Delaware Data Center News

Jan 20, 2026

M&A Predictions and Guidance for 2026

Ethan Klingsberg of Freshfields Bruckhaus Deringer LLP lays out M&A predictions and guidance for 2026.

Main announcement (2026 M&A outlook): Klingsberg predicts a shift in M&A dynamics in 2026 driven by antitrust uncertainty (DOJ/FTC politics, state antitrust reviews, and Congressional hearings), the data center boom (noting the 2025 build-out’s contribution to U.S. GDP growth) as a short-lived but powerful M&A driver, and increased deal complexity around regulatory risk allocations (higher reverse termination fees, extended outside dates).
Background and supporting details: He highlights Delaware jurisprudence developments (including Tornetta v Musk and Chancery Court practice), potential DExit momentum toward Nevada/Texas incorporation but investor pushback, standardization of M&A agreements (via AI tools and fixed fees), and a resurgence of private equity M&A led by Middle Eastern funds in 2026.

Jan 20, 2026

OpenAI Reports Over $20 Billion Estimated Revenue for 2025 Amidst Wider AI Adoption

OpenAI reported annualised revenue surpassing $20 billion in 2025 and outlined plans toward a potential public listing.

Main announcement: OpenAI CFO Sarah Friar reported annualised revenue of over $20 billion in 2025, with ARR progression from $2 billion (2023) to $6 billion (2024) to > $20 billion (2025), and compute capacity rising from 0.2 GW (2023) to 1.9 GW (2025). The company is preparing for a potential IPO targeting a 2027 debut (possible filing in H2 2026) and has discussed raising ~$60 billion or more in the offering.
Background and concrete details: OpenAI completed a recapitalisation in Oct 2025 structuring the nonprofit (OpenAI Foundation) to hold roughly $130 billion in equity in the for-profit OpenAI Group PBC; Microsoft holds ~27% ownership of the for-profit (valued at ~$135 billion on an as-converted diluted basis) with exclusive IP rights extended through 2032. The company faces estimated compute-contract obligations of $1.4 trillion (reported November 2025) across providers including Amazon, Microsoft, and Oracle, and began testing advertisements in ChatGPT free/lower-tier plans in January 2026.

Jan 19, 2026

Constellation Completes Acquisition of Calpine; Groups Have 55 GW of Generation Capacity

Constellation has completed its acquisition of Calpine Corp. from Energy Capital Partners (ECP).

Transaction completed: Constellation completed the announced cash-and-stock acquisition of Calpine (initially announced as a $16.4-billion deal a year earlier); the transaction has a total value of $26.6 billion including debt, and the combined company will have 55 GW of generation capacity and serve 2.5 million retail and business customers. The merged company will maintain headquarters in Baltimore, Maryland, with a significant presence in Houston, Texas, and will supply power to data centers, advanced manufacturing, and critical infrastructure.
Regulatory settlement and divestitures: To resolve U.S. antitrust concerns the DOJ Antitrust Division and the Texas Attorney General required the divestiture of six power plants (four serving PJM and two serving ERCOT): Bethlehem Energy Center; York Energy Center (York 1 and York 2); Hay Road Energy Center; Edge Moor Energy Center; Jack A. Fusco Energy Center; Gregory Power Plant. The DOJ filed a proposed consent decree (the Division’s first electricity-merger consent decree in 14 years) to address competition concerns in ERCOT and PJM.

Jan 16, 2026

Evolving Technologies, Outdated Regulations Impact Mid-Atlantic Generation Permitting

Saul Ewing partners Thomas Prevas and Dan Skowronski summarize state-level procedural and permitting reforms in the Mid-Atlantic (Maryland, Delaware, Pennsylvania, New Jersey) that centralize permitting review and consider expanding regulated utility roles in generation to address reliability and load-growth challenges.

