If I were looking to invest in the data center and power development space today, I would not be screening for the companies with the largest MW pipelines. I’d look for the platforms that appear cheapest relative to the quality and probability of commercialization

That means looking for developers with several layers of de-risking already in place
- credible management with experience delivering large infrastructure projects
- proven operating and development partners
- control of power in energy-rich regions
- realistic interconnection and permitting timelines
- access to fiber
- a financing strategy that does not depend entirely on repeated equity issuance
This may be found in companies the market still values as speculative power developers, but that are quietly building the ingredients of an operating infrastructure platform. The gap between those two perceptions can be substantial.
There are a few that meet this criteria from what I’ve researched:
$HIVE.TO
$NUAI
$DGXX
$BGDE
$IREN
$CIFR
$GLXY
$CLSK