AI Compute / Datacenter Power

Where it stands

Each step compares the last four complete quarters with the two years before. A theme usually moves left to right: companies push, Congress and the White House act, the government buys, and markets respond.

1. 1. Companies pushing
   Rising

   195 companies and groups lobbied on it in Q2 2026, against 82 a year earlier.

2. 2. Congress
   Rising

   27 bills introduced and 0 became law in the last four quarters, against 0 and 0 a year before that.

3. 3. White House and agencies
   Falling

   0 proposed rules, 0 final rules and 0 presidential actions in the last four quarters, against 3 a year before that.

4. 4. Government buying
   Quiet

   Not counted: federal purchase notices that mention data centers are agencies maintaining their own IT, not the AI power build-out.

5. 5. Markets
   Rising

   3 insider purchases in the theme's companies in the last four quarters, against 2 a year before that. Their stocks: +13% over the same year, against +14% for the S&P 500. Among the 50 largest holdings of the funds we track, these stocks were worth $51.6B at the end of Q1 2026, against $25.5B a year earlier; the figure moves with prices and with how many funds rank them that high.

The setup

The US government is increasingly focused on the environmental impact and infrastructure demands of data centers, with legislative efforts emerging to mandate transparency and cost allocation. Concurrently, federal agencies are making significant investments in upgrading and maintaining their own data center and network infrastructure. This dual approach reflects a growing awareness of the critical role and resource intensity of digital infrastructure.

How this developed

1. Dec 18, 2024HHS awards Skyward Dynamics $81.3M to operate and maintain the Chronic Conditions Warehouse and Virtual Research Data Center.Federal contract
2. Aug 8, 2025DHS awards IBM $27.5M for architecture engineering support to design and maintain USCIS networks, data centers, and cloud systems.Federal contract
3. Sep 30, 2025HHS awards Peraton Enterprise Solutions $69.5M for data center continuity of operations.Federal contract
4. Nov 4, 2025VA awards The Trevino Group $48.8M for infrastructure improvements including electrical, UPS, HVAC, and data center renovation.Federal contract
5. Jan 8, 2026Rep. Vindman introduces HR6984, the Data Center Transparency Act, requiring quarterly and semi-annual public reporting on data center resource use.Bill
6. Sep 28, 2026HUD awards Impres Technology Solutions $46.2M for a Nutanix datacenter refresh.Federal contract
7. Sep 29, 2026DOE awards the Virginia Department of Energy $197M to enhance grid reliability by addressing data center electricity load impacts.Federal contract
8. Sep 30, 2026Sen. Blunt Rochester introduces S5640, the Data Center Transparency Act of 2026, requiring EPA and EIA reports on data center resource use.Bill
9. Oct 5, 2026Department of State awards SAIC $311M for core data network and cybersecurity support.Federal contract
10. Oct 13, 2026Rep. Vindman introduces HR10809, the Make Data Centers Pay Act, requiring data centers >=20 MW to bear incremental grid upgrade costs.Bill

The full story, year by year

* Year to date. Lobbying is the most companies and groups naming the theme in any one quarter. Insider buys are officer and director open-market purchases in VRT, CEG, VST, TLN, POWL. Fund holdings are the value of these companies among the top 50 positions of the funds whose 13F filings we track, at the latest quarter of each year. Stock returns are an equal-weight basket of the same companies with prices on file, split-adjusted, without dividends, against the S&P 500 over the same quarters.

• Lobbying before 2025 comes from filings that name the theme; the full lobbying archive is still loading.
• Lobbying reports for Q3 2026 are still being filed, so the comparison uses Q2 2026.

Why it matters

• Multiple federal agencies, including HHS, DHS, VA, and HUD, are investing tens of millions in data center maintenance, upgrades, and continuity, indicating ongoing reliance on and modernization of internal infrastructure (E1, E2, E3, E4, E10).
• Congress is actively pursuing legislation to increase transparency and accountability for data center resource consumption, with HR6984 and S5640 mandating reporting on water, energy, and emissions (E5, E12).
• The Department of Energy is directly funding grid reliability initiatives specifically to address the impact of data center electricity loads, as evidenced by the $197M grant to Virginia (E11).
• There is a legislative push to shift the financial burden of grid upgrades to large data centers and high-density computing facilities, with HR10809 proposing that facilities over 20 MW pay for incremental grid costs (E14).

