Topic
Energised versus contracted megawatts as the binding constraint on AI compute delivery.
SWI Group paid $500 million for about 77% of Genesis Digital Assets, which controls 1.3 GW of grid connections across 15 sites. That works out to about $500,000 per attributable megawatt, paid ahead of the AI conversion SWI plans.
Reality
Applied Digital holds about $36 billion of contracted AI hosting revenue and plans to bring over 600 MW online in the next 12 months. On Crypto Briefing's figures that is about $25.5 million per leased megawatt, and the company is still booking a GAAP loss while it builds.
Reality
CoreWeave's revenue backlog reached $66.8bn at the end of 2025, or 13.4 times the $5bn of revenue it booked for the year. The contracts are conditioned on delivery, and 2.25 GW of its contracted power is not yet live.
Reality
A reported target of 38 gigawatts by 2032 has Microsoft roughly tripling its data-center footprint and taking AI capacity past 12 gigawatts. The composition ratio is the part of it a capacity plan can use.
Reality
Management says scale is starting to show up as operating leverage. The release as supplied gives a backlog, power figures and more than $14bn of fresh capital, but no margin numbers.
Reality