🧭 Nebius’s $3.5B Loan, Microsoft’s 1.1GW NiSource Deal, Aolani’s ~500MW LOIs

🧭 Nebius’s .5B Loan, Microsoft’s 1.1GW NiSource Deal, Aolani’s ~500MW LOIs

By Global Data Center Hub
Publication Date: 2026-10-25 02:02:00

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The power date decided what a data center contract was worth this week. The deals that came with their own power moved. The deals waiting on someone else’s grid got cut.

Microsoft will fund new generation for its Indiana campus through NiSource. Google is paying homes and businesses across the PJM grid to free up capacity through Voltus. In Norway, Crusoe keeps adding halls on Polar’s hydro power.

The ones that stalled were waiting on a power line. Nscale’s Loughton site lost its anchor customer when the grid date moved out by years. NEXTDC cut its outlook after work stopped on the line feeding its Melbourne campus. A contract with no power date is a promise with no start date.

The structure behind Nebius’s deal is in The Mechanism below.

Amazon commits to Germany.…