Main announcement/action: States are pursuing centralization of permitting review at state commissions and public utility boards and are exploring regulated utility ownership/sponsorship of generation assets as a policy response in 2026; Maryland overrode a governor veto in December 2025 to study data center/energy co-location, and Pennsylvania created a commission to study data center attraction and co-location of generation assets.
Background and details: The commentary highlights data center campus demands of 500 to 1,000 MW, legal/regulatory gaps for behind-the-meter co-located generation, the emergence of CPCN-like programs for battery storage (Maryland) and proposed classification of storage as an “inherently beneficial use” in New Jersey, and notes unresolved roles for FERC, RTOs (including PJM), and state public service commissions; it is an expert commentary summarizing observed and proposed reforms rather than announcing a single new project.

Jan 9, 2026

Meta Strikes Deal With Irving’s Vistra to Purchase Nuclear Power for Meta’s AI ‘Supercluster’

Meta has signed 20-year power purchasing agreements (PPAs) with Vistra to procure 2,609 MW of zero-carbon nuclear energy to support Meta’s operations and its Prometheus AI supercluster in New Albany, Ohio.

Main announcement & deal details: Meta is purchasing 2,176 MW from operating units at Perry and Davis-Besse plus 433 MW of incremental output from equipment uprates at Perry (OH), Davis-Besse (OH), and Beaver Valley (PA) for a total of 2,609 MW; the PPAs are 20-year agreements, purchases begin in late 2026 and the full 2,609 MW will be online by 2034; Vistra will use the commitment to invest in uprates and pursue subsequent 20-year license extensions for the three plants.
Background and implementation details: Vistra acquired the plants in 2023, recently agreed to acquire Cogentrix Energy in a $4 billion deal; uprate projects span approximately nine years and are expected to support ~3,000 project-related jobs, increase state and local tax revenues (described as tens of millions of dollars annually), and benefit the PJM regional grid (PJM service area list provided in article).

Jan 9, 2026

CES2026: Quantum Computing Leaders Map Next Phase in AI Age

A CES panel of industry and government representatives outlined a roadmap emphasizing hybrid quantum-classical systems, international research ties, workforce development, supply-chain coordination, and near-term engineering and policy constraints.

Main announcement and roadmap details: Panelists from Dell Technologies, Amazon Web Services, the Quantum Economic Development Consortium, and the Colorado Office of Economic Development and International Trade said progress requires coordination across infrastructure, workforce, supply chains, and public policy; referenced near-term target years 2028, 2030, and DARPA’s goal of useful quantum computing by 2033.
- Event: CES panel in Las Vegas, Jan. 8, 2026; subject: quantum computing roadmap, hybrid systems, policy and engineering constraints; participants discussed hardware R&D, post-quantum security, and international collaboration.
Background, funding, and concrete commitments: The Department of Energy has committed $625 million over five years to support quantum information science research centers; Colorado committed $44 million in tax credits and a loan-loss reserve program for early-stage quantum companies; Colorado signed government-to-government agreements with the United Kingdom and Finland; AWS noted hardware R&D in Pasadena, California and an internal post-quantum security team; panelists highlighted narrow, internationally distributed supply chains (cryogenics, refrigeration components).

Jan 2, 2026

State Broadband Bills of 2025: A Legislative Review

State legislatures across the United States enacted and considered broadband-related legislation in 2025; fewer than 140 of more than 600 proposed bills became law.

Main actions: States enacted laws prioritizing infrastructure and permitting reforms, pole and rights-of-way access, criminal penalties for theft/vandalism, state broadband funding, and data center incentives. Notable enacted measures include Hawaii H 934 (established a state Broadband Office and programs, enacted in June and backed by $400 million in combined funding), West Virginia SB 907 (expanded the Economic Development Project Fund to allow up to $25 million annually for broadband incentives and up to $125 million annually for broadband loan insurance) and West Virginia HB 2014 (signed in April; created microgrid districts with zoning/permitting exemptions and special property tax treatment for qualifying projects).
Additional details and timelines: States also raised criminal penalties (e.g., Oklahoma classified willful damage to a critical infrastructure facility as a Class D3 felony with fines up to $100,000 and prison up to 10 years; Louisiana authorized fines up to $50,000 and prison up to 20 years; California AB 476 increased penalties for knowingly buying illegally obtained scrap metal to $5,000). Other enacted programs include California SB 338 (a $2 million telehealth pilot), New Mexico SB 126 (Rural USF increased from $30 million to $40 million), and Oregon’s device support up to $100 in Lifeline-related assistance. At least 37 states passed data center incentives in 2025 and over 1,000 AI-focused bills were introduced nationwide, with ~38 states adopting or enacting roughly 100 AI measures in 2025.

