Texas Pacific Land CorpTPL

is experiencing a modern-day gold rush — just without the gold. Up 230% this year, the Texas landowner, founded during the Wild West era, has become a key beneficiary of the AI boom. As tech giants scramble to secure energy-rich land, TPL’s 880K acres have become a commodity almost as valuable as compute.

• Based in the Permian Basin, TPL typically leases land to oil drillers who waste “natural gas [that] costs almost nothing,” presenting an opportunity to redirect unused energy into data centers, crypto mines, and oil fields.
• As one of Texas’ largest landowners, TPL’s market value has soared to nearly $40B — investors are dazzled by its highly profitable business model, recent inclusion in the S&P 500, and blossoming power deals that may eventually involve tech goliaths.

Tale of two outlooks: While companies like VistraVST

, GE VernovaGEV

, and ConstellationCEG

have surged thanks to AI’s massive power demands, TPL represents a unique twist in the “AI-adjacent pick-and-shovel trade” — leveraging its vast Permian Basin holdings where natural gas trades 96% below benchmark prices. But just as speculation roars, Bloomberg questions the “frothy” valuations — and others warn of a potential bubble crash.