choice markets (Texas, Illinois, Ohio) energy is the grid operator's 2025 zone price and capacity is the cleared auction price. Each stack is compared with EIA's state average and with prices printed in SEC filings; gaps over 15% are flagged with the reason. PUE = market climate band (hours above 95°F) + density adjustment.
- Term. Rent and add-ons escalate 3% a year; power is held at the year-1 rate.
Rent and cooling
Market, rent and cooling sources
- JLL North America Data Center Report, Midyear 2025
- CBRE North America Data Center Trends H1 2026
- EIA Electric Power Monthly, Table 5.6.B (2026 through July)
- Form EIA-861, sales and revenue by utility, 2024
- PJM State of the Market 2025 (Monitoring Analytics)
- ERCOT State of the Market 2025 (Potomac Economics)
- QuoteColo, liquid-cooled colocation pricing
- IREN 8-K, Nov 2025 (130-200 kW capex)
- Core Scientific Q2 2026 deck (tenant fit-out)
- Digital Realty Q2 2026 results (8-K)
- Iron Mountain Q2 2026 supplemental (8-K)
- Riot Platforms, AI lab lease (8-K, Aug 2026)
- NVIDIA Vera Rubin, 45°C warm-water cooling
Power
Power tariff sources by market
| Market | Utility and schedule | Delivered, per kWh | Read from |
|---|---|---|---|
| Northern Virginia | Dominion Energy VirginiaSchedule GS-4, transmission voltage, rates effective Jan 1, 2026 | 9.95¢ | Dominion Schedule GS-4 Dominion consumption tax sheet Virginia data center electricity tax (Williams Mullen, Jul 1, 2026) |
| Chicago | ComEd delivery plus hourly wholesale supplyRate RDS, High Voltage Delivery Class (69 kV and above), 2026 | 7.50¢ | PJM State of the Market 2025, zonal prices ComEd ratebook PJM 2027/28 capacity auction report |
| Columbus, OH | AEP Ohio delivery plus wholesale supplySchedule DCT (data center tariff), transmission voltage, sheets effective Aug 28, 2026 | 7.98¢ | AEP Ohio tariff book, Oct 2026 PJM State of the Market 2025, zonal prices PJM network transmission rates, Aug 2026 |
| Dallas-Fort Worth | Oncor delivery plus ERCOT North supplyOncor Rate 6.1.1.1.7 Transmission Service, base rates Jun 1, 2026; riders Oct 4, 2026 | 5.09¢ | ERCOT State of the Market 2025 (Potomac Economics) Oncor Tariff for Retail Delivery Service |
| West Texas AI campus (Abilene / Midland) | AEP Texas (Abilene) plus ERCOT West supplyAEP Texas Rate 6.1.1.1.5 Transmission Voltage Service, tariff effective Sep 29, 2026 | 5.54¢ | ERCOT State of the Market 2025 (Potomac Economics) AEP Texas tariffs |
| West Texas AI campus (Abilene / Midland) | Oncor (Midland / Odessa) plus ERCOT West supplyOncor Rate 6.1.1.1.7 Transmission Service, base rates Jun 1, 2026; riders Oct 4, 2026 | 5.61¢ | ERCOT State of the Market 2025 (Potomac Economics) Oncor Tariff for Retail Delivery Service |
| Atlanta | Georgia PowerPower and Light Large (PLL-19) with fuel, environmental and franchise riders, Jun 2026 | 9.46¢ | Georgia Power PLL tariff Georgia Power fuel cost recovery |
| Charlotte, NC | Duke Energy CarolinasSchedule OPT-V, transmission service, Jan 1, 2026; riders Sep 1, 2026 | 7.09¢ | Duke Energy Carolinas Schedule OPT-V Duke Energy Carolinas rider summary |
| Portland / Hillsboro | Portland General ElectricSchedule 96, Data Center Standard Service (20 MW and above), effective Jul 8, 2026 | 11.53¢ | PGE Schedule 96 Oregon PUC Order 26-154 (UM 2377) |
