THE GRID
$725 Billion. That's What Four Companies Will Spend on Power This Year.
I pulled up the Q1 earnings calls from Google, Microsoft, Meta, and Amazon last night. I added up their capex plans for 2026. Then I added them up again, because the first number looked wrong.
It wasn't wrong. $725 billion. Combined. Up 77% from last year's $410 billion.
One Filing Just Changed The SpaceX IPO Forever
SpaceX filed its S-1.
June 12 is now confirmed. $75 billion. Ticker SPCX. The largest IPO in history.
You will not get shares. The 21-bank syndicate already locked them up.
But the S-1 just exposed the one company Musk cannot operate without.
It's publicly traded. It's still cheap. And in 22 days, the whole world will know its name.
Dylan Jovine is giving it away — free — before the window closes.
Microsoft alone set its budget at $190 billion. That beat the average analyst estimate by $38 billion. CFO Amy Hood said $25 billion of that gap came from one thing: rising chip and memory costs. Even so, she warned they'd still be short on capacity through year-end.
Google matched that $190 billion target. Cloud revenue jumped 63% year over year. Amazon guided to $200 billion. Meta raised its range to $125–$145 billion.
Now zoom out. Every one of those dollars needs a plug. Every GPU needs a rack. Every rack needs cooling. Every cooling system needs a wire back to the grid.
Goldman Sachs pegged U.S. data center demand at 41 GW this year. By 2027, they see 66 GW. That means the grid needs to absorb more new load in two years than it added in the prior decade.
Data centers drove half of all U.S. power demand growth last year, according to the IEA. Not a third. Not a quarter. Half.
The EIA's new short-term outlook has total U.S. power demand hitting 4,248 billion kWh this year — another record. And the agency says the commercial sector will outpace residential demand in 2027 for the first time ever.
Most investors see the $725 billion and think "chips." I see it and think "copper, concrete, and transformers." The money is moving. But the grid has to move first — or none of it gets built.
$725B
Combined 2026 capex — Google, Microsoft, Meta, Amazon (Financial Times, April 2026)
WIRED IN
Signals From the Grid
NextEra + Dominion = the biggest utility on Earth. The all-stock deal, announced May 18, values Dominion at $66.8 billion. Combined enterprise value: $420 billion. Combined large-load pipeline: over 130 GW. NextEra CEO John Ketchum told investors the merged company plans $59 billion per year in capex from 2027 through 2032. Dominion's 51 GW of contracted data center capacity — mostly in northern Virginia — is the prize. This is the energy sector's direct answer to Big Tech's spending spree.
Quanta Services crushed Q1. Revenue hit $7.9 billion, beating estimates by 12.6%. Adjusted EPS of $2.68 topped forecasts by 30%. Backlog reached a record $48.5 billion. The stock surged 18% on the news. UBS raised its price target to $900. Quanta is the company that physically builds the lines and substations the grid needs. Their backlog tells you how much work is in the pipe — and $48.5 billion says the pipe is full.
Eaton's data center orders rose 240% in Q1. Revenue climbed 17% to a record $7.45 billion. But shares dropped 6% after-hours. Why? Margins compressed. Segment margins fell 120 basis points as Eaton ramped up factory capacity to meet demand. Management raised full-year EPS guidance to $13.05–$13.50 and said they expect margins above 30% by year-end. The market punished the short term. I'm watching the long term.
Quanta's board just approved a $1 billion buyback. Announced May 22, on top of a new board appointment. When a company with a record backlog starts buying its own shares, that's management saying "we're undervalued." The stock sits near $723 — down from its 52-week high of $789. Analyst targets range up to $900.
The Sleep Window That Closes After Midnight
There's a specific 90 minute window each night when your body does 70% of its physical recovery.
Miss that window and no amount of sleep makes up for it.
You wake up tired. You feel foggy. You crash by mid afternoon. Sound familiar?
A sleep doctor from Johns Hopkins found that one simple 30 second routine before bed helps the body hit this recovery window consistently. He tested it on 2,400 men and the results were clear:
Faster time to deep sleep. Fewer middle of the night wake ups. More energy on waking.
Over 36,000 men have already tried it. It costs nothing and takes less than a minute.
P.S. The researcher says missing this window is the single biggest reason men feel exhausted no matter how long they sleep.
VOLTAGE
A Nuclear Reactor, One Mile Underground
Last week a company called Deep Fission filed for an IPO on Nasdaq. The ticker: FISN. The price range: $24–$26 a share. The valuation: $1.66 billion.
One year ago, this same company struggled to raise $15 million.
Deep Fission's idea is wild. Take a small pressurized water reactor. Lower it into a borehole drilled one mile into the earth. Let the rock provide containment. Let a mile-long water column supply the pressure. Skip the massive concrete shell that makes every other reactor so costly.
They started drilling a test well in Kansas in March. They've signed a fuel deal with Urenco. They got $80 million from investors including Blue Owl, a data center developer that also signed a non-binding deal for future power plants.
But read the fine print. TechCrunch dug into the S-1 filed May 20 and found a "going concern" warning — the same one from their December filing. Their timeline for turning on the first reactor has slipped. Back in December they'd aimed for criticality by July 2026. Now they won't give a date.
I get the excitement. The DOE just gave $400 million each to TVA and Holtec for SMR deployments. Energy Secretary Wright predicted micro-reactors would go critical at Idaho National Lab by July 4. Nuclear is having a moment.
But a moment is not a megawatt. Deep Fission shows how much capital is chasing the nuclear dream right now — and how wide the gap remains between the dream and the grid.
