The DC-DC Transition
The Transition Tax: where the 800V DC capex premium lives (DC-DC Supplement A)
The capex premium for 800V DC architecture is not concentrated in any one layer. It accumulates across all six of the power stack. Cooling infrastructure (Layer 5) carries the largest single-layer premium at $90M for 100 MW greenfield. Layer 2 (perimeter conversion) second at $45M. Total transi