Google Wilbarger County / Project Rise

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Construction documented; utility energization, occupancy and productive customer service not verified. Capacity scope: Campus electrical and IT MW not established; two applicant-reported 991,000-square-foot building registrations, not a verified combined total. How we verify evidence.

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Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.

The investment takeaway

Our analysis: Wilbarger adds a distinct Google campus and an integrated energy-services model to Texas coverage. The key investor relationship joins Alphabet’s infrastructure demand with AES generation and energy management. Signed agreements and a legal occupant record provide stronger commercial context than an anonymous construction lead. They do not establish deployed AI systems or project returns.

Government records resolve the project identity

The Texas Comptroller’s readable certification table names Rise Data Center and Google LLC as occupant, alongside Platon Investments LLC as owner and Design LLC and Google Energy LLC as registered operators. Certification is effective August 10, 2026. The role labels concern tax registration; they are not a complete operating-company chart. TDLR registers Rise buildings on FM 2897 South in Wilbarger County.

One campus, separate building registrations

Rise 1A and Rise 2A each list 991,000 square feet and a $500 million estimated cost, with the same applicant construction window. We count them together as one campus and retain separate phase records. The first filing spells the owner Planton, while the second and Comptroller table use Platon. Address or spelling similarities alone would not prove Google ownership; the occupant certification provides the verified linkage.

Power contracts and their boundaries

AES’s February 24, 2026 disclosure says the parties signed 20-year power-purchase agreements and an energy-management arrangement. AES plans to own and operate colocated generation and provide related electricity services. It reports securing land and interconnection arrangements, but those statements do not prove commissioned plants. Reuters independently reported the deal. No contracted campus MW, power price or guaranteed start date is established.

Construction, cooling and readiness

Google called the campus under construction on February 24, 2026. That supports an attributed construction classification; TDLR’s later status is only Project Registered. The filed March 31, 2028 end date is an applicant schedule, not a verified completion date. Google describes advanced air cooling with water for essential campus uses. We did not verify measured water use, delivered power or productive workloads.

Capacity and wider corporate exposure

Google’s statewide contracted energy portfolio and AES’s multi-customer generation portfolio are not campus capacity. This entry is geographically separate from Google Midlothian and other announced Texas locations. No GPU order or vendor award is inferred. AES shareholder approval of a proposed take-private is a corporate milestone, not a closed acquisition or funding for this campus; closing remains subject to conditions in the reviewed disclosure.

Risks and what would change the assessment

Generation and computing schedules must align. Interconnection constraints, construction revisions, funding costs, environmental conditions and contract execution can affect delivery. Issued phase permits, actual utility acceptance, generation commissioning and dated computing service would strengthen readiness. Revised scope, delayed power or adverse conditions would weaken it. The unknowns are retained instead of converting projected building area into IT load.

Financial significance

TDLR lists a $500 million applicant estimate for each of Rise 1A and 2A. These are registration estimates, not closed financing or verified spend; potential scope overlap prevents a verified $1 billion total. Google’s statewide investment commitments are not a Wilbarger budget. AES describes long-term power and service arrangements without project price or earnings. Our analysis: campus delivery and generation acceptance determine when commitments can produce computing benefits and energy-service cash flow.

Sources and claim verification

Structured source and government-record audit → · Reviewed October 8, 2026.

Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.

1. Texas Comptroller of Public Accounts · publication date not established · reviewed 2026-10-08

   Directly read state certification table lists Rise Data Center effective August 10, 2026: Platon Investments LLC owner LD107696-OW1; Google LLC occupant LD107696-OC1; Design LLC and Google Energy LLC operators LD107696-OP1/OP2. Establishes legal role linkage and tax certification, not completion or operating authority.

   Government record →
2. Texas Department of Licensing and Regulation · 2026-07-15 · reviewed 2026-10-08

   Rise 2A accessibility registration names Platon Investments LLC, FM 2897 South, Wilbarger County. Applicant reports 991,000 square feet, $500 million estimate and March 31, 2026–March 31, 2028 schedule. Status Project Registered; not building permission, actual spend or completion.

   Government record →
3. Texas Department of Licensing and Regulation · 2026-07-11 · reviewed 2026-10-08

   Project Rise 1A separately registered with same filed area, cost and schedule; owner spelled Planton versus Platon in the other record. Do not treat this spelling as a separate company or sum potentially overlapping estimates into a verified total.

   Government record →
4. Google · 2026-02-24 · reviewed 2026-10-08

   Company describes Wilbarger data center under construction, advanced air cooling, and colocated AES clean power. Its 7,800 MW contracted Texas energy portfolio is statewide, not this campus capacity. Announcement does not establish energized IT load.

   Company disclosure →
5. AES — issuer release distributed by PR Newswire · 2026-02-24 · reviewed 2026-10-08

   Original issuer disclosure announces 20-year PPAs and long-term energy management; AES says land/interconnection agreements secured and plans shared infrastructure and ownership/operation of generation. One underlying release, not independent reporting; price, dedicated MW and financing close unverified.

   Company disclosure →
6. Reuters · 2026-02-24 · reviewed 2026-10-08

   Accessible original business reporting covers the signed 20-year AES/Google supply deal and shared infrastructure. AES portfolio totals are not assigned to the campus; corporate statements remain attributed, not independently verified delivery.

   Independent specialist reporting →
7. DatacenterDynamics · 2026-02-24 · reviewed 2026-10-08

   Specialist reporting distinguishes new Wilbarger campus from Midlothian, Red Oak, Armstrong and Haskell. Covers generation and energy-management roles, largely from issuer disclosures; no opening date or campus IT MW established.

   Independent specialist reporting →
8. AES — issuer shareholder-approval release · 2026-06-26 · reviewed 2026-10-08

   Shareholders approved proposed take-private transaction; closing expected late 2026 or early 2027 subject to approvals. Not a completed ownership change or Wilbarger project-financing transaction.

   Company disclosure →