AI Boom Propels a Wild-West-Era Texas Landowner to 230% Stock Rally
Texas Pacific Land Corp.’s value has soared as Big Tech plows cash into sprawling US data centers
US data center power demand is expected to grow about 170% by 2030, according to Goldman Sachs Group Inc.
Photographer: Jason marz/Moment/Getty Images
A Texas land company founded during the Wild West era more than a century ago is becoming an unlikely beneficiary of market euphoria over artificial intelligence.
Dallas-based Texas Pacific Land Corp., which employs 100 people, has seen its stock more than triple this year, giving it a market value of almost $40 billion. That’s bigger than Halliburton Co., the largest oilfield servicer in North America, and asset manager State Street Corp. It’s more than four times the size of American Airlines Group Inc., which is based in nearby Fort Worth and has over 100,000 workers.