Google Midlothian: A major Texas portfolio still needs campus-level attribution
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Existing campus operating; Building 4 accessibility registration closed; Building 5 registered with February 24, 2027 target, not verified complete. Capacity scope: Current IT MW unknown; Q2 2026 PUE 1.12 quarterly / 1.11 TTM; Building 5 registered at 288,000 sq ft with February 2027 filed target. How we verify evidence.
← Back to project indexCompare this project → · Track its catalysts → · Evidence guide →
- Location
- Midlothian, Texas — representative locality pin
- Readiness
- Operating
- Status
- Established Google campus; current operating load and expansion scope unknown
- Confirmed companies
- Google / Alphabet
- Next milestone
- Midlothian-specific capacity, incremental capital and workload economics
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
Our analysis: A major Texas portfolio still needs campus-level attribution. Midlothian contributes an established location distinct from newly announced Texas sites. Statewide commitments give corporate context but do not measure this campus’s incremental return.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Established Google campus; current operating load and expansion scope unknown Readiness source →
What the sources establish
- Existing location. Google identifies Midlothian and Red Oak as existing Texas data center locations, with its first Midlothian investment in 2019. Primary source →
- Investment boundary. Its Texas page describes USD 40 billion statewide investment through 2027 and additional locations across other counties. That is not a disclosed standalone Midlothian budget. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| Google / Alphabet | Owner or operator of the disclosed infrastructure | Accepted useful capacity and net contribution after resource and renewal costs. |
| Named service and construction participants | Contract-specific delivery and recurring service roles | Actual contract, tariff or purchase terms; participation is not booked profit. |
| Equipment suppliers not established here | Potential procurement and renewal spending | Named awarded orders before attributing public-company project revenue. |
How financially meaningful is it?
Our analysis: A broad regional buildout can support connectivity, operational staffing and workload resilience, yet each facility has its own resource obligations and capital needs. Midlothian’s relevant return is useful cloud and product output after electricity, networking, facilities and equipment renewal. Google’s statewide USD 40 billion commitment cannot be divided among locations without a disclosed allocation, nor treated as cash already spent. An existing campus may be attractive for expansion if shared infrastructure can accommodate denser equipment at reasonable incremental cost. Conversely, power or cooling modifications may make a new site more efficient. The analysis requires measured operating load, proposed asset scope and an explicit useful-life assumption. No particular ERCOT tariff, GPU vendor or customer contract is inferred from the Texas location.
Computing contribution equals customer or product benefit minus power, network, facility operation, financing and equipment renewal. Model long-lived buildings separately from shorter-lived computing assets.
Hypothetical illustration: 10 MW steady IT load at 1.2 PUE uses 105,120 MWh annually. A USD 10/MWh tariff increase adds USD 1.0512 million annual cost. Neither load, PUE nor tariff is disclosed here; this is a sensitivity example, not a site forecast.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Scope and capital | Reconcile campus and portfolio figures, accepted versus potential capacity, and property versus equipment funding. |
| Electrical and cooling acceptance | Midlothian-specific capacity, incremental capital and workload economics. Equipment delivery, construction completion and commissioning are separate steps. |
| Commercial productivity | Useful workloads or billable customer capacity, with operating costs and renewal obligations included. |
| Counterparty attribution | Named binding service and procurement terms before estimating participant earnings. |
What could break the investment case?
Our analysis: Statewide investment can overwhelm campus-level detail. Electrical costs, retrofit requirements and renewal cycles may affect returns independently of corporate AI demand.
What would change our view?
Our analysis: Dated acceptance, disciplined incremental capital and useful output at competitive resource cost would strengthen our assessment. Idle equipment, repeated delivery slippage or capital and renewal spending ahead of economic benefits would weaken it. We change the stage only on project-specific evidence, and would improve public-company financial attribution only with contract scope and cash-flow detail. A larger headline by itself would not justify a stronger return conclusion.
What remains unknown
Resolved registered expansion scopes, target dates and current filed cost estimates. Remaining: Building 5 address/cost disagreement with March reporting, actual construction progress, occupancy and IT commissioning for each phase, current IT/peak MW, hardware utilization, campus energy consumption and site earnings. PUE ratios and accessibility-register closure do not resolve these.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Readiness evidence update · October 14, 2026
Operating existing campus. Google identifies Midlothian as an existing Texas data-center location and publishes campus-specific PUE results, providing operating-performance evidence. The city financial report separately lists Google Midlothian as an employer. This supports existing-campus operation, not completion of every expansion or current IT MW.
This corrects our readiness classification; it does not report a new opening. Current accepted IT MW, utilization, site earnings and completion of all expansions remain unverified. No capacity or spending quantity is promoted into aggregate totals.
- Google Data Centers
Google identifies Midlothian and Red Oak as existing Texas data-center locations. Its statewide investment program is not an allocated Midlothian budget.
- Google Data Centers
Google reports campus-specific Midlothian PUE values for dated reporting periods, supporting operation of the existing campus. A PUE ratio is not operating IT MW, utilization, or evidence of every expansion’s completion.
- City of Midlothian, FY2024 Annual Comprehensive Financial Report
The principal-employers table lists Google Midlothian. This supports an established local footprint; the statistical schedule is unaudited and is not an operating permit or current capacity certificate.
Capacity, utilization and expansion gap review · October 14, 2026
Building 4 and Building 5 are different phases
The Building 4 state record is closed and lists a December 31, 2025 completion date. Building 5 remains registered with a February 24, 2027 filed target and 288,000 square feet. Accessibility-register closure and filed dates do not certify occupancy or IT commissioning.
Cost and address conflict retained
The current Building 5 record lists estimated cost $491,727,252 and 3411 Railport Parkway. March 2026 reporting gives $880 million and 3441 Railport Parkway. FJI retains both dated claims; a cost reduction or revision date is not established.
Measured efficiency, not utilization
Google reports Q2 2026 PUE 1.12 quarterly and 1.11 over the trailing twelve months. These ratios strengthen evidence of operating performance but do not resolve IT MW or hardware utilization.
Remaining questions
Resolved registered expansion scopes, target dates and current filed cost estimates. Remaining: Building 5 address/cost disagreement with March reporting, actual construction progress, occupancy and IT commissioning for each phase, current IT/peak MW, hardware utilization, campus energy consumption and site earnings. PUE ratios and accessibility-register closure do not resolve these.
Company investor information & quarterly statements
Alphabet
Google campus operator; Sharka LLC registered expansion entity.
Official investor & shareholder information · Quarterly financial statements: 2026 Q2, quarter ended June 30, 2026
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →