HYPERSCALE CAPEX $725B 1 QUEUE 2,060 GW 2
Brownfield De-risking Platform · Vintage 2026

Manufacturing the scarcest asset in AI infrastructure.

BDG2 manufactures powered, shovel-ready land — converting latent industrial power into bankable, interconnection-secured megawatts across MISO and TVA territory.

Critical target
~500 MW
Power regions
MISO + TVA
Asset class
Brownfield → DC
Standard
Tier III design
§ 01 Thesis

Power is the new perimeter.

AI compute is no longer bound by land, capital, or chips. The binding constraint is deliverable megawatts on a timeline — Tier-1 hubs like Northern Virginia are already out of headroom, and roughly 2,060 GW of new generation sits stuck in U.S. interconnection queues (LBNL, Queued Up).

That backlog isn't shrinking — the national average lead time to energize new generation now runs close to eight years (RMI). Capital migrates outward as a result: secondary markets with confirmed power and credible utility partners increasingly carry the marginal megawatt of new AI infrastructure, provided someone manufactures the readiness before the window narrows further.

BDG2 acquires brownfield industrial parcels that already carry heavy-power utility service, de-risks them to shovel-ready status, and delivers land that's interconnection-cleared and certified to a Tier III design standard — power secured and ready to build on, not just zoned for it. The land itself does not need to be different. The power path needs to be provable.

§ 02 Power Regimes

Two power regimes.
One standard.

The portfolio diversifies the two risks that most often impair early-stage development — interconnection and entitlement — across independent grids, regulators, and political mechanisms.

Engine A · MISO

Michigan Engine

Grid
DTE Electric, within MISO
Power at entry
Inherited industrial service from active brownfield parcels
Edge
Sponsor relationships into the utility and the state legislature
Tail risk
Legislative — moratorium and citizen-initiative regimes
Engine B · TVA

Tennessee Engine

Grid
TVA wholesale, delivered through local power companies
Power at entry
Existing substations with high-voltage transmission taps
Edge
TVA's low industrial power rate and clean-incentive stack
Tail risk
Regulated-rate — pending TVA data-center rate class

Two engines, one de-risking standard: power-secured, entitled, Tier III-design-certified. Each parcel is interconnected through a compliant change-of-use process — a fast-track because the service was already there, not a bypass of regulatory review.

§ 03 · Sign-off

Buy where the
power already is.

For investors, sellers, brokers, and operating partners. Inquiries reviewed by the partners.

Open inquiry
Sources
  1. Hyperscale capex $725B (2026e) — FT compilation of Microsoft, Alphabet, Amazon & Meta Q1 2026 earnings guidance, see Tom's Hardware.
  2. Interconnection queue 2,060 GW — Lawrence Berkeley National Laboratory, see "Queued Up: 2026 Edition".