• DOE selected Brookfield on July 29 to develop an AI and high-performance-computing campus on part of the former Paducah uranium-enrichment site in western Kentucky, with NextEra Energy owning the energy infrastructure alongside Big Rivers Electric, Jackson Purchase Energy Cooperative and Paducah Power System. The privately funded development represents more than $100B, roughly 8,000 construction jobs and 600 permanent roles.

• NextEra will add 2 GW of new grid-connected gas-fired generation, upgrade existing transmission and deploy up to 2.6 GW of batteries behind a 1.8 GW campus, with excess power going to the regional grid. Compute runs above 1.2 GW and dedicated energy up to 4.6 GW. Kentucky’s PSC still has to approve, and the two announcements disagree on timing: DOE says 2031, the coalition 2032.

DOE · NextEra

• A consortium of banks led by Morgan Stanley is in advanced talks to lend $15B to Nexus Data Centers for a campus in Hubbard, Texas, with its own natural-gas plant capable of generating 1.6 GW. Evercore arranged the financing and was sole financial advisor to Nexus.

• Google is providing financial guarantees and chips to the project, which is being built for Anthropic. The terms come from people familiar with the talks; Nexus, Anthropic and Google have announced nothing.

• SoftVest and Blackbeard signed a definitive agreement July 28 combining Permian Basin Royalty Trust’s assets with Blackbeard’s US Land Guild into PBT Land and Minerals: $2.24B of indicated value, 111,000 net royalty acres and 68,000 surface acres on the Central Basin Platform. PBT’s Waddell Ranch net-profits interest converts to a cost-free ~15% royalty; Blackbeard took Waddell oil from 3,000 bbl/d to over 35,000 bbl/d in five years.

• Existing unitholders would hold ~59% and Blackbeard ~41%, funded with a $120M rights offering and a Blackbeard private placement plus an expected JPMorgan-led $500M revolver, leaving leverage below 0.4x. PBT’s 8-K notes the trust was notified of the agreement and that neither the trust nor the trustee is soliciting proxies. Closing is targeted for H2 2026.

• Quanta ended Q2 with record backlog of $53.4B and $33.6B of remaining performance obligations on revenue of $9.56B, up from $6.77B a year earlier. Adjusted EBITDA and operating cash flow each landed near $1.1B, free cash flow near $0.9B, and full-year guidance rose to $39.3B–$39.7B of revenue and $4.09B–$4.21B of adjusted EBITDA.

• The company bought Phalcon, Enerfab, Percheron and PSD for roughly $1.24B upfront net of acquired cash, and expects the four to add $1.2B–$1.4B of 2026 revenue and $120M–$140M of adjusted EBITDA, mostly in Electric. The purchases buy the labor and fabrication capacity needed to work the backlog off.

• Commonwealth Fusion Systems raised $1B of new equity, its largest round since the $1.8B Series B in 2021, from pension funds, sovereign wealth funds, infrastructure investors and industrial partners. That takes total capital to $4B, which CFS puts at roughly 30% of everything ever raised in fusion.

• Proceeds fund SPARC assembly and the ARC plant in Chesterfield County, Virginia, where CFS became the first fusion company to apply to PJM and targets grid power in the early 2030s. Google and Eni are investors and have signed PPAs for more than half the plant’s output; Dominion is a strategic partner.

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