← Supply Chain

The Data Center — Supply Chain Decomposition

Layers L16-L19 | Level 4 Raw Materials → Level 0 Operating Data Center | AI Infrastructure Platform

52
Companies Mapped
27
In Universe
15
Missing
3
Foreign
7
Private
2
Chokepoints
3
Insights
ThreadsT1 ConstructionT2 ElectricalT3 Facility
Legend
In Universe (Have)
US-Listed Gap (Miss)
Foreign-Listed
Private
Faded chip = secondary exposure
🏗️Structural Steel & ConcreteL16
the skeleton of every data center
NUENucor — #1 US steel producer (rebar, beams, joist)STLDSteel Dynamics — structural steelXUS Steel — structural productsVMCVulcan Materials — aggregates, crushed stone, gravelMLMMartin Marietta — aggregates and ready-mix concrete
⛏️Copper OreL17
for every power cable and ground wire
FCXFreeport-McMoRan — #1 US copper minerSCCOSouthern Copper — Peru/Mexico mines
🧪Petroleum / Polymer FeedstocksL17
for PVC conduit, XLPE cable insulation
LYBLyondellBasell — PVC, polyethyleneDOWDow — XLPE insulation compounds
🎓Skilled Trades PipelineL17
the "raw material" nobody talks about
IBEWIBEW — electrician union apprenticeship programs (~25K/yr graduates)UAUnited Association — pipefitters/welders for mechanical work
⚠ CHOKEPOINT[CRITICAL] 100,000+ licensed electrician shortage in the US: This is not a metaphor. IBEW apprenticeship programs produce ~25,000 graduates/year vs. demand growth of 40,000+/year. Every data center build schedule is gated by electrician availability. You can manufacture more steel; you cannot accelerate a 4-year apprenticeship.
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🔩Structural Steel & RebarL16
NUENucor Buildings Group — rebar, beams, joist, prefabSTLDSteel Dynamics — structural productsSouthwirePrivate — #1 US copper wire and rod manufacturer
💡 INSIGHTMini-Mill Economics Favor Domestic: EAF (electric arc furnace) mini-mills like Nucor and Steel Dynamics are net beneficiaries of the data center construction wave. Domestic production, fast cycle times, lower carbon — and protected by steel tariffs. These are hidden DC capex plays.
🔌Fiber Preforms & Cable Insulation CompoundsL18
GLWCorning — #1 fiber preform maker globallyDOWDow — XLPE insulation compounds for MV/HV cable
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🔌Copper Power Cables & ConduitL17
ATKRAtkore — conduit, cable management, cable traySouthwirePrivate — #1 US wire and cable manufacturerPrysmianMilan: PRY — HV/MV cable global leaderNexansParis: NEX — HV cable and copper rod
⚠ CHOKEPOINT[HIGH] MV/HV copper cable lead times 52-78 weeks: Domestic wire/cable capacity at near-100% utilization. Large-gauge MV/HV cable is the single longest-lead item in DC fit-out after transformers. Atkore (ATKR) is the key US-listed name NOT in our universe.
🏗️Prefab Steel Structures & Modular Data CentersL16
NUENucor Buildings Group — prefab steel structuresBLDRBuilders FirstSource — structural componentsMTZMasTec — modular/prefab data center builds
💡 INSIGHTPrefab is Compressing Timelines: Modular DC construction is moving from ~5% to ~30% of new builds by 2027. Prefab compresses 24-month builds to 12-14 months. The "powered shell" is becoming the deliverable product — speed to shell is the competitive variable.
📦Raised Floors, Cable Trays, EnclosuresL16
NVTnVent Electric — enclosures, cable management, racksTatePrivate — Tate Access Floors (dominant DC raised floor)LegrandParis: LR — cable trays (Cablofil brand)
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⚡Electrical DistributionL17
the labor-intensive core
💡 INSIGHTLabor is the Real Constraint at Level 1: We have strong coverage here — EME, PWR, FIX, IESC are all in our universe. The bottleneck isn't company coverage, it's headcount. Every one of these companies is constrained by the same 100K+ electrician shortage.
🔌Structured Cabling SystemsL18
BDCBelden — enterprise cabling systemsAPHAmphenol — data center interconnectTELTE Connectivity — rack-level connectivityPanduitPrivate — dominant DC structured cablingLevitonPrivate — DC network infrastructure
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