// 01 — THE THESIS
Every megawatt has a price.
Nobody publishes it.
The AI economy runs on three inputs: concrete, power, and fiber. Hyperscalers are signing decade-long power contracts. Vacancy in Northern Virginia — the largest data center market on earth — has fallen below 1%.
And yet a colocation buyer today negotiates blind: $/kW/month figures guarded like trade secrets, interconnection fees that vary 10x between facilities, power pass-throughs buried in footnotes.
# markets follow a pattern:
opacity → index → liquidity
# data centers are at stage one.
the index gets built next.
the name of the index matters.
opacity → index → liquidity
# data centers are at stage one.
the index gets built next.
the name of the index matters.
