Recent utility grid connection requests suggest datacenter capacity oversupply is worsening. Analysis relies on independent third party demand and supply estimates only.

Industry forecasts show tight consensus around end-of-decade datacenter compute requirements. Moreover, utility grid connections already exceed projected demand by significant margins.

Longer term projections reveal even wider gaps between supply and demand. Current utility commitments surpass even extended forecast periods for datacenter growth.

These projections focus exclusively on datacenter compute rather than power generation. However, solar capacity additions initially outpace datacenter growth before reversing later.

Extensive client discussions have challenged the oversupply thesis from multiple angles. Nevertheless, private credit exposure to datacenter financing presents emerging quality concerns.