Metrics
The industry-wide assumptions behind the valuations, with the values they have taken since 1 September 2026. The one marked current is the one in use.
Data center capex per MW (USD millions / MW)
Shell + electrical/power infrastructure build cost per MW of IT load, excluding compute hardware.
| Date | Classification | Value | |
|---|---|---|---|
| Oct 14, 2026 | Neocloud | 12 | current |
| Oct 14, 2026 | AI Landlord | 12 | current |
| Sep 16, 2026 | AI Landlord | 11 | |
| Sep 16, 2026 | Neocloud | 11 |
Gross → IT load ratio (x)
Gross (facility) MW per MW of IT load. The capacity estimate divides gross-only figures by it so every MW it sums is IT-equivalent, and uses it to cap the continued-build extrapolation at theoretical ÷ ratio.
| Date | Classification | Value | |
|---|---|---|---|
| Oct 14, 2026 | AI Landlord | 1.3 | current |
| Sep 11, 2026 | AI Landlord | 1.4 |
SOFR (%)
The Secured Overnight Financing Rate, published each business day by the New York Fed and loaded every evening. In each company's cost of debt, floating-rate debt counts at the latest fixing plus its spread.
| Date | Rate | Volume | |
|---|---|---|---|
| Nov 5, 2026 | 3.92% | $3,256B | current |
| Nov 4, 2026 | 3.94% | $3,207B | |
| Nov 3, 2026 | 3.97% | $3,260B | |
| Nov 2, 2026 | 3.95% | $3,268B | |
| Oct 30, 2026 | 3.95% | $3,175B | |
| Oct 29, 2026 | 3.94% | $3,145B | |
| Oct 28, 2026 | 3.94% | $3,074B | |
| Oct 27, 2026 | 3.95% | $3,147B | |
| Oct 26, 2026 | 3.93% | $3,086B | |
| Oct 23, 2026 | 3.92% | $3,065B |