Alphabet's 2026 AI capex guide — power is the bottleneck
One of the largest digital infrastructure transactions in Southeast Asian history
A KKR-led consortium with Singtel will acquire the remaining 82% stake in ST Telemedia Global Data Centres from founding shareholder ST Telemedia for S$6.6 billion (~US$5.1B), implying an enterprise value of S$13.8 billion (~US$10.9B) including leverage and committed capex. Post-close, KKR and Singtel will own 75% and 25% respectively.
STT GDC is one of the world's fastest-growing data center platforms — 2.3 GW of design capacity across 12 markets in Asia-Pacific, the UK, and Europe, with a pipeline that's grown from 1.4 GW to over 1.7 GW since KKR and Singtel first invested S$1.75B in preference shares in 2024. This is private capital paying up for scaled digital infrastructure at a moment when hyperscaler demand is accelerating faster than supply.
Expands beyond compression into behind-the-fence distributed power generation for oil & gas operations.
Bloomberg reporting, no press release. Infra take-private at the intersection of renewables + hyperscaler PPAs. One to watch.
Proceeds fund general corporate purposes and the Prolec GE acquisition. Stacking capital for grid + power equipment buildout.
Warehouse facility to accelerate construction of battery storage projects — significant scale for a storage-focused developer.
Long-term offtake + supply locked in — another FID building block for Commonwealth's Gulf Coast export facility.
Alliance to streamline procurement of gas turbines and wind equipment across Xcel's service territories.
MOU to develop new generation and enable large-load customers (read: data centers) across Xcel's footprint.
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AI and Power with Shanu Mathew
Senior VP at Lazard on AI models, data centers, and power constraints.
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).