Regional TAM estimated at 4× local workloads = 1.20 TTokens/mo (Synergy Research H1 2025: hyperscale regional market concentration). Site utilization: 85.0% with 8% proximity premium. 800 Gbps backbone + path diversity 6 support regional hub positioning.
Critical: project timeline is binding — pricing window compressed by deployment delay.
Binding constraint
Construction schedule is the critical path to revenue
Every month of delay compresses the pricing window and reduces levered NPV by eroding time-in-market against faster entrants.
The industry optimizes for capital cost per MW. It should optimize for time-to-first-token. The cheapest facility is almost never the most profitable.
Near-binding risks
2 percentage points below the binding threshold
25 percentage points below the binding threshold
42 percentage points below the binding threshold
Regime 4 — Critical: Severe structural imbalance. Supply cannot meet demand even at maximum utilisation; multiple constraints are near-binding simultaneously.