| Phoenix | Arizona Public ServiceRate Schedule E-35, Extra Large Time of Use, transmission voltage; adjustors as of 2026 | 8.36¢ | APS Rate Schedule E-35 |
| Phoenix | Salt River ProjectE-67 Large Load Substation price plan (required for new loads of 20 MW and above since Nov 2025) | 8.26¢ | SRP E-67 ratebook |
| Reno, NV | NV Energy North (Sierra Pacific Power)Schedule GS-4, Large Transmission Service; fuel riders from Jul 1, 2026 | 7.82¢ | NV Energy Schedule GS-4 (North) |
| Salt Lake City | Rocky Mountain PowerSchedule 9, General Service High Voltage | 6.84¢ | Rocky Mountain Power Schedule 9 |
| Silicon Valley | Silicon Valley Power (Santa Clara)Schedule CB-6, large combined service at 60 kV, effective Jan 1, 2026 | 15.93¢ | Silicon Valley Power rates |
| Silicon Valley | PG&E (outside Santa Clara)Schedule B-20, transmission voltage, bundled, effective Mar 1, 2026 | 15.83¢ | PG&E Schedule B-20 |
| Los Angeles / SoCal | Southern California EdisonSchedule TOU-8 Option D, above 50 kV, bundled, effective Oct 1, 2026 | 13.09¢ | SCE tariff books |
| Los Angeles / SoCal | LADWP (City of Los Angeles)Schedule A-3, subtransmission (34.5 kV), calendar 2026 average of adjustment factors | 27.25¢ | LADWP electric rates and adjustment factors |
| Imperial Valley, CA | Imperial Irrigation DistrictSchedule LL (large load, adopted Sep 15, 2026); priced by proxy on Schedule A-2 | 14.36¢ | IID large-load customers |
| North Dakota (Ellendale) | Montana-Dakota UtilitiesRate 45, High Density Contracted Demand Response (contract pricing confidential) | 8.18¢ | MDU Rate 45 MISO 2026/27 capacity auction |
| U.S. average | All U.S. utilitiesEIA national average, industrial customers, 2026 through July | 9.03¢ | EIA Electric Power Monthly, Table 5.6.B |
Filings
Power prices printed in SEC filings
- Riot Platforms, Corsicana TX: 3.5 cents per kWh in 2025, all-in net of curtailment credits (10-K, Mar 2, 2026)
- Riot Platforms, Corsicana TX: $43.95 per MWh fixed for a 25 MW block, 2025 to 2027, energy only (10-K, Mar 2, 2026)
- Big Digital Energy, Dallas TX: about $42 per MWh stated site power cost (8-K exhibit, Jun 3, 2026)
- Cipher Mining, Odessa TX: 2.7 cents per kWh fixed-price contract, raised to 2.8 cents in Oct 2025 (10-K, Feb 24, 2026)
- Soluna, Briscoe wind farm TX: $20.70 per MWh for curtailed wind energy (generator-side price) (8-K/A exhibit, Jun 17, 2026)
- Bitari, Marion IN: $0.052 per kWh facility usage fee (FWP, Sep 30, 2026)
- MARA, Long Ridge OH: about $15 per MWh expected operating cost of its own gas plant, not purchased power (10-Q, Aug 6, 2026)
- CleanSpark, owned sites (GA, TN, MS, WY): $0.053 per kWh in the quarter to Jun 30, 2026 (10-Q, Aug 6, 2026)
- Digi Power X, Columbiana AL (Cerebras): $195.00 per kW per month take-or-pay colocation fee (10-Q, Aug 14, 2026)
- WhiteFiber, NC-1 (Duke Energy): about $0.05 per kWh energy cost (8-K exhibit, Sep 14, 2026)
- AIB Data Centers, South Carolina: $0.0522 per kWh all-in in 2025 (10-K, Mar 31, 2026)
- Greenidge, North Dakota: $58.50 per MWh capacity lease including energy (10-K, Mar 31, 2026)
- Digital Realty, global: $1.43 billion of utilities in 2025, 23% of revenue; most is passed through to customers (10-K, Feb 13, 2026)
- MARA, owned sites: $0.04 per kWh purchased energy (10-Q, Aug 6, 2026)