Roadmap: The AI Data Center Stack

AI is the most power-intensive workload in computing history. As of early 2026, 190GW of hyperscale data centers have been announced across 777 projects worldwide, and global data center power consumption is projected to more than double by 2030.

Data centers can be built in 12-18 months, but grid interconnection takes 5-7 years. Of the 110 projects that were scheduled to come online in 2025, more than a quarter were delayed due to power, permitting, and construction issues. In April 2026, President Trump invoked Section 303 of the Defense Production Act, designating large-scale grid infrastructure as a national security essential.

The 6 major investment opportunity areas BVP is focusing on:

• Permitting and site selection: automating environmental review and grid interconnection approvals
• Software and orchestration: optimizing data center operations
• On-site power generation: self-generation via solar, gas turbines, SMRs, etc.
• Grid hardware: expanding the supply chain for transformers and switchgear
• Cooling technology: next-generation thermal management such as immersion cooling and direct liquid cooling (DLC)
• AI infrastructure security: integrated physical and cyber security

In 2025, data centers accounted for 78% ($4.5 billion) of all construction-environment venture investment. BVP views the hardware and software layers enabling this as still in an early stage, and has disclosed portfolio companies including American Terawatt, Claroty, and DriveNets.