Companies exposed to this theme

The record · 10 items, oldest first

• Dec 18, 2024Federal contractSKYWARD DYNAMICS INFORMATION TECHNOLOGY, LLC: THE RESEARCH DATA DEVELOPMENT GROUP (RDDG) WITHIN THE OFFICE OF ENTERPRISE DATA AND ANALYTICS (OEDA) SUPPORTS THE AGENCY'S MISSION BY OPERAT
• Aug 8, 2025Federal contractINTERNATIONAL BUSINESS MACHINES CORPORATION: AWARD, ARCHITECTURE ENGINEERING SUPPORT (AES) SERVICES, USCIS ENTERPRISE INFRASTRUCTURE DIVISION. EXCLUSION 2(D). CONTRACTOR SUPPORT TO DESI
• Sep 30, 2025Federal contractPERATON ENTERPRISE SOLUTIONS LLC: DATA CENTER BRIDGE VI ORDER FOR CONTINUITY OF OPERATIONS
• Nov 4, 2025Federal contractTHE TREVINO GROUP, INC.: THE CONTRACTOR TO PROVIDE LABOR, PROJECT MANAGEMENT, MATERIALS, TOOLS, SUPPLIES, AND EQUIPMENT TO PROVIDE INFRASTRUCTURE IMPROVEMENTS (ELECT
• Jan 8, 2026BillData Center Transparency Act
• Sep 28, 2026Federal contractIMPRES TECHNOLOGY SOLUTIONS, INC: NUTANIX DATACENTER REFRESH
• Sep 29, 2026Federal contractTHE VIRGINIA DEPARTMENT OF ENERGY: $197M Department of Energy Grant
• Sep 30, 2026BillData Center Transparency Act of 2026
• Oct 5, 2026Federal contractSCIENCE APPLICATIONS INTERNATIONAL CORPORATION: $311M Department of State Contract
• Oct 13, 2026BillMake Data Centers Pay Act

Some keyword matches were judged unrelated to this theme and are excluded from the record above.

How this story evolved

• Oct 16, 2026, 5:14 AM ETreal62 recordslatest record Oct 13, 2026

  Congress introduces bills to regulate data center energy and water use as agencies invest in infrastructure upgrades.

  The US government is increasingly focused on the environmental impact and infrastructure demands of data centers, with legislative efforts emerging to mandate transparency and cost allocation. Concurrently, federal agencies are making significant investments in upgrading and maintaining their own data center and network infrastructure. This dual approach reflects a growing awareness of the critical role and resource intensity of digital infrastructure.

• Oct 15, 2026, 5:15 AM ETreal86 recordslatest record Oct 13, 2026

  VA invests in EHRM data center upgrades, while Congress considers making large data centers pay for grid improvements.

  The Department of Veterans Affairs is systematically upgrading its Electronic Health Record Modernization (EHRM) infrastructure across multiple facilities, indicating a significant, ongoing investment in its data center capabilities. Concurrently, a new bill in Congress proposes to shift the cost of grid upgrades for large data centers, including those supporting AI and crypto, directly onto the operators. This suggests a growing tension between the demand for compute power and the strain it places on national energy infrastructure.

• Oct 14, 2026, 5:41 AM ETreal54 recordslatest record Oct 5, 2026

  Congress introduces bills to regulate data center energy use, while federal agencies award over $2.3B in data center contracts.

  The US government is actively addressing the energy consumption of data centers and AI compute, with multiple legislative efforts emerging to mandate transparency and impose fees. Concurrently, federal agencies are investing heavily in modernizing and maintaining their data center infrastructure, awarding over $2.3 billion in contracts in late 2026 alone. This dual approach signals both a push for environmental accountability and a significant commitment to digital infrastructure.

• Oct 13, 2026, 5:14 AM ETreal56 recordslatest record Oct 5, 2026

  Congress introduces bills to regulate data center energy use, while federal agencies award over $2.3B in data center contracts.

  The US government is actively addressing the energy consumption of data centers and AI compute, with multiple legislative efforts emerging to mandate transparency and impose fees. Concurrently, federal agencies are investing heavily in modernizing and maintaining their data center infrastructure, awarding over $2.3 billion in contracts in late 2026 alone. This dual approach signals both a push for environmental accountability and a significant commitment to digital infrastructure.

• Oct 12, 2026, 5:14 AM ETreal56 recordslatest record Oct 5, 2026

  Congress introduces bills to regulate data center energy use, while federal agencies award over $2.3B in data center contracts.

