Login or Sign up
Back to briefings
Download PDF

February 04, 2026

Global

$2.0bn senior secured notes for Texas HPC data center completion Public/private-backed AI compute platforms expanding (Empire AI >$500m) Substation modernization via software-defined protection/automation (GridBeats APS) Data centres as grid assets: grid-forming BESS and regulation co-optimization Data sovereignty and compliance shaping modular, carrier-neutral, multi-cloud campus design Emerging compute roadmaps: quantum-ready hybrid infrastructure and photonic processors

Global Data Centres & Power Infrastructure Briefing (UTC 2026-02-04)

Audience: Institutional asset managers and infrastructure fund managers focused on data centres, power, and grid infrastructure.

Top news (3)

  1. $2.0bn debt financing for a Texas HPC build: Cipher proposes $2.00B senior secured notes for Black Pearl to complete its Black Pearl high-performance computing data center in Wink, Texas (notes due 2031; first‑priority liens on substantially all assets/equity; includes reimbursement of ~$232.5m prior equity contributions).

  2. Public/private-backed AI compute platform expands: Stony Brook joins Empire AI SUNY partnerships to expand access. Empire AI is backed by >$500m in public and private funding, is expanding membership, and is accelerating compute scale (“Empire AI Beta” to 11x).

  3. Grid automation push aimed at modernizing substations: GE Vernova launches GridBeats™ APS grid automation solution, a software-defined automation/protection system that consolidates “hundreds of packages” into as few as ten, targeting reduced hardware and spare requirements.

Key deals & project financing

United States

  • Cipher Mining – Black Pearl (Wink, Texas)
    • Cipher proposes $2.00B senior secured notes for Black Pearl
    • Structure/terms (as described):
      • $2.00bn aggregate principal amount of senior secured notes due 2031 (private offering) by subsidiary Black Pearl Compute LLC.
      • Use of proceeds: finance completion of the Black Pearl high‑performance computing data center; reimburse Cipher for approximately $232.5m of prior equity contributions.
      • Security/guarantees: notes guaranteed by Cipher Black Pearl and 11786 Wink LLC; secured by first‑priority liens on substantially all assets and equity interests.
      • Completion support: Cipher to provide a completion guarantee if proceeds are insufficient.

United States (public/private compute investment)

  • Empire AI (SUNY partnership expansion)
    • Stony Brook joins Empire AI SUNY partnerships to expand access
    • Notable points for capacity outlook and ecosystem building:
      • Backed by more than $500m in public and private funding.
      • Expanding membership and compute scale; “Empire AI Beta” expected to accelerate to 11x.
      • Stony Brook to host an eight‑week paid undergraduate research program (40 students; $5,000 stipends each), pointing to workforce/community scaling around the platform.

Power, grid, and interconnection highlights

Grid equipment & automation

  • GE Vernova – substation modernization tooling
    • GE Vernova launches GridBeats™ APS grid automation solution
    • What’s new:
      • Software-defined automation and protection system (GridBeats™ APS).
      • Designed to consolidate protection/automation into fewer packages (from “hundreds” to as few as ten), with the stated aim of reducing hardware and spares.
      • Market activity: debuted at DTECH 2026 (Feb 3–5, San Diego).

Data centres as grid assets (research signals)

  • Grid-forming BESS inside hyperscale DCs (load swing mitigation + grid support)

    • Grid-forming BESS Mitigates Data Center Load Risks and Supports Grid
    • Reported concept/results (simulation-based):
      • Integrating Grid-Forming BESS inside hyperscale data centers to manage abrupt power swings from LLM/AI workloads.
      • MATLAB/Simulink simulations show eight coordinated BESS units providing instantaneous power during training/checkpoint events, reactive support under single-phase voltage depression, and seamless islanded operation with stable voltage/frequency.

  • Co-optimizing multi-site DC workloads with frequency regulation commitments

    • Co-optimizing Data Center Workloads for Grid Regulation Services
    • Reported approach/outcomes (day-ahead framework):
      • Jointly schedules workloads across geographically distributed data centers while committing regulation capacity for grid frequency regulation.
      • Case studies on a modified IEEE 68-bus system with real data-center traces show reduced operating costs and improved revenue–risk trade-offs versus separate scheduling and bidding.

Policy & regulation (data sovereignty and compliance as design constraints)

Europe / UK / Japan (regulatory drivers referenced)

  • Designing for data sovereignty, standards, and jurisdictional constraints
    • Data sovereignty shaping adaptable data centre infrastructure design
    • Practical implications described by Telehouse/KDDI authors:
      • Data sovereignty should be a core design principle (not an overlay).
      • Recommended infrastructure pattern: modular, carrier‑neutral, multi‑cloud campuses.
      • Standards highlighted: ISO/IEC 27001 and ISO/IEC 27701.
      • Regulatory drivers cited:
        • DORA effective January 2025.
        • France: HDS requirements for EEA hosting.
        • “Strengthened” data-protection measures referenced for the UK and Japan.

Technology and compute infrastructure signals (vendor + emerging compute)

United States (vendor roadmap)

  • Dell – quantum-ready hybrid infrastructure positioning
    • Dell presents quantum-ready hybrid infrastructure and AI at CES 2026
    • What Dell said it is building:
      • “Quantum-ready” hybrid infrastructure integrating CPUs, GPUs and QPUs.
      • Emphasis on combining quantum with AI for near-term “quantum-inspired” workflows.
      • Alignment with public-private initiatives including the Genesis Mission, targeting a fault-tolerant quantum computer by 2028.

Germany (photonic compute platform scaling)

  • Q.ANT – scaling photonic computing platform

Capital allocation backdrop (macro signal for DC capex appetite)

  • Standard Chartered – corporate capex selectivity, AI infra as a driver
    • Standard Chartered: Corporates shift to selective capital allocation 2026
    • Highlights:
      • Corporates entering 2026 with stronger balance sheets and shifting to selective capital allocation.
      • Identifies AI infrastructure and data centres as primary investment drivers.
      • Notes $2.6tn in “untapped working capital” (report based on analysis of 1,080 listed companies).

Two-line close

Large-scale compute demand is pulling through both major project finance and public/private-backed capacity expansion, while grid modernization and flexibility concepts continue to gain mindshare.
Compliance-driven design (sovereignty, standards, and sector rules) is increasingly framed as a first-order constraint on future campus architecture.

Subscribe to Data Centres Briefings

Get AI-powered briefings delivered to your inbox

Region