A new Vulcan dashboard and an updated one show what’s really under construction across data centers and power generation.

If you trade power, track data center operators, or cover the stocks behind them, you’ve heard the same story again and again: gigawatts announced, timelines promised. The harder question is the one that moves markets: what is actually being built?

In the next few minutes, you’ll see how two Vulcan dashboards, one new and one updated, answer it, using satellite evidence instead of press releases.

Filings tell you the plan. Not the progress.

Interconnection filings and developer announcements describe what is planned. They can’t tell you whether anyone has broken ground, whether a site is ahead of schedule, or whether it has quietly stalled. Misread a delay and your forecast is wrong. Miss an acceleration and you’re late to the move.

This isn’t about replacing the sources you already trust. It’s about checking them against the physical world. Vulcan, from the SynMax Energy team, adds a view of infrastructure activity beyond filings and announcements, so you can track construction progress and spot potential delays.

Our newest dashboard is the Equity Monitor, now live in the Data Center section of the Vulcan platform. It rolls up satellite-observed construction progress for publicly traded data center operators, from the company level down to individual projects, and sets our timelines against IIR Energy’s. We’ve also updated our power construction trend analysis dashboard, which checks EIA’s under-construction statuses against what Vulcan sees on the ground.

If you’re already a Vulcan client, both are in your account today. If you’re new to Vulcan, here’s what they show.

Here’s how to put them to work in three steps. Steps 1 and 2 both happen in the Equity Monitor; step 3 uses the power dashboard.

1 Pick a company. See every project.

The Equity Monitor started with a request we kept hearing from equity teams: an easy summary of a company’s construction progress. Using our agentic tool, we turned that request into a dashboard quickly. Open it from the Data Center section, choose from 20 publicly traded operators, and see all of their projects in one place.

Take Equinix. Its announced pipeline is large, but the satellite view shows how much of it is real:

Equity Monitor: pick a listed operator and see pipeline, cancellations, and schedule status on one screen.

A big pipeline isn’t automatically a risky one. For Equinix, 1,293 MW is running ahead of its filed timelines and only 82 MW is delayed. Where it is building, execution is strong.

2 Drill into any project. Compare it with IIR Energy.

Now go one level deeper without leaving the Equity Monitor. Select a project to see where it sits in the development cycle, then compare our satellite-based view with our leading industry research partner, IIR Energy.

Project-level status (top) and capacity online by year: IIR announced vs. Vulcan satellite forecast (bottom).

The gap between the two timelines is where the insight lives. Some projects are well ahead: Hertford DC 03 shows 421 days early. Others are well behind: Ashburn DC22 shows 629 days late. At the portfolio level, the two views diverge year by year. Reading the chart, IIR’s announced timeline shows roughly 0.55 GW arriving in 2029, while Vulcan’s satellite forecast shows roughly 0.2 GW. By 2030 the picture flips.

Same projects. Two timelines. Only one is built on satellite evidence.

3 Check EIA statuses against what we see from orbit.

Our updated power construction trend analysis dashboard asks a simple question: of the projects EIA lists as under construction, how many does Vulcan confirm, and how many is Vulcan confirming that EIA doesn’t list?

The pattern echoes what we see in data centers. Some projects are advancing faster than market expectations, but more are being delayed.

EIA vs. Vulcan construction agreement by technology, for projects planned online in 2027.

The surprise is gas. For projects planned online in 2027, Vulcan confirms construction on 43% of gas combined-cycle capacity and 31% of gas peaker capacity that EIA does not list as under construction. For comparison, that share is 12% for solar, 11% for batteries, and none for wind.

Where EIA and Vulcan agree, you can move with confidence. Where they disagree, you’ve found a gap worth investigating.

What you can do now

Pick a company, and you see real progress. Drill into its projects, and you see real timelines. Compare against EIA, and you see where the market’s labels lag the ground truth.

You can now test any announced timeline against what’s actually being built, and find the gaps worth acting on.

Let’s connect at Nodal Trader 2026

The SynMax Energy team will be at the Nodal Trader Conference, hosted by S&P Global Energy. We’d like to hear what your team is tracking and show you these dashboards live.

Attending? Email dbellman@synmax.com to set a time.

Not going to be there? Email the same address and we’ll walk you through the dashboards.

See the Truth. Seize the Edge.

Dashboard outputs are descriptive operational assessments, not investment advice.