Dec 27, 2025

Anonymous money fuels $5 million in attacks on Georgia’s Lt. Gov. Burt Jones

Georgians for Integrity has spent around $5 million on television ads, mailers and texts attacking Georgia Lt. Gov. Burt Jones, alleging self-dealing tied to a major data center project.

Main action: The group “Georgians for Integrity” (incorporated in Delaware on Nov. 24) has dumped around $5 million into TV ads, mailers and texts since Thanksgiving; the ads accuse Lt. Gov. Burt Jones of enabling eminent domain to benefit his family’s interest linked to a $10 billion, 11 million sq ft data center development (per DCA filings). The Jones campaign has threatened legal action and calls the ads “fabricated trash.”
Background & details: The entity is registered as a nonprofit social welfare organization (can hide donors); paperwork lists an Atlanta mailbox, media buyer Alex Roberts (Park City, Utah) and lawyer Kimberly Land (Columbus, Ohio). The Georgia Republican Party filed a complaint with the State Ethics Commission alleging violations of Georgia campaign finance law; legal context references the U.S. Supreme Court’s Citizens United precedent and commentary from the Campaign Legal Center.

Dec 20, 2025

Mergers and Acquisitions — Reviewing 2025 and Looking Ahead to 2026

Wachtell, Lipton, Rosen & Katz partners review 2025 global M&A trends and outline expectations for dealmaking, regulation, financing and activism heading into 2026.

M&A volumes surged in 2025 to $2.3 trillion US deal value (up 49% vs. 2024) and 63 global $10B+ megadeals, driven by large strategic combinations, record private equity activity (~$2T PE volume), bank consolidation, AI- and infrastructure-related transactions, and open debt markets supporting record leveraged buyouts and complex financings.
The memo details sector hotspots (tech/AI, energy & infrastructure, banks, healthcare, media, oil & gas, crypto), regulatory shifts under the Trump administration (more traditional antitrust, SEC easing disclosures, CFIUS conditions), U.S. government equity investments (e.g., $8.9B for 9.9% of Intel, rare earths, chips), M&A-focused shareholder activism, spin-offs, CVRs, hostile bids, sovereign wealth fund participation, new HSR Act filing rules, and Delaware corporate law changes impacting future deals.

Nov 6, 2025

Cipher Mining Inc. Announces Pricing of $1.4 Billion of Senior Secured Notes

Cipher Mining priced a $1.4 billion debt offering to fund part of a new data center construction.

Main announcement: Cipher Mining’s wholly-owned subsidiary Cipher Compute LLChas priced a $1.4 billion offering of 7.125% senior secured notes due 2030, priced at par, to finance a portion of the construction cost of the Barber Lake Facility, a high-performance computing data center near Colorado City, Texas; the Offering is expected to close on November 13, 2025, subject to market and other conditions.
Background and deal structure: The Notes will be sold in a Rule 144A private placement to qualified institutional buyers, will be fully and unconditionally guaranteed by Cipher Barber Lake LLC, and secured by first-priority liens on substantially all Issuer and Guarantor assets, equity interests held by Cipher Songbird LLC, a potential lockbox account of Fluidstack USA II Inc., and (prior to facility completion) a pledge by Google LLC of warrants to purchase Cipher common stock; Cipher will provide a completion guarantee to fund the Issuer if proceeds are insufficient.

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