119 Data Centers = Key Beneficiary of AI CapEx Spend …These kinds of timelines are no longer the exception. With prefabricated modules, streamlined permitting, and vertical integration across electrical, mechanical, and software systems, new data centers are going up at speeds that resemble consumer tech cycles more than real estate development. But beneath that velocity lies a capital model that’s anything but simple. CapEx is driven by land, power provisioning, chips, and cooling infrastructure – especially as AI workloads push thermal and power limits far beyond traditional enterprise compute. OpEx, by contrast, is dominated by energy costs and systems maintenance, particularly for high-density training clusters that operate near constant load. Revenue is driven by compute sales – whether in the form of AI APIs, enterprise platform fees, or internal productivity gains. But payback periods are often long, especially for vertically-integrated players building ahead of demand. For newer entrants, monetization may lag build-out by quarters or even years. And then there’s the supply chain. Power availability is becoming more of a gating factor. Transformers, substations, turbines, GPUs, cables – these aren’t commodities that can be spun up overnight. In this context, data centers aren’t just physical assets – they are strategic infrastructure nodes. They sit at the intersection of real estate, power, logistics, compute, and software monetization. The companies that get this right may do more than run servers – they will shape the geography of AI economics for the next decade.