凯文·奥利里（Kevin O’Leary）的数据中心公司向那些对其庞大的人工智能（AI）发展计划持怀疑态度的分析师们发出了明确的信息：你们并没有看到全貌。奥利里数字公司（O’Leary Digital）的首席执行官保罗·帕兰迪安（Paul Palandjian）对伯恩斯坦研究公司（Bernstein Research）的评估结果提出了反驳——该评估将该公司排在数据中心行业信誉排行榜的末尾。
Kevin O'Leary's data center company has a message for analysts who doubt its enormous AI ambitions: You're not seeing the whole picture. Paul Palandjian, CEO of O'Leary Digital, pushed back on a Bernstein Research assessment that put the firm near the bottom of the data center industry's credibility rankings.
在给《商业内幕》（Business Insider）的电子邮件回复中，帕兰迪安详细说明了该公司在土地获取、水资源申请、许可手续、工程进度以及资金方面的情况，并指出这些因素在伯恩斯坦的研究中被忽略了。他写道：“在这个阶段接受严格的审查是合理的。”他还补充道：“仅根据已公布的建设规模来评估项目的进展，必然会导致这些项目在评估结果中的排名偏低，因为这些评估方法无法反映公司正在进行中的保密性工作。”
In an emailed response to Business Insider, he detailed land agreements, water applications and licensing, engineering work, and funding that he said the analysis overlooks. "Scrutiny during this cycle is fair," Palandjian wrote. He added, "A score built from announced-capacity data ranks every pre-construction project low on construction progress by definition, and it cannot see confidential work."
帕兰迪安的回应触及了当前人工智能数据中心建设热潮中的一个核心问题：投资者应该如何看待数据中心建设开始之前的各项准备工作？伯恩斯坦研究公司利用跟踪机构Aterio提供的数据，对数千个数据中心项目进行了分析，评估了诸如建设进度、电力供应情况以及公司的行业经验等因素。他们的分析结论是：在美国，只有大约35%的已公布数据中心建设项目最终会真正建成。
His response gets at a central question in the AI building boom: How much weight should investors give the work that happens before data center construction begins? Bernstein examined thousands of data center projects using data from the tracking firm Aterio, assessing factors such as construction progress, electricity availability, and industry experience. Its analysis concluded that only about 35% of announced data center capacity in the US will get built.
奥利里数字公司的信誉得分为0.35分（满分5分）。伯恩斯坦估计，该公司计划建设的15吉瓦（gigawatt）数据中心容量中，仅有约489兆瓦（megawatt）能够真正实现。分析师们将奥利里数字公司归类为那些“夸大自身实力的新进入者”。帕兰迪安解释说，这15吉瓦的容量实际上指的是该公司在犹他州和阿尔伯塔省两个数据中心园区的完整建设计划，整个建设过程需要数年时间才能完成。他写道：“我们希望人们根据我们的实际成就来评价我们，而不是根据一些模型或假设。”
O'Leary Digital received a credibility score of 0.35 out of 5. Bernstein estimated that 489 megawatts of its announced 15-gigawatt pipeline would materialize, roughly 3%. The analysts grouped it with ambitious newcomers described as "bragawatts." Palandjian said the 15-gigawatt figure represents the full build-out of two campuses in Utah and Alberta over several years. "We would rather be judged on milestones than on a model," he wrote.
帕兰迪安特别强调了电力供应问题——这是数据中心开发商面临的最大障碍之一。他写道：“我们的数据中心项目并未被列入电力供应的等待名单（即尚未进入电力网络连接的排队系统）。”
Palandjian's clearest distinction concerns electricity, one of the biggest obstacles facing data center developers. "We are not in an interconnection queue," he wrote, referring to the waiting lists for connections to the electricity grid.
他说，这两个园区的设计理念都是“就地生产所需的所有电力”——它们可以直接接入天然气管道和能源供应系统。业界将这种模式称为“‘Behind the Meter’”（即“在设施内部生产电力”，而非依赖电网供电）。在犹他州，Palandjian表示，军事设施开发局已经批准并执行了一项为期30年的开发协议，指定O’Leary Digital公司为该项目的主体开发商；目前已有约11,000英亩的土地签订了具有法律约束力的开发协议。
Instead, both campuses are designed to generate all their electricity on-site, he said, with direct access to natural gas pipelines and supplies. That's what the industry calls "behind the meter": producing power at the facility rather than relying on an electricity utility to supply it from the grid. In Utah, Palandjian said the Military Installation Development Authority had approved and executed a 30-year development agreement naming O'Leary Digital as master developer of the project area. About 11,000 acres are under binding agreements, he said.
他表示，两个园区的总体规划、地质勘测以及基于激光技术的土地测量工作已经完成，该公司还在9月底提交了相关的水资源使用申请。在阿尔伯塔省，约有13,000英亩的土地签订了具有法律约束力的开发协议，并已获得了每年600万立方米用水量的许可。Palandjian还强调，这两个园区都位于人口密集的居住区之外。
Master planning, ground studies, and laser-based land surveying have finished at both sites, and the company filed an engineered Utah water application in late September, he added. In Alberta, about 13,000 acres are under a binding agreement, and a water license for 6 million cubic meters a year has been granted, Palandjian said. He also said that both sites are away from densely populated residential communities.
关于资金问题，Palandjian表示他的公司拥有足够的资金用于项目的前期准备及后续建设。虽然他没有具体说明资金数额，但表示参与项目的工程、电力和建筑公司，以及为其提供咨询的全球银行，都证明了该公司具备完成项目的能力。他写道：“凭借这样的团队，项目的每一个关键环节都在得到妥善处理；潜在的问题能够被及早发现并加以解决，从而提高项目的成功率。”
On money, Palandjian said his firm has capital for both pre-development and advancing the project toward key milestones. He did not specify a funding amount or say the entire build-out was financed. He said that the engineering, power, and construction firms working with the company, and the global banks advising it, provide evidence of its ability to deliver. "With that team, every critical part of the project is being worked through, gaps are identified early, and we are closing them to raise our probability of success," he wrote.
Palandjian指出，尽管O’Leary Digital公司成立时间较短，但其团队在房地产、电力和基础设施领域拥有数十年的经验。不过，Bernstein的质疑并不意味着所有新进入该行业的企业都会失败。“并不是说这些公司都不可靠、无法完成项目，只是由于我们对他们了解不多，因此信心相对较低，”分析师Madison Rezaei解释道。通过Palandjian的这次更新，我们现在对项目的进展情况有了更多的了解。
Palandjian said that while O'Leary Digital is young, its team has decades of experience in real estate, power, and infrastructure. Bernstein's skepticism does not mean every newcomer will fail. "It's not that all of these guys are sort of terrible and not going to deliver, but we just have lower confidence because we don't know them," analyst Madison Rezaei said. With Palandjian's update, now we know a bit more. here. Reach out to me via email at abarr@businessinsider.com