Where market DD tests the demand base, this workstream tests what the target captures from it. Concentration decomposition, pricing power diagnosis, twelve-month competitive move tracking.
The workstream that tests whether the demand the target sells into is what the CIM says it is. Bottom-up TAM, growth vintage decomposition, and cyclicality benchmarking.
The sidecar-to-IT-rack interface is the connector-engineering choke point of the AI-density facility. 400+ ampere continuous current at 48V DC. Blindmate operation. Failure mode is fire. Three vendors dominate (TE Connectivity, Molex, Amphenol).
The sidecar power rack is the rack-level architecture set by OCP Mt. Diablo (v0.7.0, March 2026) as the hyperscaler reference for AI-density deployments. Physical separation of power from IT compute, standardised connectors, hyperscaler vendor selection, Chinese entrant dynamics.
The solid-state transformer (SST) is consequential piece of equipment in the 800V DC architecture. Four Western vendors (Eaton, Schneider, ABB, Hitachi Energy) plus three credible Chinese entrants (CRRC, BYD, TBEA) constitute the entire universe. Silicon carbide device concentra
The perimeter-conversion stage faces a voltage-ceiling decision that will shape 2028-2032 facility architecture: hold at 800V DC, step to 1500V DC, or reach for MVDC at 5-15 kV. Each has different copper savings, standards readiness, vendor availability, and retrofit paths.
Why large AI-oriented facilities will run hybrid AC and DC architecture through 2035+. Three variants (sidecar, zoned DC, dual paths), cost stack by variant, and vendor exposure decomposed stage by stage across the power chain.
The 800V DC capex premium accumulates across the whole power chain. Cooling carries the largest single premium at $90M for a 100 MW greenfield facility. Perimeter conversion second at $45M. Total transition tax 15-28% for greenfield; retrofit 40-60% higher.
800 VDC becomes the default architecture for new AI infrastructure builds above 100 MW by 2028-2029. Installed-base composition reaches 60 percent DC by 2035. 1500 VDC under active discussion for 500 MW+ facilities. Five specific risks + five specific predictions with named catalysts.
Commissioning at 800 VDC runs 40-60 percent longer than AC baseline. Skills gap requires 80-120 hours retraining per electrician at $8-15K. Pipeline capacity (Vertiv Academy, Schneider EU, Eaton EU, IBEW apprenticeship, university programmes) falls short of estimated 2028 demand by roughly 5,00
48V incumbents face 20-40 percent revenue-at-risk. Vertiv/Eaton/Schneider win through content-dollar expansion 2-3x per rack. WBG semi content grows 3-4x. New entrants (Menlo Micro SSCB, Skeleton HSC, Submer immersion) emerge in specialty niches. Layer-specific screening beats sector-level.
OCP fastest (Mt. Diablo published May 2025, 80+ ecosystem partners). IEC leads on protection (IEC 60947-10 for SSCBs published early 2026). NEC and IEEE trail 24-36 months. Full convergence 2028-2029. Interim projects carry 8-15 percent multi-standard compliance premium.