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SAVRN Research · Capital Atlas · REIT and developer

STACK Infrastructure Data Center Capex and Sites

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.

Updated October 8, 2026 4 named sites 13 financing transactions 4 sourced facts 23 sources
STACK Infrastructure
REIT and developer
Financing regimeprivate platform with project-level debt facilities and green financing
Named sites
4
Site-level commitments the atlas ties to STACK Infrastructure
Disclosed site capital
$900M
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,200 MW
Sum of named sites with a stated megawatt figure
Financing transactions
13
Transactions naming STACK Infrastructure or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
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

Virginia
3 sites · $900M disclosed
Open the Virginia investment tracker →
California
1 site
Open the California investment tracker →
SiteStatePlaceCapitalMWStatusSources
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; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
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. The full atlas source register is at Capital Atlas sources.

REIT and developer: one page each

Aligned Data Centers 1Cloverleaf Infrastructure 1Cologix 0Compass Datacenters 3CRG (Clayco) 1CyrusOne 7DataBank 4Digital Realty Trust 8EdgeConneX 0Equinix 2Fermi Inc. (Fermi America) 1Flexential 0H5 Data Centers 2Iron Mountain 3Novva Data Centers 1Prime Data Centers 4QTS Realty Trust (Blackstone) 7Rowan Digital Infrastructure 1Sabey Data Centers 3SB Energy 4STACK Infrastructure 4Tract 6Vantage Data Centers 7

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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.

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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