# Power access favors experienced data center operators

Markdown copy of https://realalpha.app/s/power-access-favors-experienced-data-center-operators/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

- Speaker: [Nick Del Deo](https://realalpha.app/people/nick-del-deo/)
- Host: [Akash Pasricha](https://realalpha.app/people/akash-pasricha/) · Host, TITV · Led The Information's Pro subscription and co-wrote its flagship newsletter, The Briefing.
- Show: The Information's TITV
- Episode: [The Pentagon’s CTO Explains the Anthropic Rift and Superintelligence Task Force](https://realalpha.app/v/1hXxzkU77iI/), Oct 16, 2026
- Moment: 41:10 to 43:58 of the episode (3 min), playing on https://realalpha.app/s/power-access-favors-experienced-data-center-operators/; the episode from there: https://realalpha.app/v/1hXxzkU77iI/?t=2470

## Quote

> “tend to plan further out and can leverage that relationship and experience to **get projects online on time**.”
> — [Nick Del Deo](https://realalpha.app/people/nick-del-deo/) at [41:53](https://realalpha.app/v/1hXxzkU77iI/?t=2513) · The Information's TITV

## Takeaways

1. Established operators use long-standing relationships to plan projects.
2. Power constraints span generation, transmission, transformers and other equipment.
3. Limited new capacity can help existing assets but crimp growth.

## About this segment

Del Deo says established operators benefit from years of utility, supplier and municipal relationships. Power constraints may raise the value of existing capacity while limiting growth for fast-growing neoclouds.

From “The Pentagon’s CTO Explains the Anthropic Rift and Superintelligence Task Force”, Oct 16, 2026. [Watch the full episode](https://realalpha.app/v/1hXxzkU77iI/)

## Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

[41:15](https://realalpha.app/v/1hXxzkU77iI/?t=2475) well, I guess the N-Scale facility wouldn't have been able to get connected to the power supply as quickly as they wanted to. So of the companies you cover, you cover a lot of these neoclouds. How many of them are having issues or facing delays in their facilities because they cannot get connected to a power grid or supply of some kind? Look, it's a challenge across the data center space. Different players have been more successful than others. You tend to find that folks that are more experienced, so think of the brand names like Digital Realty, Equinix, GTS, and so on, who have long-standing relationships with the utilities, with key suppliers, with municipalities and so on tend to plan further out and can leverage that relationship and experience to get projects online on time.

[42:07](https://realalpha.app/v/1hXxzkU77iI/?t=2527) I think disproportionately the challenges tend to arise with newer, less experienced players. So certainly N-Scale would fall into that category. They have tremendous ambitions, but a relatively short track record. But certainly, again, the biggest challenge across the data center space today is access to power and whether that's access to the generation, the transmission, transformers, UPS, whatever it might be, that whole ecosystem is the biggest single challenge to bringing capacity online.

[42:39](https://realalpha.app/v/1hXxzkU77iI/?t=2559) So I'm just wondering the extent to which you think this could be the straw that breaks the camel's back. I mean, financing is one risk, like you said. Fundamentals are another risk, and the other risk is power here. I mean, if this continues, that's my view on it, at least. This could be it. Yeah, say that access to power, access to data center capacity is crimped across the board. I think what that would tend to do from a neocloud perspective is those with capacity in place today would probably be able to benefit from increasing prices, so long as your capacity is not under a long-term contract such that you can't actually reprice it.

[43:21](https://realalpha.app/v/1hXxzkU77iI/?t=2601) Conversely, you wouldn't be able to deploy as much incremental volume as you would like to otherwise. So if you think about the value of these businesses, a combination of in-place assets plus future growth opportunities, further constraints in data center or supply coming online would probably help the former. It would help the value of your in-place assets, but it would crimp the amount of value that you can create from bringing new capacity online.

[43:45](https://realalpha.app/v/1hXxzkU77iI/?t=2625) I think for a fast growing company like Acorweave or Nebius or however it might be, it probably nets out to a negative. Great. Well, Nick, I want to thank you for coming on.