Data Center Market Update: Week of October 12, 2026

This week’s announcements were about electrons rather than buildings: Google contracted 890MW of nuclear uprates and a multi-gigawatt supply plan in Wyoming, TeraWulf doubled its Kentucky grid allocation to 1GW, and Wärtsilä booked a 282MW onsite engine plant for a US campus. In Asia, Bitdeer AI added 67MW of GB300-ready capacity in Malaysia.

Key takeaways

• Google and Constellation signed a 20-year PPA for 890MW of new PJM nuclear capacity from uprates, with a further 2,700MW from the existing fleet on a 15-year term (announced 6 October).
• Black Hills plans up to 590MW of grid supply plus about 2.1GW of microgrid resources for Google’s Cheyenne campus; Google pays project costs and advanced $399 million.
• TeraWulf’s Muskie campus in Kentucky now has 1GW contracted, with phase two pulled forward to 2029 (5 October).
• Wärtsilä booked a 282MW onsite plant of 15 engines, its seventh US data center order and more than 3GW sold for the segment.
• Bitdeer AI signed a 10-year agreement for 67MW (critical IT) in Malaysia, delivery Q1-Q2 2027, with no customer announced.
• Oracle’s 125-250MW Point Beach nuclear subscription for Wisconsin awaits regulatory approval.

Power: contracts replace interconnection waiting

Deal	Counterparty	Capacity	Stated timing
Nuclear uprates, PJM	Google / Constellation	890MW new + 2,700MW existing	First uprate by 2028; all 890MW by end-2032
Cheyenne, Wyoming	Google / Black Hills	Up to 590MW grid + ~2.1GW microgrid	Ramp from late 2027; peak 2030
Muskie campus, Kentucky	TeraWulf / Kentucky Power	1GW contracted (from 500MW)	Phase 1 ramp 2028; phase 2 2029
Onsite plant, US	Wärtsilä / undisclosed IPP	282MW (15 engines)	Booked Q3 2026
Point Beach, Wisconsin	Oracle / We Energies	125-250MW (10-20% of output)	Pending PSC approval

Google and Constellation. Per Power Magazine and Baxtel, the 890MW comes from uprates at 11 units across six sites in Illinois, Pennsylvania and New Jersey, backed by more than $4.3 billion of Constellation capital. Reporting differs on the end date (2032 per Google and Power Magazine, 2033 in one outlet). Baxtel, citing Reuters, links the deal to PJM’s proposal that large loads bring their own generation or face curtailment at peak; other sources did not confirm that framing. For a comparable European structure, see our note on Google’s Finland nuclear PPA.

Google and Black Hills. Announced 6 October with agreements effective 30 September and a term through 2048. Black Hills would spend about $1.8 billion in 2027-2029 on 564MW of gas capacity at Cheyenne Prairie; any remaining need is met by market purchases and retail tariffs. Google carries all project expenses and advanced $399 million for long-lead equipment, which the utility presents as protection for other customers. Black Hills projects about $150 million of additional net income by 2030.

TeraWulf. The amended agreement with Kentucky Power (AEP) lifts Muskie from 500MW to 1GW; the second 500MW moves from 2030 to 2029, subject to Kentucky PSC approval and construction schedules. Kentucky Power is building a 345kV substation tied into the 765kV network. TeraWulf bought the 285-acre EastPark site in May 2026 and says it is evaluating up to 2GW over time. The figure is contracted electrical capacity, not data center space or operating load.

Wärtsilä. The 282MW order is for 15 Wärtsilä 50SG engines at a project by an unnamed US independent power producer, booked in Q3 2026. The company cites grid constraints and long connection timelines, and says the engine design allows staged expansion. Customer and location are not disclosed, so treat it as a market signal rather than a specific project.

Oracle. The Point Beach subscription supports the $15 billion Project Lighthouse campus in Port Washington, developed with Vantage and OpenAI. We Energies and Oracle say customers would save about $300 million in fuel costs (sources differ on whether the period is 2027-2033 or five years). The deal needs approval from the Public Service Commission of Wisconsin, and Oracle is reported to be in a dispute with the regulator over financial requirements for data centers.

Asia: Bitdeer adds 67MW in Malaysia

Bitdeer AI announced a 10-year data center services agreement for A901, a 67MW AI cloud campus in Malaysia engineered for liquid-cooled GB300 NVL72 racks. All megawatt figures are critical IT load. Delivery begins in Q1 2027, with the full 67MW targeted for Q2 2027. Bitdeer’s secured AI cloud capacity, defined as owned or under an executed services agreement, is now about 273.5MW across Malaysia, Norway and the United States. The exact location, operator and financial terms were not disclosed, and DataCenterDynamics and TechRepublic note that no customer commitment accompanied the announcement. A separate 65.1MW, 10-year agreement in Johor (A202) is expected to be energized in Q3 2027.

Malaysia’s regional lead in construction is also visible in the pipeline data: published figures cite about 1,039MW under construction in Malaysia against 859MW in Thailand. See our Johor guide and Malaysia market hub for operational capacity.

GPU rental prices

Coloprice’s tracker, updated 16 October 2026, shows the following on-demand medians per GPU-hour.

GPU	Median	Range
H100 80GB	$3.49	$1.30-12.29
H200 141GB	$4.40	$2.09-13.78
B200 180GB	$6.25	$3.69-16.11
GB200 NVL72 (per GPU)	$13.25	$8.00-27.04

The GB200 floor fell to $8.00 after GMI Cloud listed on-demand capacity at that rate, below CoreWeave’s $10.50 listing. Full model detail is on the GPU tracker.

What this means for buyers of capacity

1. Power is now the contracted asset. The structures this week (uprates, microgrids, onsite engines, utility-funded substations) show developers securing supply years before shells. Ask any provider for the utility agreement date, not just a “MW available” figure. Our grid connection queues guide covers the process.
2. Capacity labels differ. Contracted grid MW (TeraWulf), critical IT MW (Bitdeer) and generation MW (Wärtsilä) are not interchangeable. Normalise to critical IT before comparing quotes.
3. Timelines cluster in 2027-2030. Buyers needing capacity in 2026 are competing for existing inventory; see the price index and the data center catalog for operational supply.
4. Cost allocation is a negotiating point. Google paying project costs in Wyoming and Oracle absorbing Point Beach costs reflect regulator pressure to shield ratepayers. Expect similar clauses in large-load tariffs; compare with New Era’s 207MW Texas PPA.

For help sourcing capacity, submit a requirement through the quote form; the wider energy hub tracks tariffs and power markets.