ENDNOTES AND DISCLAIMER

Endnotes

¹ Telecommunications Industry Association. Inflation adjusted.

² Based on average construction costs of $12M/MW. Compute equipment typically costs 4x the cost of physical "shell" and MEP. Cushman & Wakefield, Data Center Development Cost Guide 2025

³ GS Research

⁴ Finaxon

⁵ Library of Congress

⁶ National Bureau of Economic Research

⁷ Boston University

⁸ Telecommunications Industry Association. Inflation adjusted.

⁹ The New York Times. June 20, 2001

¹⁰ Press release. October 15, 2024

¹¹ Green Street as of May 31, 2025

¹² Green Street

¹³ Reuters

¹⁴ https://www.deloitte.com/us/en/insights/industry/power-and-utilities/funding-growth-in-us-power-sector.html

¹⁵ Press release. January 10, 2025

¹⁶ GS Research

¹⁷ Press release. May 7, 2025

¹⁸ Press release. September 20, 2024

¹⁹ American Nuclear Society

²⁰ https://apnews.com/article/georgia-nuclear-power-plant-vogtle-rates-costs

²¹ Latin America Data Center Market Landscape 2025-2030

²² FactSet. Global hyperscalers includes Meta, Amazon, Alphabet, Microsoft, Oracle, Tencent, Baidu, Alibaba.

²³ S&P Global Ratings

²⁴ Press release. October 1, 2024

²⁵ Preqin as of September 30, 2024

Disclaimer

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