The Physical Layer isn't a metaphor.
Every AI dollar passes through real reactors, real fabs, real data centers, real photonic foundries, real launchpads. Here's the address book — five layers, eighteen cards, every fact pulled from public 10-Ks and investor decks.
Electrons into the racks.
21 reactors across PJM + NY/NJ. Largest US nuclear operator. Direct PPAs locked with Microsoft (Three Mile Island restart) + Amazon (Susquehanna). Three Mile Island Unit 1 targeted online 2028 for MSFT data centers.
▸Three Mile Island Unit 1 · Londonderry Twp, PA
▸Susquehanna · Salem Twp, PA
▸Calvert Cliffs · Lusby, MD
▸Byron · Byron, IL
▸Braidwood · Braceville, IL
~40 GW total fleet: gas + 6.4 GW Comanche Peak nuclear + battery storage. ERCOT (Texas) anchor. Acquired Energy Harbor March 2024 — added 4 nuclear reactors + 4,000 MW to Pennsylvania/Ohio fleet. Lock-in PPAs being negotiated with hyperscalers in 2026.
▸Comanche Peak nuclear · Glen Rose, TX
▸Beaver Valley · Shippingport, PA (ex-EH)
▸Davis-Besse · Oak Harbor, OH (ex-EH)
▸Perry · North Perry, OH (ex-EH)
Aurora powerhouse design, 15-50 MWe per unit. NRC application active. Idaho National Laboratory demo site approved. Sam Altman backed. Nuclear fuel deal with NVIDIA + Los Alamos confirmed Apr 23, 2026.
▸Demo site: Idaho National Lab, Idaho Falls, ID
▸Pre-revenue · NRC certification pending
BTC mine → AI compute pivot. 2,910 MW grid-connected capacity contracted. Childress, TX site is 1,400 MW. Locked $9.7B Microsoft deal for AI compute capacity. Green-power-only operations.
▸Childress, TX (1,400 MW)
▸Prince George, BC, Canada (160 MW)
▸Mackenzie, BC, Canada (50 MW)
▸Sweetwater, TX (planned 1,400 MW)
Where the silicon gets etched.
HBM3E sold out through 2026. One of three suppliers globally (Micron, Samsung, SK Hynix). Revenue +196% YoY in latest quarter. Q3 FY2026 prints June 25. Idaho fab (Boise) anchors US production; NY mega-fab in Clay/Onondaga (CHIPS Act funded, $100B over 20 years).
▸Idaho fab · Boise, ID
▸NY mega-fab · Clay, NY (under construction)
▸Hiroshima fab · Japan
▸Manassas fab · Manassas, VA
▸Singapore + Taiwan packaging
Custom AI silicon for Google TPU + Meta MTIA. $73B backlog. 90% Ethernet switch share. Fabless — tapes out at TSMC. VMware integration delivering ~$23B/yr software revenue. Q2 FY2026 prints June 12.
▸Fabrication: TSMC Hsinchu + Tainan, Taiwan
▸Wireless silicon: Fort Collins, CO
▸VMware: Palo Alto + Bangalore
▸Storage IP: Longmont, CO
Ex-Yandex GPU cloud, Nvidia-backed. 3.0 GW contracted power (Feb), targeting 3.5+ GW. $19B Microsoft + $3B Meta deals locked. Finland Mäntsälä AI factory is the flagship. Q1 2026 prints Wednesday April 29 AMC. Capex guide $16-20B over 2026.
▸Mäntsälä AI factory · Finland (flagship)
▸Kansas City, KS (US flagship under construction)
▸Paris-region data center
▸Tel Aviv R&D
SiC power semis for EV + AI data center power-delivery. Hudson, NH + Roznov, Czech Republic SiC fabs. Image sensors anchor automotive ADAS. Long-supply agreements with Tesla + Mercedes.
▸SiC fab · Hudson, NH
▸SiC fab · Roznov, Czech Republic
▸Image sensor fab · Pocatello, ID
▸Test + assembly · Manila + Penang
EyeQ family of vision-perception chips for ADAS. Intel still ~88% owner post-IPO. Manufactured at Intel + TSMC. Anchors major auto OEMs (BMW, VW, Ford, GM). REM mapping fleet: 1M+ data-collection vehicles.
