Data center infrastructure as an asset class: how allocations actually get underwritten

A pattern worth discussing for anyone watching data center infrastructure as an asset class.

The headline is a supply shortage: \~1% vacancy in primary markets, 81.5% of under-construction capacity preleased before delivery. But the more interesting structural story is how allocations get underwritten now. It's migrating from operator brand toward deal structure: secured low-cost power (utility-direct around $0.06-0.065/kWh vs $0.12-0.15 retail), off-take committed under LOI before construction, and front-of-queue interconnect (transformers are on 128-week lead times, so a secured position is itself a moat).

Curious how others here think about the durability of that moat, and whether the 1-10 MW segment too small for hyperscale credit, too capital heavy for most regionals to build on spec is structurally underserved or just temporarily mispriced.