Google leads hyperscaler power strategy with large trading desks and early adoption of VPPAs, while Microsoft has fallen to fourth after losing energy staff. Meta employs an unusual playbook, tolerating behind-the-meter gas with minimal backup and expecting peak-summer curtailment for its Columbus site. AI labs like Anthropic project massive power demand, aiming for 10GW+ by 2027, but their non-investment grade status blocks traditional construction financing.
The true bottleneck for AI compute expansion is grid transmission and generation capacity, not just capital, with power suppliers demanding multi-billion deposits from non-investment grade neoclouds.