  The US government is actively addressing the energy consumption of data centers and AI compute, with multiple legislative efforts emerging to mandate transparency and impose fees. Concurrently, federal agencies are investing heavily in modernizing and maintaining their data center infrastructure, awarding over $2.3 billion in contracts in late 2026 alone. This dual approach signals both a push for environmental accountability and a significant commitment to digital infrastructure.

• Oct 11, 2026, 5:14 AM ETreal83 recordslatest record Oct 5, 2026

  VA invests in EHRM data center upgrades, while DHS and Education commit over $1.2B to data center support and virtual infrastructure.

  The US government is actively investing in modernizing and expanding its data center infrastructure, with a significant focus on the Department of Veterans Affairs' Electronic Health Record Modernization (EHRM) program. This initiative, alongside substantial contracts from the Department of Homeland Security and Education, indicates a broad push to enhance data processing capabilities and support critical IT operations. The earliest evidence of this push dates back to late 2024, with activity accelerating through 2026.

• Oct 10, 2026, 5:14 AM ETreal57 recordslatest record Oct 5, 2026

  Congress introduces bills to regulate data center energy use, while federal agencies award over $2.3B in data center contracts.

  The US government is actively addressing the energy consumption of data centers and AI compute, with multiple legislative efforts emerging to mandate transparency and impose fees. Concurrently, federal agencies are investing heavily in modernizing and maintaining their data center infrastructure, awarding over $2.3 billion in contracts in late 2026 alone. This dual approach signals both a push for environmental accountability and a significant commitment to digital infrastructure.

• Oct 9, 2026, 5:14 AM ETreal84 recordslatest record Oct 5, 2026

  VA and DHS commit over $1.2B to data center infrastructure and support, while Congress eyes transparency.

  The US government is making significant investments in its data center infrastructure, driven primarily by the Department of Veterans Affairs (VA) and the Department of Homeland Security (DHS). These efforts include major construction projects and long-term support contracts, indicating a sustained push to modernize and expand critical IT capabilities. Concurrently, legislative interest is emerging to increase transparency around data center operations.

• Oct 8, 2026, 5:14 AM ETreal84 recordslatest record Oct 5, 2026

  VA invests in EHRM data centers, while DHS and Education award large data center support contracts.

  The US government is actively investing in and modernizing its data center infrastructure, with a particular focus on the Department of Veterans Affairs' Electronic Health Record Modernization (EHRM) initiative. This effort includes significant construction and infrastructure upgrades for new and existing data centers. Concurrently, major agencies like DHS and the Department of Education are awarding substantial contracts for data center support and virtual infrastructure.

• Oct 7, 2026, 5:41 AM ETreal81 recordslatest record Oct 2, 2026

  VA drives EHRM data center upgrades, while DHS and Education commit over $1.2B to data center operations.

  The Department of Veterans Affairs (VA) is actively upgrading its Electronic Health Record Modernization (EHRM) infrastructure across multiple facilities, signaling a significant investment in data center capabilities. Concurrently, major contracts from the Department of Homeland Security (DHS) and the Department of Education indicate a sustained commitment to operating and maintaining large-scale data center environments. This activity spans from new construction and infrastructure upgrades to long-term operational support.

• Oct 6, 2026, 5:15 AM ETreal176 recordslatest record Oct 5, 2026

  DHS and Education commit over $1.2B to data center support, while DoD seeks high-performance computing modernization.

  The US government is actively investing in maintaining and modernizing its data center infrastructure, with significant contracts awarded by the Department of Homeland Security and the Department of Education. Concurrently, legislative efforts are emerging to address the environmental impact and transparency of data centers, particularly concerning energy and water usage. This indicates a dual focus on operational continuity and increased scrutiny of the sector's resource consumption.

• Oct 5, 2026, 5:14 AM ETreal88 recordslatest record Sep 30, 2026

  Federal agencies commit over $2.3B to data center operations and upgrades, while Congress debates new regulations on energy and water use.

  The US government is making significant investments in its data center infrastructure, with over $2.3 billion in contracts awarded across multiple agencies for support, modernization, and new construction. Concurrently, several bills have been introduced in Congress aiming to increase transparency and potentially regulate the energy and water consumption of these facilities. This dual approach suggests a push for both enhanced operational capacity and greater accountability in federal data center management.