Industrials Model
The definitive map of datacenter industrial capex: Bills of Materials across 20+ datacenter designs translate the buildout into capex per megawatt for 75+ equipment lines, reconciled against a 550+ supplier tracker with revenues built bottom up by equipment line.
- Suppliers
- 550+ tracked
- Unit
- Capex per MW $ per business line
- Equipment lines
- 75+ covered
- Focus
- Datacenter capex
The datacenter buildout, mapped as a supply chain.
The SemiAnalysis Industrials Model follows datacenter capital spending into the industrial companies that receive it. The backbone is a unique capex methodology: Bills of Materials across 20+ datacenter designs set capex per megawatt for 75+ equipment lines across five key industrial segments, including cooling systems, electricals, and construction. Mapping those BoMs onto the 6,000+ individual sites of the SemiAnalysis Datacenter Model translates buildout capacity into a capex forecast for every equipment line.
Supply is built from the bottom up, starting from the revenues of each industrial equipment line across 550+ tracked suppliers. Reconciling the two sides is the point: segment by segment, the model shows where supply runs ahead of the buildout, where it runs short, and which companies sit on either side of that imbalance.
Who uses it, and what it decides.
The buyers of this model, and the calls they make with it.
- Investors
- End-market exposure for the industrial names riding the AI buildout: which suppliers actually touch datacenter industrial capex, how much of their revenue it explains, and where the imbalances sit.
- Suppliers & operators
- Where a segment sits in the chain, how demand per megawatt flows to it, what it actually costs to build a datacenter and how that cost is trending, and which parts of the map are running tight or long against the buildout.
Two sides, one reconciliation.
Demand built from datacenter Bills of Materials, supply built from each supplier’s equipment-line revenues, and the imbalance read between them.
The demand side
How much datacenter gets built, and what each megawatt of it costs, built from Bills of Materials rather than averages:
20+ design BoMs
A unique dataset of datacenter Bills of Materials across 20+ datacenter designs, the backbone of the capex methodology
75+ equipment lines
Capex per megawatt for 75+ equipment categories, priced from the BoM of each design, plus units per MW and units per building, split between hardware and service cost
6,000+ sites mapped
Each BoM mapped onto the individual sites of the SemiAnalysis Datacenter Model, translating capacity into capex forecasts by equipment line
The supply side
The companies on the receiving end of that capex, tracked bottom up:
550+ suppliers
The datacenter supply chain mapped company by company, across its full breadth
Revenue build
Bottom-up revenue attribution, starting from the revenues of each industrial equipment line
Five segments
Cooling, electricals, construction, other hardware, and services & digital
The reconciliation
Supply against demand, segment by segment: where capacity runs ahead of the buildout, where it runs short, and what that imbalance means for the companies exposed to it.
Where a megawatt goes.
The model prices a megawatt of datacenter industrial capex and follows it through the chain: the segments it splits across, the cost categories inside them, and the suppliers behind each one.
A flow diagram: one megawatt of datacenter industrial capex splits into electricals, cooling, and construction, then into cost categories such as UPS, backup gensets, chillers, CDUs, the shell, MEP contractors, commissioning, GC fees, and project management, reaching 550+ tracked suppliers. On wide screens, selecting a segment highlights its flow
Band widths are drawn for illustration, not measured. The model carries the real splits: capex per megawatt, the revenue build, and the imbalance by segment.
Common questions.
Anything not covered here, ask the team directly through the form below.
What does the Industrials Model include?
Three connected pieces: demand-side analysis built from Bills of Materials across 20+ datacenter designs with capex per megawatt for 75+ equipment lines, a supply-side tracker covering 550+ suppliers with revenues built bottom up by equipment line, and the supply-demand reconciliation with imbalance analysis by segment. Update notes, research notes on key Industrials topics, and calls with the research team ship with the model.
What does the supply chain map cover?
The industrial side of the datacenter buildout across five segments: cooling, electricals, construction, other hardware, and services & digital. Coverage runs from UPS, backup gensets, switchgear, and transformers to chillers, CDUs, the shell, MEP contractors, and commissioning, mapped across 550+ tracked suppliers.
How is the model built?
Demand first: a unique dataset of Bills of Materials across 20+ datacenter designs sets capex per megawatt for 75+ equipment lines, and those BoMs are mapped onto the 6,000+ individual sites of the SemiAnalysis Datacenter Model. Supply is then built from the bottom up, starting from the revenues of each industrial equipment line, and the reconciliation between the two is where the imbalance analysis lives.
Is it part of the SemiAnalysis newsletter subscription?
No. Industry models are separate institutional offerings and are not included with the annual newsletter membership.
Models that pair with this one.
The buildout sets the demand, the grid feeds it, and the network stitches it together. The other models cover each side.
Datacenter Industry Model
The buildoutThe demand anchor for this map: datacenter capacity and the buildout the suppliers are selling into.
View model
Energy Model
The powerThe megawatts themselves: where the power for the buildout comes from, and what it takes to deliver it.
View model
AI Networking Model
The fabricInside the halls this map builds: the switches, optics, and cabling that connect the compute.
View modelGet the Industrials Model.
Start with the sales team. They come back with scoping, licensing, and pricing for your mandate.
- Scoped to your use case
- The full 550+ supplier map behind it
- Custom research engagements available
