ATH · 2026-10-27 13:19 UTC

Neocloud Capacity: How to Tell Contracted From Live

Neocloud capacity is reported as three different metrics: contracted power, deployed megawatts, and available GPU hours, but only the last is actually rentable this quarter. Major providers report roughly 4.2 GW of contracted power against 1.5 GW active, a 3:1 ratio, with up to 50% of 2026 capacity potentially delayed by permitting and grid issues. Capacity backlogs measured in billions represent future obligations, not present availability; treating backlog as inventory leads to booking capacity that cannot be scheduled.

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