The AI industry's latest obsession isn't just computing power—it's kilowatts. Tech giants including Google, Meta, OpenAI and Anthropic are locked in a fierce battle to secure energy deals for data centers, with some critics arguing the promises border on fantasy. The term "bragawatts" has emerged to describe these ambitious infrastructure claims that may never materialize.

The slang originated in the energy sector over a decade ago, describing solar or wind projects unlikely to be built. AI executives began promoting ambitious power plans last year. Waldemar Szlezak, head of infrastructure at KKR, revived the term in a Financial Times column urging investors to look past the hype. Projects promising a gigawatt or more without secured land are the most likely bragawatts.

The numbers are staggering. Nvidia estimated $4 trillion would be spent on AI infrastructure this decade. OpenAI initially committed to spend $1.4 trillion on data centers worldwide, later lowering that target to $600 billion. Some companies are already looking beyond Earth—Google and SpaceX are exploring space-based data centers with nonstop solar power. Experts say such projects don't make financial sense today.