The AI Data Center Race: 3 Stocks Cashing In Today and 1 Aiming to Next Year

Quick Read

• Vertiv tops four AI data center plays with free cash flow surging 234% to $925 million and FY26 sales guidance raised to $14.2 billion.

• AMD backed Fermi’s $6.5 billion TensorWave lease, but phased delivery doesn’t start until 2027, and shares have fallen 64% year to date.

• Digital Realty posted record $707 million quarterly bookings driven by a 200 MW AI inference deal, the largest hyperscale lease in company history.

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Artificial intelligence is driving up demand for two scarce resources simultaneously: data center capacity and the electricity to run them. The Department of Energy projects that data centers will account for up to 12% of U.S. electrical demand by 2028. This update to an earlier look at the AI data center race brings in three new companies that are earning from AI today. One pre-revenue developer stays on the list as the company is still waiting to get paid.

All four companies are riding the same trend, but they will see the money on different schedules. Each one is scored on five measures:

• AI and data center revenue today

• Backlog and booking momentum

• Margins

• Strength of guidance

• Execution and financing risk

That developer comes in fourth because it has no revenue yet. The three companies already earning follow in ranked order.

4. Fermi: Contracts Signed, Revenue Still Years Away

Fermi (NASDAQ:FRMI) has no revenue yet. It is building Project Matador, a power campus in Carson County, Texas. In Q2 FY26, it reported a GAAP net loss of $25.81 million ($0.04 per share), compared with $6.29 million a year earlier. It ended the quarter with $91.7 million in cash. A July convertible note offering brought in $416.8 million in net proceeds.

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Its signed contract, a 15-year lease with the AI cloud provider TensorWave, covers 222 MW and about $6.5 billion in contracted revenue. Phased delivery begins in late 2027. On October 13, Advanced Micro Devices (NASDAQ:AMD) agreed to provide credit support for that lease, meaning it will help back the tenant’s obligations. Fermi called the deal a milestone toward project financing. The lease still has to close by October 31, 2026. Shares trade at $3.16, down 64.2% year to date.