Data centers accounted for around 50% of all electricity demand growth in the U.S. last year, according to the IEA, far surpassing the rise in electricity usage in the residential, industrial, and transport sectors.
"We were considering multiple forms of capital when we started. It just felt like the opportunity is so large that venture capital gives us the opportunity to take those risks upfront and have the possibility to generate an outsized return."
The US is now leading a global surge in new gas power plants being built in large part to satisfy growing energy demand for data centers. And more gas means more planet-heating pollution. Gas-fired power generation in development globally rose by 31 percent in 2025. Almost a quarter of that added capacity is slated for the US, which has surpassed China with the biggest increase of any country.