What is cost per MW? It is the all-in cost to build one megawatt of critical IT capacity, including the building, power and cooling infrastructure. In 2026 it is roughly $10–15M per MW for most U.S. projects, and more for liquid-cooled AI halls. Because capacity is leased by the megawatt, cost per MW against rent per MW drives returns. https://passive.investments/data-center-economics-underwriting/

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What is dark fiber? It is fiber-optic cable that has been installed but is not yet “lit” with active equipment, meaning spare capacity in the ground. It lets an operator light its own dedicated, high-capacity connections quickly and cost-effectively. Sites near abundant dark fiber can scale bandwidth without waiting for a carrier to build new routes. https://passive.investments/data-center-fiber-connectivity/