By 2027, the demand for AI data centers in North America will be approximately twice the deliverable supply, with electricity becoming the decisive constraint Odaily Planet Daily News: FUNDA has published an article on X platform stating that the demand for AI data centers in North America in 2027, calculated based on IT load, is about 35GW, while the actual deliverable supply is only 16.5 to 23.4GW. The overlapping range of the two independent supply estimates shows a gap between demand and deliverable supply of 1.8 to 2.1 times, which is the core of this report. The requirements were cross validated through two methods to obtain similar results. Based on CoWoS capacity construction calculations, the global chip level electricity demand in 2027 is estimated to be 44 to 49 GW; based on a platform by platform bill of materials calculation, the result is 48.4 GW. The current market discussion range is 40 to 60 GW, and the report predicts a global demand of about 50 GW, of which North America accounts for about two-thirds. The supply has been basically locked in, and capital investment cannot change this situation. The power grid access path can deliver 11 to 14 GW of IT load, depending entirely on which projects enter the grid connection application queue before mid-2025; The application submitted today cannot generate supply for 2027. After deducting the overlapping parts, the equipment behind the table can increase the IT load by 5.5 to 9.4 GW, but orders for large gas turbine units have been scheduled until 2031. Due to the fact that it usually takes 4 to 5 years from placing an order to commercial operation, the units currently ordered will form a supply between 2030 and 2032. Electricity delivery is a decisive constraint and is located upstream of all links that the project party can accelerate by investing funds. The permit approval has prevented 78% of the 43GW stalled projects from progressing. In the past 12 months, power side factors have led to project delays of 60% to 70% weighted by megawatts. Subsequently, there is a shortage of certified labor: skilled electricians require 10000 hours of training, and currently only about 30% of mechanical, electrical, plumbing, HVAC workers are located in areas carrying 70% of projects. Modular construction can shorten the construction period, but it cannot shorten the waiting time. It can only reduce the probability of commercial operation delays by 10% to 20%. Scarcity is already reflected in prices. The annual recurring revenue per GW of the four compared companies ranges from $8.3 billion to $50 billion, and NBIS has signed prices within 18 months that are 3 to 4 times its current installed unit price. The significant repricing in the first and second quarters has ended, and the report expects the market to stabilize and slightly rise from the fourth quarter of 2026. With the implementation of new supply, intergenerational rent is expected to decrease by about 20% to 30%, while utilization rates will remain at a high level. The four power acquisition paths correspond to four different risks. XAI trades doubling electricity costs and license approval risks for speed, with the shortest contract period among the four companies; CRWV transforms the risk of power delivery into refinancing risk; NBIS relies on customer prepayments for operation, which is the most direct evidence of price changes; IREN has a historical legacy of electrified capacity and has the lowest cost of capital among the four companies, but its queue for new capacity is the same as other companies.