The data-center power trade is moving from backlog to balance sheet.

• Solaris Energy Infrastructure closed nearly $2B of financing — $1.3B of senior unsecured notes at 6.375% (retiring higher-cost debt and adding ~$800M of net proceeds) plus a new $650M revolving credit facility — and amended its >500 MW data-center power contract (signed Feb 2026, first covered in Apr 28’s “UAE walks out of OPEC”), adding 130 MW and enhanced balance-of-plant scope. Tenor unchanged at 10 years + 5-year extension option.

• Total contracted project investment under the amended contract is up >60%; roughly two-thirds of Solaris’ 3.1 GW current and on-order capacity is now under long-term contracts, and management says proceeds plus operating cash flow fully fund current capex — turning the AI-power story from contract wins to funding visibility.

• Fervo priced 70M shares at $27 (raising $1.89B, with a 10.5M-share greenshoe) and opened at $36 (+33%) Wednesday for a ~$10.21B implied valuation — up from the $7.66B pricing covered in May 12’s “Fast-Power Bid” and the S-1 in Apr 21’s “The Firm Power IPO” — backed by ~$7.2B of contracted revenue backlog and commercial agreements with Southern California Edison, Shell, and Alphabet. EagleRock (NYSE/NYSE Texas: EROK) priced 17.3M shares at $18.50 for ~$320M gross / $286.6M net; the Houston land manager controls ~236,000 acres across the Permian’s Delaware and Midland sub-basins with a pivot toward power, data centers, renewables, and CCUS siting. Goldman, Barclays, and J.P. Morgan led EROK (EagleRock IR).

• Blackstone Digital Infrastructure Trust sold 87.5M shares at $20 to raise $1.75B (with a 30-day option that could lift the deal to $2B) for an externally managed REIT targeting newly built data centers leased to investment-grade hyperscale tenants on long-term contracts; Blackstone has reviewed ~$25B of near-term opportunities. Three energy/infra IPOs in one cycle — 24/7 clean power, Permian surface rights, and data-center real estate — means the public market is now willing to price the AI load buildout across the full stack (Blackstone IR).

• PM Mark Carney rolled out “Powering Canada Strong,” a C$1T national strategy to double electricity-grid capacity by 2050 — built on four pillars (infrastructure, east-west interties, skilled trades, domestic manufacturing) and projecting a workforce need of 130,000+ high-skilled workers by 2050. Ottawa will revise clean-electricity rules to give existing gas units more flexibility, citing rising AI, EV, and industrial demand against a generation base that has actually fallen on drought-hit hydro and coal retirements.

• Carney said gas will play a complementary role but future investment will be dominated by hydro, nuclear, and renewables — the same AI power crunch hitting PJM, ERCOT, and the Southeast is now reshaping federal grid policy north of the border.

• IEA’s May Oil Market Report sees 2026 supply falling 3.9 MMbbl/d, leaving demand 1.78 MMbbl/d above supply — a hard reversal from last month’s surplus call and a deeper version of the flip first flagged in Apr 14’s “Time to Power” — with more than 14 MMbbl/d shut in and cumulative Gulf-producer losses above 1B bbl. Q2 demand contracts 2.45 MMbbl/d y/y, refinery throughputs plunge 4.5 MMbbl/d, and inventories were drawn 246 MMbbl across March-April.

• About 164 MMbbl of the broader 400 MMbbl IEA-coordinated reserve release has moved into the market — meaning higher prices are now rationing demand while still failing to erase the supply gap.

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