Contracted is not delivered

Australia is selling AI-factory capacity faster than it can energise it.

NEXTDC contracted 740MW in FY26. Its biggest contracting year ever.

Back in March, billing utilisation was 123MW.

Nobody expects those two to match. Contracted always leads billed.

But the order book tripled and the running estate didn't.

Everything in between is fit-out, power, commissioning and handover.

That's delivery.

And it's not one company's problem.

When Firmus raises US$2bn and then buys a fabrication and projects business, it's telling you what capital couldn't buy:

the people and process that turn megawatts on paper into megawatts running.

Everyone is counting contracted megawatts.

Almost nobody is measuring the delivered ones.

That gap is where the money sits, and it's the least instrumented part of this market.

It's the part I've built my career on, and it's what these posts are about.