Getting connected to the grid
The wait to plug a new data centre into the grid: queues, studies, transformers and the startups trying to shorten it.
Who is making money
The companies earning or raising real money in this part of AI. Suppliers are marked: they sell to the builders rather than to end users.
software that throttles AI workloads when the grid is stressed
$150M at a $1.05B valuation (Aug 2026). Nvidia, Siemens and GE Vernova invested
Open profilebuilds data centres next to its own power
Bought by Alphabet for $4.75B (closed Mar 2026)
Open profileMakes switchgear, transformers and power distribution equipment that sit between the grid and the server hall.
Record revenue of $8.5B in Q2 2026 (quarter to 30 June 2026)
Open profileMakes grid equipment and gas turbines, and its electrification arm supplies transformers and switchgear.
$176B order backlog. Data centre orders over $5B in the first half of 2026
Open profileBuilds the transmission lines, substations and power connections that bring new electricity to data centres.
Revenue of about $9.6B in Q2 2026 (quarter to 30 June 2026)
Open profileMakes power, cooling and control equipment for data centres and grids.
H1 2026 revenue of EUR 21.2B (six months to June 2026)
Open profileMakes grid equipment, transformers and gas turbines used to connect and power data centres.
Q3 FY2026 revenue of about EUR 11.4B (quarter to 30 June 2026)
Open profilesolid-state transformers, faster to make than the old iron kind
$140M Series B led by a16z and Breakthrough Energy (Feb 2026)
Open profileshows developers where the grid has spare capacity
Reportedly profitable with 100+ developer customers
Open profileautomated the engineering studies for connection requests
Bought by Enverus (Mar 2025), which Blackstone is buying
Open profileMakes power cables and optical fibre cables that link new power plants and data centres.
Q2 2026 revenue of EUR 6.02B (quarter to 30 June 2026)
Open profilePower grid unit of Hitachi that makes large transformers, which are a key bottleneck for new connections.
US factory investment of about $1.5B across new plants (2025 to 2026 announcements)
Open profileWhere the money flows
Data centre developers pay for studies, equipment and their own power to skip the queue. Utilities pay for software that helps them say yes faster.
invested in Emerald AI's funding round
cooley.combought Intersect Power to get data centre sites with their own power
abc.xyz
The openings
Gaps still open in this area, from ones a small business could take to ones only giants can play.
- Small business Tracking and comparing large-load connection rules across utilities and countries, which keep changing
- Small business Grid-capacity and site tools for Australia and Europe, where few exist
- Startup money Flexible-connection software for utilities and data centres
- Giants only Transformers, cables, turbines and fuel cells
The main proof for throttling AI workloads is one three-hour test on 256 chips, and it is unproven whether utilities will give faster connections for it.
Sources: emp.lbl.gov, cooley.com, canarymedia.com, latitudemedia.com, abc.xyz
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
Back to the full mapFree daily email
Get the map updates in your inbox
A short read every morning on what is moving in AI, including new areas of the map as they go live. Free.
You are in
Your first AI Pulse lands tomorrow morning. Keep an eye on your inbox.