▸R&D · Tel Aviv + Detroit
▸Fabrication via Intel + TSMC
▸Test fleet operations · Munich + Tokyo
Networking, security, software.
800G Ethernet dominance in every hyperscaler GPU rack. Q1 2026 AI revenue: $3.25B run-rate. EOS software stack locks customers. Designs in Santa Clara, contracts manufacturing through Foxconn + others.
▸R&D · Santa Clara + Vancouver + Pune
▸Manufacturing: Foxconn + Sanmina (contract)
Cortex XSIAM platform consolidating SOAR + SIEM + EDR. Cloud-delivered. Q3 FY2026 prints May 20. Platformization strategy is the moat — fewer vendors, deeper integration.
▸R&D · Santa Clara + Tel Aviv + Bangalore
▸Globally distributed cloud delivery
Now Platform → ITSM/ITOM dominance. $1.5B AI commit guide for 2026 (raised 50%). cRPO $12.64B (+22.5%), RPO $27.7B (+25%). Q1 print Apr 22 beat-and-raised on subscription rev. Iran-related on-prem deal slips trimmed 75bps from sub revenue.
▸R&D · Santa Clara + San Diego + Hyderabad
▸EMEA HQ · Staines-upon-Thames, UK
▸Multi-tenant SaaS via AWS + Azure
Optical interconnect + quantum substrate.
Optical Interposer platform integrates lasers + waveguides + electronics on a single die. CFO/CTO leaked Marvell + Celestial AI purchase order April 22 — stock +29% that day. Manufacturing partnership with Globetronics (Penang) for high-volume.
▸R&D + design · Allentown, PA
▸Manufacturing JV · Singapore (Super Photonics Xiamen — China JV)
▸Packaging · Penang, Malaysia (Globetronics)
Borealis photonic-quantum machine: 216-mode squeezed-light architecture, room-temperature ops. Nvidia-Ising photonic-quantum collaboration confirmed April 15. No cryogenics required — fundamentally different from IonQ + Rigetti. Quinn's +292% position; trimmed 333→250 at $25.22.
▸Quantum lab · Coquitlam, BC, Canada
▸Customers: DARPA + Lockheed + AMD + Nvidia
▸Cloud platform: Strawberry Fields + PennyLane
Perkinamine® electro-optic polymer for high-speed optical modulators. IP-licensing + materials supply model. Co-development partnerships with Polariton + others. Englewood, CO facility — small but the polymer chemistry is the moat.
▸Material synthesis + characterization · Englewood, CO
▸Customer integration partnerships (undisclosed)
Molded chalcogenide + Black Diamond™ glasses for IR optics. Acquired Visimid Technologies (2023) — adds thermal-imaging design capability. Defense + transceiver customers; small float, rallied 9% Apr 24 with no company news (cohort move).
▸Manufacturing · Orlando, FL
▸Manufacturing · Riga, Latvia (acquired ISP Optics)
▸Visimid (thermal imaging) · Plano, TX
Launchpads + direct-to-cell satellites.
Electron rocket: ~70 successful launches. Neutron rocket medium-lift targeted late 2026 first flight. Vertically integrated — Photon satellite bus, components, launch services. Direct competitor to SpaceX in the small-to-medium lift category.
▸Launch Complex 1 · Mahia Peninsula, NZ
▸Launch Complex 2 · Wallops Island, VA
▸Neutron production · Stennis, MS
▸Photon manufacturing · Long Beach, CA + Auckland, NZ
BlueBird satellites: largest commercial communications arrays in low-Earth orbit (~64 sq m). Direct-to-standard-cellphone link without ground stations. Carrier deals with AT&T, Verizon, Vodafone, Rakuten. Manufacturing flagship in Midland, TX.
▸Satellite manufacturing · Midland, TX
▸R&D + ground systems · Maryland + Spain
▸Launch partners: SpaceX Falcon 9 + ISRO + Blue Origin