Every data center leaves a trail before it’s built. We track all of it.

“We published a deep dive in our industrials model on a company called Sterling. They do early-stage construction: the groundbreaking, the site work. That’s the first thing that happens when one of these projects starts getting built. We were able to predict their orders were going to surge, which is exactly what happened.”

“There’s essentially this waterfall of things we can track. Electrical and cooling equipment comes after. Energy has very long lead times; everyone knows gas turbines are multiple years out. We look at all of that to ensure our timelines are accurate.”

“Pre-leasing is even earlier. Hyperscalers, neoclouds and AI labs signing lease contracts with data center operators. It helps us understand ahead of time what’s going to get built under these binding contracts that cannot be canceled.”